Satcon Technology Corporation (NASDAQ CM:SATC), a leading
provider of utility scale distributed power solutions for the
renewable energy market, today announced its results for the first
quarter ended April 4, 2009.
The company reported year over year revenue growth of 31% in the
first quarter of 2009. Total revenue was $14.9 million, up from
$11.4 million in the first quarter of 2008. Revenue performance was
driven by international growth and demand for the company�s
solutions for large scale renewable energy projects.
Highlights in the quarter included the signing of a framework
agreement with Ecostream to provide renewable energy conversion
solutions, including the company�s PowerGate� Plus line of solar PV
inverters. Satcon also expanded the company�s commercial
capabilities in Asia through a distributor partnership agreement
with Parity Solar Ltd., a solar project developer and manufacturer
of thin-film PV modules in China. In addition, the company signed a
preferred reseller agreement with Survey Digital, an Athens-based
company that provides consulting and power conversion system
solutions for solar PV systems in Greece.
In the quarter, Satcon launched two new innovative renewable
energy solutions. Satcon Solstice� is the solar industry�s first
complete utility grade distributed energy management solution for
large-scale solar plants. Solstice delivers fine-grained power
harvesting and control with advanced utility ready grid
interconnection capabilities, while boosting total system power
production and overall performance. Satcon Spectrum� is the world�s
first complete solar micro-grid solution built on a platform of the
company�s proven industrial solar inverter solutions. It utilizes
integrated energy storage in order to manage intermittency and
provide the advanced control capabilities that utilities require in
order to incorporate solar energy as a stable and controllable
contributor to their power generation portfolio.
�We are pleased that while market conditions stressed the
overall solar industry, we were still able to increase our revenue
over the same quarter last year,� said Steve Rhoades, President and
Chief Executive Officer at Satcon. �In conjunction with improving
our operational efficiency and expanding our commercial
capabilities, we also invested heavily in R&D, as indicated by
the recent general availability release of the PowerGate Plus 1
megawatt inverter and the launch of our next generation power
conversion platform, Solstice.�
Financial Results
The company reported total revenue for the first quarter of 2009
of $14.9 million, an increase from $11.4 million in the first
quarter of 2008. Gross margin for the quarter was 10%, compared
with 6% in the same period of 2008.
Loss from operations for the first quarter was approximately
$5.2 million, compared with a loss of $2.8 million for the same
period in 2008.
Net loss attributable to common shareholders was $11.9 million,
or ($0.23) per share, compared with net loss attributable to common
shareholders of $4.3 million, or ($0.09) per share in the same
period in 2008. The loss includes $1.1 million of non-cash charges
for dividends and accretion related to the company�s Series C
preferred stock. This loss also includes $5.4 million of non-cash
charges related to Satcon�s warrant liability of which $4.7 million
are a direct result of the company�s mandatory adoption of EITF
07-05 �Determining Whether an Instrument (or Embedded Feature) Is
Indexed to an Entity�s Own Stock�, which requires the company to
record previously�issued warrants as a liability rather than an
equity as reported in prior financial statements. These charges to
operations do not reflect new financing activity, but are due to
the company�s required adoption of new accounting pronouncements
from the FASB, which mandate the company account for its previously
issued warrants in this manner.
Cash and cash equivalents at April 4, 2009 were $6.8 million,
compared with $10.0 million at December 31, 2008.
The company reported an ending backlog on April 4, 2009 of
approximately $12.2 million, compared with backlog of $23 million
on December 31, 2008. The decrease in backlog for the first quarter
was due to the impact of the challenging macroeconomic
environment.
�We believe that our firm commitment to technology innovation
and product development will enable us to extend our leadership
position in the worldwide large scale and utility grade PV market,�
said Rhoades. �Looking ahead, we anticipate the weak economic
environment to continue to impact our financial performance in the
second quarter. However, we have a strong pipeline of large scale
projects worldwide and anticipate improved sales of our renewable
energy solutions in the second half of 2009 which enables us to
continue to guide toward operating profitability in the second half
of the year.�
Conference Call Reminder
The company will hold a conference call to review its financial
results and business highlights today, May 6, 2009 at 5:00 p.m. ET.
During the conference call, the company may answer questions
concerning business and financial developments and trends, and
other business and financial matters. The company�s responses to
these questions, as well as other matters discussed during the
conference call, may contain or constitute information that has not
been previously disclosed.
The conference call will be webcast live over the Internet and
can be accessed on the Investor Relations section of the company�s
website at http://investor.satcon.com. The conference call also can
be accessed by dialing (877) 718-5095 (U.S. and Canada) or (719)
325-4828 (International). Interested parties that are unable to
listen to the live call may access an archived version of the
webcast on Satcon�s website.
About Satcon
Satcon Technology Corporation is a leading provider of utility
scale distributed power solutions for the renewable energy market,
enabling the industry�s most advanced, reliable, and proven clean
energy alternatives. For over 23 years, Satcon has designed and
delivered the next generation of efficient energy systems for solar
photovoltaic, stationary fuel cells, wind-turbines, and energy
storage systems. To learn more about Satcon, please visit
www.Satcon.com.
Safe Harbor
Statements made in this document that are not historical facts
or which apply prospectively are forward-looking statements that
involve risks and uncertainties. These forward-looking statements
are identified by the use of terms and phrases such as "will,"
"intends," "believes," "expects," "plans," "anticipates" and
similar expressions. Investors should not rely on forward looking
statements because they are subject to a variety of risks and
uncertainties and other factors that could cause actual results to
differ materially from the company's expectation. Additional
information concerning risk factors is contained from time to time
in the company's SEC filings, including its Annual Report on Form
10-K and other periodic reports filed with the SEC. Forward-looking
statements contained in this press release speak only as of the
date of this release. Subsequent events or circumstances occurring
after such date may render these statements incomplete or out of
date. The company expressly disclaims any obligation to update the
information contained in this release.
SATCON TECHNOLOGY CORPORATION CONSOLIDATED BALANCE
SHEETS (Unaudited) ASSETS �
April 4, �
December 31,
2009
2008
Current assets: Cash and cash equivalents $6,746,429 $9,957,716
Restricted cash and cash equivalents 84,000 84,000 Accounts
receivable, net of allowance of $173,024 and $168,219 at April 4,
2009 and December 31, 2008, respectively 9,348,449 11,471,671 �
Unbilled contract costs and fees 291,501 398,707 Inventory
7,436,812 11,457,532 Prepaid expenses and other current assets
765,448 � 1,040,441 � Total current assets
$24,672,639
$34,410,067 Property and equipment, net 2,350,296 1,964,968
Goodwill, net 123,714 123,714 Intangibles, net 299,954 � 398,526 �
Total assets $27,446,603 � $36,897,275 �
LIABILITIES AND
STOCKHOLDERS' DEFICIT Current liabilities: Line of credit
$4,450,191 $3,000,000 Accounts payable 6,943,997 8,588,313 Accrued
payroll and payroll related expenses 1,461,124 2,042,786 Other
accrued expenses 2,898,099 2,825,255 Accrued contract loss �
1,131,370 Accrued restructuring costs 456,188 602,782 Deferred
revenue 978,360 � 4,214,389 Total current liabilities $17,187,959
$22,404,895 � Warrant liabilities $29,819,450 $2,407,438 Deferred
revenue, net of current portion 2,690,860 2,512,794
�
�
Redeemable convertible Series B
preferred stock (290 shares issued and outstanding at April 4, 2009
and December 31, 2008, respectively; face value $5,000 per share;
liquidation preference $1,450,000, respectively)
1,450,000 1,450,000 Other long-term liabilities 50,770 � 58,282
Total Liabilities $51,199,039 $28,833,409 Commitments and
contingencies
�
�
Redeemable convertible Series C
preferred stock (25,000 shares issued and outstanding at April 4,
2009 and December 31, 2008, face value $1,000 per share,
liquidation preference $26,671,038 and $26,350,000 at April 4, 2009
and December 31, 2008, respectively)
18,391,125 17,248,593 � Stockholders' deficit:
�
Common stock; $0.01 par value,
200,000,000 shares authorized; 51,549,472 and 51,479,822 shares
issued and outstanding at April 4, 2009 and December 31, 2008,
respectively
515,495 514,798 Additional paid-in capital 171,651,186 182,222,762
Accumulated deficit (212,539,809) (189,962,435) Accumulated other
comprehensive loss
(1,770,433.00)
� (1,959,852.00) Total stockholders' deficit ($42,143,561) �
($9,184,727) Total liabilities and stockholders' deficit
$27,446,603 � $36,897,275
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) �
Three Months Ended April 4, �
March 29,
2009
2008
Revenue: Product revenue $13,379,849 $10,175,918 Funded research
and development and other revenue 1,481,667 � 1,183,678 Total
revenue $14,861,516 � $11,359,596 � Cost of revenue: Cost of
product revenue $12,285,038 $9,710,379 Cost of funded research and
development and other revenue 1,116,833 � 1,015,873 Total cost of
revenue $13,401,871 � $10,726,252 � � � Gross margin $1,459,645 �
$633,344 � Operating expenses: Research and development $1,871,262
$868,092 Selling, general and administrative 4,676,224 2,459,109
Amortization of intangibles 78,573 � 78,572 Total operating
expenses from continuing operations $6,626,059 � $3,405,773 � � �
Operating loss from continuing operations ($5,166,414) �
($2,772,429) � Change in fair value of warrant liabilities
(5,370,471) (467,481) Other (loss) income, net (138,941) 258,923
Interest income 3,731 69,385 Interest expense (82,361) � (46,191)
Net loss from continuing operations ($10,754,456) � ($2,957,793) �
Loss from discontinued operations, net � � (443,407) Net loss
($10,754,456) � ($3,401,200) � Deemed dividend and accretion on
Series C preferred stock (821,494) (637,991) Dividend on Series C
preferred stock (321,038) � (303,962) Net loss attributable to
common stockholders ($11,896,988) � ($4,343,153) � Net loss per
weighted average share, basic and diluted: From loss on continuing
operations attributable to common stockholders ($0.23) ($0.08) From
loss on discontinued operations � � ($0.01) Net loss attributable
to common stockholders per weighted average share, basic and
diluted ($0.23) � ($0.09) � Weighted average number of common
shares, basic and diluted 51,537,864 � 49,934,919
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