Satcon® Provides Business Update for First Quarter 2012
April 11 2012 - 9:00AM
Business Wire
Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power conversion solutions for the
renewable energy market, today provided a business update and
certain preliminary unaudited financial results for its first
quarter ended March 31, 2012.
Based on preliminary financial data and subject to the final
closing of the company’s books, Satcon expects first-quarter 2012
revenue will be between $22 million and $25 million, in line with
its previously announced guidance of $22 million to $28 million.
Bookings for the first quarter were approximately $45 million, an
increase of approximately 130% from the fourth quarter of 2011 and
27% from the first quarter of 2011. In addition, the quarter was
the company’s most successful bookings period in four quarters,
with a book-to-bill ratio of 1.9:1.
“The strategic measures that Satcon has implemented throughout
the quarter continue to position the company for both improved
financial performance and increased market share in the world’s
highest growth solar markets,” said Steve Rhoades, Satcon’s
President and Chief Executive Officer. “Bookings in the first
quarter of 2012 demonstrate the strong demand for our industry
leading solutions. We made significant progress in improving our
balance sheet, reducing our working capital while paying down a
significant portion of our short- and long-term debt. These actions
have strengthened our cash flow position and have provided
sufficient liquidity to meet our obligations and pursue our
long-term growth strategy. The commercial success we have achieved
in the quarter, along with the significant progress the company has
made since the implementation of our strategic organizational
alignment over the past six months, lay the foundation for
profitable growth going forward.”
About Satcon
Satcon Technology Corporation is a leading provider of
utility-grade power conversion solutions for the renewable energy
market, enabling the industry's most advanced, reliable and proven
clean energy alternatives. For more than ten years, Satcon has
designed and delivered advanced power conversion products that
enable large-scale producers of renewable energy to convert the
clean energy they produce into grid-connected efficient and
reliable power. To learn more about Satcon, please visit
http://www.Satcon.com.
Safe Harbor
Statements made in this document that are not historical facts
or which apply prospectively, including those relating to
preliminary Q1 2012 financial results, 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.
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