SatCon Technology Corporation Announces Second Quarter 2000 Results
Revenues Increase by 106% to $7.5 Million
CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 3, 2000--SatCon Technology Corporation(R) (Nasdaq NM: SATC), a leader in power and energy management products targeting the distributed power market, today announced second quarter financial results for the period ended March 31, 2000. Revenues for the second quarter increased by $3.8 million, or 106%, to $7.5 million versus $3.7 million in the second quarter of fiscal 1999. Revenues for the first six months of 2000 increased by $4.7 million, or 64%, to $12.1 million versus $7.4 million in 1999.
The net loss for the quarter was $1.9 million versus $1.2 million in the second quarter of 1999. The net loss per share attributable to common stockholders for the quarter was $.39 versus $.14 per share in the second quarter of 1999. Net loss for the first six months of fiscal 2000 was $4.4 million versus $2.6 million for the prior year. The net loss per share attributable to common stockholders for the first six months of 2000 was $.65 versus $.29 in 1999. During the second quarter, Brown Simpson elected to convert their redeemable preferred stock into 1,025,641 shares of common stock, which resulted in the accretion of a $2.9 million unamortized discount on the redeemable preferred stock, or a $.24 charge against earnings for the write-off. Excluding this discount accretion, the net loss per share for the second quarter of 2000 would have been $.15.
siliconinvestor.com
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