SatCon Technology Corp. (SATC) restated losses for fiscal 1998, 1999 and the first 9 month of the current year, increasing its share of losses from its investment in Beacon Power Corp. by $5.7 million over the whole period.
The company is recording the additional losses as a noncash charge, SatCon said in a press release Tuesday.
For the nine months ended June 30, 2000, the company reported restated losses of $7.7 million, or 88 cents a diluted share.
The company previously reported losses of $6.9 million, or 81 cents a diluted share, for that period.
SatCon reported a restated loss of $14.3 million, or $1.57 a share, for fiscal 1999. The loss to common shares, including a charge of $51,000 for accretion of stock discount, was $14.4 million.
The company's previously stated loss for fiscal 1999 was $11 million, or $1.21 a share. The previously stated loss to common shares for the period, including the charge of $51,000 for accretion of stock discount, was $11.1 million.
For fiscal 1998, the company reported restated losses of $4.8 million, or 54 cents a share.
The company's previously stated 1998 loss was $3.3 million, or 37 cents a share.
SatCon, an energy management products maker, said the restatement was prompted by an accounting review of its investment in Beacon Power Corp., and does not change its ownership interest in Beacon.
The company determined that its Dec. 24, 1997, recapitalization of Beacon Power did not qualify as a divestiture as stated by Securities and Exchange Commission guidelines.
As a result the company increased its investment in Beacon Energy for accounting purposes.
In addition, the company reclassified for all periods expenses associated with funded research and development activities as "research and development expenses from cost of revenue."
WSJ,Jim |
