SatCon Technology Posts 53% Increase in Revenue to $11.5 Million for Fiscal 2001 Second Quarter
CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 1, 2001--SatCon Technology Corporation(R) (Nasdaq:SATC), a leader in power and energy management products, today announced financial results for its fiscal 2001 second quarter and six-month period ended March 31, 2001.
Revenue for the second quarter rose 53% to $11.5 million compared with $7.5 million in the same period last year. Revenue for the six months ended March 31, 2001 increased 74% to $21.0 million compared with $12.1 million for the first six months ended March 31, 2000.
"Our strong revenue results for the second quarter further underscore the growing demand for our enabling products for the power and energy management marketplace," said David Eisenhaure, president and chief executive officer of SatCon. "Each of our operating segments produced robust revenue increases, reflecting sales growth throughout our product lines. Revenue from power quality products, electronics, RF semiconductor products, magnetic levitated motor systems and engineering contracts all increased."
For the quarter, Electronics Products segment revenue increased 97% to $3.3 million bolstered by continued growth of the radio frequency (RF) semiconductor product line. Motion Control Products segment revenue rose 33% to $5.2 million as shipments of the MagLev system and deliveries of machine tool motors have remained strong. Research and Development segment revenue increased 55% to $3.0 million. |
