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Technology Stocks : Energy Conversion Devices

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From: A.J. Mullen	2/9/2007 5:17:59 PM
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Ahead of the Bell: Energy Conversion Friday February 9, 9:38 am ET Investors React to Lower Revenue, Forecast of Losses From Energy Conversion Devices NEW YORK (AP) -- Energy Conversion Devices Inc. struggled in premarket trading Friday after the rechargeable battery maker said second-quarter results missed Street estimates and will not be profitable by the end of fiscal 2007. ADVERTISEMENT Deutsche Bank North America analyst Steve O'Rourke called the company's revenue disappointing, but predicted demand for solar energy and improving results at the Ovonics division will help the company turn a profit later in the fiscal year, which ends June 30. "We believe that the company is likely to reach sustainable profitability only when profitability from Uni-Solar exceeds the net losses from ECD's other divisions. Hence, we are now projecting (Energy Conversion Devices) to reach sustainable profitability only by end-calender 2007," he said in a client note. Rochester Hills, Mich.-based Energy Conversion fell $5.41, or 15.2 percent, to $30.09 in premarket trading. The stock gave up 91 cents, or 2.5 percent, to $35.50 on the Nasdaq Thursday.

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