Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power conversion solutions for the
renewable energy market, today announced its results for the first
quarter ended March 31, 2012.
Revenue for the first quarter of 2012 was $24.3 million,
compared with revenue of $36.0 million in the fourth quarter of
2011, reflecting the anticipated seasonal slowdown in installations
during the winter months. During the quarter, the company shipped
98 MWs of its industry-leading PowerGate® Plus, Prism® Platform,
and Equinox® solutions. North America continued to be the company’s
strongest performing region in Q1, representing 96% of total
revenue and megawatts shipped.
Gross margin for the quarter was 1%, compared with -64% in the
fourth quarter of 2011. The company’s gross margin performance was
impacted by seasonally lower sales volumes and the closing of its
Canadian manufacturing facility, where Satcon transferred its
manufacturing to contract manufacturers in China and Canada.
Bookings for the first quarter were approximately $45.6 million,
including $3.1 million in service and extended warranty, an
increase of approximately 134% from the fourth quarter of 2011 and
29% from the first quarter of 2011. In addition, the first quarter
of 2012 was the company’s most successful bookings period in four
quarters, with a book-to-bill ratio of 1.9:1.
“During the first quarter, we made significant progress on our
strategic initiative and operating plan,” said Steve Rhoades,
Satcon’s President and Chief Executive Officer. “We improved our
operational efficiency by reducing costs of our central inverter
and MV platform product lines, and moved to a variable, contract
manufacturing model with the closure of our Canada facility. We
also strengthened our balance sheet and further reduced 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.”
“We expect Q2 revenue to be between $24 million and $28 million,
and gross margin to be in the mid- to high-teens,” concluded
Rhoades.
Conference Call Reminder
The company will hold a conference call to review its financial
results and business highlights today, May 9, 2012 at 5:00 p.m. ET.
During the conference call, the company may answer questions
concerning business and financial developments and trends, and
other business and financial matters. The company’s responses to
these questions, as well as other matters discussed during the
conference call, may contain or constitute information that has not
been previously disclosed.
The conference call will be webcast live over the Internet and
can be accessed on the Investor Relations section of the company’s
website at http://investor.satcon.com. The conference call also can
be accessed by dialing (877) 407-8289 (U.S. and Canada) or (201)
689-8341 (International). Interested parties that are unable to
listen to the live call may access an archived version of the
webcast on Satcon’s website.
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 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. Forward looking statements contained in this
press release include, without limitation, the company’s
expectations (i) that second-quarter 2012 revenue will be between
$24 million and $28 million; (ii) that gross margin will be in the
mid-to high-teens; and (iii) regarding its future prospects.
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.
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,2012 December
31,2011 ASSETS Current assets: Cash and cash
equivalents $ 15,916,614 $ 21,586,497 Accounts receivable, net of
allowances of $3,400,492 and $2,231,616 at March 31, 2012 and
December 31, 2011, respectively
34,087,346
46,082,592 Inventory 46,029,526 49,937,028 Note receivable 100,000
4,114,388 Prepaid expenses and other current assets
2,085,174 2,468,202 Total current assets
98,218,660 124,188,707 Property and equipment, net 10,565,644
11,091,910 Other long-term assets 576,990
676,850 Total assets $ 109,361,294 $ 135,957,467
LIABILITIES AND STOCKHOLDERS’ DEFICIT Current
liabilities: Line of credit $ 20,487,546 $ 34,675,000 Accounts
payable 55,040,479 51,955,218 Accrued payroll and payroll related
expenses 2,142,444 3,011,981 Other accrued expenses 7,473,788
6,959,197 Accrued restructuring costs 896,285 1,543,830 Note
payable, current portion, net of discount of $273,796 and $320,592
at March 31, 2012 and December 31, 2011, respectively 4,093,930
3,912,600 Current portion of subordinated convertible note
10,360,000 12,369,336 Current portion of deferred revenue
3,460,394 6,015,235 Total current liabilities
103,954,866 120,442,397 Warrant liabilities 50,000 131,530 Note
payable, net of current portion and discount of $71,275 and
$120,931 at March 31, 2012 and December 31, 2011, respectively
4,010,117 5,104,157 Subordinated convertible note, net of current
portion — 5,870,664 Deferred revenue, net of current portion
27,194,160 25,525,032 Other long-term liabilities 715,076
709,986 Total liabilities 135,924,219
157,783,766
Commitments and contingencies
Stockholders’ deficit: Preferred stock; $0.01 par value 1,000,000
shares authorized, 0 shares issued and outstanding at March 31,
2012 and December 31, 2011 — — Common stock; $0.01 par value,
200,000,000 shares authorized; 135,125,036 and 121,803,656 shares
issued and outstanding at March 31, 2012 and December 31, 2011,
respectively 1,351,251 1,218,037 Additional paid-in capital
314,109,889 305,310,085 Accumulated deficit (340,594,497 )
(326,924,853 ) Accumulated other comprehensive loss
(1,429,568 ) (1,429,568 ) Total stockholders’ deficit
(26,562,925 ) (21,826,299 ) Total liabilities and
stockholders’ deficit $ 109,361,294 $ 135,957,467
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENT OF
OPERATIONS
(Unaudited)
Three Months Ended March 31,
2012
March 31,
2011
Product revenue $ 24,288,514 $ 62,004,937 Cost of product revenue
24,127,818 47,132,525
Gross margin 160,696 14,872,412
Operating expenses: Research and development
3,236,226 6,136,333 Selling, general and administrative 9,975,174
10,223,313 Restructuring charges 292,221
— Total operating expenses 13,503,621
16,359,646 Operating loss
(13,342,925 ) (1,487,234 )
Change in fair value of convertible note and warrants 450,041
123,561 Other income (expense), net 116,567 (199,856 ) Interest
income 455 151 Interest expense (893,782 )
(575,249 ) Net loss before provision for income taxes
(13,669,644 ) (2,138,627 ) Provision for
income taxes — — Net loss
(13,669,644
) (2,138,627 ) Net loss per weighted
average share, basic and diluted $ (0.11 ) $ (0.02 )
Weighted average number of common shares, basic and diluted
128,096,372 118,726,322
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