SatCon Technology Corporation� (NASDAQ CM: SATC), a developer and
supplier of power management and system architecture solutions for
the alternative energy and distributed power markets, today
announced its operating results for the quarter and year ended
December 31, 2007. �2007 was an exciting and busy year for SatCon.
Our revenues hit an all time high of $56.6 million,� said David
Eisenhaure, President and Chief Executive Officer. �This change was
fueled by the growth in our solar inverter product line of 200%.
Our expectation for the year, that we set at mid-year, was for $55
million in revenue. We exceeded that expectation. We also saw a
significant increase in our sales order backlog which grew from $35
million at the end of 2006 to $46 million at the end of 2007, a 30%
increase, both of which were driven by our alternative and
renewable energy business.� �In addition, I am pleased to announce
that we have recently completed our year-end audit and Vitale,
Caturano and Company, our auditors, have decided to remove the
'going concern' opinion from our 10-K filing for the year-ended
2007. We take this move very seriously and believe that we have the
plans in place and the cash and availablity to move SatCon to a
sustainable company in the near future,� said David Eisenhaure.
Revenues for the 4th quarter ended December 31, 2007, were $15.6
million, compared to $9.6 million in the 4th quarter of 2006, an
increase of over 60%. Driving that growth were revenue increases in
photovoltaic inverters of over 142% to $8.0 million compared to
$3.3 million for the same period in 2006. Operating losses for the
4th Quarter of 2007 improved to $3.4 million, as compared to an
operating loss of $4.4 million for the fourth quarter of 2006, a
$1.0 million reduction. Revenues for the year ended December 31,
2007 were $56.6 million, compared to $33.7 million in the same
period of 2006, an increase of approximately 68%. Revenues in the
Stationary Power Systems Division increased by 134% to $33.0
million for 2007 compared to $14.1 million in 2006. Driving that
growth were increases in photovoltaic PowerGate inverters of over
140% to $21.1 million compared to $8.7 million in 2006. Also
included in 2007 results was a high power DC-to-DC converter
project, which accounted for an increase of approximately $5
million over 2006. Operating losses for the year 2007 were reduced
by approximately 25% to $11.0 million dollars versus $14.6 million
for 2006. These losses in 2007 would have been lower if not for a
weakening of the US dollar relative to the Canadian dollar, which
cost approximately $2 million dollars, and losses on two large
legacy projects booked in 2004 which also added approximately $2
million dollars. Direct investment spending in unfunded R&D
increased approximately $1.2 million to $3.2 million in 2007 over
that of 2006, primarily to support the development of new products
in the photovoltaic inverter line and other products throughout the
company. �In 2008 one of our key objectives is to significantly
lower our variable manufacturing costs,� continued Eisenhaure. �The
rollout of our new PowerGate Plus inverters for photovoltaic and
fuel cell applications will help us achieve this goal.� He further
stated �During the year we entered into a strategic relationship
with Rockport Capital Partners and NGP Energy Technology Partners
resulting in a preferred stock financing of $25.0 million, for
which we used a portion to retire our Senior Convertible Notes and
some Warrants from July 2006. The remainder will be used for
general working capital purposes. We anticipate that this strategic
partnership will introduce us to new opportunities in the future,
improve our position and reputation within the marketplace and
strengthen our resources as we continue to grow in our pursuit of
expanding globally into the alternative and renewable energy
marketplace�. �In addition, we also recently signed a Line of
Credit with Silicon Valley Bank allowing up to $10 million dollars
in borrowings, which will be used to fund working capital needs as
we continue to grow the business�, continued Eisenhaure. �As we
look forward to 2008, we believe that our revenues will continue to
grow, fueled primarily by the alternative and renewable energy
marketplace. We also believe that our losses will continue to
decline as we achieve record revenue levels and improve our gross
margins as we continue the rollout of our new PowerGate Plus
inverters.� About SatCon Technology Corporation SatCon Technology
Corporation is a developer and manufacturer of electronics and
motors for the Alternative Energy, Hybrid-Electric Vehicle, Grid
Support, High Reliability Electronics and Advanced Power Technology
markets. For further information, please visit the SatCon website
at www.satcon.com. (SATC-E) 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,� �believes,� �expects,� �plans,�
�anticipates� and similar expressions. 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. There
can be no assurance that the company will continue to maintain this
level of new orders or that it can successfully deliver the
components and systems ordered. Additional information concerning
risk factors is contained from time to time in the Company�s SEC
filings. The Company expressly disclaims any obligation to update
the information contained in this release. SATCON TECHNOLOGY
CORPORATION CONSOLIDATD BALANCE SHEETS � December 31, December 31,
ASSETS 2007 2006 Current assets: Cash and cash equivalents
$12,615,566 $7,190,827 Restricted cash and cash equivalents 84,000
84,000 Accounts receivable, net of allowance of $211,263 and
$792,245 at December 31, 2007 and 2006, respectively 10,462,323
8,549,923 Unbilled contract costs and fees 536,567 267,247
Inventory 17,190,424 7,945,874 Prepaid expenses and other current
assets 1,073,194 � 756,884 Total current assets $41,962,074
$24,794,755 Property and equipment, net 3,059,651 2,783,900
Goodwill, net 704,362 704,362 Intangibles, net 793,739 1,224,488
Restricted cash � 1,000,000 Other long-term assets 88,851 � 69,782
� Total assets $46,608,677 � $30,577,287 � LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion
of long-term debt $� $123,219 Accounts payable 9,153,234 4,538,569
Accrued payroll and payroll related expenses 1,880,867 1,449,185
Other accrued expenses 3,453,883 2,405,447 Accrued contract losses
1,300,000 � Accrued restructuring costs � 1,200,326 Current portion
of senior secured convertible notes � 5,500,000 Current portion of
warrant liability 436,919 Deferred revenue 8,103,093 � 5,834,537
Total current liabilities $23,891,077 $21,488,202 � Long-term
Senior secured convertible notes, net of current portion $�
$7,240,482 Long-term warrant liability, net of current portion
3,244,316 2,483,634 Redeemable convertible Series B preferred stock
(340 and 345 shares issued and outstanding at December 31, 2007 and
2006, respectively; face value $5,000 per share; liquidation
preference $1,700,000 and $1,725,000, respectively. � 1,700,000 �
1,725,000 Other long-term liabilities 133,900 � 108,049 Total
Liabilities $28,969,293 $33,045,367 � Commitments and contingencies
(Note L) Redeemable convertible Series C preferred stock (25,000
shares issued and outstanding at December 31, 2007, face value
$1,000 per share, liquidation preference $30,000,000 at December
31, 2007) 13,276,091 � � Stockholders' equity (deficit): Common
stock; $0.01 par value, 200,000,000 and 100,000,000 shares
authorized; 49,803,979 and 40,105,073 shares issued and outstanding
at December 31, 2007 and 2006, respectively Additional paid-in
capital 498,040 401,051 Additional paid-in capital Accumulated
deficit 180,933,100 156,379,193 Accumulated deficit Accumulated
other comprehensive loss (176,757,615) (158,991,838) Accumulated
other comprehensive loss (310,232) � (256,486) Total stockholders'
equity (deficit) $4,363,293 $(2,468,080) Total liabilities and
stockholders' equity (deficit) $46,608,677 � $30,577,287 SATCON
TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS � Year
Ended December 31, 2007 2006 Revenue: Product revenue $ 47,576,601
$ 28,766,647 Funded research and development and other revenue �
8,994,582 � � 4,990,022 � � Total revenue � 56,571,183 � �
33,756,669 � � Operating costs and expenses: Cost of product
revenue 44,875,818 27,823,402 Research and development and other
revenue expenses: Funded research and development and other revenue
expenses 6,727,122 4,041,137 Unfunded research and development
expenses � 3,159,184 � � 2,000,271 � � Total research and
development and other revenue expenses 9,886,306 6,041,408 Selling,
general and administrative expenses 12,403,952 13,007,946
Amortization of intangibles 350,739 430,959 Gain on sale of assets
� (399,015 ) Restructuring costs � 81,644 � � 1,418,928 � � Total
operating costs and expenses � 67,598,459 � � 48,323,628 � �
Operating loss (11,027,276 ) (14,566,959 ) Change in fair value of
notes and warrants (2,252,264 ) (4,191,768 ) Other (loss) income,
net (976,776 ) 41,086 Interest income 280,392 384,394 Interest
expense � (3,789,853 ) � (1,444,764 ) � Net loss $ (17,765,777 ) $
(19,778,011 ) � � Deemed dividend and accretion on Series C
Preferred Stock $ (11,947,881 ) � Dividend on Series C Preferred
Stock � (100,000 ) � � � � � Net loss attributable to common
stockholders $ (29,813,658 ) $ (19,778,011 ) � Net loss
attributable to common stockholders per weighted average share,
basic and diluted $ (0.66 ) $ (0.50 ) � Weighted average number of
common shares, basic and diluted 45,433,539 39,290,167
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