Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power solutions for the renewable energy
market, today announced its results for the fourth quarter and full
year ended December 31, 2010.
(in millions, except per share data)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2010
2009
%
Change
2010
2009
%
Change
Revenue $72.6 $21.5 238% $173.3 $52.5 230% Gross Margin 28% 13% 25%
6% Operating Income (Loss) $3.5 ($4.1) -- ($7.1) ($23.6) 70%
“2010 marked a record year for Satcon with quarter-end and
full-year sales meeting our top-line guidance, and each growing
over three times the amount of sales we reported in the same
periods a year ago,” said Steve Rhoades, Satcon’s President and
Chief Executive Officer. “In addition to achieving our revenue
targets, we improved gross margin in each quarter, and posted an
operating profit for the last two consecutive quarters of the year
– both milestone achievements for the company.”
For the full year of 2010, the company shipped 688 MW of its
industry-leading PowerGate® Plus, Prism®, and Solstice® solutions.
Satcon's 500kW PowerGate Plus solution continued to be its
strongest performing product, shipping over 472 MW during the year,
and representing a 293% growth over the number of 500kW PowerGate
Plus units shipped in the full year of 2009.
Bookings for the full year 2010 totaled $288.6 million, an
increase of 454% over 2009. This represents 1.1 GW of orders for
Satcon’s solutions, with 57% of that demand coming from North
America, 26% from Europe and 17% from Asia Pacific. For the fourth
quarter of 2010, bookings totaled $89.1 million, an increase of
420% over the same period last year, and 16.1% growth over Q3 of
2010.
At December 31, 2010, the company's backlog, which consists of
purchase orders with customers, was $102.8 million. Backlog from
North America represented 78% of orders to be delivered. Asia
contributed 17%, while Europe contributed 5%.
“We continue to see significant ongoing market opportunity
presented to us by the breadth and reputation of our utility scale
solutions, with additional revenue potential coming from design,
configuration, and other after-market programs that we have
introduced and that are in our pipeline,” said Rhoades. “Looking at
the first half of 2011, we expect to see some seasonal effect
coming from the European region and the North American commercial
rooftop business. However, we expect this slowdown to be offset by
strong sales into the North American utility-scale market, and
orders from our Chinese partnerships.”
“With a mix shift of sales from Europe to Asia, where ASP’s tend
to trend lower, coupled with a higher proportion of our sales
coming from our newest technology, including the Solstice 500kW
solution, which is not yet fully transferred to our high volume
Asian manufacturing facility and Asian sources, we expect Q1
revenues to be in the range of $65 to $70 million with our gross
margin between 25% to 27%,” continued Rhoades. “As we look out to
Q2, we expect a significant increase in volume from Europe and
North America, and increased gross margin on improvements in our
supply chain and greater utilization of our Asian manufacturing
facilities. We expect to continue our run of operating
profitability throughout the year.”
Conference Call Reminder
The company will hold a conference call to review its financial
results and business highlights today, February 22, 2011 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. 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
December 31, December 31, ASSETS
2010 2009 Current assets: Cash and cash
equivalents $ 30,094,162 $ 13,369,208 Restricted cash and cash
equivalents — 34,000 Accounts receivable, net of allowance of
$974,887 and $196,909 at December 31, 2010 and 2009, respectively
73,713,308 17,577,640 Unbilled contract costs and fees 174,342
202,228 Inventory 40,542,893 11,898,571 Prepaid expenses and other
current assets 4,254,246 717,535 Current assets of discontinued
operations — 35,004 Total current assets 148,778,951
43,834,186 Property and equipment, net 7,284,285 4,633,926
Non-current assets of discontinued operations —
224,227 Total assets $ 156,063,236 $ 48,692,339
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current liabilities:
Line of credit
$ 15,000,000 $ 3,000,000 Note payable, current portion, net of
discount of $434,247 2,107,473 — Accounts payable 45,060,537
20,751,975 Accrued payroll and payroll related expenses 4,476,685
2,235,349 Other accrued expenses 6,824,388 2,710,568 Accrued
restructuring costs 49,203 38,034 Deferred revenue 8,099,852
451,008 Current liabilities of discontinued operations —
117,702 Total current liabilities 81,618,138 29,304,636
Warrant liabilities 5,454,109 4,976,774 Note payable, net of
current portion and discount of $399,589 9,058,691 — Deferred
revenue, net of current portion 11,622,918 5,531,413 Redeemable
convertible Series B preferred stock (0 and 75 shares issued and
outstanding at December 31, 2010 and 2009, respectively; face value
$5,000 per share; liquidation preference $375,000 at December 31,
2009)
—
375,000
Other long-term liabilities 318,151 280,472 Total
liabilities 108,072,007 40,468,295 Commitments and
contingencies Redeemable convertible Series C preferred
stock (0 and 25,000 shares issued and outstanding at December 31,
2010 and 2009, face value $1,000 per share, liquidation preference
$27,600,000 at December 31, 2009)
—
22,257,423
Stockholders' equity (deficit): Common stock; $0.01 par
value, 200,000,000 shares authorized; 117,911,278 and 70,567,781
shares issued and outstanding at December 31, 2010 and 2009,
respectively
1,179,113
705,678
Additional paid-in capital 291,717,323 218,599,384 Accumulated
deficit (243,475,639) (231,656,734) Accumulated other comprehensive
loss (1,429,568) (1,681,707) Total stockholders'
equity (deficit) 47,991,229 (14,033,379) Total
liabilities and stockholders' equity (deficit) $ 156,063,236 $
48,692,339
SATCON TECHNOLOGY CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2010
2009
2010
2009
Product revenue $ 72,560,200 $ 21,487,224 $ 173,301,973 $
52,535,633 Cost of product revenue 52,093,252
18,647,528 129,360,472 49,334,132 Gross margin
20,466,948 2,839,696 43,941,501
3,201,501
Operating expenses: Research and
development 5,893,201 2,108,491 15,656,330 8,411,469 Selling,
general and administrative 11,024,080 4,791,277 34,563,929
18,169,124 Restructuring charges - 49,418
783,701 260,685 Total operating expenses from
continuing operations 16,917,281 6,949,186
51,003,960 26,841,278
Operating
income/(loss) from continuing operations 3,549,667
(4,109,490) (7,062,459)
(23,639,777) Change in fair value of warrant liabilities
(2,124,218) (1,821,957) (3,162,323) (5,721,580) Other
income/(loss), net (679,684) (45,349) (658,755) (286,678) Interest
income 599 449 784 8,972 Interest expense (550,108)
(64,892) (1,467,759) (323,995)
Net
income/(loss) from continuing operations 196,256
(6,041,239) (12,350,512) (29,963,058)
Gain from discontinued operations - 14,567 31,390 91,677 Gain on
sale of discontinued operations - -
500,217 -
Net income/(loss) 196,256
(6,026,672) (11,818,905)
(29,871,381) Deemed dividend and accretion on Series C preferred
stock (3,281,499) (1,152,489) (7,622,576) (3,922,830) Dividend on
Series C preferred stock (92,465) (304,795)
(1,027,397) (1,250,000)
Net Loss
Attributable to Common Shareholders $ (3,177,708) $
(7,483,956) $ (20,468,878) $ (35,044,211)
Net loss
per weighted average share, basic and diluted: From loss on
continuing operations attributable to common stockholders
$
(0.03)
$
(0.11)
$
(0.26)
$
(0.57)
From loss on discontinued operations - - - - From gain on sale of
discontinued operations - - 0.01
-
Net loss attributable to common stockholders per
weighted average share, basic and diluted
$
(0.03)
$
(0.11)
$
(0.25)
$
(0.57)
Weighted average number of common shares, basic and diluted
110,940,262
70,412,493
82,210,459
61,727,000
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