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SatCon Technology Files 10K for Fiscal 2004; Provides Highlights of Recent Conference Call
BOSTON --(Business Wire)-- Dec. 30, 2004 -- SatCon Technology Corporation(C) (Nasdaq:SATC), a developer and manufacturer of electronic power control systems, yesterday filed its 10K for its fiscal 2004 fourth quarter and year-end, which ended September 30, 2004.
Revenues for the 12 month period ending September 30, 2004 increased by 27% from $26.9 million in fiscal 2003 to $34.2 for fiscal 2004. Backlog was up 20% to $24 million, the highest quarterly backlog reported since the Company began reporting quarterly backlog data about two years ago. The Company decreased its operating losses from $26 million in fiscal 2003 to $4 million in fiscal 2004. The Company also raised $8 million in cash through an equity financing.
David Eisenhaure, Chairman and Chief Executive Officer, stated: "We are well-positioned to realize our goal of double digit revenue growth in fiscal 2005. We have one of the strongest backlogs in the history of our Company and a much improved balance sheet and the recent financing will enable us to capitalize on new opportunities. I am particulary encouraged by the continued interest and growing prospect pipeline for our Power Systems products including both our Rotary UPS systems and our high power inverter products for both photovoltaic and fuel cell applications."
About SatCon Technology Corporation
SatCon Technology Corporation manufactures and sells power Control products for critical military systems, alternative energy applications and in high-reliability industrial automation. Products include inverter electronics from 5 kilowatts to 5 megawatts; power switches; and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon also develops and builds digital power electronics and high-efficiency machines and control systems for a variety of defense applications. For further information, please visit the SatCon website at http://www.satcon.com.
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 "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 be successful in achieving any of the objectives that are stated within the release, and such failure to achieve those objectives could have a material, adverse effect on the future of the Company. 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.
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