This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energy Conversion Devices Reports Second Fiscal Quarter Financial Results

United Solar Revenue Increases 44% Over Prior Year Returns to Positive Cash Operating Performance (EBITDARS) Achieves World Record 12% Efficiency for Thin-Film Silicon

AUBURN HILLS, Mich., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER), a leading global provider of thin-film flexible solar laminate products and systems to the building-integrated, commercial and residential rooftop markets, today reported financial results for its second fiscal quarter of 2011 ended December 31, 2010.

Total consolidated revenue for the quarter was $69.5 million, an increase of 31% over the second fiscal quarter of 2010, and an increase of 2% over the previous quarter. Solar product and system sales were $66.5 million, an increase of 44% over the second fiscal quarter of 2010, and an increase of 2% over the previous quarter. Consolidated gross margin was 21% as compared to (15%) in the year-ago quarter, and 18% in the first fiscal quarter of 2011. During the quarter, ECD shipped 28 megawatts of its UNI-SOLAR ® brand PV products, and produced 33 megawatts.

The company reported a net loss of $7.6 million, or $0.16 per share. This compares to a net loss of $39.3 million, or $0.93 per share, in the second fiscal quarter of 2010, and a net loss of $13.5 million, or $0.29 per share, in the prior quarter. Earnings before interest, taxes, depreciation and amortization and excluding restructuring and stock expense (EBITDARS) were $4.4 million in the quarter, compared to about zero in the prior quarter and ($20.4) million in the year-ago quarter.

As of December 31, 2010 the company had $182.6 million of cash, cash-equivalents, restricted cash and short-term investments.

"ECD generated meaningfully positive EBITDARS for the first time in four quarters, which is an effective measure of the company's progress on our path to profitability. We demonstrated significant improvement in reducing our cost structure during the second quarter. Gross margin increased to 21% and operating expenses declined significantly," said Mark Morelli, ECD's President and Chief Executive Officer.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.52 -1.40%
FB $116.90 0.15%
GOOG $694.22 0.46%
TSLA $246.34 -0.55%
YHOO $36.32 -0.74%


Chart of I:DJI
DOW 17,722.21 -108.55 -0.61%
S&P 500 2,061.89 -13.92 -0.67%
NASDAQ 4,772.9380 -32.3530 -0.67%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs