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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Satcon® Reports Second Quarter 2012 Financial Results

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 second quarter ended June 30, 2012.

Revenue for the second quarter of 2012 was $23.7 million, compared with revenue of $24.3 million in the first quarter of 2012. During the quarter, the company shipped 91 MWs of its industry-leading PowerGate ® Plus, Prism ® Platform, and Equinox ® solutions. North America continued to be the company’s strongest performing region in Q2, representing 85% of total revenue during the quarter.

Gross margin for the quarter was 20%, compared with 1% in the first quarter of 2012. The company’s gross margin increased substantially due to continued material cost reductions, the closure of its Canadian manufacturing facility and favorable product mix, including some sales of previously reserved inventory.

During Q2 of 2012, the company elected to defer $2.6 million of product shipments to a customer due to past payment history. Without this revenue deferral, total revenue would have been $26.3 million and gross margin would have been 22%. The company received payment for this shipment in early August, and will recognize this revenue during its third quarter ending September 30, 2012.

Bookings for the second quarter were approximately $25.1 million. In addition, the company received award letters for an incremental $15.0 million, which are not reflected in this bookings number.

“We made significant progress on our operating model during the second quarter,” said Steve Rhoades, Satcon’s President and Chief Executive Officer. “We significantly improved our gross margins by reducing the cost of our central inverter and MV platform product lines, successfully transitioning to a variable, contract manufacturing model with the completion of our Canada facility closure and reducing our operating expenses by over 17% from the first quarter of 2012.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs