Satcon® Provides Preliminary First Quarter 2011 Financial Results
April 07 2011 - 3:05PM
Business Wire
Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power conversion solutions for the
renewable energy market, today announced preliminary unaudited
results for revenue and gross margin for its first quarter ended
March 31, 2011.
Based on preliminary financial data and subject to the final
closing of the Company’s books, Satcon expects first-quarter 2011
revenue will be between $61 million and $63 million. The Company’s
expected Q1 2011 revenue performance is a four-fold increase over
revenue in Q1 2010 of $14.7 million, but is less than
previously announced expectations in the range of $65 million to
$70 million. The Company attributed the lower-than-expected
revenue to the requests from a few of its customers to delay the
delivery of inverter systems initially targeted for March to later
in the year.
As a result of the change in revenue expectations, gross margins
are now expected to be within a range of 23% to 25%, below the
Company’s previously announced range of 25% to 27%.
“While we are pleased our quarterly revenue has grown year over
year, our Q1 2011 revenue reflects delays in construction
projects,” said Steve Rhoades, Satcon’s President and Chief
Executive Officer. “We continue to see significant year over year
growth as a result of our diversified geographic strategy. We
expect the global environment to improve as we head into the peak
construction season. When combined with demand trends in the US and
Canada, as well as emerging new global markets, we continue to
anticipate significant worldwide growth in 2011.”
Satcon will release its first-quarter 2011 financial results
after the close of market on Tuesday, April 26, 2011. In
conjunction with the announcement, management will host a
conference call that day at 5:00 p.m. ET. To participate in
the conference call, please dial (877) 407-8289 (U.S. and Canada)
or (201) 689-8341 (International). The call will also be
available as a live and archived audio webcast on the “Investor
Relations” section of Satcon’s website at
http://investor.satcon.com.
During the conference call, Satcon may answer questions relating
to business and financial developments and trends, and other
business and financial matters. Satcon'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.
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, including those relating to
preliminary Q1 2011 financial results, 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.
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