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Satcon® Provides Preliminary First Quarter 2011 Financial Results

Dépèche transmise le 7 avril 2011 par Business Wire

Satcon® Provides Preliminary First Quarter 2011 Financial Results

BOSTON--(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.

“While we are pleased our quarterly revenue has grown year over year, our Q1 2011 revenue reflects delays in construction projects”

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.