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Energy Conversion Devices, Inc (ENER) Announces Financial Results for Fourth Quarter
Energy Conversion Devices, Inc. released a financial report for the quarter ending June 30, 2008. The company is considered an industry leader in rooftop photovoltaics and thin-film solar laminates. Total consolidated revenues for the quarter rose 18% to $82.4 million. Solar product sales were up 19% to $77 million. Net income rose from $7.0 million in the third quarter to $9.9 million in the fourth quarter. This was also the first fiscal year that the company became profitable.
President/CEO Mark Morelli had to this to say about the company’s future:
"Fiscal 2008 marked a major transition in ECD’s history, as the company generated positive operating cash flow of $28.5 million during the year, a significant improvement from the negative $21.8 million in fiscal 2007. We also completed an important capital raise that will allow us to fund our expansion to 1GW of capacity by the end of fiscal 2012. The selection of UNI-SOLAR to power the world’s largest rooftop solar installation validates our continued success at selling UNI-SOLAR’s differentiated value proposition into new and expanding markets and distribution channels in the rooftop and building-integrated PV markets. I am confident that our growth and momentum will continue into fiscal 2009 and beyond."
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