Satcon® Announces Preliminary Third Quarter 2010 Financial Results and Launch of Public Offering
•Quarterly Revenues Increase Over 450%, with Gross Margins on Target
•Current Backlog Exceeds $124 million
•Company Provides Guidance for Q4 2010
•Company Announces Proposed Public Offering of Shares of Common Stock
•Company Announces Agreement Regarding Conversion of Series C Preferred Stock to Common Stock
BOSTON--(BUSINESS WIRE)--Satcon Technology Corporation® (NASDAQ CM:SATC), a leading provider of utility-grade power conversion solutions for the renewable energy market, today provided preliminary unaudited financial results for revenue, gross margin, operating profit and net income for the Company’s third quarter ended September 30, 2010 in advance of its earnings call scheduled for October 28, 2010.
For the third quarter of 2010, Satcon expects to report revenues of between $56 million and $58 million, an increase of over 450% from its revenues for the comparable period last year, and ahead of its earlier provided guidance of quarterly revenues of between $43 million and $47 million for the period. Satcon’s revenues for the nine months ended September 30, 2010 were in the range of $98 million to $100 million, an increase of approximately 220% from the Company’s revenues during the same nine-month period during fiscal 2009. Satcon also expects to report a gross margin percentage for the third quarter of 2010 of between 26% and 28%, which percentage would be in line with its previous guidance. Satcon anticipates it will report positive operating income for the third quarter of 2010.
The Company’s positive operating income for the third quarter does not reflect the impact of interest, taxes and other non-operating expenses, as well as non-cash charges such as foreign exchange gains or losses, changes in the fair value of outstanding warrants, and dividends and accretion of Series C preferred stock. Satcon expects that the net impact of these non-operating charges will result in a net loss attributable to common stockholders for the third quarter of between $0.02 and $0.03 per share.
In addition, Satcon reported that its bookings recorded during the third quarter were approximately $78 million. Satcon’s bookings through September 30, 2010 total over $200 million, an increase of 465% over bookings recorded during the same nine-month period last year. These year-to-date bookings represent over 800 MW of orders for Satcon’s products, with 49% of these bookings coming from North America, 28% from Europe and 23% from Asia.
At October 15, 2010, the Company’s backlog, which consists of purchase orders with customers expected to be shipped during the balance of 2010 and through September 30, 2011, was approximately $124 million. Backlog from North America represented 58% of orders to be delivered, Asia contributed 24% to the total, while Europe contributed 18%.
Satcon also reported that it expects its revenues for the fourth quarter of 2010 to be in the range of $70 million to $75 million and anticipates achieving a gross margin percentage for the fourth quarter of between 28% and 32%.
To generate cash to fund its continued growth, the Company also announced that it is offering to sell shares of its common stock in an underwritten public offering. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Jefferies & Company, Inc. is acting as the sole book-running manager for the offering.
On October 15, 2010, in order to simplify its capital structure, the Company entered into an agreement with RockPort Capital Partners II, L.P. and NGP Energy Technology Partners, L.P., the holders of the Company’s outstanding Series C Preferred Stock, pursuant to which Rockport and NGP have agreed to convert their shares of Series C Preferred Stock into approximately 27,665,859 shares of the Company’s common stock simultaneously with the consummation of the offering described above. The 27,665,859 shares represent the number of shares of the Company’s common stock underlying the Series C Preferred Stock pursuant to the existing terms of the Series C Preferred Stock. To induce the Series C Preferred Stock holders to convert their shares, the Company will pay the Series C Preferred Stock holders an aggregate of $1.25 million in cash upon conversion.
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