Energy Conversion Devices Doubles Revenues in 1Q of Fiscal 2009
Nov. 10, 2008 – Energy Conversion Devices, Inc. (NASDAQ: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, announced financial results for the quarter ended September 30, 2008.
Total consolidated revenues for the quarter were $95.8 million, an increase of 16% over the $82.4 million in revenues from the 4Q of fiscal 2008, and 104% higher than revenues of $47.0 million in the 1Q of fiscal 2008. Solar product sales were $89.5 million, a 16% sequential increase and a 124% increase over the prior-year quarter.
Net income for the 1Q was $12.7 million, or $0.29 per fully diluted share, compared to net income of $9.9 million, or $0.24 per fully diluted share, in the 4Q of fiscal 2008, and a net loss of $7.6 million, or $0.19 per fully diluted share, in the year-ago period. ENER reported net operating cash flow of $26.5 million for the first quarter, versus a use of cash of $14.8 million during the 1Q of fiscal 2008.
The United Solar Ovonic subsidiary produced 30.8 MW and shipped 29.5 MW of solar laminates in the first quarter.
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