On August 31st, 2010 Energy Conversion Devices, Inc. (ECD, Rochester Hills, Michigan, US) posted its financial results for the quarter and year ending June 30, 2010, reporting a USD$20.4 million loss amid rising sales and revenues. The company reports quarterly revenues of USD$86.2 million, a 68% increase over a year ago and a 19% increase over the previous quarter, however recent losses contribute to a total of USD$456 million for the year. "Our fourth quarter results demonstrate solid progress", stated ECD President and CEO Mark Morelli. "We have expanded shipments, reduced inventory, improved cash flow and increased revenue on a sequential basis. We remain aggressively focused on improving sales and margins and bringing our overall costs down. Our demand creation activities continue to gain traction as we have added 150 megawatts to our project pipeline." 

One time losses

Among the expenses contributing to the losses are one-time losses including "under-absorption of factory overhead costs" totaling USD$6.2 million. Despite heavy expenses during fiscal year 2010, the company maintains a strong cash position, with USD$79.2 million in cash and cash equivalents at the end of the period.

ECD is the parent company of United Solar Ovonics, which makes copper indium gallium di-selenide thin-film solar photovoltaic (PV) laminates. On August 11, 2010, the company announced that it cut costs by shifting a portion of its production activities in the US state of Michigan to Mexico.

2010-09-02| Courtesy: ECD | solarserver.com © Heindl Server GmbH

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