Energy Conversion Devices Inc. (NASDAQ: ENER), today, announced its fourth-quarter and fiscal 2010 financial results.
The company reported total consolidated revenue of $86.2 million for the fourth quarter of fiscal 2010. For the same period in the previous fiscal year, the company reported consolidated revenues of $51.4 million. The company’s solar product and system sales for the quarter were $81.3 million, compared with $46 million reported for the same period in fiscal 2009.
ENER reported a fourth-quarter net loss of $20.4 million, or $0.48 per diluted share, compared with a net loss of $17.6 million, or $0.42 per diluted share reported for the same period in fiscal 2009.
Commenting on the fourth-quarter financial results, Mark Morelli, president and CEO of ENER said that the company’s fourth-quarter results show solid progress. Morelli said that the company expanded shipments, reduced inventory, improved cash flow and increased revenue on a sequential basis and that it remains aggressively focused on improving sales and margins and bringing its overall costs down.
For the fiscal year ended June 30, 2010, the company reported consolidated revenues of $254.4 million, compared with $316.3 million reported for the fiscal year ended June 30, 2009. The company’s solar product and system sales were $230.2 million for fiscal year 2010, compared with $295 million reported for in the previous year. The company’s net loss for fiscal year 2010 came in at $456 million, or $10.72 per diluted share, compared with net income of $8.5 million, or $0.20 per diluted share reported in fiscal year 2009.
Looking ahead, Morelli said that the company expects to grow its business substantially in fiscal 2011. However, he said that the quarterly results may show some unevenness. The company expects to achieve operating cash flow breakeven.
ENER stock has a 52-week range of $3.76-$14.21. The small cap stock is currently trading above its 50-day and below its 200-day moving averages. The stock has a support level at $3.86 and a resistance level at $4.19. Year-to-date, the small cap stock is down 56.95%.
Rochester Hills, Michigan-based ENER is engaged in the commercialization of materials, products and production processes for the alternative energy generation, energy storage and information technology markets. The company operated through its subsidiaries.
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