Energy Conversion Devices Announces First Quarter Fiscal 2005 Operating Results
10 11월 2004 - 12:00AM
PR Newswire (US)
Energy Conversion Devices Announces First Quarter Fiscal 2005
Operating Results ROCHESTER HILLS, Mich., Nov. 9
/PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD
Ovonics) (NASDAQ:ENER) announced today its operating results for
the first quarter ended September 30, 2004. The Company reported
income of $1.3 million on revenues of $22.2 million, compared to a
loss of $14.3 million on revenues of $14.2 million in the same
quarter last year. On a per-share basis, the income was $.05 in the
first quarter of Fiscal 2005 compared to a loss of $.65 in the same
quarter last year. The table below summarizes the Company's
operating results (in thousands): Three Months Ended September 30,
2004 2003 Revenues Product sales $14,105 $6,701 Royalties 1,579 459
Revenues from product development agreements 5,912 6,839 Revenues
from license agreements 238 50 Other 318 156 Total Revenues 22,152
14,205 Expenses 28,651 28,618 Net Loss from Operations (6,499)
(14,413) Other Income (Expense) Interest income 77 316 Equity in
losses of joint ventures - (244) Distribution from joint venture
8,000 - Other (230) 59 7,847 131 Net Income (Loss) $1,348 $(14,282)
Basic and Diluted Net Income (Loss) Per Share $.05 $(.65) "The
first quarter results are the first step in our transition to
commercializing a number of core products and technologies to meet
the rapidly emerging demands in the alternative energy and
information technology industries," Robert C. Stempel, Chairman and
CEO, said. "We are experiencing continuing growth in our solar
business and increased interest in our Ovonic NiMH battery
technology and market-ready products. Our loss from operations was
cut in half primarily through the combination of sales growth and
our cost-reduction program, two drivers that put us well on track
to achieve our announced goal of sustained profitability by July
2006." Product sales increased 110% on the strength of an $8.2
million (175%) sales increase in United Solar Ovonic's photovoltaic
products. Royalties increased $1.1 million primarily as a result of
recognition as revenue of an advanced royalty payment received in
1993 under which the licensee no longer has an obligation to make
payments. The improvement in our net income (loss) results
primarily from: * A one-time $8.0 million distribution from Cobasys
following the settlement of patent infringement disputes and
counterclaims in July 2004 to partially reimburse the Company for
legal expenses. * A $2.4 million improvement in gross profit at
United Solar Ovonic ($0.6 million gross profit in 2004 versus $1.8
million loss in 2003) because of the increased sales and lower
material costs. * A $1.9 million reduction in legal fees following
the settlement of patent infringement disputes and counterclaims in
July 2004. * A $1.3 million reduction in the net cost of product
development resulting from the Company's cost-reduction program
announced in July 2003 as we focus on the near-term commercial
opportunities. In November 2004, Cobasys, the Company's nickel
metal hydride battery manufacturing joint venture, announced that
it and Azure Dynamics, a leader in the supply of advanced hybrid
electric vehicle (HEV) technology, are cooperating on the
development of HEVs using Cobasys' powerful, lightweight compact
NiMHax(R) 336-70 battery system. Cobasys is poised to take
advantage of the emerging hybrid electric vehicle market with its
new 170,000 square foot state-of-the-art battery production
facility with new automated manufacturing equipment in Springboro,
Ohio. Additional information about the Company and its consolidated
financial results can be found in the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2004 filed with the
Securities and Exchange Commission and will be available on the
Company's website on or about November 10, 2004. ECD will hold a
conference call on Wednesday, November 10, 2004, at 11:00 a.m.
(Eastern Time) to discuss operating results for its first quarter
of fiscal year 2005. Individuals wishing to participate in the
conference should call (877) 858-2512 or (706) 634-1291. A live
webcast of the conference call will be available online at
http://www.ovonic.com/investor or through the Company's web site at
http://www.ovonic.com/ . A replay of the call will be available
through November 12, 2004, at (800) 642-1687 or (706) 645-9291.
Callers should use reservation number 1995175 to access the
conference call and the replay. About ECD Ovonics: ECD Ovonics is
the leader in the synthesis of new materials and the development of
advanced production technology and innovative products. It has
invented, pioneered and developed its proprietary, enabling
technologies in the fields of energy and information leading to new
products and production processes based on amorphous, disordered
and related materials. ECD Ovonics' proprietary advanced
information technologies include Ovonic phase-change electrical
memory, Ovonic phase-change optical memory and the Ovonic Threshold
Switch. The Company's portfolio of alternative energy solutions
includes Ovonic thin-film amorphous solar cells, modules, panels
and systems for generating solar electric power; Ovonic NiMH
batteries; Ovonic hydride storage materials capable of storing
hydrogen in the solid state for use as a feedstock for fuel cells
or internal combustion engines or as an enhancement or replacement
for any type of hydrocarbon fuel; and Ovonic fuel cell technology.
ECD Ovonics designs and builds manufacturing machinery that
incorporates its proprietary production processes, maintains
ongoing research and development programs to continually improve
its products and develops new applications for its technologies.
ECD Ovonics holds the basic patents in its fields. More information
on ECD Ovonics is available on http://www.ovonic.com/ . This
release may contain forward-looking statements within the meaning
of the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based on
assumptions which ECD, as of the date of this release, believes to
be reasonable and appropriate. ECD cautions, however, that the
actual facts and conditions that may exist in the future could vary
materially from the assumed facts and conditions upon which such
forward-looking statements are based. DATASOURCE: Energy Conversion
Devices, Inc. CONTACT: Stephan Zumsteg, Vice President and CFO, or
Ghazaleh Koefod, Investor Relations, of Energy Conversion Devices,
Inc., +1-248-293-0440; or Bruce MacDonald of Liebler!MacDonald,
+1-248-283-1039 Web site: http://www.ovonic.com/
http://www.ovonic.com/investor
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