Satcon Technology Corporation® (NASDAQ CM:SATC), a provider of utility scale power conversion solutions for the renewable energy market, provided a business update and certain preliminary unaudited financial results for its first quarter ended March 31, 2012.
Based on preliminary financial data and subject to the final closing of the company’s books, Satcon expects first-quarter 2012 revenue will be between $22 million and $25 million, in line with its previously announced guidance of $22 million to $28 million. Bookings for the first quarter were approximately $45 million, an increase of approximately 130% from the fourth quarter of 2011 and 27% from the first quarter of 2011. In addition, the quarter was the company’s most successful bookings period in four quarters, with a book-to-bill ratio of 1.9:1.
“The strategic measures that Satcon has implemented throughout the quarter continue to position the company for both improved financial performance and increased market share in the world’s highest growth solar markets,” said Steve Rhoades, Satcon’s President and Chief Executive Officer. “Bookings in the first quarter of 2012 demonstrate the strong demand for our industry leading solutions. We made significant progress in improving our balance sheet, reducing our working capital while paying down a significant portion of our short- and long-term debt. These actions have strengthened our cash flow position and have provided sufficient liquidity to meet our obligations and pursue our long-term growth strategy. The commercial success we have achieved in the quarter, along with the significant progress the company has made since the implementation of our strategic organizational alignment over the past six months, lay the foundation for profitable growth going forward.”