Energy Conversion Devices Reports Fourth Quarter & Fiscal Year 2010 Financial Results
Energy Conversion Devices, Inc. (ECD) announced financial results for its fourth quarter and fiscal year ended June 30, 2010. Total consolidated revenues for the quarter were $86.2 million, compared to $51.4 million in the fourth quarter of fiscal 2009, a 68% increase, and $72.4 million in the third quarter of fiscal 2010, a 19% increase. Solar product and system sales for the quarter were $81.3 million, compared to $46.0 million in the same quarter last year, a 77% increase, and $65.1 million in the third quarter of fiscal 2010, a 25% increase.
For the fourth quarter, the company reported a loss of $20.4 million or $0.48 per fully diluted share compared to a net loss of $17.6 million or $0.42 per fully diluted share in the year-ago period. This compares to a net loss of $26.8 million or $0.63 per fully diluted share in the third quarter of fiscal 2010, which excluded a non-cash impairment charge of $358.0 million or $8.46 per share.