Energy Conversion Devices, Inc. (ECD) announced several actions to further management’s restructuring of the business in response to the dynamic and challenging solar market conditions.
First, the company has temporarily suspended all manufacturing operations as an inventory control measure. Second, ECD continues to execute on its restructuring plan focusing on reducing cost, expanding addressable markets and enhancing its technology. Finally, management has begun discussions with representatives of certain holders of the company’s outstanding Senior Convertible Notes due 2013. In light of these actions, ECD will postpone its quarterly financial results conference call until further notice. The company has provided preliminary operating results and cash holdings as stated below.