September 12 , 2005
Rochester Hills, MI, USA: ECD Ovonics Reports Fiscal Year 2005 Operating Results
Thin film manufacturer, Energy Conversion Devices, Inc. has reported financial results for the fiscal year ended June 30, 2005. The Company reported income from continuing operations of $49.5 million on revenues of $156.6 million, compared to a loss from continuing operations of $49.2 million on revenues of $66.3 million in fiscal year 2004. On a per-share basis, the income was $1.70 (fully diluted) in 2005 compared to a loss of $2.15 in 2004.
"A major contributor to the increased income and revenue for 2005 was $79.5 million in revenue from a license agreement," said Robert C. Stempel, Chairman and CEO. "This one-time, noncash event is consistent with our business strategy of monetizing our intellectual property, which is historically carried at zero on our balance sheet."
For the year ended June 30, 2005, United Solar Ovonic sold 16.0MW ($50.8 million) of PV systems -- an 84% increase over 2004 sales. Additionally, United Solar Ovonic has a six-month order backlog valued at $51 million.
In response to growing demand for its UNI-SOLAR® products, United Solar Ovonic broke ground for its second state-of-the-art solar module manufacturing plant in Auburn Hills, Mich., to double its solar cell/module manufacturing capacity. Occupancy of the new facility is scheduled for May 2006, and it is anticipated that the plant will begin manufacturing products in the fall of 2006 following optimization of the manufacturing equipment.
Cobasys, a joint venture between ECD Ovonics and Chevron, announced that it has received battery pack purchase orders for hybrid vehicle applications from world class automotive companies.
Read the full article on SolarBuzz.com for Solar Energy News
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