| To: Keith Fauci who wrote (406) | 2/26/2003 12:59:12 PM | | From: Jim Oravetz | | | | SatCon Technology in Financing Agreement
Tuesday February 18, 11:35 am ET
Dow Jones Business News
CAMBRIDGE, Mass. (Dow Jones)--After months of negotiations, SatCon Technology Corp. (NasdaqNM:SATC - News) reached a $4 million financing agreement that will provide working capital and allow it to meet the expectations of its senior lender.
In a press release Tuesday, the energy management products company said that the deal includes about $3.2 million of equity financing and $800,000 of secured convertible subordinated debentures.
Shares of SatCon traded recently at 86 cents a share, up 4 cents, on Nasdaq volume of 59,300 shares. Average daily volume is 76,664 shares.
The company's shares are trading above a 52-week loss of 70 cents reached Feb. 12, but are well off their 52-week high of $4.50 a share, reached March 12.
SatCon expects that the equity portion of the transaction will be funded by mid-week.
The debt portion of the transaction should go through once the Securities and Exchange Commission (News - Websites) declares the company's registration statement effective, and once the company receives stockholder approval and satisfies other closing conditions.
Silicon Valley Bank granted SatCon extensions on its forbearance agreement on Jan. 15 and on Feb. 12, giving the company more time to complete the debt and equity financing transaction.
Last year, SatCon's accountants, Grant Thornton LLP, issued a going concern qualification with the company's full year 2002 results, citing the company's continuing losses, cash burn, and the need for immediate equity.
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I think the last paragraph kind of sums up the issues with SATC. Yes, they are winning some contracts, but the company is still very much below the radar of most of the investment world. They need some consistent Q's of profits and a more solid financial footing. |
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| To: Jim Oravetz who wrote (407) | 6/18/2003 12:43:09 PM | | From: Jim Oravetz | | | | May14th: Satcon Tech Gets Nasdaq Sept. 15 Delisting Deadline
DOW JONES NEWSWIRES
WASHINGTON -- Satcon Technology Corp. (SATC) received a potential Nasdaq Stock Market delisting notice March 19 because its common stock has been trading below the $1-a-share minimum requirement.
Shares of the company recently traded at 69 cents, down 16 cents.
According to a quarterly report filed Tuesday with the Securities and Exchange Commission, the company hadn't met the requirement as of April 29.
Nasdaq has given the company until Sept. 15 to regain compliance or face delisting, the filing said.
Satcon Technology makes and sells power and energy management products for distributed power generation, telecom, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. |
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| To: Jim Oravetz who wrote (408) | 9/12/2003 12:25:51 PM | | From: Jim Oravetz | | | | SMARTMONEY.COM: One-Day Wonder: Power Surge
By LAWRENCE CARREL Of SMARTMONEY.COM
MOTEL 6 ISN'T the only company that promises to leave the light on for you.
SatCon Technology's (SATC) shares surged 22% to a new 52-week high of $2.24 on Thursday after the maker of uninterruptible power supply, or UPS, systems was cleared to market one of its key products to the federal government. Backup systems like the company's Rotary UPS are designed to keep mission-critical networks running during power outages. SatCon's stock has sizzled almost 400% higher since the Aug. 14 blackout that darkened a big chunk of North America.
The decision by the General Services Administration, which oversees government procurement, to allow SatCon to sell its Rotary UPS to federal agencies opens up a huge market. But here's the catch: While the turn of events has the potential to be a windfall for the Cambridge, Mass., company, SatCon hasn't announced any actual revenue-producing contracts with the feds.
"Although it's not a specific order, it's a big deal," says Bill O'Donnell, SatCon's director of communications. "Now, anyone in the federal government can pick up the phone and order it through the GSA list, which makes it easier to sell to the government." SatCon already sells other products to the government.
UPS systems are part generator, part energy-storing flywheel. In the event of a brief disruption in electrical flow, the system pulls stored power from a spinning flywheel so devices connected to the system continue to operate seamlessly. If the power doesn't come back after a few seconds, then the backup generator kicks in. The units, which are employed by facilities such as hospitals, airports and military bases that can't afford to lose power, can range in price from several hundred thousand dollars to more than $2 million.
A few new sales would be welcome. SatCon saw its net loss for the June quarter widen 33% to $6.7 million, or 36 cents a share, from a year earlier, as revenues plunged 46% to $6.4 million. On a positive note, on Tuesday the company reported a significant increase in order backlog at the end of the June quarter -- $22 million, with $17 million expected to be shipped in the next 12 months. That's a sharp increase over the $16 million backlog with $13 million shippable in the coming 12 months when its fiscal year ended last September. SatCon said the backlog included contracts for military and commercial power-control systems.
Looking ahead in light of the August blackout and the government approval, SatCon chose to be cautious.
"We've had inquiries since the blackout," says O'Donnell, "and we're in the process of commissioning a unit in Canada. I think people are waiting to see how it works before they commit to buying one. But there has been a lot of interest. We're trying to get to cash-flow neutral in the December quarter. That's the only revenue projection we have."
In a separate announcement Thursday, SatCon said it completed the sale of $762,500 of secured convertible subordinated debentures as part of a financing agreement. That deal, from Feb. 18, gave it a total of $4 million, which was necessary for SatCon to meet the expectations of its senior lender. The deal included about $3.2 million of equity financing and $800,000 of secured convertible subordinated debentures. Net of transaction costs, the company received $731,000. And not a moment too soon, considering it had only $1.1 million in cash at the end of the June quarter.
Quote:
"It's not an order, so I have tempered enthusiasm," says David Kurzman, an analyst at H.C. Wainwright & Co in New York. "Given that this is a company that has struggled to sell its large backup power systems and is competing against a number of established competitors [such as Caterpillar (CAT)], it's hard to speculate that there will be a sale. It does bode well for the company from the perspective that at least they are positioned for it, but I wouldn't speculate that there is an order. The convertible debenture gives them more flexibility, but the company has yet to prove to the marketplace that it has a sustainable business model that can generate cash." (Kurzman doesn't own shares of SatCon; H.C. Wainwright doesn't have an investment-banking relationship with the company.)
-For more information and analysis of companies and mutual funds, visit SmartMoney.com at smartmoney.com |
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| To: Keith Fauci who wrote (411) | 4/1/2004 12:52:30 PM | | From: Jim Oravetz | | | | SatCon Electronics Announces Over $3.0 M In New Contracts; SatCon's Electronics Unit Quarter-End Order Backlog Reaches 2 Yr High
DOW JONES NEWSWIRES
April 1, 2004 11:04 a.m.
CAMBRIDGE, Mass. -- SatCon Technology Corp.'s (SATC) electronics unit received more than $3 million in new contracts during the fiscal second quarter, boosting quarter-end backlog to its highest level in two years.
In a press release Thursday, the maker of electronic power control systems said the division's backlog is about $5 million. That includes $640,000 of orders for system-level assemblies used in military satellite communications mobile base stations.
For the quarter ended March 29, 2003, SatCon recorded revenue of $5.5 million, which included electronics unit product revenue of $2 million. The company's loss for the quarter was $12.2 million, or 69 cents a share.
For the quarter ended March 30, 2002, SatCon reported revenue of $10.3 million, including electronics unit product revenue of $2.5 million. The company's loss for the quater was $5 million, or 30 cents a share.
At about 11 a.m. EST Thursday, the company's shares traded at $2.84 on the Nasdaq National Market, up 23 cents, or 8.8%. Composite volume was 382,684 shares, compared with the stock's average daily trading volume of 365,548 shares. |
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| To: Keith Fauci who wrote (413) | 4/2/2004 12:30:31 PM | | From: Jim Oravetz | | | | I don't follow this company all that much to want to look over the books or read between the lines. To me, they have seemed have many interesting product lines, yet they seem to languish about in terms of making REAL money. Lots of the R&D money is/was gov't derived. Not a big stake here - few 100 shares.
Jim |
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| To: Jim Oravetz who wrote (414) | 5/28/2004 11:25:06 AM | | From: dvdw© | | | | Here is a press release from their web site which hasnt gotten the visibility it deserves....we know there is big time action on this front in California...perhaps an upside surprise will result.
Press Release
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CONTACTS
SatCon Technology Corporation® Investor Relations
Michael Turmelle Dave Gentry
Chief Operating Officer Aurelius Consulting Group
(617) 661-0540 407-644-4256
www.runonideas.com
info@Aureliusconsulting.com
SATCON'S 50 KILOWATT PHOTOVOLTAIC POWER CONVERSION SYSTEM RECEIVES UL-1741 CERTIFICATION
Cambridge, MA -- February 26, 2004 -- SatCon Technology Corporation® (Nasdaq NM: SATC), a manufacturer of electronic power control systems, today announced that its PowerGate AE-PV 50kW photovoltaic Power Conversion System (PCS) has been UL-1741 certified. The unit has also been submitted for approval to the California Energy Commission (CEC) for use on California sponsored projects. The Company has a 100kW PCS which as already been UL-1741 certified and approved by the CEC. Both products are also being submitted to the New York State Energy Research and Development Authority (NYSERDA) to qualify for that state's energy programs.
David Eisenhaure, SatCon's CEO and Chairman, stated: "This certification is another important step in helping SatCon establish itself as the premier provider of Power Conversion Systems for alternative energy technologies."
The converters are designed for use with light industrial and commercial solar power systems to generate electrical power in office buildings, small factories, hotels and similar facilities.
SatCon's PCS converts DC electricity from photovoltaic cells into usable AC electricity. Clean Energy Trends 2003 estimates that the photovoltaic market will grow from a $3.5 billion global industry in 2002 to more than $27.5 billion by 2012.
United Solar Ovonics (Uni-Solar), a leading manufacturer of thin film photovoltaic (PV) solar panels and provider of commercial PV roof system solutions, has agreed to use SatCon as its preferred supplier for 50kW and 100kW PCS's for commercial PV systems worldwide.
"We're seeing an emerging market interest in our PV inverter products," concluded Eisenhaure. "Several PV system integrators and distributors in addition to Uni-Solar have contacted us regarding the product and over 20 systems have already been quoted at a price of $15,000 - $100,000 each."
For more information on ordering these products, contact Tony Galbraith at SatCon Power Systems in Burlington, Ontario at 905-631-4406.
About SatCon Technology Corporation
SatCon Technology Corporation manufactures and sells power control systems for critical military systems, alternative energy and high-reliability industrial automation applications. Products include inverter electronics from 5 kilowatts to 5 megawatts, power switches, and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon also develops and builds digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. For further information, please visit the SatCon website at www.satcon.com.
Statements made in this document that are not historical facts |
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