Energy Conversion Devices cuts loss to USD 13.5m in Q1 2011

(ADPnews) - Nov 10, 2010 - US thin-film flexible solar laminates maker Energy Conversion Devices Inc (NASDAQ:ENER), or EDC, yesterday reported a net loss of USD 13.5 million (EUR 9.7m) for the first quarter of 2011, narrowed from a loss of USD 21 million registered in the prior quarter.

The consolidated sales came up to USD 68.4 million during the three-month period, ended on September 30, 2010, a 21% decrease over the previous quarter. The revenues from the solar product and system amounted to USD 65 million, down 20% when compared to the previous three months.

Consolidated gross margin for the quarter was 18% or USD 12.5 million, compared to 3% or USD 3 million in the prior quarter. The higher gross margin was mainly driven by a reduction in cost per watt, but continuing stability in pricing, Mark Morelli, ECD's CEO said, adding that the company expects to implement further cost reductions due to high factory utilisations and the execution of the initial stages of our technology roadmap.

During the quarter, ECD shipped 30.6 MW of its Uni-Solar PV laminates, and produced 33.6 MW.

(USD 1.0 = EUR 0.718)

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