ROCHESTER HILLS ? Energy Conversion Devices, which makes thin-film flexible solar laminate products for the building-integrated and commercial rooftop markets, reported a net loss of $39.1 million in the second quarter, after posting a profit of $13 million in the same period a year before.

Total consolidated revenues for the second quarter of fiscal 2010 were

$52.9 million compared to $103.1 million in the second quarter of fiscal

2009 and $42.9 million in the first quarter of fiscal 2010. In the first quarter of fiscal 2010,the company reported a net loss of $11.8 million, or $0.28 attributable to ECD shareholders per fully diluted share.

For the six months ending December 31, 2009, total consolidated

revenues were $95.9 million compared to $198.9 million in the prior year.

Net loss for the first six months of fiscal 2010 was $50.9 million, or

$1.20 attributable to ECD shareholders per fully diluted share. For the

year-ago period, net income was $24.9 million, or $0.58 attributable to ECD

shareholders per fully diluted share.

The second quarter net results were impacted by costs related to the

integration of Solar Integrated Technologies and the company’s recent

reduction in workforce. These costs included an inventory write off of $2.5

million charged to Cost of Product and Project Sales, asset impairments of

$1.3 million, and restructuring expenses of $2.4 million. In addition,

there was a $7.4 million charge to Cost of Product and Project Sales

related to factory underutilization.

“We made progress on our business model expansion in the second quarter. Our

new projects business is gaining traction as demonstrated by our recent

announcements, including the new agreement with Enel Green Power of Italy

that will be up to 25 megawatts,? said Mark Morelli, ECD’s President and Chief Executive Officer. ?Additionally, our new PowerTilt

product is already seeing excellent customer interest even before our

expected initial shipments this spring.”

Morelli concluded, “We reduced our inventory balances, continued to

restructure our company and are encouraged by the early results of the

business initiatives undertaken in the second quarter. We’ve signed more

than 35 megawatts of new projects and agreements since the end of the

quarter, and we expect to build on this momentum in the second half of the

fiscal year.”

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