ROCHESTER HILLS ? The losses continue to mount at Energy Conversion Devices, but only half as fast as a year ago.
On Tuesday, the company announced a net loss of $5.6 million for the third quarter, compared with a loss of $11.2 million in the same quarter a year ago. ECD Ovonics also reported revenues for the three months ended March 31 of $27 million, versus $17.9 million in the same quarter of the previous year.
“The third quarter was extremely exciting for us and confirmed our
strategy to rapidly expand United Solar Ovonic’s manufacturing capacity,? said Robert Stempel, CEO of ECD Ovonics. ?Successful completion of our equity offering and the strong performance at
United Solar Ovonic indicates that we are on the right track to growth and profitability.?
ECD Ovonics Founder Stanford Ovshinsky said the new reality of higher oil prices continues to bring increased attention and a sense of urgency to the alternative energy sector where ECD Ovonics has been a major international player.
“This has translated into record sales at United Solar Ovonic and the award of a contract to Cobasys by General Motors’ Saturn VUE for Cobasys’ advanced Ovonic NiMH battery solutions.”
