Energy Conversion Devices Inc. (ENER, Financial) filed Quarterly Report for the period ended 2011-03-31.
Energy Conversion Devices Inc. has a market cap of $93.2 million; its shares were traded at around $1.75 with and P/S ratio of 0.4.
Cost of product sales for the three months ended March 31, 2011 was $16.6 million, a decrease of $42.9 million or 72.1%, compared to the same period in 2010. The decline was primarily due to a $31.4 million decline related to lower sales volume, a $3.0 million decline due to a lower cost product mix and a reduction in unabsorbed overheard charges of $7.5 million over the same period in 2010.
Other expense was $3.9 million for the three months ended March 31, 2011 compared to $8.1 million in the same period in 2010. The $4.2 million decrease was principally due to $1.0 million of reduced interest expense, $0.8 million of increased interest income and an increase of $2.4 million of foreign exchange income.
Other expense was $13.2 million for the nine months ended March 31, 2011 compared to $20.5 million in the same period in 2010. The $7.3 million decrease was principally due to a $3.3 million gain on debt extinguishment, $1.5 million of reduced interest expense, $1.3 million of increased interest income and an increase of $2.4 million of foreign exchange income offset by $1.3 million distribution from our previously owned Cobasys joint venture in fiscal year 2010.
Net cash used in investing activities was $19.1 million for the nine months ended March 31, 2011 a decrease of $100.2 million from $81.2 million of cash provided by investing activities for the nine months ended March 31, 2010. This decrease was principally due to increased purchases of investments of $19.2 million, $95.5 million of reduced proceeds from maturities and sales of our investments, offset by $2.1 million of net cash acquired from the acquisition of SIT in fiscal year 2010, proceeds from development loans of $7.2 million, $7.9 million in changes in restricted cash, and increased capital expenditures of $2.9 million.
Net cash used in financing activities decreased $13.5 million to $1.3 million for the nine months ended March 31, 2011 from $14.8 million for the nine months ended March 31, 2010. This decrease was principally due to the $5.7 million and $8.0 million of repayments of the revolving credit facility and convertible notes made in the prior year.
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Energy Conversion Devices Inc. has a market cap of $93.2 million; its shares were traded at around $1.75 with and P/S ratio of 0.4.
Highlight of Business Operations:
Total revenues for the three months ended March 31, 2011 were $19.2 million, a decrease of $47.1 million or 71.1%, compared to the same period in 2010. This decrease in total revenues was due to a $37.1 million decline in product sales, an $8.4 million decline in system sales and a $1.6 million decline in expenses from product development agreements. The $37.1 million decline in product sales is primarily comprised of a decline of $36.1 million due to lower sales volume. The $8.4 million decline in system sales was due to the completion of a large scale project in Italy in the same period in 2010. TheCost of product sales for the three months ended March 31, 2011 was $16.6 million, a decrease of $42.9 million or 72.1%, compared to the same period in 2010. The decline was primarily due to a $31.4 million decline related to lower sales volume, a $3.0 million decline due to a lower cost product mix and a reduction in unabsorbed overheard charges of $7.5 million over the same period in 2010.
Other expense was $3.9 million for the three months ended March 31, 2011 compared to $8.1 million in the same period in 2010. The $4.2 million decrease was principally due to $1.0 million of reduced interest expense, $0.8 million of increased interest income and an increase of $2.4 million of foreign exchange income.
Other expense was $13.2 million for the nine months ended March 31, 2011 compared to $20.5 million in the same period in 2010. The $7.3 million decrease was principally due to a $3.3 million gain on debt extinguishment, $1.5 million of reduced interest expense, $1.3 million of increased interest income and an increase of $2.4 million of foreign exchange income offset by $1.3 million distribution from our previously owned Cobasys joint venture in fiscal year 2010.
Net cash used in investing activities was $19.1 million for the nine months ended March 31, 2011 a decrease of $100.2 million from $81.2 million of cash provided by investing activities for the nine months ended March 31, 2010. This decrease was principally due to increased purchases of investments of $19.2 million, $95.5 million of reduced proceeds from maturities and sales of our investments, offset by $2.1 million of net cash acquired from the acquisition of SIT in fiscal year 2010, proceeds from development loans of $7.2 million, $7.9 million in changes in restricted cash, and increased capital expenditures of $2.9 million.
Net cash used in financing activities decreased $13.5 million to $1.3 million for the nine months ended March 31, 2011 from $14.8 million for the nine months ended March 31, 2010. This decrease was principally due to the $5.7 million and $8.0 million of repayments of the revolving credit facility and convertible notes made in the prior year.
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