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SatCon Technology Corp. (SATC) filed Quarterly Report for the period ended 2011-09-30.
Satcon Technology Corp. has a market cap of $103.8 million; its shares were traded at around $0.8676 with and P/S ratio of 0.6. Satcon Technology Corp. had an annual average earning growth of 0.6% over the past 10 years.
This is the annual revenues and earnings per share of SATC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SATC.
Highlight of Business Operations:
Renewable Energy Solutions revenue decreased by approximately $13.4 million, or 22.9%, from approximately $58.4 million in 2010 to approximately $45.0 million in 2011. The decrease in revenues is due to lower international sales in 2011 as compared to 2010. International sales for 2010 represented approximately 61% of our total revenue for the period, for 2011 international sales accounted for approximately 20% of our total revenue. Domestic revenue increased $14.2 million to $36.2 million in 2011 from $22.0 million in 2010. The majority of our international product revenue in 2011, approximately $4.7 million, was from Canada. The decline in international product revenues is a direct result of macroeconomic conditions in Europe.Deferred Revenue. Deferred revenue was approximately $24.2 million at September 30, 2011 as compared to $19.7 million at December 31, 2010, an increase of approximately $4.5 million. We record deferred revenue (i) when a customer is invoiced or pays in advance or (ii) when provisions for revenue recognition on items shipped have not been achieved or the items have not yet been received by the customer due to shipping terms such as FOB destination. When an item is deferred for revenue recognition purposes, the deferred revenue is recorded as a liability and the deferred costs are recorded as a component of inventory in our consolidated balance sheets. Deferred revenue also consists of cash received for extended product warranties. Currently deferred revenue is composed of approximately $3.3 million related to pre-payments on orders currently being manufactured and $20.9 million on deferred revenue related to extended warranties sold to customers that purchased our products.
Renewable Energy Solutions revenue increased by approximately $51.9 million, or 51.5%, from approximately $100.6 million in 2010 to approximately $152.5 million in 2011. The increase in Renewable Energy Solutions revenue was primarily attributable to sales in the United States. Sales in the United States accounted for approximately $107.6 million, or 71% of our product revenue for the period compared to approximately $42.0, or million, or 58% for the same period in 2010. International product revenues declined from approximately $58.8 million, or 58% in 2010 to approximately $45.0 million, or 29% in 2011. The decline in international product revenues is a direct result of macroeconomic conditions in Europe.
Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately $10.9 million, or 46.2%, from $23.5 million in 2010 to $34.4 million in 2011. Approximately $1.2 million of the increase is directly attributable to compensation costs related to the issuance of stock options to our employees and directors. Approximately $3.6 million of the increase was related to higher legal and general corporate costs in 2011 as compared to 2010. In addition, approximately $6.1 million of the increase was due to the higher sales and marketing costs directly related to international business development and sales expansion
Cash used in operating activities from continuing operations for the nine months ended September 30, 2011 was $43.1 million as compared to $29.8 million for the nine months ended September 30, 2010. Cash used in operating activities from continuing operations during the nine months ended September 30, 2011 was primarily attributable to the net loss of approximately $35.5 million, a general increase in working capital, offset by non-cash items such as the change in the fair value of our warrants, depreciation and amortization, deferred revenue, increases in allowances for uncollectible accounts and excess and obsolete inventory, non-cash compensation and consulting expense, accrued contract losses and non-cash interest expense.
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