Energy Conversion Devices Inc. (ENER, Financial) filed Quarterly Report for the period ended 2011-09-30.
Energy Conversion Devices Inc. has a market cap of $15.4 million; its shares were traded at around $0.29 with and P/S ratio of 0.1.
Cost of product sales for the three months ended September 30, 2011 was $23.6 million, a decrease of $21.3 million, or 47.5%, compared to the same period in 2010. The decrease was primarily due to $31.9 million of lower sales volume and a change in product mix. In addition, there were lower warranty costs of $1.2 million and $3.2 million of lower depreciation expense, offset by increased underabsorbed overhead costs due to a decrease in production.
Cost of system sales for the three months ended September 30, 2011 was $2.4 million, a decrease of $8.1 million, or 76.9%, compared to the same period in 2010. The decrease was primarily due to the completion of a large-scale project in Italy during the same period in 2010.
The combined cost of revenues from product development agreements and product development and research expenses for the three months ended September 30, 2011 was $1.6 million, a decrease of $0.3 million, or 16.3%, compared to the same period in 2010. The decrease was primarily due to lower product development and research expenses on funded projects. The $2.1 million gross expense in the current quarter was partially offset by $0.4 million of funding from cost-sharing agreements. Effective in
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Energy Conversion Devices Inc. has a market cap of $15.4 million; its shares were traded at around $0.29 with and P/S ratio of 0.1.
Highlight of Business Operations:
Total revenues for the three months ended September 30, 2011 were $22.0 million, a decrease of $43.4 million, or 66.4%, compared to the same period in 2010. This decrease in total revenues was primarily due to decreases of $9.7 million in system sales and $34.0 million in product sales, offset by an increase of $0.3 million in other revenue. The $34.0 million decrease in product sales is comprised of a decrease of $29.7 million due to lower sales volume and $4.3 million due to lower average selling prices.Cost of product sales for the three months ended September 30, 2011 was $23.6 million, a decrease of $21.3 million, or 47.5%, compared to the same period in 2010. The decrease was primarily due to $31.9 million of lower sales volume and a change in product mix. In addition, there were lower warranty costs of $1.2 million and $3.2 million of lower depreciation expense, offset by increased underabsorbed overhead costs due to a decrease in production.
Cost of system sales for the three months ended September 30, 2011 was $2.4 million, a decrease of $8.1 million, or 76.9%, compared to the same period in 2010. The decrease was primarily due to the completion of a large-scale project in Italy during the same period in 2010.
The combined cost of revenues from product development agreements and product development and research expenses for the three months ended September 30, 2011 was $1.6 million, a decrease of $0.3 million, or 16.3%, compared to the same period in 2010. The decrease was primarily due to lower product development and research expenses on funded projects. The $2.1 million gross expense in the current quarter was partially offset by $0.4 million of funding from cost-sharing agreements. Effective in
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