ECD ANNOUNCES FIRST QUARTER RESULTS
ECD ANNOUNCES FIRST QUARTER RESULTS TROY, Mich., Nov. 19 /PRNewswire/ -- Energy Conversion Devices, Inc.
("ECD") (NASDAQ: ENER) today reported its operating results for the three months ended Sept. 30, 1991.
ECD announced that it has increased product sales from its operating divisions from $941,000 for the three months ended Sept. 30, 1990, to $1,885,000 in the three months ended Sept. 30, 1991, and has recorded net income of $1,382,000 in the three months ended Sept. 30, 1991, compared to a net loss of $1,179,000 in the three months ended Sept. 30, 1990, principally due to an adjustment related to a contingent liability. ENERGY CONVERSION DEVICES, INC. (in thousands) Three Months Ended Sept. 30, 1991 1990 Revenues Product sales $ 1,885 $ 941 Revenues from business agreements 1,515 1,729 Other 220 498 Total revenues $ 3,620 $ 3,168 Operating expenses $ 5,122 $ 4,047 Consent decree (adjustment) (2,884) 300 Total expenses $ 2,238 $ 4,347 Net income (loss) $ 1,382 $(1,179) Net income (loss) per share $ .22 $ (.19) Increased product sales were primarily due to machine-building contracts built by ECD's machine division in 1991 and increased sales of negative electrode materials and powders by Ovonic Battery Company, Inc. ("OBC") in 1991. In commenting on the company's results, Stanford R. Ovshinsky, ECD's president and chief executive officer, underscored ECD's battery license agreements with Gates Energy Products, Inc., Varta Batterie A.G., Hitachi Maxell, Ltd., Samsung Electronics Co., Ltd., Gold Peak Industries, Sovlux anda?rding Energy Systems, Inc. as the basis for licensing revenue to be received by the company in the coming year. Ovshinsky noted the company was expanding its facilities for the manufacture of negative electrode materials and powders and specialized products for its licensees. Ovshinsky also noted the company was currently negotiating a major development agreement to expand ECD's electric vehicle battery program which could provide a significant source of funding to ECD and OBC. Ovshinsky pointed out that the introduction of electric vehicles was accelerating throughout the world. ECD currently is negotiating and discussing new business, licensing and financing agreements to expand its operations. ECD will need to conclude some of these agreements to continue its operations at present levels beyond early February 1992. ECD, based in Troy, is the pioneer in amorphous and synthetic materials technology. ECD licenses technology and manufactures and sells products in the fields of energy, information and synthetic materials based upon technology ECD and its subsidiaries have developed. In addition to the battery licenses referred to above, ECD and its subsidiaries have formed a joint venture in the United States with Canon Inc. of Japan in thin-film photovoltaics for generation of electricity. ECD has also formed a photovoltaic joint venture (Sovlux) with KVANT, a major industrial and energy enterprise in the U.S.S.R. ECD and OSMC have contracts with Inland Steel Industries, Inc. in permanent magnets (OSMC) and superconductivity (ECD). ECD's photovoltaic and battery products are environmentally safe and address such critical international problems as reliance on fossil fuels and environmental problems such as atmospheric pollution, protecting the ozone layer, reducing hazardous waste and the greenhouse effect. -0- 11/19/91 /CONTACT: Lee E. Bailey, vice president and corporate counsel, Energy Conversion Devices, 313-280-1900/ (ENER) CO: Energy Conversion Devices, Inc. ST: Michigan IN: SU: ERN SB -- DE008 -- 4848 11/19/91 10:07 EST
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|Date:||Nov 19, 1991|
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