Printer Friendly


 TROY, Mich., Nov. 19 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENER) today reported its operating results for the three months ended Sept. 30, 1993.
 Three Months Ended Sept. 30,
 1993 1992(A)
 (in thousands)
 Revenue from business
 agreements 3,450 1,224
 Product Sales $ 702 $ 899
 Other 97 93
 TOTAL REVENUES $ 4,249 $ 2,216
 TOTAL EXPENSES $ 5,302 $ 4,128
 LOSS FROM OPERATIONS (1,053) (1,912)
 Interest expense (147) (45)
 Interest income 16 5
 Other nonoperating income - net (2) 19
 NET LOSS $ (1,186) $ (1,933)
 NET LOSS PER SHARE $ (.16) $ (.27)
 (A) Restated and reclassified.
 The improvement in operating results was principally due to an increase in 1993 in revenues from business agreements, partially offset by an increase in 1993 in expenses, a portion of which was nonrecurring.
 Product sales decreased due to completion of certain machine- building contracts in 1993, partially offset by increased Ovonic Battery Company sales in 1993, including electrode materials for licensees and a battery pack for Hyundai Motor Company ("Hyundai").
 The increase in revenues from business agreements was primarily due to increased work in 1993 under agreements with (1) United States Advanced Battery Consortium, (2) the Department of Energy's National Renewable Energy Laboratory ("NREL") and (3) Sylva Industries Limited regarding a license for electric vehicle battery production.
 Mr. Stanford R. Ovshinsky, president and chief executive officer of ECD, noted that the first successful demonstration of a vehicle powered by the Ovonic battery in August has been followed by similar demonstrations in electric vehicles by several manufacturers not only in the United States but also in Singapore and Hong Kong. Mr. Ovshinsky further noted that Hyundai, OBC's licensee in Korea, has installed Ovonic batteries into one of its cars with very positive results, and that interest in the Ovonic battery is growing throughout the world as evidenced by a recent order and inquiries from European automakers for purchase of Ovonic batteries.
 There are many other potential uses for the Ovonic battery, such as in electric hybrid vehicles, high-performance starter batteries for conventional automobiles and batteries for electric motorcycles and lawn mowers. Another attractive potential use is as standby power, not only for utilities but also for home use, including emergency power.
 Mr. Ovshinsky also noted that OBC is completing the expansion of its production capabilities for materials and electrodes by a factor of three in order to continue supplying its consumer battery licensees. In addition, Goldpeak Industries, OBC's licensee in Hong Kong, is in production of 80 watt per kilogram consumer batteries, which is currently the world record for rechargeable batteries.
 In connection with its program in other energy technologies, ECD reported that in November 1993, it was awarded a one-year, approximately $600,000, cost-sharing contract by NREL for the development of improved high-energy density metal hydride technology for the storage of hydrogen fuel for transportation and other applications.
 ECD is a leader in the synthesis of new materials and the development of advanced production technologies and innovative products. Since its founding in 1960, ECD's pioneering research and development efforts have focused on amorphous, disordered and related materials. ECD has developed its Ovonic materials, production technology and products in the areas of energy, information and synthetic materials.
 -0- 11/19/93
 /CONTACT: Nancy M. Bacon, Senior Vice President-Government Contracts and International Projects, or Kenneth A. Pullis, Acting Chief Financial Officer of Energy Conversion Devices, 313-280-1900/

CO: Energy Conversion Devices, Inc. ST: Michigan IN: SU: ERN

ML -- DE006 -- 6592 11/19/93 14:25 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters