DALLAS, Dec. 14, 2009 (GLOBE NEWSWIRE) -- BeaconEquity.com announces an investment report featuring energy company Energy Conversion Devices Inc. (Nasdaq:ENER). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision.
It is available at: http://www.beaconequity.com/i/ENER
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Energy Conversion Devices, Inc. (ENER), through its subsidiaries, commercializes materials, products and production processes for the alternative energy generation (primarily solar energy), energy storage and information technology markets. In August 2009, ENER acquired Solar Integrated Technologies Inc. Subsequent to the fiscal year ended June 30, 2009, the Company completed the sale of its interest in Cobasys LLC, its former joint venture.
In the report, the analyst notes:
"Total consolidated revenues for the first quarter of fiscal 2010 were $42.9 million, compared to $95.8 million in the first quarter of fiscal 2009 and $51.4 million in the fourth quarter of fiscal 2009. Solar product and project sales for the quarter were $36.1 million, compared to $89.5 million in the same quarter last year and $46.0 million in the fourth quarter of fiscal 2009.
"ENER announced last week that it has initiated a restructuring plan to better align operating expenses with near-term revenue expectations while positioning the company to more efficiently leverage future growth opportunities. The specific restructuring actions include additional workforce reductions and the previously announced restructuring related to ENER's acquisition of Solar Integrated Technologies. In connection with all restructurings, employees will be reduced by approximately 400, representing approximately 20% of ENER's combined workforce. These actions are expected to create annualized savings of approximately $17 million..."
To read the entire report visit: http://www.beaconequity.com/i/ENER
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