Energy Conversion Devices Inc. (Rochester Hills, MI) announced results for the fiscal year ended June 30, 2001. For the 2001 fiscal year, the company recorded a 69 percent improvement in earnings, a loss of $5.1 million compared to a loss of $16.7 million in 2000. Revenues in fiscal 2001 increased 138 percent to $71.4 million compared to $30.0 million in 2000.
On a per share basis, the loss was $0.26 in 2001, compared to a loss of $1.16 in 2000. The fundamental restructuring of the company undertaken in 2000 is beginning to show results and it will have a significant positive impact on future cash flows.
Stanford R. Ovshinsky, president and CEO, said, "We are the only company that provides a complete systems approach with products necessary for the emerging hydrogen economy - photovoltaics and fuel cells for energy generation, batteries and hydride materials for hydrogen storage and infrastructure, and the production of hydrogen using photovoltaics to break up water. The enthusiastic acceptance of ECD's commercial photovoltaics, battery and hydrogen storage products has translated into increased business in all of our energy areas. "
