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Energy Conversion Devices (ECD Ovonics) Announces Second Quarter Fiscal 2006 Operating Results.

Article Excerpt
* United Solar Ovonic achieved a record profit with operating profit of $1.8 million in the second quarter * United Solar Ovonic's product sales increased 86% in the second quarter to $20.9 million * United Solar Ovonic produced at its full-rated capacity * United Solar Ovonic signed an agreement with Actus Lend Lease to supply 7MW of PV products for the world's largest solar-powered residential community on the Island of Oahu, Hawaii, for the United States Army * Cobasys was selected to supply advanced NiMHax 36-volt nickel metal hydride battery systems for GM's 2007 Saturn VUE Green Line SUV expected to become available to consumers in the summer of 2006 * Ovonyx and Samsung entered into a long-term royalty-bearing license agreement for Ovonyx' intellectual property relating to OUM thin-film semiconductor memory technology

ROCHESTER HILLS, Mich., Feb. 8 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) announced today its operating results for the second quarter ended December 31, 2005. Net loss for the second quarter was $5.7 million compared to net loss of $12.4 million, excluding special items, for the same period in 2004, narrowing the net loss by $6.7 million. Special items for the three months ended December 31, 2004 include a one-time, $79.5 million non-cash license revenue related to the expansion of our NiMH battery license to Cobasys. There were no special items in the three months ended December 31, 2005.

"Overall we had a strong second quarter," commented Robert C. Stempel, Chairman and CEO of ECD Ovonics. "For the eighth consecutive quarter, we achieved a double digit percentage increase in revenues at United Solar Ovonic, our wholly owned solar subsidiary, and demand for our solar products continues to grow. Construction of our second state-of-the-art 25MW solar...