Energy Conversion Devices, Inc. (ECD) announced financial results for its fourth quarter and fiscal year ended June 30, 2011.
Total consolidated revenues for the quarter were $73.1 million, compared to $21.5 million in the third quarter of fiscal 2011, a 240% increase, and $86.2 million in the fourth quarter of fiscal 2010, a 15% decrease. Solar product sales for the quarter were $28.9 million, compared to $17.5 million in the previous quarter, an increase of 65%, and $66.9 million in the same quarter last year, a 57% decrease. Solar system sales for the quarter were $41.3 million compared to $1.1 million in the prior quarter, and $14.4 million in the year-ago quarter. Most of the $41.3 million of solar system revenue in the fourth quarter was attributable to a single large project in Italy, which is now substantially complete.
