Satcon Technology Corporation (NASDAQ: SATC), a leading provider of utility-scale distributed power solutions for the renewable energy market, recently announced its financial results for the second quarter ending June 30, 2008. The company’s shares declined earlier this week after the announcement of a net loss of $8 million, or $0.18 per share, compared with a net loss of $3.7 million, or $0.09 per share, for the second quarter of 2007. Analysts estimated a new loss of $0.07 per share for the second quarter of 2008.

During the second quarter, revenue increased 45 percent to $16.9 million, up from $11.7 million in the second quarter one-year earlier. According to Steve Rhoades, the president and chief executive officer of Satcon Technology Corporation, the company posted a net loss for the quarter due to a number of factors, including the restructuring of operations. Despite the loss for the quarter, cash used in operations improved roughly 16 percent compared to the first quarter of 2008.

Looking ahead, the company is expanding its global reach and has realized increased demand in both Europe and Asia. The company is also actively pursuing direct sales and channel partnerships in strategic markets both domestically and overseas. Senior management is also committed to implementing specific cost reduction strategies to improve margins, while rationalizing other segments of the business that are not aligned with the company’s vision.

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