Solomon Technologies, Inc. Reports Financial Results for the Quarter Ended June 30, 2007 |
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Solomon Technologies Inc.
1400 L & R Industrial Boulevard
Tarpon Springs, FL, 34689
USA
Press release date: September 7, 2007
Company Completes Deltron Acquisition
TARPON SPRINGS, Fla., Sept. 7 -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) , a developer and manufacturer of high-efficiency regenerative electric power drive systems as well as high-voltage, high-power direct current power supplies and power supply systems, today announced its operating results for the quarter ended June 30, 2007.
Revenue for the quarter ended June 30, 2007 was $1.6 million compared with $8,000 for the quarter ended June 30, 2006. Revenue for the six months ended June 30, 2007 was $3.1 million as compared with $13,000 for the six months ended June 30, 2006. For both periods, revenues in the Company's Power Electronics Division contributed to all of the growth as a direct result of the acquisition and effective integration of Technipower LLC in August 2006.
"The substantial revenue growth is reflective of the Company's effort to focus on building critical mass of revenue and profitability through product diversification into Power Electronics as a complement to our Motive Power products and technology," said Gary Brandt, Chief Executive Officer. "Our financial results reveal the profitability inherent in the Power Electronics division which underscores the importance of our roll-up strategy."
"We have taken steps to establish a strong platform from which we expect to add revenue on an accretive basis through acquisitions," commented Brandt. "The recently completed Deltron acquisition, combined with the pending Unipower acquisition and others contemplated, are indicative of our commitment to building a business which not only addresses the growing market demand for high-efficiency power electronics and energy conversion devices, but also delivers positive financial returns. Combined with Unipower, we are on track to achieve our goal of annualized sales of $25 million by the end of this year and well on our way to the 2009 goal of $100 million."
Brandt noted that order backlog at June 30, 2007 was at an all-time high of approximately $3.5 million, up $1 million from $2.5 million at December 31, 2006.
Gross profit for the quarter ended June 30, 2007 was $801,755 or 49% of revenue, up dramatically from gross profit of $4,000, for the quarter ended June 30, 2006. Gross profit for the six months ended June 30, 2007 was $1.45 million, or 47% of revenue, compared with gross profit for the same period in 2006 of $7,000. Operating loss for the quarter ended June 30, 2007 was $800,000 compared with an operating loss of $480,000 for the same period in 2006. Operating loss for the six months ended June 30, 2007 was $1.46 million compared with an operating loss of $1.68 million for the same period in 2006. Net loss for the six months ended June 30, 2007 was $6.51 million, or $0.18 per share, compared with a net loss of $8.1 million, or $0.36 per share, for the same period in 2006.
Information about Solomon Technologies, Inc.:
Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(TM), Electric Transaxle(TM) and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, 'hybrid-electric' and 'all-electric' vehicle applications.
Source: Solomon Technologies, Inc.
CONTACT: Peter DeVecchis of Solomon Technologies, Inc., +1-727-934-8778; or David Long of Crescent Communications, +1-203-226-5527, for Solomon Technologies, Inc.
Web site: http://www.solomontechnologies.com/
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