SatCon Technology shares drop after loss widens

Shares of SatCon Technology Corp., a Boston firm that makes electronics, generators and motors for the alternative energy industry, plunged today after the company said its second-quarter loss widened due in part to a jump in operating costs.

The stock tumbled 39 cents, or 15.7 percent, to $2.08 in midday trading on the Nasdaq Stock Market.

For the three-months ended June 28, the company posted a net loss attributable to common stockholders of $9.1 million, or 18 cents per share, compared with $3.7 million, or 9 cents per share, in the year-ago period.

Revenue jumped 45 percent to $16.9 million from $11.7 million a year earlier.

Total operating costs and expenses increased to $22.4 million from $15.2 million.

Additionally, the company recorded a $2.4 million loss from the change in the fair value of convertible notes and warrants, compared with a gain of $385,035 a year earlier.

"Looking ahead, we are focused on positioning SatCon as a worldwide leader in commercial and utility scale power solutions within the renewable energy market," president and chief executive Steve Rhoades said in a statement. "Based on these initiatives, and the ongoing support of our customers, channel partners, shareholders, and employees, we believe these aggressive actions will enable us to build a growing and profitable company."

So far this year, the stock is up about 40 percent. (AP)