A123 Reports Loss, Drop In Revenue
A123 Systems, the Waltham battery maker with operations in Westborough and Hopkinton, reported a 40-percent drop in revenue and a net loss of $125 million for its most recent fiscal quarter.
The company, beset in March by problems caused by defects in prismatic cells and the temporary shutdown of its plant in Livonia, Mich., said it took in $10.9 million in revenue for the quarter, which ended March 31. That was down 40 percent from $18.1 million in the same quarter last year. The drop was largely attributed to a 53-percent plunge in product revenue. Revenues from the services the company provides rose 38 percent to $3.6 million.
Meanwhile, its loss for the quarter more than doubled from $53.6 million in 2011.
CEO David Vieau said the company believes it has identified and fixed the problems with the defective cells. "We are gradually restarting production in a controlled manner consistent with our commitment to improve our manufacturing processes and quality," he said.
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