Around the Region

Loss narrows at A123 Systems

Associated Press / March 10, 2010

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Your article has been sent.

  • E-mail|
  • Print|
  • Reprints|
  • |
Text size +

WATERTOWN - A123 Systems Inc., which makes lithium-ion batteries for cars, narrowed its loss in the fourth quarter as its sales rose.

The company yesterday said it lost $22.3 million, or 22 cents per share, in the three months that ended Dec. 31, compared with a net loss of $28.5 million, or $3.08, a year earlier. The company’s revenue rose to $24.5 million from $23.6 million in the same period a year earlier.

Analysts polled by Thomson Reuters on average expected the company to lose 22 cents per share.

A123 went public in September, and it’s signed a series of deals since.

In January, the company agreed to supply Fisker Automotive, a high-tech start-up company, with batteries for its Fisker Karma plug-in hybrid vehicle, which is to launch late this year.

A123 also will supply General Motors Co. partner SAIC Motor Corp. with batteries for electric and hybrid vehicles.

CEO David Vieau said in a statement that the company’s “momentum is strong entering 2010.’’

For all of 2009, A123 lost $85.8 million, or $2.55 a share, compared with a loss of $80.5 million, or $9.04, in 2008. Full-year revenue rose 33 percent to $91 million.