Danbury-based Solomon Technologies Inc. reported a net loss for the three months ended March 31 of $1.4 million, 54 percent less than its net loss of $3 million for the same three months last year.
Selling, general and administrative expenses were $1 million for the period as compared to $1.3 million for the earlier period, a decrease of 20 percent.
The developer and manufacturer of power systems said first quarter revenue was $2.5 million, an increase of $1.1 million or 74 percent compared with Q1 2007. The increase in revenue is primarily attributable to sales from the recently formed power electronics division, according to a statement released by Solomon.
“We are making significant progress each quarter in bringing Solomon’s overall operations closer to cash flow breakeven,” Peter DeVecchis, president of Solomon, said in a statement. “Our efforts in consolidating costs, identifying new market opportunities for our products and technologies and expanding our management breadth are now bringing tangible results. As we execute on both our acquisition and organic growth strategies, we believe the benefits will be substantial to all of our stockholders. We believe that revenue levels will continue to equal or exceed those of previous quarters.”
