American Superconductor Corporation (Nasdaq: AMSC), an energy technologies company, has announced in conjunction with the RBC Capital Markets 2006 Energy Conference, that its Power Electronic Systems business unit now has secured $9 million in new orders, which when combined with its existing backlog, are expected to yield more than $20 million in sales in the current fiscal year for this business unit.
With $20 million in sales, Power Electronic Systems will achieve a key corporate benchmark by growing its revenues approximately 35 percent year over year. The business unit is also expected to be profitable at this level of revenues. New orders received this quarter are for D-VAR and PQ-IVR(TM) power electronics-based solutions for wind farms, electric utilities and the semiconductor manufacturing industry.
“We are pleased to announce that we have now secured sufficient orders to accomplish our first key corporate benchmark of fiscal 2007 just two months into the year,” noted American Superconductor President and Chief Executive Officer Greg Yurek. “Thanks to the hard work of our sales force and the proven return-on-investment provided by our power quality and reliability solutions, Power Electronic Systems continues to build momentum in a variety of markets ranging from wind power to electric utilities to manufacturing operations. We believe this business will provide AMSC with a healthy and profitable flow of revenues for fiscal 2007 and beyond.”
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