American Superconductor Corp. (NASDAQ: AMSC), a reported financial results for its fourth quarter and full fiscal year ended March 31, 2007. Revenues for Q4 rose from $14.3 million in Q106 to $19.1 million. Net loss rose somewhat to $11.4 million, or $0.33 per share, from $11 million, or $0.34 per share.
Earnings before interest, taxes, depreciation, amortization and stock-based compensation, or EBITDAS, was $(9.3 million) for the quarter ended March 31, 2007 and $(9.9 million) for the prior-year quarter ended March 31, 2006.
“Our fourth quarter was a period of tremendous progress at AMSC, and the momentum has continued into fiscal 2007,” said Greg Yurek, founder and CEO. “With the recent completion of two acquisitions, a restructuring and realignment of our business units, an influx of new orders and projects, and near-record revenues in the fourth quarter, we have set the stage for strong growth going forward.
“AMSC Power Systems, formerly known as Power Electronic Systems, posted great organic growth and set a new high water mark for sales. Our D-VAR® systems continue to serve as a catalyst for this business, particularly in the wind power market. We also bolstered our wind power business significantly by completing our acquisition of Windtec early in the fourth quarter. Windtec proved its worth immediately by signing a series of multi-million-dollar contracts in quick succession. In addition, the acquisition of Power Quality Systems, completed just a few weeks ago, expands AMSC Power Systems’ offerings in the utility and industrial sectors.
“AMSC Superconductors, formerly known as AMSC Wires and SuperMachines, also made great progress,” Yurek continued. “Our manufacturing scale-up of 344 superconductors remains firmly on track for December 2007, and demand for our 344 superconductors is building thanks in large part to performance results achieved recently in our HTS fault current limiter and power cable projects.
These accomplishments set the stage for our Secure Super Grids(TM) technology, which combines the benefits of fault current limiters and superconductor cables. We are teaming with the Department of Homeland Security and Consolidated Edison to deploy the first of these systems in mid-town Manhattan. Because of the significant promise Secure Super Grids technology holds for urban and metropolitan power delivery networks, we believe this project will help push superconductor technology over the goal line and into commercial markets.”
Revenues for the full fiscal year 2006 were $52.2 million, compared with $50.9 million for fiscal 2005; net loss was $34.7 million, or $1.04 per share, compared with a net loss of $30.9 million, or $0.94 per share, for fiscal 2005.
In addition to restructuring costs announced on March 29, 2007, the company incurred higher than planned costs in the fourth quarter to successfully complete the assembly and factory acceptance testing of a 36.5MW motor for the U.S. Navy. The company announced in March 2007 that AMSC Superconductors is focusing on manufacturing and selling high temperature superconductor (HTS) wires and coils and licensing the HTS rotating machine technology and intellectual property rights it has developed. Based on this plan, the company said it intends to offer SuperVAR synchronous condensers through future licensees of AMSC technology and patents.
EBITDAS was $(28.5 million) for fiscal year 2006 and $(25.6 million) for fiscal year 2005. Please refer to the financial schedules attached to this press release for reconciliation between net loss and EBITDAS for fiscal 2006 and fiscal 2005.
AMSC expects that revenues for fiscal 2007 will increase by approximately 50% to $75-$80 million. The company expects its net loss for the full fiscal year to be $22-$25 million, or $0.62 to $0.70 per share, using 35.5 million weighted average shares outstanding. AMSC anticipates its EBITDAS loss will be reduced significantly from $28.5 million for fiscal 2006 to $9 million to $11 million for fiscal year 2007.
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