American Superconductor Corporation (NASDAQ: AMSC), a leading energy technologies company, reported record revenue for the quarter ended December 31, 2007.
Revenues were a record $32.6 million, a 245% increase from $9.5 million in revenues for the same quarter a year ago, the company said. Gross margin for the quarter, which represented Q307 for the company, was a record 28.7%, which compares with a negative gross margin of 21.1% for Q306.
The company’s net loss for Q3 was $7.3 million, or $0.18 per share. This figure includes approximately $2.9 million in restructuring and impairment charges related primarily to the previously announced consolidation of AMSC’s operations in Massachusetts, the company says.
The company’s net loss in Q306 was $9.5 million, or $0.29 per share.
Earnings before interest, taxes, other income and expense, depreciation, amortization and stock-based compensation (EBITDAS) was a loss of $1.9 million for Q307, according to a company release.
Revenues for the first nine months of fiscal 2007 were a record $74.0 million, an increase of 124% from $33.1 million in the first nine months of fiscal 2006.
The company reported an ending backlog on December 31, 2007 of approximately $168 million. This figure does not include more than $25 million in bookings received in January related primarily to the company’s contract with the Department of Homeland Security for Project HYDRA and recent orders for wind turbine electrical components and systems.
Financial Forecast
"We expect strong revenues again in the fourth quarter and remain on track to achieve our financial objectives for the year," said David Henry, senior vice president and chief financial officer. "For fiscal 2007, we now expect revenues in the range of $105 million to $110 million, up from our previous forecast of $100 million to $110 million. Our net loss for fiscal 2007 is now expected to be in the range of $27.0 million to $29.0 million, or approximately $0.69 to $0.74 per share. This compares with our previous forecast for a net loss of $27.0 million to $31.0 million, or $0.70 to $0.81 per share. We continue to expect we will approach EBITDAS positive results for the fourth fiscal quarter and now expect an EBITDAS loss of $9 million to $11 million for fiscal 2007, an improvement from our previously guided range of $10 million to $12 million."
About American Superconductor
AMSC is an energy technologies company offering an array of solutions based on two proprietary technologies: programmable power electronic converters and high temperature superconductor (HTS) wires. The company’s products, services and system-level solutions enable cleaner, more efficient and more reliable generation, delivery and use of electric power.
As the world’s principal supplier of HTS wire, the company is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, Secure Super Grids(TM), motors, generators, and advanced transportation and defense systems. AMSC also provides utility and industrial customers worldwide with voltage regulation systems that enhance power grid capacity, reliability and security, as well as industrial productivity.
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