Technology company American Superconductor Corporation (NASDAQ: AMSC) today reported a larger-than-expected loss for the quarter ending June 30, 2008.
The company recorded a net loss for the first quarter of fiscal 2008
of $6.1 million, or $0.15 per share. This compares to a net loss for 1Q07 of $9.7 million, or $0.27 per share.
The loss includes a non-cash
charge of $2.4 million, or $0.06 per share, for a mark-to-market
adjustment on an outstanding warrant driven by the increase in the
company’s stock price during the quarter.
Gross margin for the quarter was 29.2%,
compared to 18.1% for 1Q07.
Revenue doubled to a record $39.8 million.
Analysts were expecting a loss of $0.06 a share, before special items, on revenue of $40.0 million, according to Reuters Estimates.
The company reported backlog as of June 30, 2008 of approximately $634 million compared with $199 million as of March 31, 2008 and $73 million as of June 30, 2007.
"We executed to our expectations in the first quarter, delivering continued sequential revenue growth, generating record bookings and achieving other key financial metrics, including positive EBITDAS and positive cash flow from operations," said Greg Yurek, AMSC’s founder and CEO
The company increased its revenue guidance for the fiscal year by $10 million to a range of $175 million to $185 million.
David Henry, senior vice president and chief financial officer, said "Because of the significant increase in our stock valuation during the first quarter and the resulting increase in non-cash charges associated with stock compensation, the mark-to-market adjustment on our warrant and other non-operating factors, we are increasing our net loss guidance to a range of $13 million to $15 million, or $0.30 to $0.35 per share, compared with our previous range of $9 million to $12 million, or $0.21 to $0.28 per share."
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. AMSC is a leader in alternative energy, offering grid interconnection solutions as well as licensed wind turbine designs and electrical systems. 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 dramatically enhance power grid capacity, reliability and security, as well as industrial productivity.
Loading...