American Superconductor Reports Fiscal 2002 Third Quarter Results.Business/Technology Editors WESTBOROUGH Westborough, town (1990 pop. 14,133), Worcester co., E central Mass., on the Assabet River; inc. 1717. The town, which is largely residential, produces electronic components, tools, dyes, and other products. , Mass.--(BUSINESS WIRE)--Jan. 29, 2002 American Superconductor American Superconductor is a technology company based in Westborough, Massachusetts specializing in the design and manufacture of superconducting wires and power converters. It is listed on Nasdaq under the symbol AMSC. Corporation (Nasdaq:AMSC AMSC Army Management Staff College AMSC American Mobile Satellite Corporation AMSC American Miniature Schnauzer Club AMSC Area Maritime Security Committee AMSC Acquisition Method Suffix Code AMSC Advanced Missile Signature Center ), a leading global supplier of superconductor A material that has little resistance to the flow of electricity. Traditional superconductors operate at absolute zero (-459.67 degrees Fahrenheit or -273.15 degrees Celsius). Experiments in the 1980s raised the temperature to -321 degrees Fahrenheit. products and power electronic converters for the electric power industry, today reported financial results for the third quarter of fiscal 2002, ended December December: see month. 31, 2001. Net revenues for the third quarter of fiscal 2002 were $3.53 million compared with $5.61 million for the third quarter of fiscal 2001. The net loss for the third quarter of fiscal 2002 was $10.88 million, or $0.53 per share, compared with a net loss of $4.13 million or $0.20 per share for the third quarter of fiscal 2001. Net revenues for the first nine months of fiscal 2002 were $8.45 million compared with net revenues of $14.25 million for the same fiscal period last year. The net loss for the first nine months of fiscal 2002 was $29.04 million, or $1.42 per share, compared with a net loss of $13.63 million, or $0.68 per share, for the same fiscal period last year. Cash, cash equivalents and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments were $86.6 million on December 31, 2001 compared with $106.4 million on September September: see month. 30, 2001. Net cash used in the quarter was $19.8 million, higher than planned, because of the timing of fixed asset additions and a lower rate of SMES SMES Superconducting Magnetic Energy Storage SMES Strategic Missile Evaluation Squadron SMES Saint Margaret's Episcopal School (San Juan Capistrano, California) SMES St. Marys Elementary School sales. "We previously guided that we did not expect any sales of PQ-SMES to the semiconductor industry this year, even though we have seen some increased activity in this segment," said Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Yurek, chief executive officer of American Superconductor. "Sales this quarter of D-SMES D-SMES Distributed Superconductor Magnetic Energy Storage grid reliability solutions did not meet our expectations because of additional delays by utilities in making their buying decisions. We have not lost any of the anticipated orders for D-SMES solutions to competing products, and in some cases we believe D-SMES has evolved to be the sole solution. However, orders we expected to close in December and January January: see month. have been delayed due to uncertainty in the economy, which is now impacting buying decisions by utilities. This uncertainty is added to the normally longer sales cycle typical of the utility industry regarding the purchase of products based on new technologies." Yurek added that the company continues to work actively with both established and new customer prospects for D-SMES. "The GE sales force brought in requirements for grid studies from four new potential customers in January alone," said Yurek. "However, while we still have some chance to close D-SMES orders and deliver product this quarter, because of the additional delays we have experienced we are revising our SMES revenue guidance down from $8 to $10 million for the year to $2 to $6 million." Yurek pointed out that the uncertainty in the timing of SMES sales means that the overall revenues for the company could be $10 million to $16 million for the fiscal year ending March 31, 2002. In this case, the loss per share could range from $1.90 to $2.07. The company reported that it continued to make excellent progress during the quarter in the development and manufacturing scale-up of its core product, high temperature superconductor (HTS HTS Heights HTS Harmonized Tariff System HTS High Throughput Screening (biomolecular assay screening) HTS High-Throughput Screening (Pharmaceutical Industry) HTS Harmonized Tariff Schedule ) wires. "We are successfully qualifying the equipment that has been installed in the world's first commercial HTS wire manufacturing plant," Yurek said. "We remain on plan to be in volume production in the second half of the year. In parallel, interactions with customers who are interested in designing our wire into their products have continued to increase." During the quarter the company shipped two significant HTS wire orders to OEMs who are developing prototypes - one for power generation and the other for a transportation application. The company also signed a distribution agreement with Korean-based Kiswire, one of the world's largest industrial wire manufacturers, to sell its industry-leading HTS wire into the Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known market. About American Superconductor American Superconductor Corporation is a world leader in developing and manufacturing products using superconductor wires and power electronic converters for the electric power infrastructure. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Superconductor's products, and those sold by electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
Measurement of the capacity of a communications signal. For digital signals, the bandwidth is the data speed or rate, measured in bits per second (bps). For analog signals, it is the difference between the highest and lowest frequency components, measured in hertz and reliability of power delivery girds, reduce manufacturing and operating costs operating costs npl → gastos mpl operacionales , and conserve resources used to produce electric power. Founded in 1987, the company is headquartered in Westborough, Mass. For more information, visit http://www.amsuper.com. Certain statements in this release, including statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such factors include the uncertainties that: the company will be able to obtain the anticipated funding from corporate and government contracts; the company will be able to successfully develop and manufacture commercial products; a robust market will develop for the company's products; and the company will secure anticipated orders within the timeframe expected. Additionally such factors include: the risk that strategic alliances and other contracts may be terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: ; the risk that certain technologies utilized by the company will infringe in·fringe v. in·fringed, in·fring·ing, in·fring·es v.tr. 1. To transgress or exceed the limits of; violate: infringe a contract; infringe a patent. 2. intellectual property rights of others; the competition encountered by the company, including several large Japanese companies This is a list of companies from Japan. Note that 株式会社 can be (and frequently is) read both kabushiki kaisha and kabushiki gaisha (with or without a hyphen). See that article for more details. ; the amount and timing of the company's future cash requirements and the availability of satisfactory financing sources. Reference is made to these and other factors discussed in the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operation" section of the company's periodic reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's estimates as of January 29, 2002. While the Company anticipates that subsequent events and developments may cause the Company's estimates to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to January 29, 2002.
American Superconductor Corporation
(Nasdaq:AMSC)
Results Report for Third Quarter Fiscal 2002
Statement of Operation Data
Three Months ended Nine Months ended
December 31 December 31
2001 2000 2001 2000
Revenues
By Business Segment
(1):
HTS $ 3,440,278 $ 2,110,869 $7,249,529 $5,305,806
PQ&R 92,864 3,495,969 1,199,121 8,942,874
Total Revenues 3,533,142 5,606,838 8,448,650 14,248,680
Costs & Expenses:
By Business
Segment (1):
HTS 10,393,065 8,229,051 28,281,252 24,232,482
PQ&R 4,194,191 4,331,591 11,761,805 12,812,586
Unallocated
Corporate
Expenses 491,147 325,144 1,496,388 995,719
Total Costs &
Expenses 15,078,403 12,885,786 41,539,445 38,040,787
Operating Loss (11,545,261) (7,278,948) (33,090,795) (23,792,107)
Interest
Income/Other 661,338 3,149,194 4,046,339 10,160,651
Net loss ($10,883,923)($ 4,129,754)($29,044,456)($13,631,456)
Net loss per share ($0.53) ($0.20) ($1.42) ($0.68)
(Basic & Diluted)
Weighted average
shares outstanding 20,454,652 20,212,281 20,387,626 20,083,930
Other Data
Adjusted R&D
expenses (2) $ 9,727,607 $ 6,850,927 $ 26,264,447 $ 20,745,039
Selected Balance Sheet Data December 31, 2001 March 31, 2001
Cash, cash equivalents and long term
investments $ 86,581,514 $ 160,225,103
Selected current assets:
Accounts receivable $ 9,034,688 $ 13,416,068
Inventory $ 18,542,255 $ 14,300,928
Property and equipment $ 111,415,367 $ 61,058,498
Less: accumulated depreciation (22,120,947) (18,746,317)
Property and equipment, net $ 89,294,420 $ 42,312,181
Total assets $ 214,020,762 $ 239,926,912
Stockholders' equity $ 199,779,275 $ 227,563,890
(1) The Company adopted Statement of Financial Accounting Standard
No. 131, "Disclosures about Segments of an Enterprise and Related
Information" ("SFAS 131"). The Company has two reportable
business segments as defined by SFAS 131-High Temperature
Superconducting ("HTS") business segment, and the Power Quality
and Reliability ("PQ&R") business segment. The HTS business
segment develops and commercializes HTS wire, wire products and
systems. The focus of this segment's development effort is on HTS
wire for power transmission cables and electric motors and
generators. The PQ&R business segment is focused on marketing and
selling commercial low temperature SMES devices, on development
and commercialization of new SMES products, and on development
and commercialization of power electronic converters.
(2) Consists of company-funded research and development expenses plus
(i) research and development expenses related to externally
funded development contracts included in costs of revenue and
(ii) research and development expenses offset by cost-sharing
funding under government contracts. The Company believes that
adjusted research and development expenses provides useful
information as to the Company's aggregate research and
development spending.
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