American Superconductor reports 27% increase in fiscal 1997 first quarter revenues; Continues to achieve benchmarks on path to commercialization.WESTBOROUGH, Mass.--(BUSINESS WIRE)--Aug. 1, 1996--American 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. Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 ) today reported that revenues for the fiscal 1997 first quarter ending June 30, 1996 increased 27% to $1,273,308 from $1,004,708 in the comparable year-ago period. Funding under cost-sharing agreements not included in revenues in the 1997 first quarter totaled $70,562 compared with $548,989 a year ago. The decrease in cost sharing funds reflects the winding down of one of the company's government programs. The company reported a net loss of $3,274,053, or 34 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $2,055,637, or 22 cents per share, a year ago. The increase in operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in the fiscal 1997 three-month period reflects planned increases in research and development and sales and marketing expenses associated with the company's efforts to commercialize its product lines currently under development. In addition, the increase in operating losses is a result of the delay in the award of certain government contracts in the first quarter of fiscal 1997. Greg Yurek, president and chief executive officer, said that the company expects to report higher revenues in the remaining quarters of fiscal year 1997. "Provided that government funding is received as planned," Yurek said, "we still expect our losses to be in line with those of last year." Yurek said that since the start of the company's 1997 fiscal year on April 1 six awards representing approximately $1,457,000 in revenues have been received from the Department of Energy, the Department of Defense and the National Science Foundation, and the company is in the process of finalizing a number of other contracts which will positively affect the revenues moving forward. "This funding, coupled with the increased revenues we reported will further our plans to begin introducing additional commercial product lines in fiscal 1998," Yurek said. "We are confident that we will maintain our strong cash position as we close in on commercialization of our initial product lines and continue to strengthen the product development and sales and marketing infrastructure needed to ensure successful product launches." Yurek said that the company remains on track to meet its commercialization targets and already has achieved major milestones set for fiscal 1997. Recent accomplishments include: -- The demonstration of a 325kW, cryocooled power inverter (1) A logic gate that converts the input to the opposite state for output. If the input is true, the output is false, and vice versa. An inverter performs the Boolean logic NOT operation. (2) A circuit that converts DC current into AC current. Contrast with rectifier. , three times the power output of the company's last demonstration in November, 1995. Power inverters, which convert dc power into ac power, are used in uninterruptible power supplies See UPS. (hardware) Uninterruptible Power Supply - (UPS) A battery powered power supply unit that is guaranteed to provide power to a computer in the event of interruptions in the incoming mains electrical power. (UPS), motor controllers, chemical processing, energy storage devices. A 1,000 kW inverter is slated for demonstration later this fiscal year. -- The demonstration of a 50-meter long, 3,300-amp, HTS HTS Heights HTS Harmonized Tariff System HTS High Throughput Screening (biomolecular assay screening) HTS High-Throughput Screening (Pharmaceutical Industry) HTS Harmonized Tariff Schedule cable conductor conductor Any of various substances that allow the flow of electric current or thermal energy. A conductor is a poor insulator because it has a low resistance to such flow. was reported on July 31 by Pirelli Cable at the Department of Energy (DOE) Peer Review Meeting in Washington D.C. The cable conductor was manufactured by Pirelli under a contract from the Electric Power Research Institute (EPRI EPRI Electric Power Research Institute EPRI European Parliaments Research Initiatives ) using HTS wires produced at ASC ASC Ambulatory surgery center, see there . Commercial power cables using HTS cable conductors are expected to carry a minimum of twice the amount of current as conventional cables which typically carry less than 1,000 amps of current, while being more compact, energy efficient and cost effective. -- Achieved what the company believes is the new world record in terms of the amount of electrical current that long lenghts of HTS wires are able to carry. The company believes this result, which represents a 100% increase in performance over the last 12 months, demonstrates that its wire development programs are on track to meet the commercial performance requirements for its targeted products. 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. is a leader in developing commerical applications of high temperature superconductor technology for the global electric power industry. With world-class expertise in electromagnetics, cryogenic cryogenic /cry·o·gen·ic/ (-jen´ik) producing low temperatures. cry·o·gen·ic adj. 1. Relating to or producing low temperatures. 2. integration, power semiconductors and power engineering as well as high temperature superconductors, the company is driving the evolving market for advanced electric power equipment and power quality products. -0-
American Superconductor Corporation
(NASDAQ: AMSC)
Earnings Report for First Quarter Fiscal 1997
Three Months Ended
June 30
1996 1995
Revenues $1,273,308 $1,004,708 Net Loss $3,274,053 $2,055,637 Net Loss per share $ 0.34 $ 0.22 Weighted average shares outstanding 9,557,467 9,468,632Note: For the three months ended June 30, 1995, in addition to reported revenues, ASC recorded $70,562 in funding under cost-sharing agreements versus $548,989 in the previous year's period. CONTACT: American Superconductor Corp., Westborough Ramesh Ratan 508/836-4200 or Makovsky & Company, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Glenn Wiener, 212/508-9650 or http://www.amsuper.com |
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