American Superconductor Makes First Quarterly Profit
After 22 years in business, American Superconductor turned a profit for the first time in the fourth quarter of its 2008 fiscal year.
For the three months ended March 31, the Devens-based company saw a net income of $1.3 million, compared to a loss of $1.8 million for the same period last year. For the full 2008 fiscal year, the company lost $16.6 million, down from $25.4 million for the previous year.
AMSC's revenues rose from $38.4 million to $61.2 million for the quarter and from $112.4 million to $182.8 million for the year, mainly thanks to the power systems business that provides the majority of the company's income. Its original core business, superconductors, saw a smaller increase for the quarter and the year.
For fiscal 2009, the company said it expects revenues to jump to between $225 million and $235 million. It said it also expects to see a net income between $200,000 and $1.5 million for the year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments