American Superconductor posts 3Q results; backlog rises
American Superconductor (AMSC) in Westboro released results for the third quarter of fiscal 2007, posting revenues of $9.5 million, and a net loss of $9.5 million, or $0.29 per share.
In the same quarter of 2005, AMSC reported revenues of $13.5 million, and a net loss of $7.5 million, or $0.23 per share. The company previously announced that it anticipated a loss of $9 million to $11 million due to funding delays from the U.S. Dept. of Energy, and a technical delay required to repair a crack in a non-superconductor component of a motor being manufactured for the U.S. Navy.
Revenues for the first nine months of fiscal 2007 were $33.1 million, and the company's net loss was $23.2 million, or $0.71 per share. Revenues for the first nine months of fiscal 2006 were $36.6 million, and the company's net loss was $19.8 million, or $0.61 per share.
The company's total backlog of orders and contracts was $43.2 million on Dec. 31, 2006, compared to a backlog of $37.1 million reported in the same period of 2005. Backlog increased to more than $65 million on January 5, 2007, as a result of the company's acquisition of Windtec.
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