AMSC Reports Solid Earnings On Revenue Jolt
Devens-based American Superconductor Corp. reported net income of $1.8 million on $73 million in revenue for the first quarter of its 2009 fiscal year.
Compared to the same period a year ago, revenues were up 83 percent and net income was up from a net loss of $6.1 million.
The manufacturer of high-power cable said its growth is due to "a solid mix" of wind power and electrical power grid projects.
The company's backlog as of June 30 was $497 million, a decrease from the $558 million it reported at the end of March. Cash reserves decreased from $117 million at the end of March to $103 million at the end of June. The company said the cash decline was the result of shipments made to customers at the end of the quarter for which payment has not yet been received.
AMSC also said that increased demand from its largest customer, Sinovel, a Chinese wind turbine manufacturer, led the two companies to accelerate an existing agreement for AMSC to ship components from 36 months to 28 months.
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