Wind In AMSC's Sales
Devens-based American Superconductor Corp. reported a net loss of $6.1 million on record revenue of $39.8 million for the first quarter.
The company said revenue increased by 101 percent over the $19.8 million it reported for the same period a year ago. The first quarter net loss included $5.2 million in charges related to acquisitions and market adjustments, the company said.
AMSC said it generated $3.2 million in cash during the quarter and as of June 30, the company had $131.5 million in cash on hand. The company's backlog at the end of the quarter was $634 million compared to $199 million as of March 31 and $73 million at the end of June 2007.
Much of that backlog is in the $450 million order from China's Sinoval Wind for superconductor cables used in wind turbines. The company said its work on the Long Island Power Authority's grid has "sparked a new wave of interest" in the superconductor cables it manufactures.
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