American Superconductor Reports First-Quarter 2002 Revenues

July 31, 2001 by Jeff Shepard

American Superconductor Corp. (Westborough, MA) reported that revenues for the first quarter of fiscal year 2002, ended June 30, 2001, were $1.66 million. In comparison, the company's revenues were $3.92 million in the first quarter of the previous fiscal year. The net loss for the quarter just ended was $9.04 million, or $0.44 per share, compared with a net loss of $4.46 million, or $0.22 per

share for the quarter ended June 30, 2000.

"Our results for the first quarter were in line with our expectations," said Greg Yurek, CEO of the company. "Taking into account the downturn in the economy and the regulatory confusion in the utility industry, we stated in April that we expected to achieve revenue in the range of $20.0 to $30.0 million this fiscal year. We maintain that expectation."