American Superconductor Reports On Q1 1999 Results and Contracts

July 29, 1999 by Jeff Shepard

American Superconductor Corp. (Westborough, MA) reported revenues of $2.27 million for the first quarter ended June 30, 1999, compared to $2.38 million for the same period last year. Net loss for the quarter was $4.99 million, or $0.32 per share, compared with a net loss of $3.96 million, or $0.27 per share, for the same period a year ago.According to the company, it added significantly to its order and contracts backlog during the first quarter, including securing a record dollar volume of new product orders and development contracts totaling $7.3 million, more than twice the level of new bookings during the same period last year. In addition to orders for seven D-SMES units, which were announced in May, the company received $2.7 million in new contracts related to the design, development and manufacture of high temperature superconducting (HTS) wires and products utilizing HTS wires.The firm also delivered four coils manufactured from its HTS wires to Reliance Electric for inclusion in the first 1,000hp HTS motor. In June the company received a contract from the US Navy to design a 25,000hp HTS motor for ship propulsion.