American Superconductor Reports Q3 2001 Results

September 21, 2000 by Jeff Shepard

American Superconductor Corp. (Westborough, MA) reported that revenues for the third quarter of fiscal 2001 ended December 31, 2000, were $5.6 million compared with $5.0 million recorded in the same period last year.

Revenues for the third quarter ended December 31, 2000, included $3.5 million in sales of the company's Superconducting Magnetic Energy Storage products, compared with $64,000 during the third quarter of last year and $3.3 million during the second quarter of fiscal-year 2001.

Revenues for the third quarter ended December 31, 2000, also included $2.1 million of product and contract revenue for the company's High Temperature Superconductor business unit, compared with $5.0 million during the third quarter of last year. The year-ago quarter included $3.0 million of revenue from a research and development contract with Pirelli Cables and Systems, which became effective October 1, 1999. Included in the $3.0 million of Pirelli-related contract revenue was $2.5 million of retroactive funding for work performed prior to October 1, 1999.

For the nine-month period ended December 31, 2000, revenues were $14.2 million compared with revenues of $9.8 million for the same period last year, an increase of 45 percent. Superconducting Magnetic Energy Storage sales in the recent nine-month period were $8.9 million, compared with $586,000 recorded in the first nine months of last year.

The net loss for the first nine months was $13.6 million, or $0.68 per share, compared with a net loss of $12.7 million, or $0.82 per share, for the year-ago period. Total research and development investment for the first nine months, adjusted to include research and development expenses related to externally funded development contracts, increased $4.5 million or 28 percent to $20.7 million compared with $16.2 million invested in the same period last year.