American Superconductor Reports Q3 2001 Results
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.