American Superconductor Reports Q3 Results

February 01, 1999 by Jeff Shepard

American Superconductor Corp. (Westborough, MA) reported revenues for the third quarter ended December 31, 1998, of $2.58 million, compared with $4.89 million for the same period last year. The company reported a net loss for the quarter of $3.76 million, or $0.24 per share, compared with a net loss of $3.38 million, or $0.29 per share, for the same period last year."A year ago, we signed our first agreement with ABB," stated President and CEO Greg Yurek. "Two weeks ago, ABB, American Superconductor and other industry partners were awarded a US Department of Energy contract that will result in the installation of the first high temperature superconducting power transformer in a US utility. In the third quarter, our partner, Pirelli Cables and Systems, was awarded a contract to install the first HTS power transmission cable in a US utility network."