American Superconductor Reports Q4 and Full Year Financial Results
American Superconductor Corp. (AMSC) reported financial results for its fourth quarter and full fiscal year ended March 31, 2007. The company has changed the designation of its fiscal years to align more closely with calendar years. As such, fiscal 2006 now refers to the fiscal year ended March 31, 2007. Revenues for the fourth quarter of fiscal 2006 ended March 31, 2007 were $19.1 million. This compares with $14.3 million in revenues for the fourth quarter of fiscal 2005. The company’s net loss in the fourth quarter of fiscal 2006 was $11.4 million, or $0.33 per share. The company’s net loss in the prior-year quarter was $11.0 million, or $0.34 per share.
Earnings before interest, taxes, depreciation, amortization and stock-based compensation, or EBITDAS, was $9.3 million for the quarter ended March 31, 2007 and $9.9 million for the prior-year quarter ended March 31, 2006. Revenues for the full fiscal year 2006 were $52.2 million, compared with $50.9 million for fiscal 2005. The company’s net loss was $34.7 million, or $1.04 per share, compared with a net loss of $30.9 million, or $0.94 per share, for fiscal 2005. The net loss for fiscal 2006 was approximately 2% above the high end of the company’s previous forecast provided on March 29, 2007 due to additional program expenses and write downs taken in the restructured AMSC Superconductors business.
In addition to the restructuring costs announced on March 29, 2007, the company incurred higher than planned costs in the fourth quarter to successfully complete the assembly and factory acceptance testing of a 36.5MW motor for the U.S. Navy. The company also wrote off one of the SuperVAR® synchronous condensers it had planned to ship to a customer. The company announced in March 2007 that AMSC Superconductors is focusing on manufacturing and selling high temperature superconductor (HTS) wires and coils and licensing the HTS rotating machine technology and intellectual property rights it has developed. Based on this plan, the company said it intends to offer SuperVAR synchronous condensers through future licensees of AMSC technology and patents.
EBITDAS was $28.5 million for fiscal year 2006 and $25.6 million for fiscal year 2005. The company ended the fourth quarter of fiscal 2006 with $35.3 million in cash, cash equivalents and short-term investments, compared with $41.6 million on December 31, 2006 and $65.7 million on March 31, 2006.