AMSC Reports First Quarter Financial Results
American Superconductor Corp. (AMSC) reported financial results for the first quarter of fiscal year 2008 ended June 30, 2008. Revenues for the first quarter of fiscal 2008 were a record $39.8 million, a 101% increase from $19.8 million for the first quarter of fiscal 2007. Gross margin for the first quarter of fiscal 2008 was 29.2%, compared to 18.1% for the first quarter of fiscal 2007.
The company recorded a net loss for the first quarter of fiscal 2008 of $6.1 million, or $0.15 per share. This compares to a net loss for the first quarter of fiscal 2007 of $9.7 million, or $0.27 per share. Net loss for the first quarter of fiscal 2008 includes a non-cash charge of $2.4 million, or $0.06 per share, for a mark-to-market adjustment on an outstanding warrant driven by the increase in the company’s stock price during the quarter. This compares with a $1.0 million, or $0.03 per share, mark-to-market charge in the first quarter of fiscal 2007. In addition to the mark-to-market adjustments on an outstanding warrant, net loss in each period includes non-cash, pre-tax charges for amortization of acquisition-related intangibles and stock-based compensation expense. Such charges totaled $5.2 million for the first quarter of fiscal 2008, compared to $3.2 million for the first quarter of fiscal 2007.
Earnings before interest, taxes, other income and expense, depreciation, amortization and stock-based compensation (EBITDAS) was a positive $1.7 million for the first quarter of fiscal 2008. EBITDAS for the first quarter of fiscal 2007 was a negative $5.3 million.
AMSC generated a record $3.2 million in cash from operations for the first quarter of fiscal 2008. Cash, cash equivalents, marketable securities and restricted cash at June 30, 2008 were $131.5 million, an increase of $12.1 million from $119.4 million at March 31, 2008. The company reported backlog as of June 30, 2008 of approximately $634 million compared with $199 million as of March 31, 2008 and $73 million as of June 30, 2007.
"We executed to our expectations in the first quarter, delivering continued sequential revenue growth, generating record bookings and achieving other key financial metrics, including positive EBITDAS and positive cash flow from operations," said Greg Yurek, AMSC’s founder and Chief Executive Officer. "Operationally, the quarter was marked by two significant highlights. First, we completed a multi-year project by commissioning the world’s first superconductor power transmission cable system in a commercial power grid. Operating in the heart of Long Island Power Authority’s grid since April, this system has sparked a new wave of interest in superconductor cables among electric utilities worldwide. Second, we received a $450 million order from China’s Sinovel Wind for our wind turbine core electrical components, providing us with a significant platform for continued growth through calendar year 2011."