American Superconductor Corp. (AMSC, Westborough, MA) reported financial results for the first quarter of fiscal 2005 ended June 30, 2004. Net revenues for the first quarter increased 63% to a record $12.7 million from net revenues of $7.8 million for the same quarter a year ago, and up 9% sequentially compared with net revenues of $11.6 million for the quarter ended March 31, 2004.
The net loss for the quarter was $4.9 million, or $0.18 per share, compared with a net loss of $8.4 million, or $0.39 per share, for the same period last year, and a net loss of $4.5 million, or $0.16 per share, for the March 2004 quarter. American Superconductor ended the June 30, 2004, quarter with cash, cash equivalents, and short and long-term investments of $49.4 million and no long-term debt, compared to $52.6 million at March 31, 2004. The company's use of cash in the first fiscal quarter was $3.2 million.