News

AMSC Reports First-Quarter, Fiscal 2005 Results

August 04, 2004 by Jeff Shepard

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.