American Superconductor Corp. (AMSC) reported financial results for the first quarter of its fiscal year 2009 ended June 30, 2009. Revenues for the first quarter of fiscal 2009 were $73.0 million, an 83% increase over $39.8 million in revenues for the first quarter of fiscal 2008. Gross margin for the first quarter of fiscal 2009 was 30.9%, which compares with 29.2% for the first quarter of fiscal 2008.
AMSC achieved GAAP net income of $1.8 million, or $0.04 per diluted share, for the first quarter of fiscal 2009. This compares with a net loss for the first quarter of fiscal 2008 of $6.1 million, or $0.14 per share. The company’s first quarter fiscal 2008 net loss included a $2.4 million charge for a mark-to-market adjustment on an outstanding warrant that was exercised in full in August 2008. Non-GAAP net income was $5.5 million, or $0.12 per diluted share, for the first quarter of fiscal 2009. This compares with a non-GAAP net loss of $1.0 million, or $0.02 per share, for the first quarter of fiscal 2008. Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, marketable securities and restricted cash at June 30, 2009 were $103.2 million. This compares with $117.2 million as of March 31, 2009. The decline from March 31, 2009 was primarily due to a greater volume of shipments to customers at the end of the quarter for which payments have been or are expected to be received in full in the second quarter of fiscal 2009.
The company reported backlog as of June 30, 2009 of approximately $497 million compared with $558 million as of March 31, 2009. The decrease is due primarily to shipments made under AMSC’s multi-year contract for wind turbine core electrical components with Sinovel.
"A solid mix of wind power and power grid business fueled another record quarter at American Superconductor," said Greg Yurek, AMSC’s founder and Chief Executive Officer. "We achieved a strong increase in power grid-related D-VAR® system revenue and our largest customer, Sinovel, requested delivery of additional wind turbine core electrical components during the first quarter to meet increased demand in China for its 1.5MW wind turbines. This increased demand for Sinovel’s wind turbines also led to a contract amendment we announced yesterday to accelerate the original 36-month core component shipment schedule to 28 months. With Sinovel continuing to gain market share, many of our other wind turbine manufacturers set to commence production over the next 12 months, and power grid demand on the rise worldwide, AMSC’s outlook is stronger than ever."
