American Superconductor Corp. (AMSC, Westborough, MA) reported financial results for the first quarter of fiscal 2004 ended June 30, 2003. Net revenues for the June 2003 quarter were $7.8 million, up 171% over net revenues of $2.9 million for the first quarter of fiscal 2003. The net loss was $8.4 million, or $0.39 per share, compared with a net loss of $10.8 million, or $0.53 per share, for the same period last year.
American Superconductor received $17.2 million in new orders and contracts during the quarter. The company's total backlog of orders and contracts as of June 30, 2003, was $87.4 million, of which approximately $32 million is expected to be recognized as revenue over the remainder of fiscal 2004.
"Our current backlog of orders and contracts for this fiscal year, added to the $7.8 million in revenue for our first quarter, puts us solidly on course toward our revenue target of $45 million to $50 million for the year," said Chief Executive Officer Greg Yurek. "This would be more than double our total annual revenue in the last fiscal year."
