News

AMSC Reports Second Quarter Fiscal Year 2009 Financial Results

November 02, 2009 by Jeff Shepard

American Superconductor Corp. (AMSC) reported record financial results for the second quarter of its fiscal year 2009 ended September 30, 2009. Revenues for the second quarter of fiscal 2009 were $74.7 million, an 85% increase over $40.4 million in revenues for the second quarter of fiscal 2008.

Gross margin for the second quarter of fiscal 2009 was 38.9%, which compares with 26.5% for the second quarter of fiscal 2008. AMSC generated GAAP net income of $4.3 million, or $0.10 per diluted share, for the second quarter of fiscal 2009. This compares with a GAAP net loss for the second quarter of fiscal 2008 of $4.1 million, or $0.10 per share. The company generated non-GAAP net income of $8.7 million, or $0.19 per diluted share, for the second quarter of fiscal 2009. This compares with a non-GAAP net loss of $1.4 million, or $0.03 per share, for the second quarter of fiscal 2008.

Cash, cash equivalents, marketable securities and restricted cash at September 30, 2009 were $141.1 million. This compares with $103.2 million as of June 30, 2009 and $117.2 million as of March 31, 2009. The company reported backlog as of September 30, 2009 of approximately $587 million compared with $497 million as of June 30, 2009.

"Our team executed extremely well on all fronts, and we exceeded all of our financial objectives for the second fiscal quarter," said Greg Yurek, AMSC’s founder and chief executive officer. "In addition to the 3 MW core electrical component contract we signed with Sinovel Wind Co., Ltd. valued at more than $100 million, our second-quarter bookings also included electrical system orders from several other wind turbine customers and a series of power grid sales in Australia, China, the United Kingdom and the United States. This positions us for continued strong growth in the second half of our fiscal year, and we have therefore increased our forecasts for revenues and net income for full year fiscal 2009."