AMSC Reports Third Quarter Fiscal Year 2009 Financial Results
American Superconductor Corp. (AMSC) reported record financial results for the third quarter of its fiscal year 2009 ended December 31, 2009. Revenues for the third quarter of fiscal 2009 were $80.7 million, a 95% increase over $41.3 million in revenues for the third quarter of fiscal 2008. Gross margin for the third quarter of fiscal 2009 was 37.5%, which compares with 23.2% for the third quarter of fiscal 2008.
AMSC generated GAAP net income of $5.2 million, or $0.11 per diluted share for the third quarter of fiscal 2009. This compares with a GAAP net loss for the third quarter of fiscal 2008 of $7.8 million, or $0.18 per share. The company generated non-GAAP net income of $9.1 million, or $0.20 per diluted share for the third quarter of fiscal 2009. This compares with a non-GAAP net loss of $4.9 million, or $0.11 per share for the third quarter of fiscal 2008.
Cash, cash equivalents, marketable securities and restricted cash at December 31, 2009 were $112.8 million. This compares with $141.1 million as of September 30, 2009 and $117.2 million as of March 31, 2009. The decline from September 30, 2009 was primarily due to timing issues related to customer payments. As of January 31, 2010, AMSC’s balance of cash, cash equivalents, marketable securities and restricted cash exceeded $135 million. AMSC continues to expect that it will be net cash flow positive for full-year fiscal 2009.
The company reported backlog as of December 31, 2009 of approximately $546 million compared with $587 million as of September 30, 2009. The decrease is due primarily to shipments made under AMSC’s multi-year wind turbine core electrical component contracts with Sinovel Wind Co., Ltd.
"We delivered better-than-expected financial results for the third fiscal quarter as wind-related revenues continued to grow and our cost management initiatives provided additional bottom-line benefits," said Greg Yurek, AMSC’s founder and Chief Executive Officer. "With several wind turbine manufacturing customers in volume production, many others set to begin production over the next 12 months and new power grid orders continuing to be closed, the foundation has been set for further growth in fiscal 2010 and beyond."