American Superconductor Corporation (AMSC) 2nd Quarter Results

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08:53:32 am on November 4, 2008

Second quarter financial results are in for American Superconductor Corporation. The company set a record for itself on revenue, earning $40.4 million. That’s an 87 percent increase over this time last year. Net loss was $4.1 million, or $0.10 per share, which compares favorably to last year’s second quarter net loss of $6.7 million, or $0.17 per share. EBITDAS were were a positive $1.1 million, compared to an EBIDTAS loss of  $2.3 million this time last year.

According to both CEO Greg Yurek and senior VP and Chief Financial Officer David Henry, the company expects to achieve GAAP profitability in the fourth quarter.

David Henry delivered the following financial forecast for the company:

"AMSC is on track to post significant top- and bottom-line improvements for fiscal year 2008. We expect revenues for our third fiscal quarter to be essentially flat relative to the second fiscal quarter due to a strengthening dollar and lower D-VAR(R) revenues. We also expect a slightly higher net loss in the third quarter due primarily to the mark-to-market stock warrant gain that was included in our second quarter results. Based on our existing backlog, we expect particularly strong fourth quarter revenues as we increase shipments of our wind turbine core electrical components and D-VAR systems. This should enable us to be profitable on a GAAP basis in our fourth fiscal quarter."

"For full year fiscal 2008, we are confirming our previous forecast of $175 million to $185 million in revenues and a net loss of $13 million to $15 million, or $0.30 to $0.35 per share. We continue to expect $7 million to $10 million in positive EBITDAS for the full fiscal year," Henry concluded.

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