American Superconductor (AMSC) reported results this morning that didn’t meet analyst expectations.  While revenues doubled over the year ago quarter, gross margins increased and the company continues to narrow its losses, the company reported a loss of .15/share, missing estimates by .09 on revenues of 39.8 million (missed by one million).  However, it should be noted that the losses this quarter included a one time non cash chart of .06 share, so excluding that they did meet expectations.  The market doesn’t care today, with AMSC off 14% and closing in on support of the 200 day moving average.

The company isn’t expected to be profitable until late 2009.

Greg Yurek, American Superconductor founder and chief executive, said in a statement that the company executed to its expectations by delivering continued sequential revenue growth, generating record bookings and achieving other key financial metrics.