AMSC Reports First Quarter Fiscal Year 2010
- First Quarter Revenues Increased 33 Percent Year Over Year to a Record $97 Million
- Earnings More Than Doubled Year Over Year
- Revenue and Earnings Forecasts Increased for Full Year Fiscal 2010
July 29, 2010 07:33 AM Eastern Daylight Time
DEVENS, Mass.--(EON: Enhanced Online News)--American Superconductor Corporation (NASDAQ: AMSC),
a global power technologies company, today reported financial results for the first quarter of its fiscal year 2010
ended June 30, 2010.
Revenues for the first quarter of fiscal 2010 increased 33 percent to $97.2 million from $73.0 million for the first
quarter of fiscal 2009. Gross margin for the first quarter of fiscal 2010 was 40.1 percent, which compares with 30.9
percent for the first quarter of fiscal 2009.
AMSC generated net income of $9.2 million, or $0.20 per diluted share, for the first quarter of fiscal 2010. This
compares with net income of $1.8 million, or $0.04 per diluted share, for the first quarter of fiscal 2009. Non-
GAAP net income was $13.0 million, or $0.28 per diluted share, for the first quarter of 2010. This compares with
non-GAAP net income of $5.5 million, or $0.12 per diluted share, for the first quarter of 2009. Please refer to the
financial table included below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, marketable securities and restricted cash at June 30, 2010 were $120.7 million. This
compares with $155.1 million as of March 31, 2010. The decrease was due primarily to some customer payments
shifting from June to July 2010, an increase in capital expenditures in line with the company’s plan and changes in the
dollar value of cash held in foreign currencies.
The company reported backlog as of June 30, 2010 of approximately $952 million compared with approximately
$588 million as of March 31, 2010. This increase is related primarily to a multi-year order worth approximately
US$445 million the company received in May 2010 from