AMSC Reports Third Quarter Fiscal Year 2009
-- Increased Revenues 95 Percent Year Over Year
-- Achieved Record GAAP and Non-GAAP Net Income
-- Revenue and Net Income Forecasts Increased for Full Year Fiscal 2009
February 02, 2010 07:33 AM Eastern Time
DEVENS, Mass.--(EON: Enhanced Online News)--American Superconductor Corporation (NASDAQ: AMSC),
a global power technologies company, today 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 percent 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 percent,
which compares with 23.2 percent 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. 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 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