American Superconductor Corporation (AMSC) has reported financial results for the first quarter of its fiscal year 2009 ended 30 June 2009. Revenues for the first quarter of fiscal 2009 were US$ 73.0 million, an 83% increase over US$ 39.8 million in revenues for the first quarter of fiscal 2008.
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Gross margin for the first quarter of fiscal 2009 was 30.9%, which compares with 29.2% for the first quarter of fiscal 2008. AMSC achieved GAAP net income of US$ 1.8 million, or US$ 0.04 per diluted share, for the first quarter of fiscal 2009. This compares with a net loss for the first quarter of fiscal 2008 of US$ 6.1 million, or US$ 0.14 per share. The company's first quarter fiscal 2008 net loss included a US$ 2.4 million charge for a mark-to-market adjustment on an outstanding warrant that was exercised in full in August 2008. Non-GAAP net income was US$ 5.5 million, or US$ 0.12 per diluted share, for the first quarter of fiscal 2009. This compares with a non-GAAP net loss of US$ 1.0 million, or US$ 0.02 per share, for the first quarter of fiscal 2008. Cash, cash equivalents, marketable securities and restricted cash at 30 June 2009 were US$ 103.2 million. This compares with US$ 117.2 million as of 31 March 2009. The decline from 31 March 2009 was primarily due to a greater volume of shipments to customers at the end of the quarter for which payments have been, or are expected to be, received in full in the second quarter of fiscal 2009. The company reported a backlog, as of 30 June 2009, of approximately US$ 497 million compared with US$ 558 million as of 31 March 2009. The decrease is due primarily to shipments made under AMSC’s multi-year contract for wind turbine core electrical components with Sinovel.
