Here's the press release:
- Total Backlog Increased to a Record $956 Million
- Net Income Increased 130 Percent Year Over Year
- Fiscal 2010 Revenue and Earnings Forecasts Increased
DEVENS, Mass., Nov 02, 2010 (BUSINESS WIRE) --
American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today reported financial results for the second quarter of its fiscal year 2010 ended September 30, 2010.
Revenues for the second quarter of fiscal 2010 increased 36 percent to $101.5 million from $74.7 million for the second quarter of fiscal 2009. Gross margin for the second quarter of fiscal 2010 was 40.7 percent, which compares with 38.9 percent for the second quarter of fiscal 2009.
AMSC generated net income of $10.0 million, or $0.22 per diluted share, for the second quarter of fiscal 2010. This compares with net income of $4.3 million, or $0.10 per diluted share, for the second quarter of fiscal 2009. Non-GAAP net income was $14.6 million, or $0.32 per diluted share, for the second quarter of fiscal 2010. This compares with non-GAAP net income of $8.7 million, or $0.19 per diluted share, for the second 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 September 30, 2010 were $131.2 million. This compares with $120.7 million as of June 30, 2010 and $155.1 million as of March 31, 2010.
The company reported backlog as of September 30, 2010 of approximately $956 million compared with approximately $952 million as of June 30, 2010.
"In the second quarter - our fifteenth consecutive quarter of sequential revenue growth - we generated new quarterly records for both gross margin and earnings," said Greg Yurek, AMSC's founder and chief executive officer. "In recent weeks, we have achieved a number of additional successes that we believe will enable us to extend our strong track record of profitable growth well beyond fiscal 2010. We strengthened our position in the renewable energy and power grid sectors by making a strategic investment in advanced wind turbine blade manufacturer Blade Dynamics Ltd., and we introduced our new SolarTie(TM) Grid Interconnection Solution. Most importantly, the second fiscal quarter marked the 'Coming of Age' for high temperature superconductors as we booked a three million meter order for our Amperium(TM) wire - the largest order for high temperature superconductor wire in history."
Financial Forecast
"We are increasing our fiscal 2010 financial forecast for both revenues and earnings," said David Henry, AMSC's senior vice president and chief financial officer. "Our revenue forecast for the full fiscal year has increased from a range of $420 million to $430 million to a range of $430 million to $440 million, representing growth in excess of 36 percent compared with fiscal 2009. Our net income forecast for the full fiscal year has increased from a range of $39.5 million to $42.0 million, or $0.85 to $0.90 per diluted share, to a range of $44.0 million to $46.5 million, or $0.95 to $1.00 per diluted share. Our non-GAAP net income guidance also is being increased from a range of $56.0 million to $58.5 million, or $1.20 to $1.25 per diluted share, to a range of $60.5 million to $63.0 million, or $1.30 to $1.35 per diluted share."
Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. ET today. On this call, management will discuss the dynamics in AMSC's core markets, recent orders and business initiatives, superconductor power cable opportunities as well as the company's results and its business outlook. Those who wish to listen to the live conference call webcast should visit the "Investors" section of the company's website at www.amsc.com/investors. The live call also can be accessed by dialing 785-830-7990 and using conference ID 5168484. A telephonic playback of the call will be available from 1:00 p.m. ET today through 1:00 p.m. ET on November 7. Please call 719-457-0820 and refer to conference ID 5168484 to access the playback....
