August 9, 2007
AMSC losses deepen as orders, revenue soar
By Matthew L. Brown
Westborough-based American Superconductor Corp. said it lost $9.7 million during the first quarter despite a 41 percent revenue increase.
The company reported first quarter revenue of $19.8 million, up from $14 million for the first quarter of 2006.
But "a number of unusual items" sent the company's net loss from $6.7 million during the first quarter of 2006 to the $9.7 million loss it reported today.
The company said it had to pay $2.9 million in charges related to its stock price and market valuation and restructuring charges. AMSC also wrote off a product it had intended to ship to a customer, and spent $1.2 million paying down acquisition-related debt.
By the close of the quarter, the company reported $75 million in backlog orders and contracts. Just after the quarter closed, AMSC received an order from Sinovel Wind in China, which pushed the backlog to $140 million.
The company reported first quarter revenue of $19.8 million, up from $14 million for the first quarter of 2006.
But "a number of unusual items" sent the company's net loss from $6.7 million during the first quarter of 2006 to the $9.7 million loss it reported today.
The company said it had to pay $2.9 million in charges related to its stock price and market valuation and restructuring charges. AMSC also wrote off a product it had intended to ship to a customer, and spent $1.2 million paying down acquisition-related debt.
By the close of the quarter, the company reported $75 million in backlog orders and contracts. Just after the quarter closed, AMSC received an order from Sinovel Wind in China, which pushed the backlog to $140 million.
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