Print
Email
Print Edition Stories
MHT's Efrain Viscarolasaga: Preparing the smart grid for more power
MHT's Efrain Viscarolasaga: Solar installation booms in New England
MHT reporter Efrain Viscarolasaga on NECN: Green tech brings jobs back to Mass.
Amid the recent economic downturn, Devens-based energy equipment maker American Superconductor Corp. reported the first quarterly profit in the company’s 22-year history, and a 63 percent increase in revenue for the company’s fiscal year of 2008.
In its fourth fiscal quarter, ending March 31, American Superconductor (Nasdaq: AMSC) logged $61.2 million in revenue, a 60 percent increase over the $38.4 million over the period last year. The result was a net income of $1.3 million for the quarter, compared to a net loss of $1.8 million last year.
For the year, AMSC reported $182.8 million in revenue, an increase of 63 percent from $112.4 million for full year fiscal 2007. On the year, the company still reported a net loss of $25.4 million.
A maker of equipment used in the distribution of electricity over power grids, the past two years have seen the commercialization of the company’s superconductor wire, as well as its penetration into both the wind power market, where it provides turbine and voltage regulation equipment, and the smart grid arena.
Looking forward, the company disclosed a backlog of orders representing approximately $558 million, due primarily to a $450 million, three-year contract for wind turbine core electrical systems the company received from Sinovel Wind Co. in June 2008.
Officials set revenue guidance for the coming year between $225 million to $235 million, with an expected net income of between $200,000 to $1.5 million. The company also expected to be net cash flow positive in fiscal year 2009.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
