AMSC Provides Initial Fiscal 2008 Revenue Outlook and Initiates Production of 344 Superconductors
WESTBOROUGH, Mass.--American Superconductor Corporation (NASDAQ: AMSC), a leading energy technologies company, today announced its initial fiscal 2008 revenue outlook in conjunction with its Analyst Day. On November 1, the company said it expects revenues will grow from approximately $52 million in its fiscal 2006 to a range of $100 million to $110 million in its fiscal 2007. Today, the company announced that it expects revenues to continue to grow in fiscal 2008 to more than $150 million. The company also reiterated that it expects to achieve EBITDAS positive results in fiscal 2008.
"Our growth today is being driven primarily by the wind energy market, and we expect this to continue next year," stated Greg Yurek, AMSC's founder and chief executive officer. "We are now also increasing our pipeline of business in the power grid sector as evidenced by recent orders for our new SVC product line. We believe the growth we are achieving both domestically and internationally in the wind and power grid markets will not only be strong enough to enable us to achieve EBITDAS positive results next fiscal year, but also to achieve our next goal, which is GAAP profitability, soon thereafter."
"We are also quite pleased to report that we will initiate production of 344 superconductors next week, one month earlier than planned - a major milestone for our company and for the emerging superconductor industry," Yurek said. "The first 344 superconductors to be produced from our new manufacturing operation are slated for use in Project HYDRA, which requires an initial shipment of 17,000 meters of this wire by March 31, 2008 for use in producing a first prototype surge-suppressing superconductor power cable. The first power cable of this type is slated to be deployed in Consolidated Edison's midtown Manhattan power grid in early 2010."
AMSC's Analyst Day will begin at 8:00 a.m. ET today and will include presentations from various members of management regarding the company's energy technologies, business strategy and financial outlook. Those interested in listening to the live or archived broadcast via the Internet should log on to the "Investors" section of AMSC's website, www.amsc.com/investors.
About American Superconductor (NASDAQ: AMSC)
AMSC is a leading energy technologies company offering an array of solutions based on two proprietary technologies: programmable power electronic converters and high temperature superconductor (HTS) wires. The company's products, services and system-level solutions enable cleaner, more efficient and more reliable generation, delivery and use of electric power. AMSC is a leader in alternative energy, offering grid interconnection solutions as well as licensed wind energy designs and electrical systems. As the world's principal supplier of HTS wire, the company is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, Secure Super Grids(TM), motors, generators, and advanced transportation and defense systems. AMSC also provides utility and industrial customers worldwide with voltage regulation systems that dramatically enhance power grid capacity, reliability and security, as well as industrial productivity. The company's technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC, PQ-IVR, PowerModule, PQ-SVC, Secure Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: uncertainties regarding the company's ability to obtain anticipated funding from corporate and government contracts, to successfully develop, manufacture and market commercial products, and to secure anticipated orders; the risk that a robust market may not develop for the company's products; the risk that strategic alliances and other contracts may be terminated; the risk that certain technologies utilized by the company will infringe intellectual property rights of others; and the competition encountered by the company. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
Contacts
American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 508-621-4177
Director of Investor & Media Relations
jfredette@amsc.com
"Our growth today is being driven primarily by the wind energy market, and we expect this to continue next year," stated Greg Yurek, AMSC's founder and chief executive officer. "We are now also increasing our pipeline of business in the power grid sector as evidenced by recent orders for our new SVC product line. We believe the growth we are achieving both domestically and internationally in the wind and power grid markets will not only be strong enough to enable us to achieve EBITDAS positive results next fiscal year, but also to achieve our next goal, which is GAAP profitability, soon thereafter."
"We are also quite pleased to report that we will initiate production of 344 superconductors next week, one month earlier than planned - a major milestone for our company and for the emerging superconductor industry," Yurek said. "The first 344 superconductors to be produced from our new manufacturing operation are slated for use in Project HYDRA, which requires an initial shipment of 17,000 meters of this wire by March 31, 2008 for use in producing a first prototype surge-suppressing superconductor power cable. The first power cable of this type is slated to be deployed in Consolidated Edison's midtown Manhattan power grid in early 2010."
AMSC's Analyst Day will begin at 8:00 a.m. ET today and will include presentations from various members of management regarding the company's energy technologies, business strategy and financial outlook. Those interested in listening to the live or archived broadcast via the Internet should log on to the "Investors" section of AMSC's website, www.amsc.com/investors.
About American Superconductor (NASDAQ: AMSC)
AMSC is a leading energy technologies company offering an array of solutions based on two proprietary technologies: programmable power electronic converters and high temperature superconductor (HTS) wires. The company's products, services and system-level solutions enable cleaner, more efficient and more reliable generation, delivery and use of electric power. AMSC is a leader in alternative energy, offering grid interconnection solutions as well as licensed wind energy designs and electrical systems. As the world's principal supplier of HTS wire, the company is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, Secure Super Grids(TM), motors, generators, and advanced transportation and defense systems. AMSC also provides utility and industrial customers worldwide with voltage regulation systems that dramatically enhance power grid capacity, reliability and security, as well as industrial productivity. The company's technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC, PQ-IVR, PowerModule, PQ-SVC, Secure Super Grids, Windtec and SuperGEAR are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: uncertainties regarding the company's ability to obtain anticipated funding from corporate and government contracts, to successfully develop, manufacture and market commercial products, and to secure anticipated orders; the risk that a robust market may not develop for the company's products; the risk that strategic alliances and other contracts may be terminated; the risk that certain technologies utilized by the company will infringe intellectual property rights of others; and the competition encountered by the company. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
Contacts
American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 508-621-4177
Director of Investor & Media Relations
jfredette@amsc.com
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