American Superconductor Reports Fiscal 2004 First Quarter Results

Wednesday, August 06, 2003
American Superconductor Corporation has reported financial results for the first quarter of fiscal 2004 ended June 30, 2003. Net revenues for the June 2003 quarter were $7.8 million, up 171% over net revenues of $2.9 million for the first quarter of fiscal 2003. The net loss was $8.4 million, or $0.39 per share, compared with a net loss of $10.8 million, or $0.53 per share, for the same period last year. AMSC received $17.2 million in new orders and contracts during the quarter. The company's total backlog of orders and contracts as of June 30 was $87.4 million, of which approximately $32 million is expected to be recognized as revenue over the remainder of fiscal 2004. American Superconductor ended the first quarter of fiscal 2004 with cash, cash equivalents and long-term investments of $12.1 million and no long-term debt. The company's use of cash in the first quarter was approximately $8 million. Cost Reductions Implemented: AMSC continues to execute on its plan to reduce its cash burn rate year-over-year. "We are continuing to drive to a cash burn rate of $13 million to $15 million for fiscal 2004, which would be significantly less than in previous years," said Yurek. "To help ensure we meet this cash burn rate goal for fiscal 2004, we have recently taken actions to further cut our operating and capital expenditures." In July, AMSC implemented reductions in its operating and capital budgets for fiscal 2004 by $5 million through the elimination of 34 positions including a reduction in force of 23 employees, or approximately 8% of the company's workforce. With this reduction in force, headcount has been reduced by 36% over the last 16 months. Also in July 2003, the company made cuts in controllable expenses and capital equipment purchases. AMSC expects to begin to fully benefit from these cost reduction measures in the third quarter of this fiscal year.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Specialised Reefer Container Operators can Thrive: DMR

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast,

HERCULES-2 Phoenix Rises from the Ashes

Wärtsilä Corporation advises that the HERCULES R&D programme to develop large engine technologies, which was initiated in 2004 as a joint vision by the two major European engine manufacturing groups,

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Finance

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3203 sec (3 req/sec)