AMSC Affirms Financial Forecasts for Fiscal Year 2008 and Provides Initial Fiscal 2009 Outlook
The company reiterated that it expects revenues will grow to a range of $175 million to $185 million in its fiscal 2008 from approximately $112 million in fiscal 2007. The company also maintained its net loss guidance of $13 million to $15 million, or $0.30 to $0.35 per share, for fiscal 2008 and confirmed that it expects to generate its first profit based on U.S. Generally Accepted Accounting Principles (GAAP) in the fourth quarter of fiscal 2008.
For fiscal 2009, the company expects to grow revenues to more than $225 million with gross margin in the range of 28 to 30 percent. The company also expects to be profitable on a GAAP basis for full year fiscal 2009.
"We currently have more than $150 million of firm orders in backlog that we expect to recognize as revenue in fiscal 2009," said Greg Yurek, AMSC's founder and chief executive officer. "Based on this backlog and the double-digit growth we expect in our core wind and power grid markets over the next year, we are confident that we will continue to increase revenues and enhance our bottom-line performance. We expect growth in China's wind energy market to continue to be a primary contributor to our revenue growth in fiscal 2009, and we anticipate that new AMSC Windtec customers will initiate production toward the end of fiscal 2009."
AMSC's Analysts' Day will begin at 8:30 a.m. ET today and will include presentations from 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 technology, 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, D-VAR, PQ-IVR, PowerModule, 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.
CONTACT: American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 978-842-3177
Director of Investor & Media Relations
jfredette@amsc.com
Source: American Superconductor Corporation
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