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Superconductor Technologies Inc. Announces Fourth
Quarter and Year-End 2006 Results
Santa Barbara, CA, 15 March 2007:
Superconductor Technologies
Inc. (NASDAQ:SCON)
("STI"), a leading provider of high performance infrastructure products for
wireless voice and data applications, today announced results for the quarter
and twelve months ended December 31, 2006.
Total net revenues for the fourth quarter were $5.3 million, compared to $5.9
million in the third quarter of 2006 and $7.4 million in the year ago fourth
quarter. Net commercial product revenues for the fourth quarter of 2006 were
$4.3 million, compared to $4.9 million in the third quarter of 2006 and $6.7
million in the fourth quarter of 2005. Government and other contract revenue
totaled $1.0 million during the 2006 fourth quarter, compared to $1.0 million in
third quarter of 2006 and $699,000 during the year ago period.
Net loss for the fourth quarter was $1.6 million, as compared to a net loss of
$2.1 million in the third quarter of 2006 and $3.0 million in the fourth quarter
of 2005. Net loss per diluted share was $0.13 compared to a net loss of $0.17
per diluted share in the third quarter of 2006 and a net loss per diluted share
of $0.24 in the year ago period.
For the full year of 2006, total net revenues were $21.1 million, compared to
$24.2 million for 2005. Net commercial product revenues for 2005 were $17.7
million, compared to $21.1 million for the prior year. STI recorded $3.4 million
in government and other contract revenues for 2006, compared to $3.1 million for
2005. The net loss for 2006 was $29.6 million and included a non-cash goodwill
impairment charge of $20.1 million, as compared to a net loss of $14.2 million
for the prior year. The prior year loss included restructuring and impairment
charges of $1.2 million. The net loss for 2006 was $2.37 per diluted share,
compared to $1.24 per diluted share for 2005.
"We continue to have success with customers as they roll out high speed data
networks, although fourth quarter orders from our new Tier 1 carrier customer
were less than expected due to its year end capital budget constraints. We
remain focused on expanding our customer base and have begun trials with another
large carrier," said Jeff Quiram, STI's president and chief executive officer.
"We are also continuing our efforts on expanding our product portfolio. In
October, we introduced our AmpLink(TM) 1700 product line for the new Advanced
Wireless Spectrum (AWS) frequencies. Additionally, we have been investigating
opportunities to leverage our core capabilities in adjacent markets."
As of December 31, 2006, STI had $10.0 million in working capital, including
$5.5 million in cash and cash equivalents. STI anticipates that the auditor's
opinion in its upcoming 10-K for 2006 will include an explanatory paragraph
expressing concern about the company's ability to continue as a going concern
due to past losses and negative cash flows. As of December 31, 2006, STI had
commercial product backlog of $75,000 compared to $1.9 million at the end of the
third quarter of 2006 and $250,000 at the end of the year- ago fourth quarter.
About Superconductor Technologies Inc. (STI)
STI, headquartered in Santa Barbara, CA, is a leading provider of high
performance infrastructure products for wireless voice and data applications.
STI's SuperLink(R) solution increases capacity utilization, lowers dropped and
blocked calls, extends coverage, and enables faster wireless data rates. Its
AmpLink(TM) solution enhances the performance of wireless base stations by
improving receiver sensitivity and geographic coverage.
For information about STI, please visit
http://www.suptech.com/.
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