Santa Barbara, CA, 9 May 2007:
Superconductor Technologies
Inc. (NASDAQ:SCON), a leading
provider of high performance infrastructure products for wireless voice and data
applications, today announced results for the quarter ended March 31, 2007.
Total net revenues for the first quarter were
$4.2 million, compared to $5.3 million in the fourth quarter of 2006 and $4.8
million in the year ago first quarter. Net commercial product revenues for the
first quarter of 2007 were $3.5 million, compared to $4.3 million in the fourth
quarter of 2006 and $4.5 million in the first quarter of 2006. Government and
other contract revenue totaled $649,000 during the 2007 first quarter, compared
to $1.0 million in fourth quarter of 2006 and $342,000 during the year ago
period.
"We achieved several significant milestones in
the quarter we believe better position us for long-term growth," said Jeff
Quiram, STI's president and chief executive officer. "We are working closely
with various geographic markets of a Tier 1 carrier on the first stage of
commercial deployment of our approved products. In addition, following the
completion of successful trials with another Tier 1 carrier, we received orders
in the first quarter. Finally, our recent $4.7 million contract win with the
U.S. Air Force extends our technology to a new innovative solution. This
contract represents the first step in our strategic initiative to sell STI
products to the U.S. government in the future."
Net loss for the first quarter was $2.9 million,
as compared to a net loss of $1.6 million in the fourth quarter of 2006 and $3.2
million in the first quarter of 2006. Net loss per diluted share was $0.24
compared to a net loss of $0.13 per diluted share in the fourth quarter of 2006
and a net loss per diluted share of $0.26 in the year ago period.
As of March 31, 2007, STI had $7.9 million in
working capital, including $3.1 million in cash and cash equivalents. As of
March 31, 2007, STI had a commercial product backlog of $63,000 compared to
$75,000 at the end of the fourth quarter of 2006 and $400,000 at the end of the
year-ago quarter.
Investor Conference Call
STI will host an investor conference call today
at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time, May 9, 2007. The call will
be accessible live by dialing 800-257-6607 at least 10 minutes before the start
of the conference. International participants may dial 303-262-2005. No pass
code is required. A telephone replay will be available for two days, until
midnight ET on May 11 by dialing 800-405-2236 or 303-590-3000, and entering pass
code 11089096#. The call will also be simultaneously webcast and available on
STI's web site at http://www.suptech.com.
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.