New
Release -- Superconductor Week does not edit or endorse the following
news release:
Superconductor Technologies Inc. Announces
Second Quarter 2005 Results
Santa Barbara, Calif., Aug. 3: 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 six months ended July 2, 2005.
Total net revenues for the second quarter were $8.6 million, an increase of 36
percent, compared to $6.3 million for the year ago second quarter. Net
commercial product revenues for the second quarter of 2005 increased 67 percent
to $7.6 million, compared to $4.6 million in the second quarter of 2004.
Government and other contract revenue totaled $972,000 during the 2005 second
quarter, compared to $1.8 million during the second quarter of 2004.
Net loss for the second quarter was $2.0 million, compared to a net loss of $8.9
million in the second quarter of 2004. Net loss per diluted share was $0.02,
compared to a net loss of $0.11 per diluted share in the same quarter of 2004.
”Our sales organization is taking action to be more effective in the
marketplace, which resulted in a 67 percent increase in our commercial product
revenue in the second quarter compared to the prior year’s quarter. Strong
sales and the benefits of our restructuring efforts drove a significant
improvement in our bottom line,” stated Jeff Quiram, STI’s president and
chief executive officer. “We were also successful in managing our inventory
levels, reducing the amount by $2.6 million in the quarter. And, we reduced our
operating cash burn to $32,000. We are making continual progress in our strategy
to become a one-stop shop for wireless operators’ sensitivity and interference
needs. Our solutions not only improve network performance, but also lower
installation and operating expenses for wireless carriers who are deploying new
voice and data services.”
For the first half of 2005, total net revenues were $12.9 million, compared to
$11.8 million for the first half of 2004. Net commercial product revenues for
the first half of 2005 were $11.3 million, compared to $7.7 million in the year
ago period. The company recorded $1.5 million in government and other contract
revenues for the first half of 2005, compared to $4.0 million for the first half
2004. The net loss for the first half of 2005 was $7.6 million, compared to
$14.8 million for the prior year’s first half, which included restructuring
expenses of $2.5 million, a non cash interest charge of $802,000 for warrants
issued in connection with a bridge loan and ISCO related litigation expenses of
$413,000. The net loss for the first half of 2005 was $0.07 per diluted share,
compared to $0.20 per diluted share in the first half of 2004.
As of July 2, 2005, STI had commercial product backlog of $333,000, compared to
$5.1 million at the end of the first quarter 2005. The change in backlog
primarily reflects a large order placed at the end of the first quarter and
shipped in the second quarter of this year. As of July 2, 2005, STI had $10.2
million in working capital, including $6.7 million in cash and cash equivalents.
Quiram continued, “We are extending our products to adjacent applications to
solve our customers’ current challenges and future needs. This, coupled with
diversifying our customer base, is the main element to our growth strategy. We
believe we will build upon our first half in the second half of 2005 and are
excited about what lies ahead for STI.”
STI will host an investor conference call today at 1:30 p.m. Pacific Time,
August 3, 2005. The call will be accessible live by dialing 800-257-3401. A
replay will be available until August 5 by dialing 800-405-2236, pass code
11035409. The call will also be simultaneously webcast and available on STI’s
web site at http://www.suptech.com/.
Return to industry news
releases |
