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news release:
Superconductor
Technologies Inc. Announces Second Quarter 2007 Results
Santa Barbara, CA, 2 August 2007:
Superconductor Technologies
Inc. (NASDAQ:SCON),
a leading provider of advanced wireless solutions, innovative adaptive
filtering, and world class cryogenics products for commercial and government
applications, today announced results for the quarter and six months ended June
30, 2007.
Total net revenues for the second quarter were
$4.7 million, compared to $4.2 million in the first quarter of 2007 and $5.0
million in the year ago second quarter. Net commercial product revenues for the
second quarter of 2007 were $3.7 million, compared to $3.5 million in the first
quarter of 2007 and $3.9 million in the second quarter of 2006. Government and
other contract revenue totaled $1.0 million during the 2007 second quarter,
compared to $649,000 in first quarter of 2007 and $1.1 million during the year
ago period.
Jeff Quiram, STI's president and chief executive
officer, said, "We are pleased to add three new customers, each contributing 10
percent or more of our revenues in the second quarter as they moved beyond the
technical evaluation stage to commercial deployment. Our government business
grew sequentially in the second quarter, and we expect government revenue to
continue to increase in the future as we deliver on the initial $4.7 million Air
Force contract we signed in April. Finally, as we face the challenges of growing
our revenues, by continuing to effectively manage our current assets and
operating expenses we have succeeded in further reducing our quarterly breakeven
level to approximately $8.3 million."
Net loss for the second quarter was $2.0 million,
compared to a net loss of $2.9 million in the first quarter of 2007 and $22.7
million in the second quarter of 2006, which included a non-cash goodwill
impairment charge of $20.1 million. Net loss per share was $0.16, compared to a
net loss of $0.24 per share in the first quarter of 2007 and a net loss per
share of $1.82 in the year ago period including the goodwill charge.
For the six-month period ending June 30, 2007,
total net revenues were $8.9 million, compared to $9.9 million for the first
half of 2006. Net commercial product revenues for the first half of 2007 were
$7.2 million, compared to $8.4 million in the year ago period. The company
recorded $1.7 million in government and other contract revenues for the first
half of 2007, compared to $1.4 million for the first half 2006. The net loss for
the first half of 2007 was $4.9 million, compared to $25.9 million for the prior
year's first half including the non-cash goodwill impairment charge of $20.1
million. The net loss for the first half of 2007 was $0.39 per share, compared
to $2.07 per share in the first half of 2006 including the goodwill charge.
As of June 30, 2007, STI had $6.5 million in
working capital, including $2.9 million in cash and cash equivalents. As of June
30, 2007, STI had a commercial product backlog of $143,000 compared to $63,000
at the end of the first quarter of 2007 and $800,000 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, August 2, 2007. The call
will be accessible live by dialing 800-257-1836 at least 10 minutes before the
start of the conference. International participants may dial 303-262-2175. No
pass code is required. A telephone replay will be available until midnight ET on
August 6 by dialing 800-405-2236 or 303-590-3000, and entering pass code
11094005#. 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 advanced wireless solutions, innovative adaptive filtering,
and world class cryogenics products for commercial and government applications.
STI provides a full range of high performance infrastructure products for
wireless voice and data applications. Its 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.
The Superconductor Technologies Inc. logo is
available at http://www.primenewswire.com/newsroom/prs/?pkgid=3963
Safe Harbor Statement
The press release contains forward-looking
statements made in reliance upon the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, STI's views on future fundraising plans, profitability,
revenues, market growth, capital requirements and new product introductions and
any other statements identified by phrases such as "thinks," "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "goals" or similar
words. Forward-looking statements are not guarantees of future performance and
are inherently subject to uncertainties and other factors which could cause
actual results to differ materially from the forward-looking statements. For
example, the financial results reported in this press release are based on
certain assumptions and estimates made by management and are subject to
adjustment prior to the filing of the Company's Annual Report on Form 10-K for
2007. Other factors and uncertainties include: fluctuations in product demand
from quarter to quarter which can be significant; the need for additional
capital depending on unpredictable cash flow; STI's ability to diversify its
concentrated customer base; the impact of competitive filter products
technologies and pricing; unanticipated decreases in the capital spending of
wireless network operators; and manufacturing capacity constraints and
difficulties. Forward-looking statements can be affected by many other factors,
including, those described in the Business and the MD&A sections of its Annual
Report on Form 10-K for 2006. These documents are available online at STI's
website, www.suptech.com, or through the SEC's website, www.sec.gov.
Forward-looking statements are based on information presently available to
senior management, and STI has not assumed any duty to update any
forward-looking statements.
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