|
New
Release -- Superconductor Week does not edit or endorse the following
news release: Superconductor
Technologies Inc. Announces Third Quarter 2006 Results
Santa Barbara, CA, November 9: 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 and nine
months ended Sept. 30, 2006.
Total net revenues for the third quarter were
$5.9 million, compared to $5.0 million in the second quarter of 2006 and $3.9
million in the year ago third quarter. Net commercial product revenues for the
third quarter were $4.9 million, compared to $3.9 million in the second quarter
of 2006 and $3.1 million in the third quarter of 2005. Government and other
contract revenue totaled $1.0 million during the 2006 third quarter, compared to
$1.1 in the second quarter of 2006 and $865,000 during the year ago period.
Net loss for the third quarter totaled $2.1
million, compared to a net loss of $22.7 million for the second quarter of 2006,
which included a non-cash charge of $20.1 million to write-off all the goodwill
from the acquisition of Conductus in December 2002, and a net loss of $3.6
million in the third quarter of 2005. Net loss was $0.17 per diluted share for
the third quarter, compared to a net loss of $1.82 per diluted share in the
second quarter of 2006 including the goodwill charge, and a net loss of $0.31
per diluted share in the third quarter of 2005.
"The third quarter's net commercial product
revenues increased approximately 60 percent over last year, and 26 percent
sequentially. We also increased our backlog by almost $1 million. Our sales
efforts building strategic business relationships at key customers are beginning
to show significant traction," said Jeff Quiram, STI's president and chief
executive officer. "This quarter we expanded our customer base by entering into
a Master Supplier Agreement with a major North American wireless carrier. We now
have the opportunity to work with this carrier to optimize its RF network with
our solutions and in the third quarter received our first orders. We continue to
expand our total addressable markets by leveraging our existing core technology
and utilizing the expertise of our technical team. For example, in October we
launched the AmpLink(TM) 1700 solution for the new Advanced Wireless Services (AWS)
spectrum. This solution provides a simple and cost effective method to integrate
this new spectrum into the current network while continuing to enhance overall
network performance. We believe our increasingly successful sales strategy
combined with the continued growth of advanced wireless networks provides
significant opportunity for long-term success at STI."
For the first nine months of 2006, total net
revenues were $15.8 million, compared to $16.8 million for the first nine months
of 2005. Net commercial product revenues for the first nine months of 2006 were
$13.3 million, compared to $14.4 million in the year ago period. The company
recorded $2.5 million in government and other contract revenues for the first
nine months of 2006, compared to $2.4 million for the first nine months 2005.
The net loss for the first nine months of 2006, which includes the non-cash
goodwill impairment charge of $20.1 million, was $28.0 million, compared to
$11.2 million for the prior year's first nine months. Excluding the non-cash
goodwill impairment charge, net loss for the first nine months was $7.9 million.
The net loss for the first nine months of 2006, including the goodwill charge,
was $2.24 per diluted share, compared to $1.01 per diluted share in the first
nine months of 2005.
As of Sept. 30, 2006, STI had $11.2 million in
working capital, including $5.4 million in cash and cash equivalents. Commercial
product backlog was $1.9 million at Sept. 30, 2006, compared to $950,000 at the
end of the third quarter 2005.
Return
to industry news releases
|
