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New deals help propel Am. Superconductor

American Superconductor chief Daniel McGhan during an economic forum. American Superconductor chief Daniel McGhan during an economic forum. (Andrey Rudakov/Bloomberg News/File)
September 24, 2011

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American Superconductor reported a first-quarter net loss of $37.7 million, compared with net income of $9.2 million for the first quarter of fiscal 2010. Revenues were $9.1 million, down from $97.2 million for the same quarter a year ago, the company said. But shares soared on news that since April 1, the company has signed new contracts collectively worth nearly $100 million. It also said it has $166.2 million in cash and marketable securities, allaying investors’ fears the company was having cash-flow problems, said an analyst at Wunderlich Securities.