AMSC reports first profitable quarter

American Superconductor Corp., a Devens company specializing in energy technologies, said it reported its first quarterly profit in company history, with fourth-quarter net income of $1.3 million, or $0.03 per diluted share, versus a loss of $1.8 million, or $0.04 per share, for the same period a year ago.

Revenues for the fourth quarter of fiscal 2008 were $61.2 million, a 60 percent increase on a year-to-year basis, said American Superconductor, which refers to itself as AMSC, in a press release.

“AMSC posted its strongest financial performance to date in the fourth quarter of fiscal 2008,” Greg Yurek, AMSC’s founder and chief executive, said in a statement. “We generated record revenues and achieved our first profitable quarter. During fiscal 2008, we expanded our global workforce by 36 percent as we increased our revenue by 63 percent while also developing and introducing several new wind power and power grid solutions. We self-financed these activities, which resulted in a small net use of cash for the fiscal year. We are now sharply focused on delivering profitable growth and net cash flow positive results for full year fiscal 2009 as we continue to make the investments that will enhance our long-term growth prospects.”

For fiscal year 2009, which began April 1, AMSC added that it expects revenues to increase to a range of $225 million to $235 million, up from full-year 2008 revenue of $182.8 million; fiscal 2009 net income should be in the range of in a range of $0.2 million to $1.5 million, or $0.01 to $0.03 per diluted share.

For fiscal 2008, which ended March 31, AMSC reported a net loss of $16.6 million, or $0.39 per share, versus a net loss for full year fiscal 2007 of $25.4 million, or $0.65 per share.
(By Chris Reidy, Globe staff)