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American Superconductor
Corporation has added a news release to its Investor Relations website.
Title: AMSC Provides Initial Fiscal 2008
Revenue Outlook and Initiates Production of 344 Superconductors
Date: 11/15/2007
6:30:00 AM
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of our news releases, please click here
- Revenues Expected to
Grow to More Than $150 Million in Fiscal
2008
- First Production Runs
of New 344 Superconductors to be Initiated
in November 2007
- Management to Discuss
AMSC's Energy Technologies, Business
Strategy and Financial Outlook
at Today's Analyst Day
WESTBOROUGH,
Mass.--(BUSINESS WIRE)--Nov. 15, 2007--American
Superconductor Corporation
(NASDAQ: AMSC), a leading energy
technologies company, today
announced its initial fiscal 2008 revenue
outlook in conjunction with its
Analyst Day. On November 1, the
company said it expects revenues
will grow from approximately $52
million in its fiscal 2006 to a
range of $100 million to $110 million
in its fiscal 2007. Today, the
company announced that it expects
revenues to continue to grow in
fiscal 2008 to more than $150 million.
The company also reiterated that
it expects to achieve EBITDAS
positive results in fiscal 2008.
"Our growth today
is being driven primarily by the wind energy
market, and we expect this to
continue next year," stated Greg Yurek,
AMSC's founder and chief
executive officer. "We are now also
increasing our pipeline of
business in the power grid sector as
evidenced by recent orders for
our new SVC product line. We believe
the growth we are achieving both
domestically and internationally in
the wind and power grid markets
will not only be strong enough to
enable us to achieve EBITDAS
positive results next fiscal year, but
also to achieve our next goal,
which is GAAP profitability, soon
thereafter."
"We are also quite
pleased to report that we will initiate
production of 344
superconductors next week, one month earlier than
planned - a major milestone for
our company and for the emerging
superconductor industry,"
Yurek said. "The first 344 superconductors
to be produced from our new
manufacturing operation are slated for use
in Project HYDRA, which requires
an initial shipment of 17,000 meters
of this wire by March 31, 2008
for use in producing a first prototype
surge-suppressing superconductor
power cable. The first power cable of
this type is slated to be deployed
in Consolidated Edison's midtown
Manhattan power grid in early
2010."
AMSC's Analyst Day will
begin at 8:00 a.m. ET today and will
include presentations from
various members of management regarding the
company's energy technologies,
business strategy and financial
outlook. Those interested in
listening to the live or archived
broadcast via the Internet
should log on to the "Investors" section of
AMSC's website,
www.amsc.com/investors.
About American
Superconductor (NASDAQ: AMSC)
AMSC is a leading energy
technologies company offering an array of
solutions based on two
proprietary technologies: programmable power
electronic
converters and high temperature superconductor (HTS) wires.
The
company's products, services and system-level solutions enable
cleaner,
more efficient and more reliable generation, delivery and use
of
electric power. AMSC is a leader in alternative energy, offering
grid
interconnection solutions as well as licensed wind energy designs
and
electrical systems. As the world's principal supplier of HTS wire,
the
company is enabling a new generation of compact, high-power
electrical
products, including power cables, grid-level surge
protectors,
Secure Super Grids(TM), motors, generators, and advanced
transportation
and defense systems. AMSC also provides utility and
industrial
customers worldwide with voltage regulation systems that
dramatically
enhance power grid capacity, reliability and security, as
well
as industrial productivity. The company's technologies are
protected
by a broad and deep intellectual property portfolio
consisting
of hundreds of patents and licenses worldwide. More
information
is available at www.amsc.com.
American Superconductor
and design, Revolutionizing the Way the
World
Uses Electricity, AMSC, Powered by AMSC, SuperVAR, D-VAR, DVC,
PQ-IVR,
PowerModule, PQ-SVC, Secure Super Grids, Windtec and SuperGEAR
are
trademarks or registered trademarks of American Superconductor
Corporation
or its subsidiaries.
Any statements in this
release about future expectations, plans
and
prospects for the company, including our expectations regarding
the
future financial performance of the company and other statements
containing
the words "believes," "anticipates," "plans,"
"expects,"
"will"
and similar expressions, constitute forward-looking statements
within
the meaning of the Private Securities Litigation Reform Act of
1995.
There are a number of important factors that could cause actual
results
to differ materially from those indicated by such
forward-looking
statements. Such factors include: uncertainties
regarding
the company's ability to obtain anticipated funding from
corporate
and government contracts, to successfully develop,
manufacture
and market commercial products, and to secure anticipated
orders;
the risk that a robust market may not develop for the
company's
products; the risk that strategic alliances and other
contracts
may be terminated; the risk that certain technologies
utilized
by the company will infringe intellectual property rights of
others;
and the competition encountered by the company. Reference is
made
to these and other factors discussed in the "Risk Factors"
section
of the company's most recent quarterly or annual report filed
with
the Securities and Exchange Commission. In addition, the
forward-looking
statements included in this press release represent
the
company's views as of the date of this release. While the company
anticipates
that subsequent events and developments may cause the
company's
views to change, the company specifically disclaims any
obligation
to update these forward-looking statements. These
forward-looking
statements should not be relied upon as representing
the
company's views as of any date subsequent to the date this press
release
is issued.
CONTACT: American Superconductor Corporation (NASDAQ: AMSC) Jason Fredette, 508-621-4177 Director of Investor & Media Relations jfredette@amsc.com SOURCE: American Superconductor Corporation |