NEW YORK, March 11, 2003 — American Superconductor Corp. said that, based on its current backlog and delivery schedule, it expects to report revenue of approximately $20.5 million for the fiscal year ending March 31, 2003, reaffirming guidance provided in a Feb. 4 news release.
Chief Executive Officer Greg Yurek also disclosed that the company expects to have a backlog as of April 2003 of approximately $33 million which is expected to be recognized as revenue in the fiscal year ending March 31, 2004.
“In fiscal 2004 we expect to recognize approximately $24 million in revenue from the new Navy contract announced this morning,” said Yurek. “We currently have other orders and contracts for an additional $4.5 million in backlog to be recognized as revenue in our next fiscal year. In addition, based on current customer interactions, we expect to increase backlog in April 2003 to approximately $33 million, all to be recognized as revenue in the fiscal year ending March 31, 2004.”
Earlier, American Superconductor announced it received a multi-year, $70-million contract from the U.S. Navy’s Office of Naval Research to design, develop and manufacture a 36.5 megawatt superconductor ship propulsion motor for delivery to the Navy in March 2006.
Yurek will address analysts and investors at The Wall Street Analyst Forum’s 48th Institutional Investor Conference in New York on March 4, 2003. See http://events.onlinebroadcasting.com/fdfn/wsaf/030303/index.php for more information on the time and location of the meeting and to access a Web cast of the presentation.
About American Superconductor Corporation (Nasdaq: AMSC – News)
American Superconductor develops solutions and manufactures products to dramatically improve the cost, efficiency and reliability of systems that generate, deliver and use electric power. The company has a vertically integrated portfolio of products supported by more than 500 patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricityà¢â€ž-.
Products from AMSC include High Temperature Superconductor wire for electric power, transportation, medical and industrial processing applications; HTS motors and generators for ship propulsion; and advanced power electronic systems that ensure the quality and reliability of electricity for residential, commercial and industrial customers. More information is available at http://www.amsuper.com.