American Superconductor Corp. (AMSC, Westborough, MA) reported financial results for the second quarter and the first six months of fiscal year 2004 ended September 30, 2003. Net revenues for the second quarter of fiscal 2004 were $9.6 million, up 115% over net revenues of $4.5 million for the second quarter of fiscal 2003, and up 24% sequentially compared with revenues of $7.8 million in the first quarter of fiscal 2004.
The net loss was $7.3 million, or $0.34 per share, compared with a net loss of $10.2 million, or $0.50 per share, for the same period last year and a net loss of $8.4 million, or $0.39 per share, for the first quarter of fiscal 2004. Included in the second-quarter's net loss is $1.4 million, or $0.06 per share, of non-recurring expenses connected with the company's previously planned debt financing. The company chose to pursue and completed in October 2003 a public equity offering in place of this debt financing.
Net revenues for the first six months of fiscal 2004, ended September 30, 2003, were $17.4 million, up 137% from $7.3 million for the first six months of fiscal 2003. The net loss was $15.7 million, or $0.73 per share, compared with a net loss of $21.1 million, or $1.02 per share, for the same period last year.
AMSC ended the second quarter of fiscal 2004 with cash, cash equivalents and long-term investments of $8.8 million and no long-term debt. The company's net use of cash in the second quarter was $3.3 million. In October, the company issued 5.7 million shares of common stock in a public offering, generating cash proceeds, net of underwriting discounts, of $51.1 million.
