Superconductor Technologies Inc. Reports Second Quarter 2010 Results
SANTA BARBARA, Calif., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, reported results for the second quarter and six months ended July 3, 2010.
Total net revenues for the second quarter were $2.4 million compared to $3.4 million in the first quarter of 2010 and $2.6 million in the year ago second quarter. Net commercial product revenues for the second quarter of 2010 were $1.7 million, compared to $2.3 million in the first quarter of 2010 and $1.8 million in the second quarter of 2009. Government and other contract revenue totaled $631,000 during the 2010 second quarter, compared to $1.1 million in the first quarter of 2010 and $854,000 in the year ago period.
Jeff Quiram, STI's president and chief executive officer, said, "During the second quarter, our wireless customers continued to invest in performance improvement projects for their existing networks that provided demand for our core products. As expected, government revenues declined as the SURF 2 program nears completion.""STI's SuperLink ® solution has been integrated into a state-of-the-art OEM long term evolution (LTE) base station. Our OEM partner was selected by a major carrier for live market trials currently planned for this year. We continue to believe there is significant opportunity to include our HTS filters in the LTE networks of the top U.S. wireless carriers when deployment begins in earnest." "Our 2G HTS wire program for emerging power applications remains on schedule. Building on our success in producing wire in one meter lengths, we are on track to complete the design of our wire deposition machine to produce 50 meter lengths by the end of this year. We are focusing our efforts on three HTS wire designs to address the unique performance requirements for large wind turbine, AC power cable and fault current limiter applications. We expect to begin delivering samples of our wire for testing by our prospective customers before year end," Quiram concluded.
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