Superconductor Technologies Inc. Reports Third Quarter 2010 Results
SANTA BARBARA, Calif., Nov. 10, 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, reports results for the quarter and nine months ended October 2, 2010.
Total net revenues for the third quarter were $2.0 million, compared to $2.4 million in the second quarter of 2010 and $4.3 million in the year ago third quarter. Net commercial product revenues for the third quarter of 2010 were $1.8 million, compared to $1.7 million in the second quarter of 2010 and $3.0 million in the third quarter of 2009. Government and other contract revenue totaled $144,000 during the 2010 third quarter, compared to $631,000 for the second quarter of 2010 and $1.3 million for the third quarter of 2009.
Jeff Quiram, STI's president and chief executive officer, said, "Commercial product sales were up slightly sequentially. However, we continue to see conservative spending by our large carrier customers on performance enhancement solutions for their existing networks. As the new 4G data networks begin to be deployed, our LTE base station product is completed and we are prepared to fulfill orders at this time. We also successfully completed the SURF 2 development program for the United States government and have re-assigned those technical resources to our 2G HTS wire initiative.""Our future focus is creating shareholder value by utilizing our HTS expertise to capture a significant share of the global market for 2G HTS wire in existing and emerging power transmission and generation applications," continued Quiram. "Our current product roadmap consists of wire designs for AC power cable, fault current limiters and large wind turbines, all of which are large markets where we believe the advantages of HTS wire are already recognized by the industry. We are currently producing HTS wire in one meter lengths and continue to make good progress towards delivering samples for testing by prospective customers over the next few months, after which we can begin to establish our future commercial relationships."
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