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Superconductor Technologies Reports 2010 Fourth Quarter And Year-End Results

Stocks in this article: SCON

SANTA BARBARA, Calif., March 10, 2011 (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 quarter and year-ended December 31, 2010.

Total net revenues for the fourth quarter were $789,000, compared to $2.0 million in the third quarter of 2010 and $2.2 million in the fourth quarter of 2009. Net loss for the fourth quarter was $3.0 million, compared to a net loss of $3.4 million in the third quarter of 2010 and a net loss of $3.5 million in the fourth quarter of 2009. Net loss per share in the quarter was $0.11 compared to a net loss of $0.14 per share in the third quarter of 2010 and a net loss per share of $0.16 in the fourth quarter of 2009.

"2010 was a year of transition as we extended our HTS materials production into a new wire platform for power applications and focused the majority of our research and development efforts on our second generation (2G) HTS wire initiative," said Jeff Quiram, STI's president and chief executive officer. "We believe that the supply of 2G HTS wire will be constrained for the foreseeable future. Our intention is to help fulfill this unmet demand by utilizing our patented and proprietary manufacturing methods to make HTS wire for several existing market applications. Our plan is to become a meaningful supplier of HTS wire to customers in the power generation device and electricity distribution industries that would incorporate our HTS wire into their final products."

Quiram continued, "After the close of the quarter, we attained a major milestone in our 2G HTS wire initiative by producing and delivering wire samples for our three target applications: HTS wind turbines, HTS AC power cable and superconducting fault current limiters (SFCL). The most challenging application requires HTS wire to operate in a high magnetic field environment in order to meet the performance criteria necessary for HTS wind turbines and large rotating machines. A target customer for this application has validated that our HTS wire has met these extremely difficult requirements and Los Alamos National Laboratory has verified that our 2G HTS wire samples demonstrated unsurpassed current carrying performance in the presence of a high magnetic field. In addition, our AC power cable samples are currently undergoing additional third party testing, which includes a potential customer. We are extremely pleased with the progress of our HTS wire development program."

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