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American Superconductor's CEO Discusses Q1 2011 Results - Earnings Call Transcript

Stocks in this article: AMSC

In addition to the amount that he had been paid at the time of his arrest, this individual had employment contracts in place with Sinovel and with related parties totaling well over $1 million. These contracts were among the substantial evidence we have compiled. Obviously, we believe this admission of theft and collusion with Sinovel demonstrates the strength of our case.

I would also like to clarify an additional point. While we are not detailing publicly the amount that we are seeking from Sinovel in our commercial and civil suits, it is safe to say that this amount is significant. To date, Sinovel currently owes us $250 million for past shipments and shipments that they're contractually bound to accept to date. On top of this, there are future shipments covered under our existing contracts, vendor liabilities that we will discuss in a few moments and of course, damages for our stolen intellectual property.

So let's move on to our other updates today starting with our restatements and results. I'd like to start by publicly acknowledging the contributions of our financial organization, which has been working around-the-clock in recent months to get current with our SEC filings. We're all happy to have completed this work and get back into compliance with SEC regulations. And in doing so, we believe we'll be also back in compliance with NASDAQ listing standards. It's been a difficult time for us all. We're very happy to look forward to our bright future.

In terms of the financials, we reported fiscal 2010 revenues of approximately $287 million. This figure excludes approximately $77 million in shipments that we made to Sinovel and other Chinese customers that remained unpaid as of the end of our fiscal year.

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