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American Superconductor's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: AMSC

And finally, we exited the quarter with more than $75 million in cash, cash equivalents, marketable securities and restricted cash, exactly as we anticipated.

In addition to these results, we also grew our backlog quarter-over-quarter as we continued building our book of business for fiscal 2012, which begins on April 1. Dave will walk you through each of these numbers in more detail, but I think they demonstrate the substantial progress we've made to create a stronger, more diversified and more resilient AMSC. We believe that our best days lie ahead. We have a strong market-focused strategy, a great team, and we're working together globally as 1 AMSC to ensure the success of our wind and grid customers.

Before getting into the financial details and our outlook, let me first bring you up to speed on the state of our litigation in China. As many, if not all of you know, Sinovel abruptly stopped accepting contracted shipments of wind turbine electrical systems and controls from AMSC last March. This was followed by our discovery last summer that valuable AMSC intellectual property was stolen by several Sinovel employees and a former, and now incarcerated, AMSC employee. Since that time, we've taken action on a number of fronts. We have filed 3 civil cases against Sinovel, the 2 largest are in process in Beijing. The smallest of the civil cases representing a fraction of a percent of our overall claim is a copyright infringement complaint that we filed with the Hainan Province #1 Intermediate People's Court. This case is against Sinovel and Dalian Guotong Electric, a company related to Sinovel that is manufacturing power converters literally similar to our first generation power module converters. In the Hainan suit, we are seeking a cease and desist order and about $200,000 in damages.

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