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Superconductor Technologies Reports Second Quarter 2012 Results

Stocks in this article: SCON

AUSTIN, Texas, Aug. 9, 2012 (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 three and six months ended June 30, 2012.

STI's second quarter net revenues were $596,000, which compare to revenue of $399,000 in the first quarter of 2012 and $1.1 million in the second quarter of 2011. Net loss for the second quarter was $3.4 million, or a loss of $0.09 per share, compared to a net loss of $3.0 million, or a loss of $0.08 per share, in the first quarter of 2012 and a net loss of $3.2 million, or a loss of $0.10 per share, in the second quarter of 2011. While demand for STI's performance enhancement products for 3G wireless data networks continue to reflect lower 3G expenditures, STI continued to successfully demonstrate technical and process development progress for its second generation (2G) HTS wire program.

"In the second quarter we accomplished a significant technical milestone in our mission to commercialize Conductus ® HTS wire," said Jeff Quiram, STI's president and chief executive officer. "A large global cable manufacturer provided independent validation of our 2G HTS wire performance. At current densities greater than 500 Amps per centimeter width at 77 Kelvin, our wire is uniquely positioned to improve superconducting power device performance and economics when compared to alternative solutions."

"We remain focused on our customer commitments by providing on-time delivery of high performance Conductus HTS wire for testing and superconducting device demonstrations. Our primary focus is the supply of 2G HTS wire for a committed superconducting high power transmission cable demonstration project. When completed, it is anticipated that this cable will establish a new industry performance benchmark for HTS power transmission cable."

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