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TheStreet Open House

Superconductor Technologies Reports First Quarter 2013 Results

Stocks in this article: SCON

- Establishing a customer pipeline of committed projects and order backlog -

AUSTIN, Texas, May 8, 2013 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, reported results for the quarter ended March 30, 2013.

"We are executing our strategy to commercialize Conductus® wire by establishing a diversified customer base with a variety of superconducting needs," said Jeff Quiram, STI's president and chief executive officer. "STI entered 2013 positioned to begin pilot production. On April 23 rd, we announced receipt of purchase orders from several strategic customers that are qualifying Conductus wire in specific product designs. Since that announcement, our order backlog has continued to grow. Targeting near-term and existing applications, we have aligned our 2013 production output to fulfill purchase orders for customers actively producing superconducting products. Looking ahead, our current orders and other commitments will consume all of the wire we can produce at least until the third quarter of 2013."

"Our top priority is to ship Conductus wire to customers to complete product evaluations. We remain intensely focused on turning up our pilot RCE machine to produce longer lengths of wire for the existing customer purchase orders and tests. Most of the pending customer orders are for wire that attains critical current of 250 amperes (amps) to 400 amps per centimeter-width. In addition, we continue to focus efforts on producing lengths of wire that provide a critical current of 500 amps per centimeter-width for our most demanding present commitment, the cable demonstration project. The remainder of 2013 will be used to implement our plans to produce Conductus wire on a commercial scale in 2014," Quiram concluded.

STI's first quarter 2013 net revenues from our wireless business, which is unrelated to our strategic wire initiative discussed above, were $776,000, which compare to revenue of $1.1 million in the fourth quarter of 2012 and $399,000 in the first quarter of 2012. Net loss for the first quarter of 2013 was $2.4 million, or a loss of $0.58 per basic and diluted share, compared to a net loss of $2.3 million, or a net loss of $0.65 per basic and diluted share, in the fourth quarter of 2012, and a net loss of $3.0 million, or a loss of $1.01 per basic and diluted share, in the first quarter of 2012.

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