- Demonstrates significant progress in plan to produce Conductus wire on a commercial scale in 2014 -
AUSTIN, Texas, August 13, 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 June 29, 2013.
"In the second quarter, we executed on our priority to ship Conductus ® wire to several industry leading multi-national companies," said Jeff Quiram, STI's president and chief executive officer. "While attaining these important goals, we also experienced a marked improvement in our wire performance, yields and wire length per run during the quarter.""As announced on July 23 rd, we shipped wire against three purchase orders to customers for wire qualification purposes. In addition, in the second quarter we recognized our first, albeit modest, revenue for Conductus wire. Since that status update, we have continued to ship Conductus wire to fulfill existing purchase orders. The extensive customer interest further illustrates the applicability of our Conductus wire for diverse and large market applications, such as superconducting fault current limiters, superconducting high-field magnets, HTS power cables and superconducting motors and generators." "To successfully commercialize Conductus wire and create long-term revenue growth, we are fostering relationships with large industrial companies with well-established sales channels. We continue to make technical progress as we ramp up production volume to fulfill our existing customer orders. In addition, we continue to make progress toward the 500 Amp current performance required for the upcoming high power cable project. Our near-term goal is to establish commercial relationships with one or more of these customers completing the wire qualification efforts, with the objective of securing orders for our planned 2014 production," Quiram concluded. STI's second quarter 2013 net revenues of $555,000 were primarily from wireless products. This compares to revenue of $776,000 million in the first quarter of 2013 and $596,000 in the second quarter of 2012. Net loss for the second quarter of 2013 was $2.4 million, or a loss of $0.54 per basic and diluted share, compared to a net loss of $2.4 million, or a loss of $0.58 per basic and diluted share, in the first quarter of 2013, and a net loss of $3.4 million, or a loss of $1.03 per basic and diluted share, in the second quarter of 2012.