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Superconductor Technologies Reports Third Quarter 2013 Results

Stocks in this article: SCON

– Grows Conductus wire purchase order backlog and pipeline for qualification purposes – – Increases wire output per run and begins taking delivery of commercial scale machine components –

AUSTIN, Texas, Nov. 12, 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 September 28, 2013.

"In the third quarter, we advanced our progress in commercializing our Conductus ® wire by fully completing our first purchase order, continuing to ship against other existing orders, and further increasing our order pipeline," said Jeff Quiram, STI's president and chief executive officer. "Current shipments of Conductus wire are for qualification testing for our target superconducting applications, including fault current limiters, high-field magnets, industrial motors and generators, and power transmission cables. Our near-term goal is to establish a commercial relationship with one or more customers that are completing the wire qualification efforts for those target superconducting applications. Due to the strong market interest in our wire, customer demand continues to create a backlog of orders for qualification testing. We expect these current commitments will consume all the wire we can produce for at least the next three months. Our objective over the next several months is to secure orders for our planned 2014 production."

"We continue to focus our development efforts on further improving the performance of our industry leading Conductus wire. We continue to meet or exceed the performance requirements for all our current purchase orders and remain committed to attaining even higher performance levels in the future. During the quarter, we increased the wire output per production run as we drive toward commercial scale production in 2014. We have begun taking delivery of various components for our 1 kilometer RCE machine and expect to have all the equipment we need to assemble it at our Austin facility in the first quarter of 2014. We remain on track with our plan to exit the second quarter with significant wire production capacity. We continue to execute against our plan and expect to achieve positive cash flow from operations in the second half of 2014," Quiram concluded.

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