Superconductor Technologies Reports 2012 Fourth Quarter and Year-End Results
- Wire samples for new superconducting fault current limiter and motor applications shipped in Q4 -
- Pipeline of customer requests for Conductus® 2G HTS wire continues to increase -
- Positioned to begin pilot production of Conductus wire in 2013 -
AUSTIN, Texas, March 7, 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 and year-ended December 31, 2012.
"2012 has been a watershed year as STI strives to become a leading producer of second generation (2G) HTS wire," said Jeff Quiram, STI's president and chief executive officer. "In the past year, we installed a complete suite of Conductus® wire manufacturing equipment at our new Advanced Manufacturing Center of Excellence facility in Austin. Our IBAD system is operational and has been producing fully compliant material for several quarters. Our new SDP system is operational and in the last two weeks we produced 50 meters of 10 centimeter wide substrate in a continuous run that met our substrate performance requirements. This is a significant milestone in our efforts to produce wider and longer wire substrate, which we will utilize to produce longer lengths of Conductus wire. We have completed several production runs of our new 100 meter RCE tool. Our technical team continues to make very significant progress in turning up this machine, and we believe we will solve the remaining operational issues in the near future.
"We are now positioned to begin the pilot production of Conductus wire in 2013. Our HTS wire template offers a unique performance advantage that we intend to exploit. Recent testing in January confirmed that Conductus wire met the product requirements for several existing low temperature wire applications. These results continue to demonstrate that Conductus wire is suitable for a variety of markets with superconducting needs, including applications that are currently utilizing low temperature wire. In the fourth quarter, we also shipped Conductus wire samples to several new potential customers for qualification testing in fault current limiter and superconducting motor applications.
"In summary, STI is producing 2G HTS wire that exceeds previously published industry performance metrics. We enter 2013 ready to begin pilot production of Conductus in lengths of up to 100 meters. Customer interest in our wire continues to increase. We believe that the current requests already in house will consume all of the wire we expect to produce through the first few quarters of 2013. In conjunction with customer efforts to utilize our wire in their power devices, we are focused on producing longer lengths of wire to meet those needs. We look forward to fulfilling our customers' demand for Conductus in 2013 and beyond," Quiram concluded.
In the fourth quarter, net revenues were $1.1 million, compared to net revenues of $1.3 million in the third quarter of 2012 and $284,000 in the fourth quarter of 2011. Net loss for the fourth quarter was $2.3 million, or a net loss of $0.05 per basic and diluted share, compared to a net loss of $2.3 million, or a net loss of $0.06 per basic and diluted share, in the third quarter of 2012 and a net loss of $3.1 million, or a net loss of $0.10 per basic and diluted share, in the fourth quarter of 2011.
For the full year 2012, net revenues were $3.5 million, compared to net revenues of $3.5 million for 2011. The net loss for 2012 was $10.9 million, or a net loss of $0.28 per basic and diluted share, compared to a net loss of $13.4 million, or a net loss of $0.42 per basic and diluted share, for 2011.
As of December 31, 2012, STI had $3.6 million in cash and cash equivalents. During the fourth quarter of 2012, STI received net proceeds of $2.7 million from registered direct offerings of common stock. STI anticipates that the Company's independent registered public accounting firm's report on the consolidated financial statements for the year ended December 31, 2012 to be included in the company's upcoming 10-K for 2012 will, as it did last year, include an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern due to a history of past losses and negative cash flows.