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Total net revenues for the second quarter were $2.6 million compared to $1.7 million in the first quarter of 2009 and $2.9 million in the year ago second quarter. Net commercial product revenues for the second quarter of 2009 were $1.8 million, compared to $1.1 million in the first quarter of 2009 and $1.3 million in the second quarter of 2008. Government and other contract revenue totaled $854,000 during the 2009 second quarter, compared to $546,000 in the first quarter of 2009 and $1.6 million in the year ago period.
Jeff Quiram, STI's president and chief executive officer, said, "Commercial product revenue and backlog increased sequentially as the market continued to stabilize in the second quarter. We are pleased to see this trend is continuing into the third quarter as well. In addition, our government revenues are beginning to increase as we start delivering on the $4.1 million U.S. Air Force contract announced late in the first quarter."
"This quarter we achieved significant milestones in our wireless solutions business and our HTS tape and cryogenics development activities. First, we continue to work closely with a major wireless OEM partner on a long-term evolution (LTE) field trial with a tier-one U.S. wireless operator for its new 700 megahertz (MHz) network. As announced in April, STI's SuperLink(r) solution is being integrated into the OEM's advanced LTE network platform. This represents the first time that SuperLink will be used as an integrated subsystem rather than as an after market system enhancement. In June, we submitted two proposals jointly with GE Global Research to the Advanced Research Projects Agency - Energy (ARPA-E) branch of the U.S. Department of Energy (DOE) to apply our technology in next generation power systems and cryocoolers for advanced electronics. We are committed to working with our partners on these projects to adapt our HTS manufacturing technology to produce HTS tape for emerging energy generation and grid management applications."
Net loss for the second quarter was $4.1 million, compared to a net loss of $3.5 million in the first quarter of 2009 and $3.3 million in the second quarter of 2008. As the result of a new accounting pronouncement, for the first time our loss includes a $780,000 non-cash charge for the fair value treatment of our 2005 warrants. Net loss per share was $0.23, compared to a net loss of $0.20 per share in the first quarter of 2009 and a net loss per share of $0.21 in the year ago period.
For the six-month period ending June 27, 2009, total net revenues were $4.3 million, compared to $6.4 million for the first half of 2008. Net commercial product revenues for the first half of 2009 were $2.9 million, compared to $3.3 million in the year ago period. The company recorded $1.4 million in government and other contract revenues for the first half of 2009, compared to $3.1 million for the first half 2008. The net loss for the first half of 2009 was $7.7 million, including the $780,000 non-cash charge, compared to $5.7 million for the prior year's first half. The loss per share was $0.43 for the first half of 2009 compared to $0.38 for the first half of 2008.
As of June 27, 2009, STI had $13.2 million in cash and cash equivalents. During the quarter, STI received net proceeds of $10.5 million from a registered direct offering. As of June 27, 2009, STI had a commercial product backlog of $873,000 compared to $434,000 at the end of the first quarter of 2009 and $12,000 at the end of the year-ago quarter.
Investor Conference Call
STI will host a conference call at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time, today, August 6th, to discuss its second quarter 2009 financial results. Participating on the call will be Jeff Quiram, president and chief executive officer, Bill Buchanan, corporate controller, and Terry White, vice president of worldwide sales.
To listen to the call live, please dial 1-800-762-8908 at least 10 minutes before the start of the conference. International participants may dial 1-480-629-9774. The conference ID is #4117863. The call is also being webcast and can be accessed from the "Investor Relations" section of the company's website at http://www.suptech.com. A telephone replay will be available until midnight PT on August 10th by dialing 1-800-406-7325 or 1-303-590-3030, and entering pass code #4117863. A replay will also be available at the web address above.
About Superconductor Technologies Inc. (STI)
STI, headquartered in Santa Barbara, California, has been a world leader in high temperature superconducting materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing know how. STI has been providing innovative interference elimination solutions to the commercial wireless industry for more than a decade and is now pursuing emerging opportunities in the electrical grid and in equipment platforms that utilize electrical circuits. For more information about STI, please visit www.suptech.com.
The Superconductor Technologies Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3963
Safe Harbor Statement
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including without limitation, the risk that this offering will not close. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include: fluctuations in product demand from quarter to quarter which can be significant; the need for additional capital depending on unpredictable cash flow; STI's ability to diversify its concentrated customer base; the impact of competitive filter products technologies and pricing; unanticipated decreases in the capital spending of wireless network operators; and manufacturing capacity constraints and difficulties.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for 2008 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
SUPERCONDUCTOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
-------------------------- --------------------------
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
----------- ----------- ----------- -----------
Net revenues:
Net
commercial
product
revenues $1,777,000 $1,348,000 $2,908,000 $3,341,000
Government
and other
contract
revenues 854,000 1,601,000 1,400,000 3,080,000
----------- ----------- ----------- -----------
Total
net
revenues 2,631,000 2,949,000 4,308,000 6,421,000
Costs and
expenses:
Cost of
commercial
product
revenues 2,441,000 2,155,000 4,239,000 4,173,000
Contract
research
and
development 665,000 1,247,000 1,233,000 2,489,000
Other
research
and
development 999,000 743,000 2,082,000 1,151,000
Selling,
general
and
administra-
tive 1,812,000 2,215,000 3,536,000 4,416,000
----------- ----------- ----------- -----------
Total
costs
and
expenses 5,917,000 6,360,000 11,090,000 12,229,000
----------- ----------- ----------- -----------
Loss from
operations (3,286,000) (3,411,000) (6,782,000) (5,808,000)
Other Income
and Expense
Noncontrolling
interest
in joint
venture (37,000) -- (87,000) --
Adjustment
to fair
value of
deriva-
tives (780,000) -- (780,000) --
Interest
income 4,000 70,000 17,000 169,000
Interest
expense (9,000) (8,000) (18,000) (17,000)
----------- ----------- ----------- -----------
Net
loss $(4,108,000) $(3,349,000) $(7,650,000) $(5,656,000)
=========== =========== =========== ===========
Basic and
diluted loss
per common
share $(0.23) $(0.21) $(0.43) $(0.38)
=========== =========== =========== ===========
Weighted
average
number of
common
shares
outstanding 18,170,470 16,316,072 17,904,975 14,976,078
=========== =========== =========== ===========
SUPERCONDUCTOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 27, December 31,
2009 2008
------------- -------------
(Unaudited) (See Note)
ASSETS
------
Current Assets:
Cash and cash equivalents $13,225,000 $7,569,000
Accounts receivable, net 959,000 355,000
Inventory, net 4,265,000 5,278,000
Prepaid expenses and other
current assets 697,000 416,000
------------- -------------
Total Current Assets 19,146,000 13,618,000
------------- -------------
Property and equipment, net of
accumulated depreciation of
$20,560,000 and $19,943,000,
respectively 2,254,000 2,739,000
Patents, licenses and purchased
technology, net of accumulated
amortization of $2,223,000 and
$2,055,000, respectively 2,149,000 2,252,000
Investment in joint venture 422,000 521,000
Other assets 221,000 228,000
------------- -------------
Total Assets $24,192,000 $19,358,000
============= =============
LIABILITIES AND STOCKHOLDERS'
EQUITY
-----------------------------
Current Liabilities:
Accounts payable $962,000 $707,000
Accrued expenses 1,001,000 578,000
Fair value of warrant derivative 780,000 --
Current portion of capitalized
lease obligations and long
term debt 62,000 80,000
------------- -------------
Total Current Liabilities 2,805,000 1,365,000
Other long term liabilities 485,000 441,000
------------- -------------
Total Liabilities 3,290,000 1,806,000
------------- -------------
Stockholders' Equity:
Preferred stock, $.001 par
value, 2,000,000 shares
authorized, 611,523 shares
issued and outstanding 1,000 1,000
Common stock, $.001 par value,
250,000,000 shares authorized,
22,512,033 and 17,869,030
shares issued and outstanding,
respectively 23,000 18,000
Capital in excess of par value 241,214,000 230,219,000
Accumulated deficit (220,336,000) (212,686,000)
------------- -------------
Total Stockholders' Equity 20,902,000 17,552,000
------------- -------------
Total Liabilities and Equity $24,192,000 $19,358,000
============= =============
Note-December 31, 2008 balances were derived from audited financial
statements.
SUPERCONDUCTOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
------------------------------
June 27, June 28,
2009 2008
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(7,650,000) $(5,656,000)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 784,000 871,000
Stock-based compensation expense 544,000 302,000
Provision for excess and obsolete
inventories 102,000 --
Noncontrolling interest in joint
venture 87,000 --
--
Fair value of derivative 780,000 --
Changes in assets and
liabilities:
Accounts receivable (604,000) 943,000
Inventory 911,000 (2,800,000)
Prepaid expenses and other
current assets (281,000) 27,000
Patents, licenses and
purchased technology (65,000) (175,000)
Other assets 7,000 (8,000)
Accounts payable, accrued
expenses and other long-
term liabilities 704,000 (429,000)
----------- -----------
Net cash used in operating
activities (4,681,000) (6,925,000)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Investment in joint venture 12,000 (401,000)
Purchases of property and
equipment (131,000) (95,000)
----------- -----------
Net cash used in investing
activities (119,000) (496,000)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from shares to be issued -- (4,000,000)
Net proceeds from the sale of
common stock 10,456,000 20,469,000
----------- -----------
Net cash provided by financing
activities 10,456,000 16,469,000
----------- -----------
Net increase in cash and cash
equivalents 5,656,000 9,048,000
Cash and cash equivalents at
beginning of period 7,569,000 3,939,000
----------- -----------
Cash and cash equivalents at end
of period $13,225,000 $12,987,000
=========== ===========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Superconductor Technologies Inc.
Lippert / Heilshorn & Associates For Superconductor Technologies Inc. Investor Relations Kirsten Chapman Cathy Mattison +1-415-433-3777 invest@suptech.com
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