Revenues for the second quarter of fiscal 2009 were $74.7 million, an 85 percent increase over $40.4 million in revenues for the second quarter of fiscal 2008. Gross margin for the second quarter of fiscal 2009 was 38.9 percent, which compares with 26.5 percent for the second quarter of fiscal 2008.

AMSC generated GAAP net income of $4.3 million, or $0.10 per diluted share, for the second quarter of fiscal 2009. This compares with a GAAP net loss for the second quarter of fiscal 2008 of $4.1 million, or $0.10 per share. The company generated non-GAAP net income of $8.7 million, or $0.19 per diluted share, for the second quarter of fiscal 2009. This compares with a non-GAAP net loss of $1.4 million, or $0.03 per share, for the second quarter of fiscal 2008. Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, marketable securities and restricted cash at September 30, 2009 were $141.1 million. This compares with $103.2 million as of June 30, 2009 and $117.2 million as of March 31, 2009.

The company reported backlog as of September 30, 2009 of approximately $587 million compared with $497 million as of June 30, 2009.

"Our team executed extremely well on all fronts, and we exceeded all of our financial objectives for the second fiscal quarter," said Greg Yurek, AMSC's founder and chief executive officer. "In addition to the 3 MW core electrical component contract we signed with Sinovel Wind Co., Ltd. valued at more than $100 million, our second-quarter bookings also included electrical system orders from several other wind turbine customers and a series of power grid sales in Australia, China, the United Kingdom and the United States. This positions us for continued strong growth in the second half of our fiscal year, and we have therefore increased our forecasts for revenues and net income for full year fiscal 2009."

Financial Forecast

"For the full year fiscal 2009, we are increasing our revenue guidance from a range of $260 million to $270 million to a range of $300 million to $310 million," said David Henry, AMSC senior vice president and chief financial officer. "We are increasing our gross margin forecast from a range of 32 percent to 34 percent to a range of 34 percent to 35 percent. Our GAAP net income forecast for fiscal 2009 is being increased from a range of $5.0 million to $7.0 million, or $0.11 to $0.16 per diluted share, to a range of $11.0 million to $13.0 million, or $0.24 to $0.29 per diluted share. AMSC's non-GAAP net income forecast has increased from a range of $18 million to $21 million, or $0.41 to $0.47 per diluted share, to a range of $27.0 million to $29.0 million, or $0.59 to $0.64 per diluted share."

"We expect to increase revenues quarter over quarter through the remainder of fiscal 2009," Henry continued. "We now expect to generate a GAAP profit in the third fiscal quarter, whereas we previously forecasted the potential for a small GAAP net loss. Non-GAAP earnings per share for the third fiscal quarter are expected to be approximately half of our second-quarter non-GAAP earnings per share due to lower-margin shipments and a planned increase in operating expenses to support future growth. Earnings are expected to increase again in our fourth fiscal quarter, consistent with our current full fiscal year forecast."

Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP forecasts.

Conference Call Reminder

In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. ET today to discuss the company's results and its business outlook. Those who wish to listen to the live conference call webcast should visit the "Investors" section of the company's website at www.amsc.com/investors. The live call also can be accessed by dialing 913-312-1482 and using conference ID 7640398. A telephonic playback of the call will be available from 1:00 p.m. ET on October 29, 2009 through 1:00 p.m. ET on November 5, 2009. Please call 888-203-1112 and refer to conference ID 7640398 to access the playback.

About American Superconductor (NASDAQ: AMSC)

AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure -- from generation to delivery to end use. The company is a leader in alternative energy, providing proven, megawatt-scale wind turbine designs and electrical control systems.