SANTA BARBARA, Calif.-Superconductor Technologies Inc. believes it reached profitability during fourth-quarter 2003, according to its preliminary results. Moreover, the company is “looking forward to continued commercial revenue growth and to our first profitable year in 2004,” said M. Peter Thomas, STI’s president and chief executive officer.
STI said it expects to report a revenue of $16.4 million for the quarter, which would bring full-year revenue to $49.4 million. The numbers are well up from fourth-quarter 2002 revenue of $7 million and year-end 2002 revenue of $22.4 million.
Thomas added that government R&D could be lower than last year throughout 2004, but it expects the decline to be “more than offset” by commercial revenue growth from the wireless infrastructure market “as we expand both our customer base and our global presence.”
The news apparently wasn’t enough for Wall Street as the company’s stock was down more than 20 percent to trade at $4.85 per share after its release.
STI will announced its official fourth-quarter and full-year 2003 earnings on March 1.
