SANTA BARBARA, Calif.-Superconductor Technologies Inc. this week released its first-quarter 2004 financial results.
Total net revenues for the quarter were $5.4 million compared with $7.6 million for the year-ago first quarter. Net loss was $5.9 million, or 9 cents per share, compared with a net loss of $8.3 million, or 14 cents per share, last year.
“Wireless carriers continue to require increased capacity, expanded coverage and improved quality for their networks,” said M. Peter Thomas, STI’s president and chief executive officer. “However, today’s emphasis by operators on efficient use of capital, coupled with ever-tougher zoning laws, is making these operators more likely than ever to deploy cost-effective enhancements, like [STI’s] SuperLink Solutions, instead of deploying more base stations, in order to meet their network performance goals. Consequently, we expect to achieve sequentially improving sales through the remaining quarters of this year.” STI said it expects second-quarter 2004 total net revenues to be between $6 million and $7 million.
STI also announced the filing of a public offering of 20 million shares of common stock. STI plans to use the proceeds for working capital, general corporate purposes and repayment of a bridge loan.
STI’s stock was trading up two points at $1.43 per share Friday.
