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[September 2004]
Second Quarter Growth for Superconductive Components
Total revenues for the second quarter 2004 for Superconductive Components Inc (Columbus, OH, USA) increased by 5.3% to US$661,162. The Q2 growth was principally due to a 5.2% increase in product shipments. Contract research revenue rose by 6.5% for Q2 from a year ago. This was primarily due to a Phase II Department of Energy grant related to the development of an advanced method to manufacture continuous reacted lengths of High Tc Superconductor wire.
The loss applicable to common shares was US$357,249 versus a net loss of US$92,945 in Q2 2003. The Q2 2004 results include a US$175,362 non-cash expense for the conversion of convertible promissory notes during the quarter.
Commenting on the results, Chairman, President and CEO Dan Rooney said: "Market conditions began to gradually improve during the second quarter. Total revenues increased 29.7% on a sequential quarter basis and were also above the same period last year.
"Solid contributions to the second quarter revenues were realized from focused marketing initiatives. We are working diligently to improve our margins and also achieve sustained revenue growth despite mixed signals from the economy at the end of the second quarter."
ENDS