wiredinUSA May 2013

super conductor - shame about the finance

Further problems for Superconductor Technologies Inc have led the company to disclose substantial financing problems. The company, which moved its headquarters from California to Austin early last year, reported a loss of $10.9 million on revenue of $3.5 million for 2012, with a negative cash flow from operations for the year of $8.2 million. The company also stated an accumulated deficit of $262 million since its foundation in 1987. “Our cash resources will not be sufficient to fund our business for the next 12 months,” the company said in its filing with the Securities and Exchange Commission. “Because of the uncertainty of these factors we will need to raise funds tomeet our working capital needs… If we cannot raise any needed funds, we might be forced to make further substantial reductions in our operating expenses, which could adversely affect our ability to implement our current business plan and ultimately our viability as a company. “These factors raise substantial doubt about our ability to continue as a going concern.” The company, which describes itself as “a world leader in the development and production of high-temperature superconducting materials,” is in the process of having its wire qualified for a variety of electric-power-related equipment.

wiredInUSA - May 2013

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