Superconductor Technologies Inc. (SCON, Financial) filed Quarterly Report for the period ended 2012-06-30.
Superconductor Technologies, Inc. has a market cap of $27.4 million; its shares were traded at around $0.7 with and P/S ratio of 7.8.
The impact to the condensed consolidated statements of operations was $149,000 and $317,000 and less than $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended June 30, 2012, respectively, and $231,000 and $456,000 and $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended July 2, 2011, respectively. No stock compensation cost was capitalized during the period. The total compensation cost related to nonvested awards not yet recognized was $524,000, and the weighted-average period over which the cost is expected to be recognized was 9 months.
Net revenues decreased by $520,000 or 47%, to $596,000 in the second quarter of 2012 from $1.1 million in the second quarter of 2011. Total net revenues decreased by $1.7 million, or 64%, to $995,000 in the first six months of 2012 from $2.7 million in the same period of 2011. Net revenues consist primarily of commercial product revenues and government contract revenues.
Net commercial product revenues decreased by $572,000, or 52%, to $529,000 in the second quarter of 2012 from $1.1 million in the second quarter of 2011. The decrease is the result of lower sales volume for our SuperLink products. For the first six months of 2012, net commercial revenue decreased to $873,000 from $2.7 million in the same period of 2011, a decrease of $1.8 million, or 68%. The decrease in the six month period was the result of lower sales of both our SuperLink and AmpLink products. We sell our SuperLink and other performance enhancement products to large North American wireless operators. As our customers continue to invest in 4G networks, spending on 3G data networks, where our products are deployed, has become a secondary priority. This market dynamic has impacted and we believe will continue to impact our commercial revenue. The average sales prices for our products were unchanged. Our three largest customers accounted for 95% of our total net commercial product revenues in the first six months of 2012 and 99% in the same period of 2011. These customers generally purchase products through non-binding commitments with minimal lead-times. We also continue to experience challenges to revenue growth in the commercial wireless market. Consequently, our commercial product revenues can fluctuate dramatically from quarter to quarter based on changes in our customers capital spending patterns, and revenues may continue to be impacted by such challenges.
Cost of commercial product revenues includes all direct costs, manufacturing overhead and provision for excess and obsolete inventories. The cost of commercial product revenues decreased to $1.1 million in the second quarter of 2012 compared to $1.3 million for the second quarter of 2011, a decrease of $187,000 or 15%. For the first six months of 2012, the cost of commercial product revenues totaled $1.9 million compared with $2.9 million for the first six months of 2011, a decrease of $1.0 million, or 34%. The lower costs resulted principally from lower production as a result of lower sales. We had an expense provision for obsolete inventories in the first half of 2012 of $182,000 compared to no expense provision in the first half of 2011.
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Superconductor Technologies, Inc. has a market cap of $27.4 million; its shares were traded at around $0.7 with and P/S ratio of 7.8.
Highlight of Business Operations:
The impact to the condensed consolidated statements of operations was $88,000 and $242,000 and less than $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended June 30, 2012, respectively, compared to $191,000 and $362,000 and $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended July 2, 2011, respectively. No stock compensation cost was capitalized during either period. The total compensation cost related to nonvested awards not yet recognized was $848,000 and the weighted-average period over which the cost is expected to be recognized was 1.5 years at June 30, 2012.The impact to the condensed consolidated statements of operations was $149,000 and $317,000 and less than $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended June 30, 2012, respectively, and $231,000 and $456,000 and $0.01 and $0.01 on basic and diluted earnings per share for the three and six months ended July 2, 2011, respectively. No stock compensation cost was capitalized during the period. The total compensation cost related to nonvested awards not yet recognized was $524,000, and the weighted-average period over which the cost is expected to be recognized was 9 months.
Net revenues decreased by $520,000 or 47%, to $596,000 in the second quarter of 2012 from $1.1 million in the second quarter of 2011. Total net revenues decreased by $1.7 million, or 64%, to $995,000 in the first six months of 2012 from $2.7 million in the same period of 2011. Net revenues consist primarily of commercial product revenues and government contract revenues.
Net commercial product revenues decreased by $572,000, or 52%, to $529,000 in the second quarter of 2012 from $1.1 million in the second quarter of 2011. The decrease is the result of lower sales volume for our SuperLink products. For the first six months of 2012, net commercial revenue decreased to $873,000 from $2.7 million in the same period of 2011, a decrease of $1.8 million, or 68%. The decrease in the six month period was the result of lower sales of both our SuperLink and AmpLink products. We sell our SuperLink and other performance enhancement products to large North American wireless operators. As our customers continue to invest in 4G networks, spending on 3G data networks, where our products are deployed, has become a secondary priority. This market dynamic has impacted and we believe will continue to impact our commercial revenue. The average sales prices for our products were unchanged. Our three largest customers accounted for 95% of our total net commercial product revenues in the first six months of 2012 and 99% in the same period of 2011. These customers generally purchase products through non-binding commitments with minimal lead-times. We also continue to experience challenges to revenue growth in the commercial wireless market. Consequently, our commercial product revenues can fluctuate dramatically from quarter to quarter based on changes in our customers capital spending patterns, and revenues may continue to be impacted by such challenges.
Cost of commercial product revenues includes all direct costs, manufacturing overhead and provision for excess and obsolete inventories. The cost of commercial product revenues decreased to $1.1 million in the second quarter of 2012 compared to $1.3 million for the second quarter of 2011, a decrease of $187,000 or 15%. For the first six months of 2012, the cost of commercial product revenues totaled $1.9 million compared with $2.9 million for the first six months of 2011, a decrease of $1.0 million, or 34%. The lower costs resulted principally from lower production as a result of lower sales. We had an expense provision for obsolete inventories in the first half of 2012 of $182,000 compared to no expense provision in the first half of 2011.
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