in News Departments > FYI
print the content item

AMSC has reported a net loss of $15.9 million, or $0.31 per share, for the second fiscal quarter of this year. This compares with the net loss of $51.7 million, or $1.02 per share, that the company reported for the second fiscal quarter of 2011.

AMSC says the figure included approximately $28.2 million in charges related to the termination of a proposed acquisition, litigation expenses against Sinovel Wind Group Co. Ltd., and corporate restructuring activities and impairments.

The company's revenues for the second quarter were $20.9 million, which compares with $20.8 million for the second quarter of fiscal 2011. Revenues from AMSC’s grid business segment increased by approximately 20%, while revenues from the company’s wind segment declined by approximately 10% year over year.

The company’s non-generally accepted accounting principles (GAAP) net loss for the second quarter was $15.2 million, or $0.29 per share. This compares with a non-GAAP net loss of $22.1 million, or $0.44 per share, for the second quarter of fiscal 2011.

AMSC’s cash, cash equivalents, marketable securities and restricted cash as of Sept. 30 totaled $73.1 million. This compares with $66.2 million as of March 31. The increase in cash, cash equivalents, marketable securities and restricted cash was driven by the financings that were completed and announced in the first quarter of fiscal 2012, AMSC says.

“As has been previously reported, conditions in the wind power market are currently challenging, with increased government oversight slowing installations in China and global installations flattening,” notes AMSC President and CEO Daniel P. McGahn.

“While second-quarter wind turbine electrical control system shipments from our wind business segment declined year over year, we are expecting to increase shipments in the second half of the fiscal year, based on our existing orders and discussions with our customers,” he adds.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Wind Energy Dominates New U.S. Power In October

Data from the Federal Energy Regulatory Commission shows that wind power accounted for over two-thirds of the country's new electricity generating capacity in last month.


Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?

Hybrid Energy Innovations 2015
Renewable NRG_id1934
BG 2015DblBox_id2032