North American Windpower: AMSC Still Recuperating From Legal Actions Against Sinovel

AMSC Still Recuperating From Legal Actions Against Sinovel

by NAW Staff Tuesday November 06 2012

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.

Latest Top Stories

Post-FIT Decision, Turbine OEMs Mull Over Options For Ontario Wind Energy Market

Under political pressure, the Ontario government recently pulled the plug on its landmark feed-in tariff (FIT) program for large-scale renewable energy projects, leaving provincial suppliers and manufacturers with an uncertain future.

Continent's First Grid-Connected Offshore Wind Turbine Floats In Maine Waters

Billed as a historic day for offshore wind in North America, researchers flipped the switch on a floating prototype. This marks the first electrons from an offshore wind turbine to flow into the region's grid.

Raising The Discourse: How Wind Industry Can Help Avoid 'Climate Emergency'

Larry Schweiger, the president/CEO at the National Wildlife Federation, says the wind industry is an important ally to combat global warming, which is triggering dangerous and unprecedented weather events around the world.

The Numbers Don't Lie: U.S. Utilities Continue To Embrace Wind Energy

Last year, more than 40% of U.S. utilities reported having wind energy on their systems, proving the fact that utilities continue to integrate wind in growing numbers – and, in some cases, at unprecedented levels.

BOEM To Award Mass., R.I. Offshore Wind Leases; Pre-Qualifies Nine Developers

In July, the Bureau of Ocean Energy Management will auction nearly 165,000 acres off the coasts of Rhode Island and Massachusetts to facilitate offshore wind development.