in News Departments > FYI
print the content item

Devens, Mass.-based wind and grid services provider AMSC reported revenues were $23.1 million for the quarter ending June 30, compared with $28.7 million in revenues last year. AMSC's Windtec Solutions segment, which provides wind turbine electronic controls and systems, designs and engineering services, contributed $14.7 million in revenue, down from $16.8 million in wind-related revenue last year. The company also reported that its net loss grew to $10.5 million, wider than its $10.3 million net loss reported in the same quarter last year. 

On a sequential basis, however, AMSC reports a 13% improvement from the fourth quarter of fiscal 2012, which was driven by higher revenues from its wind segment.

"AMSC continued to execute to plan for the first fiscal quarter, growing revenues by 13% and reducing net loss by 47% on a sequential basis from the fourth quarter of fiscal 2012," says Daniel P. McGahn, AMSC president/CEO. "In fiscal 2013, we remain focused on effectively managing our cash position, while driving profitable revenue growth. We are reaffirming our guidance that we expect annual revenue growth of at least 25% in fiscal 2013 over fiscal 2012. We have a solid presence in several established markets and continue to seek opportunities to enter emerging markets where we see significant opportunity."

For the quarter ending Sept. 30, AMSC expects revenues to exceed $23 million and that its net loss will be less than $17 million.


Trachte Inc._id1770
Latest Top Stories

Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.

Renewable NRG_id1934
Canwea_id1984