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

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015