AMSC Still Recuperating From Legal Actions Against Sinovel

NAW Staff, Tuesday 06 November 2012 - 12:30:11

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.




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