AMSC Reports Lower Revenue, Widening Net Loss

NAW Staff, Wednesday 07 August 2013 - 00:00:00

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.



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