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AMSC Reports Third Quarter Financial Results
Posted February 9, 2012
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DEVENS, Mass., -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and grid leaders, today reported financial results for its third quarter of fiscal year 2011 ended December 31, 2011.
Revenues for the third quarter of fiscal 2011 were $18.1 million. This compares with $31.6 million for the third quarter of fiscal 2010 and $20.8 million for the second quarter of fiscal 2011. The year-over-year decline is due primarily to lower shipments from the company's Grid segment while the quarter-over-quarter decline was due to slightly lower shipments of wind turbine power electronics and controls from the company's Wind segment.
AMSC reported a net loss for the third fiscal quarter of $26.3 million, or $0.52 per share. This figure includes approximately $6.5 million in expenses related to the company's litigation against Sinovel Wind Group Co., Ltd. and restructuring and impairment charges related to the workforce reduction that was announced in November 2011. For the third quarter of fiscal year 2010, AMSC reported a net loss of $18.2 million, or $0.38 per share. AMSC reported a net loss of $51.7 million, or $1.02 per share, for the second quarter of fiscal year 2011.
The company's non-GAAP net loss for the third quarter of fiscal 2011 was $17.5 million, or $0.34 per share. This compares with a non-GAAP net loss of $13.4 million, or $0.28 per diluted share, for the third quarter of fiscal 2010 and a non-GAAP net loss of $22.1 million, or $0.44 per share, for the second quarter of fiscal year 2011. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
AMSC's cash, cash equivalents, marketable securities and restricted cash at December 31, 2011 totaled $75.5 million. This is in line with the company's guidance and compares with $108.3 million as of September 30, 2011.
The company's total backlog as of December 31, 2011, excluding contracts related to Sinovel, increased to $300 million from $298 million as of September 30, 2011.
"I am pleased to report that AMSC exceeded each of its financial targets for the third fiscal quarter," said AMSC President and Chief Executive Officer Daniel P. McGahn. "We again generated a diversified revenue stream, with solid contributions from both our Wind and Grid segments and with Australia, India, Korea and the United States each contributing more than 10 percent of our total quarterly revenues. We further streamlined our cost structure in the third fiscal quarter, allowing us to reduce our cash usage and better position AMSC for sustainable profitability. In addition, on the orders front, we continued building our order book for fiscal 2012, which begins on April 1, 2012."
About AMSC (NASDAQ: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner ... better energy. Through its WindtecTM Solutions, AMSC enables manufacturers to launch best-in-class wind turbines quickly, effectively and profitably. Through its GridtecTM Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The company's solutions are now powering gigawatts of renewable energy globally and enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
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