AMSC has reported its financial results for its third quarter of fiscal year 2011 ended December 31, 2011. Revenues for the third quarter were US$ 18.1 million. This compares with US$ 31.6 million for the third quarter of fiscal 2010 and US$ 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 US$ 26.3 million. This figure includes approximately US$ 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 US$ 18.2 million. AMSC reported a net loss of US$ 51.7 million for the second quarter of fiscal year 2011.AMSC’s cash, cash equivalents, marketable securities and restricted cash at December 31, 2011 totaled US$ 75.5 million. The company’s total backlog as of December 31, 2011, excluding contracts related to Sinovel, increased to US$ 300 million from US$ 298 million as of September 30, 2011. For the quarter ending March 31, 2012, AMSC expects that its revenues will exceed US$ 27 million. AMSC expects that its net loss for the fourth quarter of fiscal 2011 will be less than US$ 24 million. AMSC estimates that it will have approximately US$ 50 million in cash, cash equivalents, marketable securities and restricted cash on March 31, 2012. AMSC believes that it has sufficient cash to fund its operations for at least the next 12 months.
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 US$ 26.3 million. This figure includes approximately US$ 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 US$ 18.2 million. AMSC reported a net loss of US$ 51.7 million for the second quarter of fiscal year 2011.AMSC’s cash, cash equivalents, marketable securities and restricted cash at December 31, 2011 totaled US$ 75.5 million. The company’s total backlog as of December 31, 2011, excluding contracts related to Sinovel, increased to US$ 300 million from US$ 298 million as of September 30, 2011. For the quarter ending March 31, 2012, AMSC expects that its revenues will exceed US$ 27 million. AMSC expects that its net loss for the fourth quarter of fiscal 2011 will be less than US$ 24 million. AMSC estimates that it will have approximately US$ 50 million in cash, cash equivalents, marketable securities and restricted cash on March 31, 2012. AMSC believes that it has sufficient cash to fund its operations for at least the next 12 months.
