Revenues for the first quarter of fiscal 2016 were US$ 13.3 million, compared with US$ 23.7 million for the same period of fiscal 2015. The year over year decrease in revenues was largely due to lower wind segment revenues during the first quarter of fiscal 2016. Revenues for the wind segment were US$ 5,675,000 compared to US$ 18,164,000 for the same period in 2015.
AMSC's net loss for the first quarter of fiscal 2016 increased to US$ 10.4 million from US$ 9.1 million for the same period of fiscal 2015. Considering the working capital constraints of their largest customer, Inox Wind, in the first quarter, their financial performance was in line with their expectations, according to Daniel P. McGahn, President and CEO, AMSC. For the second quarter ending September 30, 2016, AMSC expects that its revenues will be in the range of US$ 16.0 million toUS $ 18.0 million. The company's net loss for the second quarter of fiscal 2016 is expected to be less than US$ 12.5 million.
