August 7, 2013

AMSC Marks Mixed Results For Q1

Devens-based wind and power grid company AMSC reported first-quarter fiscal 2014 revenues that were 13 percent better than the fourth quarter of last year, but down compared with the same period last year, as it continues to work to regain its footing more than two years after losing its largest customer.

The company said revenues for the quarter ended June 30 were $23.1 million, compared with $28.7 million in 2012. The improvement over the fourth quarter of 2012 was due to higher revenues from the company's wind segment, AMSC said.

Its net loss for the quarter widened slightly, to $10.5 million, or 18 cents per share, compared with $10.3 million, or 20 cents per share last year. However, the gap was lessened compared to the fourth quarter of 2012, when the company's net loss was $19.8 million.

AMSC, formerly American Superconductor, said it expects revenues in its second quarter to exceed $23 million and its net loss to be less than $17 million, or 28 cents per share.

"In fiscal 2013, we remain focused on effectively managing our cash position, while driving profitable revenue growth," said AMSC President and CEO Daniel P. McGahn. "We are reaffirming our guidance that we expect annual revenue growth of at least 25 percent 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."

AMSC has been embroiled in a legal dispute with Sinovel Wind Group since 2011 when the Chinese company refused to pay for products ordered, AMSC has alleged. AMSC continues to battle Sinovel in China's court system and is seeking more than $1 billion in deliveries and damages over alleged contract violations and intellectual property theft. In June, Sinovel, two of its employees and one who worked for and AMSC subsidiary were federally indicted on charges of conspiracy to commit secret trade theft, theft of trade secrets and wire fraud.

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