AMSC reports $40M deal, falling revenue
Devens-based AMSC said today that it has received a $40 million order for wind turbine electrical control systems (ECS).
The global wind energy equipment manufacturer said the order came from Inox Wind Ltd., part of India's Inox Group of Companies. This is Inox’s sixth and largest order from AMSC, the company said.
AMSC said it expects shipments of the ECS to begin in summer 2014, and be completed during 2015.
AMSC also reported lower revenues and increased losses for its fourth quarter, which ended March 31.
Revenues for the quarter were $16.3 million, compared with $20.4 million for the same period last year, due to a drop in its grid segment, the company said.
AMSC reported a loss of $22.7 million, or 33 cents per share, stemming from certain restructuring charges and a non-cash charge related to the final conversion of the company’s then outstanding convertible note. That’s up from $19.8 million, or 35 cents per share , last year. .
Despite a 26 percent jump in wind revenue, AMSC reported full fiscal year revenue of $84.1 million, down more than $3 million from last year. But the company said the size of its net loss fell from $66.1 million last year to $56.3 million this year.
AMSC said it expects its first quarter, which ends on June 30, to show revenues in the $11 million to $13 million range, and net loss of less than $16 million.
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