AMSC loses $27M in value after sixth straight year of losses
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Shares of Ayer energy technology firm AMSC dropped by 18 percent early Thursday after the company reported a $32.8-million loss in fiscal 2017.
The company’s earnings report, released late Wednesday, showed the company’s sixth straight year with a net loss, although the firm has been able to reduce its net loss by more than half since it’s fiscal 2012 loss of $66 million.
On a per share basis, that’s a loss of $1.73 per share for fiscal 2017.
Revenues for the year were also down 35 percent, from $75.2 million in fiscal 2016 to $48.4 million last year.
On Thursday, the company’s stock opened at $6.25 per share after closing at $7 on Wednesday. By 10:30 a.m. Thursday, the price of the company’s stock fell to $5.73, its lowest price since April 2.
That market drop took about $27 million off of the company’s valuation, which was estimated at $147 million at the close of business Wednesday.
WBJ Web Partners
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