AMSC Losses Improve In 2011
Wind energy group AMSC of Devens narrowed its fourth quarter losses in 2011 over the previous year from $185.1 million to $21.2 million, the company said today.
Its revenues from the fourth quarter of 2011, which ended March 31, were $28.6 million, compared to $59.8 million for 2010. Revenues in 2011 were $76.5 million, down from $286.6 million for 2010.
The company said the decline was primarily due to the lack of revenue from Chinese company Sinovel Wind Group Co. Ltd. which AMSC – formerly American Superconductor – is battling with in court over cancelled orders that generated 70 percent of AMSC's revenue in 2010.
AMSC reported a net loss for the fourth quarter of $21.2 million, or 42 cents per share, compared to a loss of $185.1 million, or $3.67 per share in 2010, which the company said included $155.3 million in aggregate one-time asset write-downs, impairments and accrued charges.
AMSC reported a net loss for 2011 of $136.8 million, or $2.69 per share. That compares to a net loss of $186.3 million, or $3.95 per share in 2010.
AMSC also said it has entered into a $10 million loan and security agreement with Hercules Technology Growth Capital.
President and CEO Daniel P. McGahn said 2012 will be a year of progress for the company and that he's proud of its resiliency. He expects revenues for the quarter ending June 30 to exceed $26 million, with a net loss of less than $10 million, or 19 cents per share.
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