Layoffs, Suit Boost Loss At AMSC
Troubled Devens wind energy company AMSC increased its net loss for the third quarter to $26.3 million, compared to $18.2 million for the same quarter last year.
The company attributed about $6.5 million of the loss to expenses related to its litigation against a former Chinese customer, plus restructuring and balance-sheet reductions related to layoffs.
AMSC's revenues also fell year-over-year to $18.1 million, compared with $31.6 million in the third quarter of 2010. The decline came mainly from lower shipments from its grid segment, the company said.
In April, Sinovel Wind Group Co. Ltd., the Chinese company that had generated 70 percent of AMSC's revenues in 2010, cancelled orders from the company and refused to pay for past shipments.
Daniel P. McGahn, president and CEO of the company, said in a statement that the AMSC is diversifying its revenues stream and reducing costs, which puts it in a better position going forward.
The company said it expects revenues greater than $27 million and a net loss of less than $24 million for its next quarter, which ends March 31.
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