Superconductor Annual Loss Reaches $186M
Devens-based American Superconductor Corp. reported this morning that it lost $186.3 million on $286.6 million in revenue for the fiscal year that ended March 31.
The annual filing was due in June, but was delayed after the company announced that a Chinese customer, Sinovel Wind Group Co., refused to accept contracted shipments. AMSC has since announced it intends to file civil and criminal complaints against Sinovel.
The 2010 losses include $158.5 million in aggregate one-time asset write-downs from the fourth quarter that were associated with the company's accounting judgment that its relationship with Sinovel would not continue. The annual loss compares to a profit of $16.2 million in 2009.
AMSC lost $37.7 million on $9.1 million in revenues for the first quarter of 2011. That's compared to a $9.2 million profit on $97.2 million in revenue for the same quarter a year ago.
The company, which laid off 30 percent of its workforce this year, blamed the decline in revenue on its terminated relationship with Sinovel.
AMSC also announced it won nearly $100 million in new contracts since April 1, including with turbine manufacturers in China, India and Korea. The company also won contracts in the United States and Europe for grid interconnection and high voltage stability solutions.
With the financial filings submitted, the company said it expects to regain compliance with NASDAQ listing rules. The company received a warning from Nasdaq in June, after it failed to file its annual report.
Daniel McGahn, AMSC president and CEO, said in a statement that the financial results are "a reflection of our past."
"We had reduced our cost structure by more than $30 million annually and realigned our business into market-facing wind and grid segments," McGahn said.
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