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AMSC to restate Q2/Q3 revenue

UNITED STATES: Troubled manufacturer American Superconductor (AMSC) has announced it is restating its results for the second and third quarters of 2010.

The decision comes on the back of the company’s dispute with its biggest customer Sinovel, which refused to accept a shipment of components earlier this year.

In June, AMSC requested additional time from the US Securities and Exchange Commission to publish its annual report. AMSC said it wanted to evaluate the effect of the dispute.

It was supposed to file its annual results at the end of May.

Now the company said it expects revenue for the fiscal quarters ending 30 September 2010 and 31 December 2010 to be reduced from $101.5 million and $114.2 million to about $98 million and $43 million respectively.

AMSC has still to complete its 2010 results.

Last month, NASDAQ’s Listing Qualifications Department informed AMSC it no longer complies with its listing requirements over its failure to submit its results. It gave AMSC until August 16 to comply.


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