United States

United States

AMSC announces $26.3m net loss

UNITED STATES: Wind-turbine component manufacturer AMSC has announced a net loss of $26.3 million for the three months preceding 31 December.

The company said sales had fallen 43% to $18.1 million. It added that its legal dispute with former customer Sinovel had cost the company $6.5 million.

The net loss for the fourth quarter is expected to be less than $24 million with revenue coming in above $27 million.

Speaking about the results, AMSC CEO Daniel McGann said: "We again generated a diversified revenue stream, with solid contributions from both our Wind and Grid segments and with Australia, India, Korea and the United States each contributing more than 10% of our total quarterly revenues.

"We further streamlined our cost structure in the third fiscal quarter, allowing us to reduce our cash usage and better position AMSC for sustainable profitability. In addition, on the orders front, we continued building our order book for fiscal 2012, which begins on 1 April, 2012."

Earlier this week the company suffered a set back in its legal battle against Sinovel, when a Chinese court ruled against the US company.

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