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AMSC wind revenues halve

UNITED STATES: AMSC saw revenues from its wind business for the first three months of 2013 almost halved compared with the same period last year.

AMSC's 10MW SeaTitan offshore wind turbine
AMSC's 10MW SeaTitan offshore wind turbine

The troubled firm's wind revenues were just $8.9 million for the three months ending 31 March, compared with $16.8 million for the first three months of 2012.

These results came in the context of overall company revenues (which also includes its grid business) of $20.4 million for the three months to 31 March — final quarter of the firm's fiscal year 2012 — compared with $28.6 million for the previous year's final quarter.

During the three months to 31 March AMSC made a loss of $19.4 million, slightly down from the $21 million loss during the firth three months of 2012.

The first three months of this year constituted the first financial period for AMSC since it announced it was cutting 100 staff — a quarter of its workforce — last November.

Those cuts came just over a year after the company had cut 30% of its staff. That decision was taken in the aftermath of the shipment refusal and subsequent, ongoing intellectual property row with AMSC's former biggest customer, Chinese turbine manufacturer Sinovel.

The firm has also significantly cut its research and development spending, from $5.9 million in the first three months of 2012 to $3.8 million for the same quarter this year.

However, there was a silver lining for AMSC in its latest results: while its overall revenue of $20.4 million was down on the corresponding period last year, it did represent an improvement on the $17.4 million revenue recorded for its third quarter, the three months to 31 December 2012.

AMSC credited the slight upswing to higher revenues in both its wind and grid businesses.

Looking ahead, AMSC expects that its revenues will exceed $22 million and that its net loss will be less than $15 million for the fiscal quarter ending June 30, 2013.

AMSC president and CEO Daniel P McGahn said he expected the 2013 fiscal year to "be a year of revenue growth".

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