United States

United States

AMSC posts mixed financial results

UNITED STATES: AMSC saw its net loss fall 47% sequentially in the first quarter of fiscal 2013, but the company's loss rose year-on-year from $10.3million last year to $10.5million in the first quarter of this financial year.

The troubled firm's wind revenues fell year-on-year in the first three months of this year, to $14.7million from $16.5million last year.

Overall revenues for the first quarter of fiscal 2013 were $23.1million, down from $28.7million in the same period last year, but up 13% on the revenue figures of $20.4million posted for the final quarter of 2012.

The firm's net loss in the final quarter of 2012 was $19.8million.

AMSC cut 100 staff, a quarter of its workforce, last November, and a further 30% of its staff, the previous year.

Those decisions were taken in the aftermath of the shipment refusal and subsequent ongoing intellectual property row with AMSC's former biggest customer, Chinese turbine manufacturer Sinovel.

Announcing its quarterly figures, AMSC predicted that its second quarter 2013 revenues would exceed $23million and that its net loss would be less than $17million.

AMSC president and CEO, Daniel P McGahn said the quarterly results showed that the company had 'executed to plan' for the first fiscal quarter.

'We are reaffirming our guidance that we expect annual revenue growth of at least 25% in fiscal 2013 over fiscal 2012,' he said.

'We have a solid presence in several established markets and continue to see opportunities to enter emerging markets where we see significant opportunity.'

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