AMSC reports fourth quarter 2012 financial results

Devens, USA

Revenues for the fourth quarter of fiscal 2012 were $20.4 million, compared with $28.6 million for the same period of fiscal 2011 and $17.4 million for the third quarter of fiscal 2012. The improvement from the third quarter was driven by higher revenues in both the Company's Wind and Grid segments. AMSC's net loss for the fourth quarter of fiscal 2012 narrowed to $19.8 million, or $0.35 per share, from $21.2 million, or $0.42 per share, for the same period of fiscal 2011. Results for the fourth quarter of fiscal 2012 included a charge of $1.8 million included in selling, general and administrative expenses related to the class action shareholder lawsuit against the Company. In addition, fourth quarter fiscal 2012 results include a $1.4 million non-cash "mark-to-market" gain related to the revaluation of the derivative liability and warrants associated with the Company's debt financings. For the third quarter of fiscal 2012, AMSC's net loss was $20.1 million, or $0.38 per share. The Company's non-GAAP net loss for the fourth quarter of fiscal 2012 was $11.8 million, or $0.21 per share, compared with a non-GAAP net loss of $15.1 million, or $0.30 per share, for the fourth quarter of fiscal 2011 and $13.5 million, or $0.26 per share, for the third quarter of fiscal 2012. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Revenues for the full year fiscal 2012 improved to $87.4 million from the $76.5 million in fiscal year 2011. AMSC reported a net loss for full year fiscal 2012 of $66.1 million, or $1.25 per share, down from a net loss of $136.8 million, or $2.69 per share in the prior year. The Company's non-GAAP net loss for full year fiscal 2012 was $52.3 million, or $0.98 per share, compared with a non-GAAP net loss of $85.5 million, or $1.68 per share, for fiscal year 2011. Cash, cash equivalents, and restricted cash at March 31, 2013 totaled $50.2 million, compared with $56.4 million as of December 31, 2012. "AMSC delivered improved results in fiscal year 2012, growing revenues by 14% and reducing cash burn by more than 70%," said Daniel P. McGahn, AMSC President and CEO. "We continue to execute on our plans. We managed expenses to reduce our net loss by more than 50%. Fiscal 2012 marked a year of transition for the Company."

For the first fiscal quarter ending June 30, 2013, AMSC expects that its revenues will exceed $22 million and that its net loss will be less than $15 million, or $0.26 per share. This forecast excludes any impact from mark-to-market adjustments related to the derivative liability and warrants. AMSC expects that its non-GAAP net loss (as defined below) for the first quarter of fiscal 2013 will be less than $11 million, or $0.19 per share. "We believe that fiscal 2013 will be a year of revenue growth and will position the Company to meet our objective of positive net cash flow on a quarterly basis by the end of fiscal 2014," McGahn continued. "We have established a core business for our D-VAR

Source: IWR Online, 17 Jun 2013