Nov 9, 2011 - US energy-tech company American Superconductor Corp (NASDAQ:AMSC) today said it expected to narrow its net loss to USD 30 million (EUR 22m) in its third quarter through December, from USD 51.7 million in the second quarter of fiscal 2011/12.
The second-quarter result included USD 28.2 million in charges related to the termination of the proposed acquisition of Finnish The Switch Engineering Oy, Sinovel Wind Group Co Ltd (SHA:601558) litigation costs and corporate restructuring activities and impairments, the company said.
Adjusted loss for the third quarter is seen at less than USD 24 million. In the second quarter it stood at USD 22.1 million, versus a profit of USD 13.3 million a year earlier.
AMSC guided for third-quarter revenues of over USD 15 million.
For the final quarter of fiscal 2011/12 ending March 31, the company expects to significantly reduce its net loss and adjusted loss in quarter-on-quarter terms. Sales are projected at nearly USD 30 million.
AMSC estimates that its cash, cash equivalents, marketable securities and restricted cash will surpass USD 75 million at the end of December.