AMSC's net loss deepens in Q4 FY 2013/14 on one-offs

Jun 5, 2014 - US energy-tech firm AMSC (NASDAQ:AMSC) said today its net loss for the fourth fiscal quarter ended March 31, 2014 widened to USD 22.7 million (EUR 16.8m) from USD 19.8 million a year earlier due to extraordinary charges and lower sales.

The bottom line of the supplier of wind turbine systems was burdened by USD 7.3 million in charges related to asset impairments and debt conversion. Excluding those and certain other items, the firm’s non-GAAP net loss was USD 9.4 million compared to USD 11.8 million for the same period of fiscal 2012/13.

AMSC’s fourth-quarter operating loss shrank to USD 14.9 million from USD 16 million.

The company, which serves both the wind and power grid industries, generated revenues of USD 16.3 million during the three-month period, down from USD 20.4 million a year back due to weak performance of its grid segment. The wind unit contributed USD 12.7 million, an increase from USD 8.9 million a year earlier.

For the full fiscal year 2013/14, AMSC posted a net loss of USD 56.3 million compared with a deficit of USD 66.1 million in the prior financial year. On a non-GAAP basis, the net loss amounted to USD 34.1 million compared to USD 52.3 million. Revenues went down to USD 84.1 million from USD 87.4 million.

For the first quarter of fiscal 2014/15, the company expects a revenue of between USD 11 million and USD 13 million, with slightly lower sales in the wind segment because of temporary manufacturing issues at one of AMSC’s clients. The firm sees a net loss of less than USD 16 million for the next three months.

As per the full financial 2014/15, AMSC expects revenues to decline slightly compared to the prior fiscal year.

(USD 1.0 = EUR 0.738)

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