AMSC Increases Revenue, Narrows Losses
AMSC, a Devens-based electric grid and wind power company, reported that it more than tripled its first-quarter revenues over the same period last year, jumping from $9.1 million to $28.7 million.
However, AMSC reported a net loss of $10.3 million, or 20 cents per share, for the quarter, which ended June 30. The company had still been dealing with settlements involving vendors whose cancelled orders AMSC had said accounted for significant revenue drop in 2011 over the previous year. The net losses were narrowed, compared to the first quarter of 2011 though, when AMSC had a net loss of $37.7 million, or 74 cents per share.
AMSC's cash, cash equivalents, marketable securities and restricted cash totaled $87.1 million as of June 30, compared to $66.2 million as of March 31. The increase was driven by financings that were completed and announced earlier this year.
President and CEO Daniel P. McGahn said the year-over-year revenue increase and net loss reduction was due to deals in China, Korea and India in the company's wind segment and Australia and Romania in the grid segment, as well as cost-reduction measures.
For the second quarter, AMSC expects revenues to exceed $20 million and its net loss to be less than $22 million.
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