AMSC loses $27M through three quarters
Grant Welker
AMSC is planning to sell their former headquarters or $23 million.
Devens energy product manufacturer AMSC reported Monday another quarter of losses, this time $4.2 million in the third quarter, and $26.7 million for the company's fiscal year so far.
Revenues in the quarter were $14.9 million compared to $27.1 million for last year’s Q3.
In its earnings report, AMSC attributed that decrease to a lack of electric control systems to Inox, an India-based wind energy solutions manufacturer. The companies struck a $210-million agreement in December 2015.
On a per share basis, net loss was 21 cents for the quarter, compared to 20 cents for the same period last year.
Cash, cash equivalents and restricted cash on Dec. 31 was $22.3 million, compared with $30.5 million at the end of September.
The company did see gains in its grid segment with $12.3 million in revenues compared to $8.9 million in last year’s Q3.
Revenues from wind, however, declined from $18.2 million to just $2.6 million.
The company is reporting net losses of $26.8 million three-quarters through its fiscal year, which is about $6.3 million worse than where it was at this point last year.
President and CEO Daniel McGahn said Inox has resumed production, which should help bite into those wind losses.
Revenues for the fourth quarter are expected to be between $12 million and $18 million, with net loss expected to be less than $7.5 million.
The company announced last month that it is selling its Devens headquarters for $23 million and downsizing into another building in Ayer.
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