AMSC losses continue
AMSC of Devens continued to lose money in the most recent fiscal quarter that ended Dec. 31, despite increasing revenue over the previous year.
The manufacturer of energy technology reported $21.3 million in third-quarter revenue, up from $20.6 million in the third quarter of 2013. The boost came from the wind energy segment, although that was partially offset by lower revenue in the grid segment, the company announced in its quarterly report.
AMSC was also able to rein in its net losses, though it still lost $6.4 million in the third quarter. This was down from $8.7 million the previous year. The company’s non-GAAP losses for the quarter, however, were up to $9.6 million from $5.7 million in the previous year.
The company’s cash, cash equivalents and restricted cash totaled $37.6 million at the end of the quarter, down from $38.2 million at the end of September.
AMSC also announced that an $8.5 million settlement, and all associated costs, would be paid to Ghodawat Energy of India in the fourth quarter of fiscal 2014 that ends in March. An arbitration panel for the ICC International Court of Arbitration found in September that AMSC's wholly-owned subsidiary, AMSC Austria, breached its license agreement for wind turbine technology with Ghodawat Energy of India.
AMSC expects that revenues will continue to increase, to between $23 and $25 million, in the fourth fiscal quarter, although it also foresees another loss, of less than $6 million.
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