AMSC reports sharp quarterly, annual losses
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AMSC, a Devens wind- and power-grid planning and engineering company, reported sharp declines in revenue and net losses for the most recent quarter and full fiscal year.
Formally American Superconductor Corp., the company said Thursday it lost $6.9 million for the fourth-quarter ending March 31 and $27.4 million for the year. That more than doubled its loss the from year prior, and the annual loss was more than 18 percent higher than the previous year.
Revenue also fell, which AMSC attributed to lower-than-expected wind-segment sales and shipments of electric control systems.
Fourth-quarter revenue was $16.2 million, down by 41 percent, and annual revenue was $75.2 million, a drop of 22 percent.
Revenues and losses are expected to continue, AMSC said in its earnings report. The company said the quarter ending June 30 should bring revenues in the range of $8 million to $9 million, with an expected loss of less than $18 million.
The sustained losses are also having a more tangible effect on AMSC, which said last month it is looking for a smaller office near its existing Devens space. The company said it expects to make cuts that will save it $4 million to $5 million a year by the end of the current fiscal year, but did not provide more details.
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