AMSC revenues rocket up as losses fall
PHOTO/MATT VOLPINI
Devens-based AMSC more than doubled revenue in the first quarter of fiscal year 2015, while cutting losses and expanding cash reserves, the company announced Wednesday.
The global power grid and wind power company, formerly known as American Superconductor, reported revenue for the first quarter of fiscal 2015 was $23.7 million, compared with $11.7 million for the same period of fiscal 2014. The year-over-year increase in revenue was due to increases in both the company's Wind and Grid segments, according to the company.
The company also cut net losses to $9.1 million, or $0.75 per share, from $13.5 million, or $1.74 per share, for the same period of fiscal 2014. They did this as cash, cash equivalents, and restricted cash totaled $42.6 million, compared with $24.5 million at March 31, 2015.
"In the first fiscal quarter, we demonstrated financial progress, more than doubling revenues year over year and significantly improving gross margins," Daniel P. McGahn, President and CEO of AMSC, said in a statement.
In the first quarter of the year, the company announced that Eversource Energy, the region’s largest electric utility, is conducting a deployment study of the company’s REG system, the securing of $9 million in D-VAR® system orders, and a contract from the U.S. Navy for ship protection equipment. (LINK: http://www.wbjournal.com/article/20150519/NEWS01/150519938/amsc-secures-85m-navy-contract)
In April, AMSC stock climbed by over 35 percent the day it announced the potential Navy contract. However, two days later the stock fell 45 percent after it was announced that a Chinese court had dismissed AMSC's software copyright infringement case.
For the second fiscal quarter, ending September 30, company officials expect that revenue will be in the range of $18 to $20 million with net losses less than $8.5 million.
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