May 24, 2007
Widening losses at AMSC
By Matthew L. Brown
American Superconductor Corp. of Marlborough reported a fourth quarter loss of $11.4 million compared to a loss of $11 million for the same quarter a year ago.
The company said it changed the way it measures its fiscal year, so March 31 2007 marked the end of the 2006 fiscal year.
Revenue for the fourth quarter was $19.1 million compared to $14.3 million reported for the fourth quarter of 2005.
For the full 2006 fiscal year, the company reported revenue of $52.2 million and a net loss of $34.7 million.
The energy technology company said restructuring costs and higher-than-planned costs to complete the assembly of equipment for the U.S. Navy were the main contributors to the ongoing losses.
The company said it expects a loss of between $22 and $25 million for the 2007 fiscal year, but it expects revenue to improve to between $75 and $80 million.
The company said it changed the way it measures its fiscal year, so March 31 2007 marked the end of the 2006 fiscal year.
Revenue for the fourth quarter was $19.1 million compared to $14.3 million reported for the fourth quarter of 2005.
For the full 2006 fiscal year, the company reported revenue of $52.2 million and a net loss of $34.7 million.
The energy technology company said restructuring costs and higher-than-planned costs to complete the assembly of equipment for the U.S. Navy were the main contributors to the ongoing losses.
The company said it expects a loss of between $22 and $25 million for the 2007 fiscal year, but it expects revenue to improve to between $75 and $80 million.
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