- Published: 04 November 2015 04 November 2015
AMSC ‘s revenues for the second quarter of fiscal 2015 (ended September 30, 2015) were US$ 19.0 million, compared with US$ 12.5 million for the same period of fiscal 2014. The year over year growth in revenues was provided by both operating segments, but particularly the company's Wind segment. In the second quarter of fiscal 2015, they increased revenue by more than 50% year-over-year as a result of strength in their wind business and they delivered significantly improved gross margin as compared to the same quarter a year ago.
AMSC's net loss for the second quarter of fiscal 2015 decreased to US$ 7.7 million from US$ 25.4 million for the same period of fiscal 2014. Prior year results included a one-time charge of US$ 10.2 million for settlement of an arbitration award and US$ 3.7 million in restructuring and impairment charges. The company's non-GAAP net loss for the second quarter of fiscal 2015 was US$ 8.7 million, or US$ 0.64 per share, compared with a non-GAAP net loss of US$ 11.8 million in the same period of fiscal 2014. Cash, cash equivalents, and restricted cash at September 30, 2015 totalled US$ 36.6 million, compared with US$ 42.6 million at June 30, 2015. For the third quarter ending December 31, 2015, AMSC expects that its revenues will be in the range of US$ 19 million to US$ 22 million. The company's net loss for the third quarter of fiscal 2015 is expected to be less than US$ 5.5 million. Forecasted net loss in the third fiscal quarter includes a gain of US$ 2.5 million expected to be realised from the company's sale of its minority equity interest in Blade Dynamics, which was sold in October 2015 to a subsidiary of General Electric. Excluding this and other unusual items, AMSC expects that its non-GAAP net loss for the third quarter of fiscal 2015 will be less than US$ 8.5 million.