Published: 10 November 2011 10 November 2011
AMSC has reported financial results for its second quarter of fiscal year 2011 ended September 30, 2011. Revenues for the second quarter of fiscal 2011 were US$ 20.8 million. This compares with US$ 98.1 million for the second quarter of fiscal 2010 and US$ 9.1 million for the first quarter of fiscal 2011.
The year-over-year decline is due primarily to a lack of revenue from AMSC’s former customer, Sinovel Wind Group Co., Ltd. (Sinovel), while the quarter-over-quarter increase was driven by solid growth in both of the company’s reporting segments (Wind and Grid). AMSC reported a net loss for the quarter of US$ 51.7 million. This figure includes approximately US$ 28.2 million in charges related to the previously announced termination of AMSC’s proposed acquisition of The Switch Engineering Oy, Sinovel litigation expenses and corporate restructuring activities and impairments. The company’s total backlog as of September 30, 2011, excluding contracts related to Sinovel, was approximately US$ 298 million, which compares with approximately US$ 225 million as of June 30, 2011. For the quarter ending December 31, 2011, AMSC expects that its revenues will exceed US$ 15 million. AMSC expects that its net loss for the third quarter of fiscal 2011 will be less than US$ 30 million.