AMSC has reported financial results for its first quarter of fiscal 2014 ended June 30, 2014.
Revenues for the first quarter of fiscal 2014 were US$ 11.7 million, compared with US$ 23.1 million for the same period of fiscal 2013. The year over year decrease in revenues was due primarily to lower D-VAR revenues in the company's grid segment and lower revenues in the company's wind segment due to lower revenue from customers in China. AMSC's net loss for the first quarter of fiscal 2014 increased to $13.5 million from $10.5 million for the same period of fiscal 2013. For the second quarter ending September 30, 2014, AMSC expects that its revenues will be flat to slightly higher sequentially. The company's net loss for the second quarter of fiscal 2014 is expected to be less than US$15.5 million. For the full fiscal year 2014, the company continues to expect revenues to be down slightly compared to fiscal 2013.