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AMSC Reports Full-Year Fiscal 2010 And First Quarter Fiscal 2011 Financial Results

Stocks in this article: AMSC

Net of the advance payment of approximately $20.6 million for the company’s proposed acquisition of The Switch Engineering Oy, the company’s balance of cash, cash equivalents, marketable securities and restricted cash on June 30, 2011 was $166.2 million. This compares with $245.5 million on March 31, 2011 and $120.7 million on June 30, 2010.

“Our financial results for fiscal 2010 and the first quarter of fiscal 2011 are a reflection of our past,” said AMSC President and Chief Executive Officer Daniel McGahn. “Our efforts to build a better AMSC are now well underway. We have reduced our cost structure by more than $30 million annually and realigned our business into market-facing Wind and Grid segments. We also have won nearly $100 million in new contracts since the start of our fiscal year, which we believe will help expand our customer base, diversify our revenue streams and return the company to growth (see separate press release issued today).”

Looking Forward

For the quarter ending September 30, 2011, AMSC currently expects that its revenues will exceed $18 million. Including charges for its litigation against Sinovel and its previously announced restructuring, among other charges, AMSC expects that its net loss for the second quarter of fiscal 2011 will be less than $38 million, or $0.75 per diluted share. AMSC expects that its non-GAAP net loss for the second fiscal quarter will be less than $27 million, or $0.53 per diluted share.

Despite the company’s expenses related to severance, litigation against Sinovel and supply-chain liabilities, AMSC expects to end the second quarter of fiscal year 2011 with more than $100 million in cash, cash equivalents, marketable securities and restricted cash. Cash usage is expected to further slow in the second half of the year as savings from the company’s restructuring actions begin to be realized and as the use of cash for Sinovel-related litigation and supply chain liabilities decreases.

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