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AMSC (NASDAQ: AMSC), a global solutions provider serving wind and grid leaders, today reported financial results for its second quarter of fiscal year 2011 ended September 30, 2011.
Revenues for the second quarter of fiscal 2011 were $20.8 million. This compares with $98.1 million for the second quarter of fiscal 2010 and $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 $51.7 million, or $1.02 per share. This figure includes approximately $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. For the second quarter of fiscal year 2010, AMSC reported net income of $7.8 million, or $0.17 per diluted share. The company’s non-GAAP net loss for the second quarter of fiscal 2011 was $22.1 million, or $0.44 per share. This compares with non-GAAP net income of $13.3 million, or $0.29 per diluted share, for the second quarter of fiscal 2010. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, marketable securities and restricted cash at September 30, 2011 were $108.3 million. This compares with $166.2 million as of June 30, 2011.
The company’s total backlog as of September 30, 2011, excluding contracts related to Sinovel, was approximately $298 million, which compares with approximately $225 million as of June 30, 2011.
“AMSC executed successfully on its plan in the second fiscal quarter,” said AMSC President and Chief Executive Officer Daniel P. McGahn. “We generated a sequential increase in revenues while also reducing our non-GAAP net loss and cash usage compared with the prior quarter. Among our key contributors to revenue during the quarter were wind turbine manufacturing customers such as Inox Wind in India, Doosan Heavy Industries in Korea and Dongfang Turbine Company in China. On the Grid side of our business, we grew our D-VAR® revenues and reached several recent milestones. These milestones include the energization of South Korea’s first superconductor power cable system with our partners Korea Electric Power Corporation and LS Cable & System, the successful testing of a transmission-voltage fault current limiter with the U.S. Department of Energy and our partners Nexans, Siemens and Air Liquide, and the restart of Project HYDRA in New York with the Department of Homeland Security’s Science and Technology Directorate and our partners ConEdison and Southwire.”