American Superconductor Management Discusses Q1 2012 Results - Earnings Call Transcript

These forward-looking statements represent our expectations only as of today and should not be relied upon as representing our views as of any subsequent date to today. While AMSC anticipates that subsequent events and developments may cause the company's views to change, we specifically disclaim any obligation to update these forward-looking statements.

I also would like to note that we'll be referring on today's call to non-GAAP net loss or net loss before amortization of acquisition-related intangibles, restructuring and impairments, stock-based compensation expense, change in fair value of derivative liability and warrants, noncash interest expense, and other unusual charges. Non-GAAP net loss is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP net loss can be found in the press release we issued and filed with the SEC this morning on Form 8-K. All of our press releases and our SEC filings can be accessed from the Investors page of our website at amsc.com.

And now, CEO, Dan McGahn, will begin the quarterly review. Dan?

Daniel Patrick McGahn

Thanks, Jason, and good morning to you all. There's been a lot of news out there recently that impacts our business prospects, perhaps, in a very positive way. We'll touch on these topics throughout the call today.

But before getting to the first quarter highlights, similar to the past few calls, let's begin our discussion this morning with an update on Sinovel. For those of you that are new to AMSC, Sinovel is a former AMSC customer, who without prior notice, rejected substantial contracted shipments from us in March of 2011 and was eventually found to have stolen intellectual property from us. As evidenced by the confession and imprisonment of Sinovel's co-conspirator in this crime, the merits of our case really can't be any stronger.

In recent months, the political focus on our conflict with this former customer has been intensifying. With roughly a quarter of our workforce located in Austria, our European ties are significant. Leaders from the European Union have been focusing their attention on ensuring that AMSC receives equitable compensation.

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