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AMSC Reports Third Quarter Financial Results

DEVENS, Mass., Feb. 11, 2013 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its third quarter of fiscal year 2012 ended December 31, 2012.

Revenues for the third quarter of fiscal 2012 were $17.4 million, which compares with $18.1 million for the third quarter of fiscal 2011. Revenues were lower than the company's previous forecast due primarily to delayed revenue recognition with a customer in the company's Wind segment. As a result of this delay, the company's Wind revenues for the third quarter of fiscal 2012 declined by 33 percent year over year. The company increased its Grid revenues by 34 percent year over year in the third fiscal quarter as a result of greater D-VAR® system shipments.

For the third quarter of fiscal 2012, AMSC reported a net loss of $20.1 million, or $0.38 per share. This figure includes approximately $6.7 million in restructuring and impairment charges, partially offset by a $5.2 million non-cash "mark-to-market" gain driven by the re-valuation of the derivative liability and warrants associated with the company's debt financings. For the third quarter of fiscal 2011, AMSC's net loss was $26.3 million, or $0.52 per share. This figure included an aggregate of $6.5 million in costs associated with corporate restructuring, impairment and litigation charges.

The company's non-GAAP net loss for the third quarter of fiscal 2012 was $13.5 million, or $0.26 per share. This compares with a non-GAAP net loss of $17.5 million, or $0.34 per share, for the third quarter of fiscal 2011. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

AMSC's cash, cash equivalents, marketable securities, and restricted cash at December 31, 2012 totaled $56.4 million. This compares with $73.1 million as of September 30, 2012. The company's cash usage during the third fiscal quarter included payments toward its adverse purchase commitments, which were reduced from approximately $12.1 million as of September 30, 2012 to approximately $1.8 million as of December 31, 2012.

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