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AMSC Reports Fourth Quarter 2012 Financial Results And Provides Business Outlook

DEVENS, Mass., June 14, 2013 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its fourth quarter and full year fiscal 2012 ended March 31, 2013.

Revenues for the fourth quarter of fiscal 2012 were $20.4 million, compared with $28.6 million for the same period of fiscal 2011 and $17.4 million for the third quarter of fiscal 2012. The improvement from the third quarter was driven by higher revenues in both the Company's Wind and Grid segments. AMSC's net loss for the fourth quarter of fiscal 2012 narrowed to $19.8 million, or $0.35 per share, from $21.2 million, or $0.42 per share, for the same period of fiscal 2011. Results for the fourth quarter of fiscal 2012 included a charge of $1.8 million included in selling, general and administrative expenses related to the class action shareholder lawsuit against the Company. In addition, fourth quarter fiscal 2012 results include a $1.4 million non-cash "mark-to-market" gain related to the revaluation of the derivative liability and warrants associated with the Company's debt financings. For the third quarter of fiscal 2012, AMSC's net loss was $20.1 million, or $0.38 per share.

The Company's non-GAAP net loss for the fourth quarter of fiscal 2012 was $11.8 million, or $0.21 per share, compared with a non-GAAP net loss of $15.1 million, or $0.30 per share, for the fourth quarter of fiscal 2011 and $13.5 million, or $0.26 per share, for the third quarter of fiscal 2012. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. Revenues for the full year fiscal 2012 improved to $87.4 million from the $76.5 million in fiscal year 2011. AMSC reported a net loss for full year fiscal 2012 of $66.1 million, or $1.25 per share, down from a net loss of $136.8 million, or $2.69 per share in the prior year. The Company's non-GAAP net loss for full year fiscal 2012 was $52.3 million, or $0.98 per share, compared with a non-GAAP net loss of $85.5 million, or $1.68 per share, for fiscal year 2011.

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