This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs