This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AMSC Reports First Quarter 2013 Financial Results And Provides Business Outlook

Stocks in this article: AMSC

Grows Revenue 13% and Narrows Net Loss 47% Sequentially

Management to Host Conference Call Today at 10 a.m. ET

DEVENS, Mass., Aug. 7, 2013 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its first quarter ended June 30, 2013.

Revenues for the first quarter of fiscal 2013 were $23.1 million, compared with $28.7 million for the same period of fiscal 2012 and $20.4 million for the fourth quarter of fiscal 2012. The 13% improvement from the fourth quarter of fiscal 2012 was driven by higher revenues from the Company's Wind segment.

AMSC's net loss for the first quarter of fiscal 2013 was $10.5 million, or $0.18 per share, compared with $10.3 million, or $0.20 per share, for the same period of fiscal 2012 and $19.8 million, or $0.35 per share, for the fourth quarter of fiscal 2012.

The Company's non-GAAP net loss for the first quarter of fiscal 2013 was $8.1 million, or $0.14 per share, compared with a non-GAAP net loss of $11.0 million, or $0.21 per share, for the first quarter of fiscal 2012 and $11.8 million, or $0.21 per share, for the fourth quarter of fiscal 2012. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash at June 30, 2013 totaled $39.5 million, compared with $50.2 million as of March 31, 2013.

For the second fiscal quarter ending September 30, 2013, AMSC expects that its revenues will exceed $23 million and that its net loss will be less than $17 million, or $0.28 per share. This forecast excludes any impact from mark-to-market adjustments related to the Company's derivative liability and warrants. AMSC expects that its non-GAAP net loss for its second quarter of fiscal 2013 will be less than $12 million, or $0.20 per share. The Company's net loss and non-GAAP net loss are expected to be impacted by a less favorable mix of revenues in the second quarter compared with the first quarter of fiscal 2013. AMSC expects to have more than $30 million in cash, cash equivalents and restricted cash on September 30, 2013.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs