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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.