DEVENS, Mass., Nov. 7, 2013 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its fiscal second quarter ended September 30, 2013.
Revenues for the second quarter of fiscal 2013 were $24.2 million, compared with $20.9 million for the same period of fiscal 2012. The year-over-year growth is due to higher revenues in both the Company's Wind and Grid segments.
AMSC's net loss for the second quarter of fiscal 2013 narrowed to $14.6 million, or $0.24 per share, compared with a net loss of $15.9 million, or $0.31 per share, for the same period of fiscal 2012.The Company's non-GAAP net loss for the second quarter of fiscal 2013 was $10.8 million, or $0.18 per share, compared with a non-GAAP net loss of $16.0 million, or $0.31 per share, for the second 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 September 30, 2013 totaled $32.8 million, compared with $39.5 million as of June 30, 2013. "We are pleased with the year-over-year revenue growth and improved operating performance that we delivered during the second fiscal quarter," said Daniel P. McGahn, AMSC President and CEO. "We grew revenues by 16 percent year over year, improved gross margins nearly threefold and reduced our non-GAAP net loss by more than 30 percent. We continue to be focused on achieving our target of positive net cash flows on a quarterly basis by the end of fiscal year 2014." "Looking forward, we believe there are risks to achieving our full year revenue target, as a result of governmental factors impacting the renewable industries in Australia, China, and India. Wind projects in Australia are being impacted by political uncertainty from the recent election, causing delays for projects in our Grid segment. The recovery of the Chinese wind market is being slowed by the continued grid infrastructure challenges. In India, the regulatory framework intended to stimulate the wind industry was put in place six months after the beginning of the Indian fiscal year, which created uncertainty," continued McGahn. "We see these challenges as short-term and we continue to believe that the long-term growth opportunities remain for both our wind and grid businesses in established and emerging markets."