DEVENS, Mass., Feb. 6, 2014 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its fiscal third quarter ended December 31, 2013.
Revenues for the third quarter of fiscal 2013 were $20.6 million, compared with $17.4 million for the same period of fiscal 2012. The year-over-year growth is due to higher revenues in the Company's Wind segment, primarily from customers in India and China. Wind revenue growth was partially offset by lower revenues in the Company's Grid segment due to lower D-VAR® revenues.
AMSC's net loss for the third quarter of fiscal 2013 narrowed to $8.4 million, or $0.14 per share, compared with a net loss of $20.1 million, or $0.38 per share, for the same period of fiscal 2012.The Company's non-GAAP net loss for the third quarter of fiscal 2013 was $5.7 million, or $0.09 per share, compared with a non-GAAP net loss of $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. Cash, cash equivalents, and restricted cash at December 31, 2013 totaled $41.7 million, compared with $32.8 million as of September 30, 2013. The sequential increase was driven primarily by financing activities conducted during the quarter, including a new $10.0 million senior term loan and $3.3 million in net proceeds after deducting sales commissions and offering expenses from the issuance of approximately 2.4 million shares of common stock at an average sale price of $1.51 per share under the At-the-Market (ATM) equity financing that was put in place in November 2013. "I'm pleased with our performance in the third fiscal quarter. We increased revenues and cash, reduced our net loss, operating expenses, and cash burn year-over-year. We are managing our costs and our cash," said Daniel P. McGahn, AMSC President and CEO.
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