AMSC’s 2Q loss narrows
AMSC, a Devens company that makes products for wind turbines and energy grids, reported a second-quarter loss of $15.9 million, or $0.31 per share, compared with net loss was $51.7 million, or $1.02 per share.
In a press release, AMSC said its second-quarter 2012 results included a $3.3 million non-cash “mark-to-market” benefit driven by the re-valuation of the derivative liability and warrants associated with the company’s debt financings.
Second-quarter revenues of $20.9 million were roughly flat with those of the same quarter a year ago.
“AMSC delivered on its stated financial targets in the second fiscal quarter,” AMSC president and chief executive Daniel P. McGahn said in a statement.
He added: “As has been previously reported, conditions in the wind power market are currently challenging, with increased government oversight slowing installations in China and global installations flattening. While second-quarter wind turbine electrical control system shipments from our wind business segment declined year over year, we are expecting to increase shipments in the second half of the fiscal year based on our existing orders and discussions with our customers.”
“We expect to improve our top- and bottom-line performance both sequentially and year over year in the third fiscal quarter,” McGahn also said.
AMSC has scheduled a conference call with investors later Tuesday to discuss its financial performance.
AMSC, which is also known as American Superconductor, is embroiled in a lawsuit with Sinovel Wind Group, a Chinese wind turbine maker that was once AMSC’s largest customer. AMSC alleges that Sinovel stole its intellectual property. Sinovel once accounted for nearly 80 percent of AMSC’s revenues.Chris Reidy can be reached at email@example.com.