American Superconductor (AMSC): Fiscal 2015 Results and Outlook
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DEVENS, Massachussets - AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, reported financial results for its fourth quarter and full year fiscal 2015 ended March 31, 2016.
Revenues for the fourth quarter of fiscal 2015 were $27.5 million, compared with $25.1 million for the same period of fiscal 2014. The year over year increase in revenues was due primarily to higher Grid segment revenues in the fourth quarter of fiscal 2015.
AMSC’s net loss for the fourth quarter of fiscal 2015 was $3.4 million, or $0.25 per share, compared to $3.4 million, or $0.36 per share, for the same period of fiscal 2014. Fourth quarter fiscal 2014 net loss included a gain of $2.2 million related to the reversal of legal expenses associated with the settlement of a dispute with a former insurer, and a gain of $1.2 million related to the final settlement of an arbitration proceeding with a former customer.
The Company’s non-GAAP net loss for the fourth quarter of fiscal 2015 was $3.8 million, or $0.28 per share, compared with a non-GAAP net loss of $6.4 million, or $0.69 per share, in the same period of fiscal 2014. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Revenues for the full year fiscal 2015 were $96.0 million as compared to $70.5 million in fiscal year 2014. The full year growth in revenues was driven by growth in both business units. AMSC reported a net loss for full year fiscal 2015 of $23.1 million, or $1.76 per share, compared to a net loss of $48.7 million, or $5.74 per share, for fiscal year 2014. The Company's non-GAAP net loss for full year fiscal 2015 was $26.2 million, or $1.99 per share, compared with a non-GAAP net loss of $39.6 million, or $4.67 per share, for fiscal year 2014.
Cash, cash equivalents, and restricted cash at March 31, 2016 increased to $40.7 million, compared with $37.7 million at December 31, 2015.
“Fiscal year 2015 was a year of strong revenue growth in both business units, and improved financial health for our company,” said Daniel P. McGahn, President and CEO, AMSC. “I am very pleased to report that our team here at AMSC delivered results beyond my expectations. As a result, we enter fiscal 2016 with a stronger balance sheet and improved longer-term prospects in both our Wind and Grid businesses.”
“First quarter revenues will be negatively impacted by historical seasonality in our revenues from Inox, compounded by what has been described by Inox as a near-term working capital constraint,” added McGahn. For the first quarter ending June 30, 2016, AMSC expects that its revenues will be in the range of $12 million to $14 million. The Company’s net loss for the first quarter of fiscal 2016 is expected to be less than $13.0 million, or $0.94 per share. AMSC expects that its non-GAAP net loss (as defined below) for the first quarter of fiscal 2016 will be less than $12.5 million, or $0.90 per share. “Based on discussions with our customers, revenues in our Wind segment are currently expected to return to a more normal level in the second fiscal quarter,” said McGahn.
About AMSC (AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The Company’s solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com