American Superconductor (AMSC): Preliminary Q4 & full year results
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DEVENS, Massachussets - American Superconductor (AMSC), a global solutions provider serving wind and power grid industry leaders, provided preliminary financial results for the fourth fiscal quarter and full fiscal year ended March 31, 2017.
For the fourth quarter of fiscal year 2016, AMSC expects its revenues will be in the range of $15 million - $16 million, compared to its previous fourth quarter revenue guidance of $22 million - $26 million. For the full fiscal year 2016, AMSC expects its revenues to be in the range of $74 million - $75 million. The lower than expected revenue in the fourth quarter was driven primarily by fewer than anticipated electrical control system (“ECS”) shipments to Inox Wind Ltd. (“Inox”), due to what is believed by Inox to be a temporary demand dislocation caused by the reaction in certain states in India to a recent national wind energy auction that resulted in a record-low power purchase tariff. As a result of the revenue shortfall, AMSC’s net loss and non-GAAP net loss for the fourth quarter of fiscal 2016 are both expected to be higher than its previous guidance.
The Company expects its cash, cash equivalents, and restricted cash (“cash”) at March 31, 2017 to be approximately $27.7 million which includes $2.5 million of net proceeds from the sale of 379,693 shares in the fourth quarter under the Company’s At-the-Market Issuance Sales Facility (“ATM”). This represents an increase of $1.7 million compared to the cash balance at December 31, 2016, which is in line with the Company’s previous guidance for cash burn of less than $2 million in the fourth quarter.
Preliminary Business Outlook
For the first quarter ending June 30, 2017, AMSC currently expects that its revenues will be in the range of $8 million to $9 million, taking into account anticipated seasonally lower ECS shipments to Inox as well as the temporary demand dislocation previously discussed. The Company expects cash burn in the range of $7 million to $8 million in the first quarter.
The preliminary, unaudited information provided above is based on the Company’s current estimate of results from operations for the fourth quarter and full fiscal year 2016, and its cash at March 31, 2017, and remains subject to change based on the Company’s closing procedures, including the Company’s execution of its internal controls over financial reporting, and the subsequent occurrence or identification of events prior to the formal issuance of the annual financial statements. The Company expects to report its final fiscal 2016 financial results on or about May 25, 2017.
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.