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AMSC Reports Second Quarter Fiscal 2017 Financial Results and Provides Business Outlook
DEVENS, Mass. -- AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its second quarter of fiscal 2017 ended September 30, 2017.
Revenues for the second quarter of fiscal 2017 were $11.0 million, compared with $18.5 million for the same period of fiscal 2016. Revenues in both the Wind and Grid segments decreased year-over-year.
AMSC's net loss for the second quarter of fiscal 2017 was $7.3 million, or $0.38 per share, compared to $7.3 million, or $0.53 per share, for the same period of fiscal 2016. The Company's non-GAAP net loss for the second quarter of fiscal 2017 was $8.3 million, or $0.44 per share, compared with a non-GAAP net loss of $8.2 million, or $0.60 per share, in the same period of fiscal 2016. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents and restricted cash on September 30, 2017 totaled $30.5 million, compared with $37.7 million at June 30, 2017.
"Our financial performance in the second quarter was at the middle of our expected range," said Daniel P. McGahn, President and CEO, AMSC. "We are pleased to see the wind market in India improving. We expect stronger revenues in the second half of fiscal 2017 for both our Wind and Grid segments."
For the third quarter ending December 31, 2017, AMSC expects that its revenues will be in the range of $14.0 million to $18.0 million. The Company's net loss for the third quarter of fiscal 2017 is expected to be less than $8.0 million, or $0.40 per share. The Company's non-GAAP net loss (as defined below) is expected to be less than $7.6 million, or $0.38 per share. The Company expects a cash burn of $8.0 million to $9.0 million in the third quarter of fiscal 2017, including a $1.0 million capital investment related to the Massachusetts move anticipated to occur in the third quarter.