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DEVENS, Mass. - AMSC (AMSC) announced a series of strategic operational initiatives designed to better capitalize on emerging opportunities in the wind and grid businesses. These measures include consolidation of the Company's U.S. grid manufacturing and product development program and diversification of its international wind power manufacturing operations. Separate from these steps, AMSC expects that, exclusive of proceeds, if any, from sales of stock under the Company's At-the-Market facility, it will be net cash flow positive for the fourth quarter of fiscal 2013 ending March 31, 2014, driven primarily by cash generated from working capital. AMSC believes that it must grow revenue beyond current levels to achieve sustainable positive cash flows.
As part of its Gridtec Solutions consolidation, AMSC expects to close its facility in Middleton, Wisconsin by December 31, 2014 and transition that unit to its headquarters in Devens, Massachusetts. The Company's New Berlin facility remains unaffected. All of AMSC's employees in Middleton are expected to be offered the opportunity to relocate to Massachusetts. AMSC believes that it can most effectively leverage its Gridtec Solutions team, and realize important synergies in new product development, by having those employees in one location. Separately, AMSC also undertook a reduction in force in its Massachusetts facility.
As part of the diversification of its wind power manufacturing operation, AMSC is establishing a wind turbine electrical control systems manufacturing center in Timisoara, Romania. Expected to be operational in fiscal 2014, the Timisoara plant will make electrical control systems for AMSC's wind customers located outside of China. AMSC's China facility will continue to support the Chinese wind market and headcount is being adjusted accordingly. Customers outside of China will continue to have their systems manufactured in China until the new facility is operational. These actions are not expected to increase overall wind manufacturing costs. The Company's Windtec Solutions product development and support efforts remain unaffected.
By expanding its manufacturing footprint into Eastern Europe, AMSC is enhancing its distribution capabilities and its global reach in a region that is a target market for its wind and grid products. Romania is a European Union member state and cost-efficient manufacturing location with a highly skilled workforce.
As a result of these actions, AMSC expects to reduce its net headcount between 5% and 10% by December 31, 2014. During this same period of time, AMSC expects to record restructuring and other charges associated with these actions for severance, facility closure, relocation, operating inefficiencies, and other costs of between $4 million and $6 million, excluding any non-cash impairment charges which have yet to be determined. Of these charges, AMSC expects to record approximately $1 million in restructuring charges in the fourth quarter of fiscal 2013. Once these actions are completed, AMSC expects to fully realize approximately $3 million of annualized cost savings starting in the fourth quarter of fiscal 2014.
Company Updates Financial Guidance
AMSC also announced that for the fourth quarter of fiscal 2013 ending March 31, 2014, it expects its revenues to be in the range of $14 to $16 million. Including the restructuring charge referred to above and a non-cash charge of approximately $5 million for a loss on the extinguishment of the Company's convertible note, the Company expects its net loss for the fourth quarter of fiscal 2013 to be in the range of $20 million to $22 million, or $0.27 to $0.30 per share. Excluding these and other unusual charges, AMSC expects that its non-GAAP net loss in the fourth quarter of fiscal 2013 to be in a range of $10 million to $12 million or $0.14 to $0.16 per share. AMSC expects that, exclusive of proceeds, if any, from sales of stock under the Company's At-the-Market facility, it will be net cash flow positive for the fourth quarter of fiscal 2013 ending March 31, 2014, driven primarily by cash generated from working capital. The Company is not providing specific guidance with respect to cash flows in any future periods beyond the fourth quarter of fiscal 2013. Refer to the table below for a reconciliation of forecast GAAP net loss to non-GAAP net loss.
About AMSC (AMSC)
AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner ... better energy(TM). Through its Windtec(TM) Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec(TM) 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.
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