03.08.12

AMSC: Q1 Financial Results

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DEVENS, Mass. -- AMSC, a global solutions provider serving wind and grid leaders, today reported financial results for its first quarter of fiscal year 2012 ended June 30, 2012.

Revenues for the first quarter of fiscal 2012 were $28.7 million, which compares with $9.1 million for the first quarter of fiscal 2011. The year-over-year increase was driven by strong growth in the company's Wind and Grid reporting segments.

For the first quarter of fiscal 2012, AMSC reported a net loss of $10.3 million, or $0.20 per share. This figure includes a non-cash benefit of approximately $7.3 million for the settlement of adverse purchase commitments with certain vendors as well as a $2.4 million non-cash "mark-to-market" charge driven by the re-valuation of the derivative liability and warrants associated with the company's recently completed debt financings. For the first quarter of fiscal 2011, AMSC's net loss was $37.7 million, or $0.74 per share.

The company's non-GAAP net loss for the first quarter of fiscal 2012 was $10.2 million, or $0.20 per share. This compares with a non-GAAP net loss of $30.8 million, or $0.61 per share, for the first quarter of fiscal 2011. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

AMSC's cash, cash equivalents, marketable securities and restricted cash at June 30, 2012 totaled $87.1 million. This compares with $66.2 million as of March 31, 2012. The increase in cash, cash equivalents, marketable securities and restricted cash was driven by the financings that were completed and announced in the first quarter of fiscal 2012.

The company's total backlog as of June 30, 2012 was approximately $269 million. This compares with approximately $291 million as of March 31, 2012 and $225 million as of June 30, 2011.

"AMSC continues to meet its financial objectives, delivering a strong year-over-year revenue increase and net loss reduction in the first fiscal quarter," said AMSC President and Chief Executive Officer Daniel P. McGahn. "With key contributions coming from China, Korea and India in our Wind segment and Australia and Romania in our Grid segment, our revenue streams remained diverse and well balanced. This, coupled with the cost reduction initiatives that were put into place in past quarters, enabled us to once again improve our bottom-line performance while minimizing cash usage."

Looking Forward

"We expect our second-quarter revenues to be relatively flat year over year before growth returns in the second half of our fiscal year," said McGahn. "For fiscal year 2012 as a whole, we continue to focus on maintaining our strong track record of execution and are committed to driving year-over-year growth while prudently managing our expenses and our cash as we work toward sustainable profits and positive cash flows."

For the quarter ending September 30, 2012, AMSC expects that its revenues will exceed $20 million. AMSC expects that its net loss for the second quarter of fiscal 2012 will be less than $22 million, or $0.43 per share. This guidance assumes no impact from mark-to-market adjustments related to the derivative liability and warrants. AMSC expects that its non-GAAP net loss for the second quarter of fiscal 2012 will be less than $17 million, or $0.33 per share. AMSC estimates that it will have more than $70 million in cash, cash equivalents, marketable securities and restricted cash on September 30, 2012.

Conference Call Reminder

In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time today to discuss the company's results and its business outlook. Those who wish to listen to the live or archived conference call webcast should visit the "Investors" section of the company's website at http://www.amsc.com/investors. The live call also can be accessed by dialing 719-325-2486 and using conference ID 1467837.

About AMSC

AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy. Through its Windtec™ Solutions, AMSC enables manufacturers to launch best-in-class wind turbines quickly, effectively and profitably. 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 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.
 
CONTACT: AMSC
         Jason Fredette
         Phone: 978-842-3177
         Email: jason.fredette@amsc.com
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