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AMSC: Q2 Fiscal 2014 Results & Business Outlook
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DEVENS, Mass. - AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, reported financial results for its first quarter of fiscal 2014 ended June 30, 2014.
Revenues for the first quarter of fiscal 2014 were $11.7 million, compared with $23.1 million for the same period of fiscal 2013. The year over year decrease in revenues was due primarily to lower D-VAR revenues in the Company's Grid segment and lower revenues in the Company's Wind segment due to lower revenue from customers in China.
AMSC's net loss for the first quarter of fiscal 2014 increased to $13.5 million, or $0.17 per share, from $10.5 million, or $0.18 per share, for the same period of fiscal 2013.
The Company's non-GAAP net loss for the first quarter of fiscal 2014 was $11.9 million, or $0.15 per share, compared with a non-GAAP net loss of $8.1 million, or $0.14 per share, in the same period of fiscal 2013. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash at June 30, 2014 totaled $42.8 million, compared with $49.4 million at March 31, 2014. During the first quarter of fiscal 2014, the Company received net proceeds under its At-Market Sales Facility (ATM), after deducting sales commissions, of $1.2 million from the issuance of approximately 800,000 shares of common stock at an average sales price of $1.63 per share.
"We are focused on building the foundation required for growth in 2015 and beyond. At the same time, we have maintained the fiscal discipline to control our expenses," said Daniel P. McGahn, President and CEO, AMSC. "In June, we announced a major order from Inox Wind for turbine electrical control systems (ECS). In July, we announced a contract with the Department of Homeland Security to deploy AMSC's Resilient Electric Grid System into an urban electric grid in the United States. ComEd, Chicago's electric utility, agreed to be a lead utility in this program. We believe that these developments position us for growth in 2015 and beyond."
Business Outlook
For the second quarter ending September 30, 2014, AMSC expects that its revenues will be flat to slightly higher sequentially. The Company's net loss for the second quarter of fiscal 2014 is expected to be less than $15.5 million, or $0.19 per share. A less favorable product mix is expected to result in a sequentially higher net loss. AMSC expects that its non-GAAP net loss (as defined below) for the second quarter of fiscal 2014 will be less than $13.0 million, or $0.16 per share. For the full fiscal year 2014, the Company continues to expect revenues to be down slightly compared to fiscal 2013.
About AMSC (Nasdaq: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.
DEVENS, Mass. - AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, reported financial results for its first quarter of fiscal 2014 ended June 30, 2014.
Revenues for the first quarter of fiscal 2014 were $11.7 million, compared with $23.1 million for the same period of fiscal 2013. The year over year decrease in revenues was due primarily to lower D-VAR revenues in the Company's Grid segment and lower revenues in the Company's Wind segment due to lower revenue from customers in China.
AMSC's net loss for the first quarter of fiscal 2014 increased to $13.5 million, or $0.17 per share, from $10.5 million, or $0.18 per share, for the same period of fiscal 2013.
The Company's non-GAAP net loss for the first quarter of fiscal 2014 was $11.9 million, or $0.15 per share, compared with a non-GAAP net loss of $8.1 million, or $0.14 per share, in the same period of fiscal 2013. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash at June 30, 2014 totaled $42.8 million, compared with $49.4 million at March 31, 2014. During the first quarter of fiscal 2014, the Company received net proceeds under its At-Market Sales Facility (ATM), after deducting sales commissions, of $1.2 million from the issuance of approximately 800,000 shares of common stock at an average sales price of $1.63 per share.
"We are focused on building the foundation required for growth in 2015 and beyond. At the same time, we have maintained the fiscal discipline to control our expenses," said Daniel P. McGahn, President and CEO, AMSC. "In June, we announced a major order from Inox Wind for turbine electrical control systems (ECS). In July, we announced a contract with the Department of Homeland Security to deploy AMSC's Resilient Electric Grid System into an urban electric grid in the United States. ComEd, Chicago's electric utility, agreed to be a lead utility in this program. We believe that these developments position us for growth in 2015 and beyond."
Business Outlook
For the second quarter ending September 30, 2014, AMSC expects that its revenues will be flat to slightly higher sequentially. The Company's net loss for the second quarter of fiscal 2014 is expected to be less than $15.5 million, or $0.19 per share. A less favorable product mix is expected to result in a sequentially higher net loss. AMSC expects that its non-GAAP net loss (as defined below) for the second quarter of fiscal 2014 will be less than $13.0 million, or $0.16 per share. For the full fiscal year 2014, the Company continues to expect revenues to be down slightly compared to fiscal 2013.
About AMSC (Nasdaq: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.