AMSC: Q2 Results
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AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, reported financial results for its second quarter of fiscal 2015 ended September 30, 2015.
Revenues for the second quarter of fiscal 2015 were $19.0 million, compared with $12.5 million for the same period of fiscal 2014. The year over year growth in revenues was provided by both operating segments, but particularly the Company's Wind segment.
AMSC's net loss for the second quarter of fiscal 2015 decreased to $7.7 million, or $0.57 per share, from $25.4 million, or $3.12 per share, for the same period of fiscal 2014. Prior year results included a one-time charge of $10.2 million for settlement of an arbitration award and $3.7 million in restructuring and impairment charges.
The Company's non-GAAP net loss for the second quarter of fiscal 2015 was $8.7 million, or $0.64 per share, compared with a non-GAAP net loss of $11.8 million, or $1.45 per share, in the same period of fiscal 2014. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, and restricted cash at September 30, 2015 totaled $36.6 million, compared with $42.6 million at June 30, 2015.
"In the second quarter of fiscal 2015, we increased revenue by more than 50% year-over-year as a result of strength in our wind business and we delivered significantly improved gross margin as compared to the same quarter a year ago," said Daniel P. McGahn, President and CEO, AMSC. "During the quarter we completed the near term business objectives that we outlined at the beginning of the fiscal year, including receiving a large wind order, booking additional D-VAR orders, and identifying an additional U.S. utility to perform a deployment study of our Resilient Electric Grid system."
For the third quarter ending December 31, 2015, AMSC expects that its revenues will be in the range of $19 million to $22 million. The Company's net loss for the third quarter of fiscal 2015 is expected to be less than $5.5 million, or $0.40 per share. Forecasted net loss in the third fiscal quarter includes a gain of $2.5 million expected to be realized from the Company's sale of its minority equity interest in Blade Dynamics, which was sold in October 2015 to a subsidiary of General Electric Company. Excluding this and other unusual items, AMSC expects that its non-GAAP net loss (as defined below) for the third quarter of fiscal 2015 will be less than $8.5 million, or $0.62 per share.
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.