AMSC: Q2 Results & Business Outlook

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DEVENS, Massachusetts - AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, reported financial results for its first quarter ended June 30, 2013.

Revenues for the first quarter of fiscal 2013 were $23.1 million, compared with $28.7 million for the same period of fiscal 2012 and $20.4 million for the fourth quarter of fiscal 2012. The 13% improvement from the fourth quarter of fiscal 2012 was driven by higher revenues from the Company's Wind segment.

AMSC's net loss for the first quarter of fiscal 2013 was $10.5 million, or $0.18 per share, compared with $10.3 million, or $0.20 per share, for the same period of fiscal 2012 and $19.8 million, or $0.35 per share, for the fourth quarter of fiscal 2012.

The Company's non-GAAP net loss for the first quarter of fiscal 2013 was $8.1 million, or $0.14 per share, compared with a non-GAAP net loss of $11.0 million, or $0.21 per share, for the first quarter of fiscal 2012 and $11.8 million, or $0.21 per share, for the fourth quarter of fiscal 2012. 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, 2013 totaled $39.5 million, compared with $50.2 million as of March 31, 2013.

For the second fiscal quarter ending September 30, 2013, AMSC expects that its revenues will exceed $23 million and that its net loss will be less than $17 million, or $0.28 per share. This forecast excludes any impact from mark-to-market adjustments related to the Company's derivative liability and warrants. AMSC expects that its non-GAAP net loss for its second quarter of fiscal 2013 will be less than $12 million, or $0.20 per share. The Company's net loss and non-GAAP net loss are expected to be impacted by a less favorable mix of revenues in the second quarter compared with the first quarter of fiscal 2013. AMSC expects to have more than $30 million in cash, cash equivalents and restricted cash on September 30, 2013.

"AMSC continued to execute to plan for the first fiscal quarter, growing revenues by 13% and reducing net loss by 47% on a sequential basis from the fourth quarter of fiscal 2012," said Daniel P. McGahn, AMSC President and CEO. "In fiscal 2013, we remain focused on effectively managing our cash position, while driving profitable revenue growth. We are reaffirming our guidance that we expect annual revenue growth of at least 25% in fiscal 2013 over fiscal 2012. We have a solid presence in several established markets and continue to seek opportunities to enter emerging markets where we see significant opportunity."

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.

CONTACT: AMSC Contact:
         Kerry Farrell
         Phone: 978-842-3247
         Email: kerry.farrell@amsc.com
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