The fallout from unpaid shipments from its largest customer is still negatively impacting Fort Devens, Mass.-based American Superconductor, which expects to restate its results for the second and third quarters of fiscal 2010.
American Superconductor has been reviewing its accounting in the wake of the disclosure that its largest customer, China-based Sinovel Wind Group Co., had refused to accept shipments from the company.Â
American Superconductor says that the results from the quarters ended Sept. 30 and Dec. 31 "should not be relied upon" because revenue associated with unpaid shipments for some Chinese customers should not have been counted. According to American Superconductor, although the shipments had been delivered, the company had not receive payment.
The company says revenue for the quarter ended Dec. 31, 2010, is expected to be $43 million, compared to the $114.2 million that was previously announced. Revenue for the quarter ended Sept. 30, 2010, is expected to be $98 million, compared to the previously announced $101.5 million.Â
The company also says that its revenue for the full fiscal year ended March 31 is expected to be $307 million, which is down from the less than $355 million in revenue that had previously been projected for the year following the Sinovel disclosure.