AMSC, a Massachusetts-based solutions provider serving the wind and power grid industries, saw a year-over-year revenue decrease in the second quarter of fiscal 2014 (Q2'14), but the company maintains that it is on track toward a better finish to the year.
In its financial results report, AMSC says revenues for Q2'14 were $12.5 million, compared with $24.2 million for the same period of fiscal 2013. The drop was due to decreases in both the company's wind and grid segments, AMSC adds.
AMSC's net loss for the Q2'14 increased to $25.4 million, or $0.31 per share, from $14.6 million, or $0.24 per share, for the same period of fiscal 2013. The company notes that the quarter's net loss includes a charge of $10.2 million relating to an arbitration award to a former customer and a non-cash charge of $3.5 million to fully write off AMSC's remaining investment in Blade Dynamics.
‘During the second fiscal quarter, we continued to make progress toward our goals in both our wind and grid businesses," says Daniel P. McGahn, president and CEO of AMSC.
"Our licensee, Inox Wind, continues to be a growing customer in the Indian wind market as evidenced by our $55 million in orders from Inox this fiscal year," McGahn continues. "We also announced our Resilient Electric Grid contract with the Department of Homeland Security and partnership with ComEd, and won three new D-VAR contracts – all very important milestones toward growing our grid revenues.
‘We remain focused on executing on our objectives, and we believe that we will see stronger revenues in the second half of the fiscal year.’
For the third quarter ending Dec. 31, AMSC says that expects its revenues will be in the range of $18 million to $20 million.