American Superconductor (AMSC) has requested an extension with the Securities and Exchange Commission (SEC) to file its annual report and report financial results for fiscal year 2010 up to 15 days later than the SEC's May 31, 2011, filing deadline.
AMSC says additional time is required to complete the preparation and audit of its financial statements for fiscal year 2010, including a review of certain revenues associated with shipments to customers in China during the second, third and fourth fiscal quarters.Â
In connection with this ongoing review, the company plans to reverse the recognition it had made in an April 5 press release of a material amount of revenue it had included when estimating revenues of ‘less than $355 million’ for the full fiscal year.Â
Also, AMSC's financial results for the fourth quarter of fiscal year 2010 were negatively impacted by a refusal by Sinovel Wind Group Co. to accept shipments at the end of March, as well as Sinovel's failure to pay AMSC for certain contracted shipments completed in the fiscal year. Â
Although a resolution has not yet been reached, AMSC says it remains involved in regular executive-level discussions with Sinovel and expects that it will continue to do business with this customer.Â
In other company news, AMSC says it has implemented a hiring freeze and has significantly reduced travel and discretionary spending. The company says it has also reduced its total headcount by 10% since March 31.
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