AMSC has reported its financial results for the third quarter of fiscal year 2011 (3Q 2011), which ended Dec. 31. Revenues for 3Q 2011 were $18.1 million – a significant drop from the $31.6 million the company reported for 3Q 2010 and the $20.8 million reported for 2Q 2011.
The numbers for the quarter represent a net loss of $26.3 million, or $0.52 per share, for 3Q 2011, which includes approximately $6.5 million in expenses related to the company's litigation against Sinovel Wind Group Co. Ltd. and restructuring and impairment charges related to the workforce reduction announced in November 2011.
The year-over-year decline is due primarily to lower shipments from the company's grid segment, while the quarter-over-quarter decline was due to slightly lower shipments of wind turbine power electronics and controls from the company's wind segment, AMSC says.
AMSC's cash, cash equivalents, marketable securities and restricted cash as of Dec. 31, 2011, totaled $75.5 million, which the company says is in line with its guidance and compares with $108.3 million as of Sept. 30, 2011.
The company's total backlog as of Dec. 31, 2011, excluding contracts related to Sinovel, increased to $300 million from $298 million as of Sept. 30, 2011, AMSC adds.
AMSC expects that its revenues for the quarter ending March 31, 2012, will exceed $27 million and that its net loss for 4Q 2011 will be less than $24 million, or $0.47 per share. The company estimates that it will have approximately $50 million in cash, cash equivalents, marketable securities and restricted cash on March 31, 2012, and that its net cash usage will be further reduced in subsequent quarters.
