Business
AMSC Reports Second Quarter Fiscal Year 2020 Financial Results and Provides Business Outlook
Company to host conference call tomorrow, November 5 at 10:00 am ET AYER, Mass., Nov. 04, 2020 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system
About this update from American Superconductor Corporation
[{"type":"text","content":"Company to host conference call tomorrow, November 5 at 10:00 am ET\nAYER, Mass., Nov. 04, 2020 (GLOBE NEWSWIRE) -- AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™, and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2020 ended September 30, 2020.\n Revenues for the second quarter of fiscal 2020 were $21.1 million compared with $14.0 million for the same period of fiscal 2019. The year-over-year increase was a result of higher Grid and Wind segment revenues versus the year ago period. The higher Grid segment revenues are primarily due to increased D-VAR shipments, versus the year ago period. AMSC’s net loss for the second quarter of fiscal 2020 was $3.7 million, or $0.17 per share, compared to a net loss of $0.8 million, or $0.04 per share, for the same period of fiscal 2019. The Company’s non-GAAP net loss for the second quarter of fiscal 2020 was $2.7 million, or $0.13 per share, compared with a non-GAAP net loss of $1.5 million, or $0.07 per share, in the same period of fiscal 2019. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. Cash, cash equivalents, marketable securities and restricted cash on September 30, 2020 totaled $57.7 million, compared with $62.2 million at June 30, 2020. \"Our strong balance sheet and the addition of NEPSI to our Grid team changes the scale of our business and should place AMSC in a strong position for continued diversified growth,\" said Daniel P. McGahn, Chairman, President and CEO, AMSC. Business OutlookFor the third quarter ending December 31, 2020, AMSC expects that its revenues will be in the range of $22 million to $25 million. The Company’s net loss for the third quarter of fiscal 2020 is expected not to exceed $6.0 million, or $0.23 per share, excluding any potential tax impacts due to the acquisition of Northeast Power Systems, Inc. (“NEPSI”) on October 1, 2020. The Company's non-GAAP net loss (as defined below) is expected not to exceed $5.5 million, or $0.21 per share. The Company expects positive operating cash flow of up to $1 million in the third quarter of fiscal 2020. The Company expects cash, cash equivalents, marketable securities and rest...