AMSC Reports Fourth Quarter and Fiscal 2017 Financial Results and Provides Business Outlook

AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders reported financial results for its fourth quarter and full year fiscal 2017 ending March 31, 2018.

As quoted in the press release:

“Fiscal 2017 marked the year we commercialized AMSC’s high-temperature superconductor technology as represented by the U.S. Navy’s Ship Protection System order for the USS Fort Lauderdale. Our grid business grew by more than 20% in fiscal 2017 – our third year in a row of growth in our grid segment. We expect revenue growth again in our grid business and are anticipating improved conditions in India’s wind power industry in fiscal 2018,” said Daniel P. McGahn, President and Chief Executive Officer of AMSC. “We expect fiscal 2018 to be a year of revenue growth for AMSC.”

Revenues for the fourth quarter of fiscal 2017 were $13.5 million, compared with $16.2 million for the same period of fiscal 2016. The year-over-year decrease was due to lower Wind segment revenues, primarily driven by fewer shipments of electrical control systems to Inox, partially offset by higher Grid segment revenues versus year ago results.

AMSC’s net loss for the fourth quarter of fiscal 2017 was $6.0 million, or $0.30 per share, versus $6.9 million, or $0.50 per share, for the same period of fiscal 2016. The Company’s non-GAAP net loss (as defined below) for the fourth quarter of fiscal 2017 was $5.0 million, or $0.25 per share, which decreased compared with a non-GAAP net loss of $7.1 million or $0.51 per share, in the same period of fiscal 2016. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Revenues for the full fiscal year 2017 were $48.4 million as compared to $75.2 million in fiscal year 2016. AMSC reported a net loss for fiscal 2017 of $32.8 million, or $1.73 per share, compared to a net loss of $27.4 million, or $1.98 per share in fiscal 2016. The Company’s non-GAAP net loss for full year fiscal 2017 was $32.2 million or $1.70 per share, compared with a non-GAAP net loss of $27.0 million, or $1.95 per share, for fiscal 2016.

Cash, cash equivalents and restricted cash at March 31, 2018 totaled $34.2 million, compared with $22.3 million at December 31, 2017. Operating cash burn in the fourth quarter of fiscal 2017 was $4.6 million.

Business Outlook
For the first quarter ending June 30, 2018, AMSC currently expects that its revenues will be in the range of $11 million to $13 million. The Company’s net loss for the first quarter of fiscal 2018 is expected to be less than $7.0 million, or $0.34 per share. The Company’s non-GAAP net loss is expected to be less than $6.1 million, or $0.30 per share. The Company expects an operating cash burn of $6 million to $8 million in the first quarter of fiscal 2018.

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