AYER, Mass., Feb. 03, 2021 (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 third quarter of fiscal year 2020 ended December 31, 2020.
Revenues for the third quarter of fiscal 2020 were $23.6 million compared with $17.9 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 were primarily due to revenues generated from our recent acquisition of Northeast Power Systems, Inc. The higher Wind segment revenues were a result of higher shipments of electrical control systems to Inox Wind.
AMSC’s net loss for the third quarter of fiscal 2020 was $7.9 million, or $0.31 per share, compared to a net loss of $6.8 million, or $0.32 per share, for the same period of fiscal 2019. The Company’s non-GAAP net loss for the third quarter of fiscal 2020 was $3.4 million, or $0.13 per share, compared with a non-GAAP net loss of $6.7 million, or $0.32 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 December 31, 2020 totaled $84.4 million, compared with $57.7 million at September 30, 2020.
"Grid is driving revenue growth for the Company," said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We generated $1.7 million of positive operating cash flow in the third quarter of fiscal 2020, and ended the quarter with a strong balance sheet and an expanded portfolio of new energy power systems solutions expected to support growth.”
Business Outlook For the fourth quarter ending March 31, 2021, AMSC expects that its revenues will be in the range of $18 million to $22 million. The Company’s net loss for the fourth quarter of fiscal 2020 is expected not to exceed $8.0 million, or $0.31 per share. The Company's non-GAAP net loss (as defined below) is expected not to exceed $6.5 million, or $0.25 per share, excluding the impact from any changes in contingent consideration. The Company expects operating cash flow to be a burn of $2 million to $4 million in the fourth quarter of fiscal 2020. The Company expects cash, cash equivalents, marketable securities and restricted cash on March 31, 2021, to be no less than $80 million.
About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
