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American Superconductor Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 6, 2012 03:07PM

American Superconductor Corp. (AMSC) filed Quarterly Report for the period ended 2012-09-30. Amsc has a market cap of $190.6 million; its shares were traded at around $3.79 with and P/S ratio of 2.5.



Highlight of Business Operations:

Our Wind business unit accounted for 58% of total revenues for the three and six months ended September 30, 2012, respectively, compared to 65% and 59% for the three and six months ended September 30, 2011, respectively. Revenues in the Wind business unit decreased 11% and increased 61% to $12.0 million and $28.5 million in the three and six months ended September 30, 2012, respectively, from $13.5 million and $17.7 million in the three and six months ended September 30, 2011, respectively. The decrease in the Wind business unit revenues in the three months ended September 20, 2012, compared to the same prior year period was primarily due to decreased shipments of electrical control systems to customers in Korea. Wind business unit revenues increased in the six months ended September 30, 2012, as compared to the prior year period primarily due to increased shipments of electrical control systems to customers in China and India.

Our Grid business unit accounted for 42% of total revenues for both the three and six months ended September 30, 2012, respectively, compared to 35% and 41% for the three and six months ended September 30, 2011, respectively. Our Grid business unit revenues increased 21% and 73% to $8.9 million and $21.1 million in the three and six months ended September 30, 2012, respectively, from $7.4 million and $12.1 million for the three and six months ended September 30, 2011, respectively. For the three and six months ended September 30, 2012, Grid business unit revenues increased primarily due to increased D-VAR shipments to customers in Europe and Australia.

Cost of revenues was $20.4 million and $37.3 million for the three and six months ended September 30, 2012, respectively, and $21.9 million and $38.9 million for the three and six months ended September 30, 2011, respectively. Gross margin was 2% and 25% for the three and six months ended September 30, 2012, respectively, compared to (6%) and (30%) for the three and six months ended September 30, 2011, respectively. The increases in gross margin for both the three and six months ended September 30, 2012 as compared to the same periods in fiscal 2011 were primarily due to settlements of certain adverse purchase order liabilities resulting in a benefit to

R&D expenses (exclusive of amounts classified as cost of revenues and amounts offset by cost-sharing funding) decreased by 50% and 51% to $3.6 million and $7.5 million for the three and six months ended September 30, 2012, respectively, from $7.3 million and $15.4 million for the three and six months ended September 30, 2011, respectively. The decrease in R&D expenses was driven primarily by the realization of savings from actions to reduce personnel and other costs that were implemented in fiscal 2011. The increase in R&D expenditures reclassified to costs of revenue during the three months ended September 30, 2012 was a result of increased activity under our government funded contracts in our Grid business unit compared to the prior year period. The decrease in R&D expenditures reclassified as costs of revenue during the six months ended September 30, 2012 was a result of decreased activity under license and development contracts for wind turbine designs, particularly during the first quarter of the six months ended September 30, 2012. Aggregated R&D expenses, which include amounts classified as cost of revenues and amounts offset by cost-sharing funding, decreased 24% and 35% to $8.0 million and $14.9 million for the three and six months ended September 30, 2012, respectively, compared to $10.6 million and $22.8 million for the three and six months ended September 30, 2011, respectively.

We incurred non-GAAP net losses of $15.2 million and $25.4 million or ($0.29) and ($0.49) per share, for the three and six months ended September 30, 2012, respectively, compared to a non-GAAP net losses of $22.1 million and $52.9 million, or ($0.44) and ($1.04) per share, for the three and six months ended September 30, 2011, respectively. The decreases in the non-GAAP net losses were driven primarily by the factors that resulted in a lower net loss, including the savings from cost reduction actions undertaken in fiscal 2011 and increased revenues, particularly during the six months ended September 30, 2012.

Read the The complete Report



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