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American Superconductor Corp. (AMSC) filed Quarterly Report for the period ended 2011-12-31.
American Superconductor Corp. has a market cap of $279.5 million; its shares were traded at around $5.48 with and P/S ratio of 1.
This is the annual revenues and earnings per share of AMSC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AMSC.
Highlight of Business Operations:
Our Wind business unit accounted for 56% and 58% of total revenues for the three and nine months ended December 31, 2011, respectively, compared to 34% and 81% for the three and nine months ended December 31, 2010, respectively. Revenues in the Wind business unit decreased 7% and 85% to $10.1 million and $27.8 million in the three and nine months ended December 31, 2011, respectively, from $10.8 million and $183.2 million in the three and nine months ended December 31, 2010, respectively. The decrease in Wind business unit revenues for the three months ended December 31, 2011 was primarily due to lower Wind product sales in China. The decrease in Wind revenues for the nine months ended December 31, 2011 was primarily due to the loss of Sinovel as a customer, as described above.Our Grid business unit accounted for 44% and 42% of total revenues for the three and nine months ended December 31, 2011, respectively, compared to 66% and 19% for the three and nine months ended December 31, 2010, respectively. Revenues in the Grid business unit decreased 62% and 54% to $7.9 million and $20.1 million in the three and nine months ended December 31, 2011, respectively, from $20.7 million and $43.7 million in the three and nine months ended December 31, 2010, respectively. The decrease in Grid business unit revenues for the three and nine months ended December 31, 2011 was due primarily to a large D-VAR sale in the three months ended December 31, 2010 and lower HTS product sales.
Cost of revenues decreased by 40% and 61% to $18.9 million and $57.8 million for the three and nine months ended December 31, 2011, compared to $31.5 million and $149.2 million for the three and nine months ended December 31, 2010. Gross margin was (5%) and (21%) for the three and nine months ended December 31, 2011, respectively, compared to 0% and 34% for the three and nine months ended December 31, 2010, respectively. The decrease in gross margin in the three months ended December 31, 2011 compared to the same period in fiscal 2010 was due primarily to lower sales volume resulting in unabsorbed fixed costs. The decrease in gross margin for the nine months ended December 31, 2011 as compared to the same period in fiscal 2010 was primarily a result of lower sales due to the loss of Sinovel as a customer and unabsorbed fixed overhead due to idle capacity. This is expected to improve in the future quarters as the wind market in China recovers.
R&D expenses (exclusive of amounts classified as cost of revenues and amounts offset by cost-sharing funding) decreased by 30% and 10% to $5.9 million and $21.3 million for the three and nine months ended December 31, 2011, respectively, from $8.4 million and $23.6 million for the three and nine months ended December 31, 2010, respectively. Lower R&D expenditures for the three and nine months ended December 31, 2011 were primarily due to the impact of our cost reduction activities. The decrease in R&D expenditures reclassified to costs of revenue was a result of decreased efforts under license and development contracts for wind turbine designs compared to the prior year. Aggregated R&D expenses, which include amounts classified as cost of revenues and amounts offset by cost-sharing funding, decreased 32% and 12% to $8.5 million and $31.2 million, or 47% and 65% of revenues for the three and nine months ended December 31, 2011, respectively, compared to $12.4 million and $35.6 million, or 39% and 16% of revenues, for the three and nine months ended December 31, 2010, respectively. R&D expenses are expected to decline year over year for the next several quarters as a result of the restructuring actions undertaken in fiscal 2011.
SG&A expenses increased by 9% and 18% to $15.4 million and $55.0 million, or 85% and 115% of revenues, for the three and nine months ended December 31, 2011, respectively, from $14.2 million and $46.7 million, or 45% and 21% of revenues, for each of the three and nine months ended December 31, 2010, respectively.
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