AMSC BOUNCES BACK WITH WIND, GRID SOLUTIONS

AMSC Reports First Quarter Financial Results; Company Exceeds Financial Guidance and Posts Solid Year-Over-Year Growth

August 2, 2012 (Globe Newswire via AMSC)

“…[Wind and grid solutions provider AMSC (Nasdaq:AMSC)] reported financial results for its first quarter of fiscal year 2012 ended June 30, 2012…Revenues for the first quarter of fiscal 2012 were $28.7 million, which compares with $9.1 million for the first quarter of fiscal 2011. The year-over-year increase was driven by strong growth in the company's Wind and Grid reporting segments.

“For the first quarter of fiscal 2012, AMSC reported a net loss of $10.3 million, or $0.20 per share. This figure includes a noncash benefit of approximately $7.3 million for the settlement of adverse purchase commitments with certain vendors as well as a $2.4 million non-cash "mark-to-market" charge driven by the re-valuation of the derivative liability and warrants associated with the company's recently completed debt financings. For the first quarter of fiscal 2011, AMSC's net loss was $37.7 million, or $0.74 per share…”

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“AMSC's cash, cash equivalents, marketable securities and restricted cash at June 30, 2012 totaled $87.1 million. This compares with $66.2 million as of March 31, 2012. The increase in cash, cash equivalents, marketable securities and restricted cash was driven by the financings that were completed and announced in the first quarter of fiscal 2012…The company's total backlog as of June 30, 2012 was approximately $269 million. This compares with approximately $291 million as of March 31, 2012 and $225 million as of June 30, 2011…

“For the quarter ending September 30, 2012, AMSC expects that its revenues will exceed $20 million. AMSC expects that its net loss for the second quarter of fiscal 2012 will be less than $22 million, or $0.43 per share. This guidance assumes no impact from mark-to-market adjustments related to the derivative liability and warrants…AMSC estimates that it will have more than $70 million in cash, cash equivalents, marketable securities and restricted cash on September 30, 2012…”

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