OREANDA-NEWS. AMSC (NASDAQ:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its fourth quarter and full year fiscal 2015 ended March 31, 2016.

Revenues for the fourth quarter of fiscal 2015 were $27.5 million, compared with $25.1 million for the same period of fiscal 2014. The year over year increase in revenues was due primarily to higher Grid segment revenues in the fourth quarter of fiscal 2015.

AMSC’s net loss for the fourth quarter of fiscal 2015 was $3.4 million, or $0.25 per share, compared to $3.4 million, or $0.36 per share, for the same period of fiscal 2014. Fourth quarter fiscal 2014 net loss included a gain of $2.2 million related to the reversal of legal expenses associated with the settlement of a dispute with a former insurer, and a gain of $1.2 million related to the final settlement of an arbitration proceeding with a former customer.

The Company’s non-GAAP net loss for the fourth quarter of fiscal 2015 was $3.8 million, or $0.28 per share, compared with a non-GAAP net loss of $6.4 million, or $0.69 per share, in the same period of fiscal 2014. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Revenues for the full year fiscal 2015 were $96.0 million as compared to $70.5 million in fiscal year 2014. The full year growth in revenues was driven by growth in both business units. AMSC reported a net loss for full year fiscal 2015 of $23.1 million, or $1.76 per share, compared to a net loss of $48.7 million, or $5.74 per share, for fiscal year 2014. The Company's non-GAAP net loss for full year fiscal 2015 was $26.2 million, or $1.99 per share, compared with a non-GAAP net loss of $39.6 million, or $4.67 per share, for fiscal year 2014.

Cash, cash equivalents, and restricted cash at March 31, 2016 increased to $40.7 million, compared with $37.7 million at December 31, 2015.

“Fiscal year 2015 was a year of strong revenue growth in both business units, and improved financial health for our company,” said Daniel P. McGahn, President and CEO, AMSC. “I am very pleased to report that our team here at AMSC delivered results beyond my expectations. As a result, we enter fiscal 2016 with a stronger balance sheet and improved longer-term prospects in both our Wind and Grid businesses.”

Business Outlook
“First quarter revenues will be negatively impacted by historical seasonality in our revenues from Inox, compounded by what has been described by Inox as a near-term working capital constraint,” added McGahn.  For the first quarter ending June 30, 2016, AMSC expects that its revenues will be in the range of $12 million to $14 million. The Company’s net loss for the first quarter of fiscal 2016 is expected to be less than $13.0 million, or $0.94 per share. AMSC expects that its non-GAAP net loss (as defined below) for the first quarter of fiscal 2016 will be less than $12.5 million, or $0.90 per share.  “Based on discussions with our customers, revenues in our Wind segment are currently expected to return to a more normal level in the second fiscal quarter,” said McGahn.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time today to discuss the Company’s results and its business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at http://www.amsc.com/investors. The live call also can be accessed by dialing 719-457-2689 and using conference ID 5408475.