AMSC (Nasdaq: AMSC), a global solutions provider serving power grid
and wind industry leaders, today reported financial results for its
third quarter of fiscal year 2019 ended December 31,
2019.
Revenues for the third quarter of fiscal 2019
were $17.9 million compared with $14.1 million for the same period
of fiscal 2018. The year-over-year increase was a result of
higher Grid segment revenues versus the year ago period, partially
offset by lower ECS shipments to Inox during the period. The higher
Grid segment revenues are primarily due to increased D-VAR, SPS and
REG revenues versus the year ago period.
AMSC’s net loss for the third quarter of fiscal
2019 was $6.8 million, or $0.32 per share, compared to net income
of $17.3 million, or $0.85 per share, for the same period of fiscal
2018. The Company’s non-GAAP net loss for the third quarter
of fiscal 2019 was $6.7 million, or $0.32 per share, compared with
a non-GAAP net loss of $2.3 million, or $0.11 per share, in the
same period of fiscal 2018. 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, 2019 totaled $66.3 million,
compared with $68.6 million at September 30, 2019.
“Grid revenues more than doubled in the third
quarter of fiscal 2019, compared to year ago results,” said Daniel
P. McGahn, Chairman, President and CEO, AMSC. “In fact, Grid
revenues for the first three quarters of this fiscal year have
already surpassed Grid revenues from the entire prior fiscal
year. We have maintained our sales momentum, strengthened our
backlog and extended our Grid visibility well into fiscal year
2020.”
Business OutlookFor the fourth quarter ending
March 31, 2020, AMSC expects that its revenues will be in the range
of $17 million to $20 million. The Company’s net loss for the
fourth quarter of fiscal 2019 is expected not to exceed $6.0
million, or $0.28 per share. The Company's non-GAAP net loss
(as defined below) is expected not to exceed $5.0 million, or $0.23
per share. The Company expects operating cash flow to be a
burn of $2 million to $4 million in the fourth quarter of fiscal
2019. This guidance does not include any tax payments or
other costs related to the final China settlement payment.
The Company expects cash, cash equivalents, marketable securities
and restricted cash on March 31, 2020, to be no less than $61
million.
Conference Call ReminderIn
conjunction with this announcement, AMSC management will
participate in a conference call with investors beginning at 10:00
a.m. Eastern Time on Thursday, February 6, 2020, to discuss the
Company’s financial results and 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 800-367-2403 or 334-777-6978 and using conference ID
3141218. A replay of the call may be accessed 2 hours following the
call by dialing (888-203-1112 or 719-457-0820 and using conference
ID 3141218.
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 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 now powering gigawatts of renewable energy
globally and are enhancing the performance and reliability of power
networks in more than a dozen countries. 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.
AMSC, D-VAR, D-VAR VVO, Gridtec, Windtec, and
Smarter, Cleaner … Better Energy are trademarks or registered
trademarks of American Superconductor Corporation. All other brand
names, product names, trademarks or service marks belong to their
respective holders.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Any
statements in this release regarding sales, backlog and Grid
visibility into fiscal 2020; our expected GAAP and non-GAAP
financial results for the quarter ending March 31, 2020, our
expected cash, cash equivalents, marketable securities, and
restricted cash balance on March 31, 2020; and other statements
containing the words "believes," "anticipates," "plans," "expects,"
"will" and similar expressions, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements represent
management's current expectations and are inherently uncertain.
There are a number of important factors that could materially
impact the value of our common stock or cause actual results to
differ materially from those indicated by such forward-looking
statements. These important factors include, but are not limited
to: A significant portion of our revenues are derived from a single
customer, Inox, and we cannot predict if and how successful Inox
will be in executing on Solar Energy Corporation of India ("SECI")
orders under the new central and state auction regime, and any
related failure by Inox to succeed under this regime, or any delay
in Inox’s ability to deliver its wind turbines, could result in
fewer electric control systems shipments to Inox; We have a history
of operating losses and negative operating cash flows, which may
continue in the future and require us to secure additional
financing in the future; Our operating results may fluctuate
significantly from quarter to quarter and may fall below
expectations in any particular fiscal quarter; We may be required
to issue performance bonds or provide letters of credit, which
restricts our ability to access any cash used as collateral for the
bonds or letters of credit; Changes in exchange rates could
adversely affect our results of operations; If we fail to maintain
proper and effective internal control over financial reporting, our
ability to produce accurate and timely financial statements could
be impaired and may lead investors and other users to lose
confidence in our financial data; Our financial condition may have
an adverse effect on our customer and supplier relationships; Our
contracts with the U.S. government are subject to audit,
modification or termination by the U.S. government and include
certain other provisions in favor of the government, and additional
funding of such contracts may not be approved by U.S. Congress; Our
success in addressing the wind energy market is dependent on the
manufacturers that license our designs; Our success is dependent
upon attracting and retaining qualified personnel and our inability
to do so could significantly damage our business and prospects; We
may experience difficulties re-establishing our HTS wire production
capability in our Ayer, Massachusetts facility; We may not realize
all of the sales expected from our backlog of orders and contracts;
Our business and operations would be adversely impacted in the
event of a failure or security breach of our information technology
infrastructure; Failure to comply with evolving data privacy and
data protection laws and regulations or to otherwise protect
personal data, may adversely impact our business and financial
results; We rely upon third-party suppliers for the components and
subassemblies of many of our Wind and Grid products, making us
vulnerable to supply shortages and price fluctuations, which could
harm our business; Many of our revenue opportunities are dependent
upon subcontractors and other business collaborators; If we fail to
implement our business strategy successfully, our financial
performance could be harmed; Problems with product quality or
product performance may cause us to incur warranty expenses and may
damage our market reputation and prevent us from achieving
increased sales and market share; Many of our customers
outside of the United States may be either directly or indirectly
related to governmental entities, and we could be adversely
affected by violations of the United States Foreign Corrupt
Practices Act and similar worldwide anti-bribery laws outside the
United States; We have had limited success marketing and selling
our superconductor products and system-level solutions, and our
failure to more broadly market and sell our products and solutions
could lower our revenue and cash flow; We may acquire
additional complementary businesses or technologies, which may
require us to incur substantial costs for which we may never
realize the anticipated benefits; Our success depends upon
the commercial adoption of the Resilient Electric Grid ("REG")
system, which is currently limited, and a widespread commercial
market for our products may not develop; Growth of the wind energy
market depends largely on the availability and size of government
subsidies, economic incentives and legislative programs designed to
support the growth of wind energy; We have operations in, and
depend on sales in, emerging markets, including India, and global
conditions could negatively affect our operating results or limit
our ability to expand our operations outside of these markets;
Changes in India’s political, social, regulatory and economic
environment may affect our financial performance; Our products face
intense competition, which could limit our ability to acquire or
retain customers; Our international operations are subject to risks
that we do not face in the United States, which could have an
adverse effect on our operating results; Lower prices for other
fuel sources may reduce the demand for wind energy development,
which could have a material adverse effect on our ability to grow
our Wind business; Adverse changes in domestic and global economic
conditions could adversely affect our operating results; We face
risks related to our intellectual property; We face risks related
to our technologies; We face risks related to our legal
proceedings; We face risks related to our common stock; and the
important factors discussed under the caption "Risk Factors" in
Part 1. Item 1A of our Form 10-K for the fiscal year ended March
31, 2019, and our other reports filed with the SEC. These important
factors, among others, could cause actual results to differ
materially from those indicated by forward-looking statements made
herein and presented elsewhere by management from time to time. Any
such forward-looking statements represent management's estimates as
of the date of this press release. While we may elect to update
such forward-looking statements at some point in the future, we
disclaim any obligation to do so, even if subsequent events cause
our views to change. These forward-looking statements should not be
relied upon as representing our views as of any date subsequent to
the date of this press release.
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grid |
$ |
15,232 |
|
|
$ |
6,826 |
|
|
$ |
36,577 |
|
|
$ |
23,325 |
|
Wind |
|
2,683 |
|
|
|
7,308 |
|
|
|
9,120 |
|
|
|
18,293 |
|
Total revenues |
|
17,915 |
|
|
|
14,134 |
|
|
|
45,697 |
|
|
|
41,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
16,329 |
|
|
|
10,398 |
|
|
|
38,770 |
|
|
|
30,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
1,586 |
|
|
|
3,736 |
|
|
|
6,927 |
|
|
|
11,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
2,049 |
|
|
|
2,470 |
|
|
|
6,920 |
|
|
|
7,573 |
|
Selling, general and
administrative |
|
6,071 |
|
|
|
5,347 |
|
|
|
16,726 |
|
|
|
16,308 |
|
Amortization of
acquisition-related intangibles |
|
85 |
|
|
|
85 |
|
|
|
255 |
|
|
|
255 |
|
Restructuring |
|
0 |
|
|
|
47 |
|
|
|
0 |
|
|
|
450 |
|
Gain on Sinovel settlement,
net |
|
0 |
|
|
|
(24,978 |
) |
|
|
0 |
|
|
|
(53,698 |
) |
Total operating expenses |
|
8,205 |
|
|
|
(17,029 |
) |
|
|
23,901 |
|
|
|
(29,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
(6,619 |
) |
|
|
20,765 |
|
|
|
(16,974 |
) |
|
|
40,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of
warrants |
|
556 |
|
|
|
(2,475 |
) |
|
|
4,648 |
|
|
|
(2,658 |
) |
Gain on sale of minority
interest |
|
0 |
|
|
|
127 |
|
|
|
0 |
|
|
|
127 |
|
Interest income, net |
|
262 |
|
|
|
336 |
|
|
|
1,101 |
|
|
|
769 |
|
Other income, net |
|
(932 |
) |
|
|
124 |
|
|
|
45 |
|
|
|
1,058 |
|
(Loss) income before income
tax expense |
|
(6,733 |
) |
|
|
18,877 |
|
|
|
(11,180 |
) |
|
|
39,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
112 |
|
|
|
1,584 |
|
|
|
29 |
|
|
|
4,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(6,845 |
) |
|
$ |
17,293 |
|
|
$ |
(11,209 |
) |
|
$ |
35,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.32 |
) |
|
$ |
0.85 |
|
|
$ |
(0.54 |
) |
|
$ |
1.73 |
|
Diluted |
$ |
(0.35 |
) |
|
$ |
0.83 |
|
|
$ |
(0.75 |
) |
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
21,185 |
|
|
|
20,419 |
|
|
|
20,786 |
|
|
|
20,300 |
|
Diluted |
|
21,203 |
|
|
|
20,864 |
|
|
|
20,894 |
|
|
|
20,538 |
|
UNAUDITED CONSOLIDATED BALANCE
SHEET(In thousands, except per share
data)
|
December 31, 2019 |
|
|
March 31, 2019 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
25,481 |
|
|
$ |
77,483 |
|
Marketable securities |
|
25,000 |
|
|
|
0 |
|
Accounts receivable, net |
|
16,491 |
|
|
|
7,855 |
|
Inventory |
|
18,591 |
|
|
|
12,119 |
|
Note receivable, current
portion |
|
0 |
|
|
|
2,888 |
|
Prepaid expenses and other
current assets |
|
3,704 |
|
|
|
3,053 |
|
Total current assets |
|
89,267 |
|
|
|
103,398 |
|
|
|
|
|
|
|
|
|
Marketable securities |
|
10,047 |
|
|
|
0 |
|
Property, plant and equipment,
net |
|
8,840 |
|
|
|
8,972 |
|
Intangibles, net |
|
2,635 |
|
|
|
2,890 |
|
Right-of-use asset |
|
3,495 |
|
|
|
0 |
|
Goodwill |
|
1,719 |
|
|
|
1,719 |
|
Restricted cash |
|
5,754 |
|
|
|
715 |
|
Deferred tax assets |
|
1,373 |
|
|
|
1,357 |
|
Other assets |
|
361 |
|
|
|
279 |
|
Total assets |
$ |
123,491 |
|
|
$ |
119,330 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
$ |
19,379 |
|
|
$ |
15,885 |
|
Lease liability, current
portion |
|
436 |
|
|
|
0 |
|
Derivative liabilities |
|
(0 |
) |
|
|
4,942 |
|
Deferred revenue, current
portion |
|
15,220 |
|
|
|
7,557 |
|
Total current liabilities |
|
35,035 |
|
|
|
28,384 |
|
|
|
|
|
|
|
|
|
Deferred revenue, long term
portion |
|
7,923 |
|
|
|
7,962 |
|
Lease liability, long term
portion |
|
3,128 |
|
|
|
0 |
|
Deferred tax liabilities |
|
175 |
|
|
|
1,698 |
|
Other liabilities |
|
42 |
|
|
|
93 |
|
Total liabilities |
|
46,303 |
|
|
|
38,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
Common stock |
|
228 |
|
|
|
216 |
|
Additional paid-in
capital |
|
1,052,621 |
|
|
|
1,044,622 |
|
Treasury stock |
|
(2,666 |
) |
|
|
(2,101 |
) |
Accumulated other
comprehensive loss |
|
(247 |
) |
|
|
(5 |
) |
Accumulated deficit |
|
(972,748 |
) |
|
|
(961,539 |
) |
Total stockholders'
equity |
|
77,188 |
|
|
|
81,193 |
|
Total liabilities and
stockholders' equity |
$ |
123,491 |
|
|
$ |
119,330 |
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
Nine Months Ended December 31, |
|
|
2019 |
|
|
2018 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(11,209 |
) |
|
$ |
35,114 |
|
Adjustments to reconcile net
(loss) income to net cash (used in)/provided by operations: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
3,312 |
|
|
|
3,455 |
|
Stock-based compensation
expense |
|
1,236 |
|
|
|
2,402 |
|
Provision for excess and
obsolete inventory |
|
491 |
|
|
|
686 |
|
Gain on sale of minority
interest |
|
0 |
|
|
|
(127 |
) |
Deferred income taxes |
|
(1,069 |
) |
|
|
(940 |
) |
Change in fair value of
warrants |
|
(4,648 |
) |
|
|
2,658 |
|
Non-cash interest income |
|
0 |
|
|
|
(168 |
) |
Other non-cash items |
|
(22 |
) |
|
|
(752 |
) |
Unrealized foreign exchange
gain/(loss) on cash and cash equivalents |
|
(209 |
) |
|
|
— |
|
Changes in operating asset and
liability accounts: |
|
|
|
|
|
|
|
Accounts receivable |
|
(8,661 |
) |
|
|
(724 |
) |
Inventory |
|
(6,968 |
) |
|
|
3,320 |
|
Prepaid expenses and other
assets |
|
(332 |
) |
|
|
(1,380 |
) |
Accounts payable and accrued
expenses |
|
2,648 |
|
|
|
4,603 |
|
Deferred revenue |
|
7,652 |
|
|
|
(361 |
) |
Net cash (used in)/provided by
operating activities |
|
(17,779 |
) |
|
|
47,786 |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
(2,926 |
) |
|
|
(709 |
) |
Proceeds from the sale of
property, plant and equipment |
|
3,001 |
|
|
|
138 |
|
Purchase of marketable
securities |
|
(35,000 |
) |
|
|
— |
|
Proceeds from sale of minority
interest |
|
0 |
|
|
|
127 |
|
Change in other assets |
|
37 |
|
|
|
(206 |
) |
Net cash used in investing
activities |
|
(34,888 |
) |
|
|
(650 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Employee taxes paid relayed to
net settlement of equity awards |
|
(565 |
) |
|
|
(456 |
) |
Proceeds from exercise of
warrants |
|
6,139 |
|
|
|
0 |
|
Proceeds from exercise of
employee stock options and ESPP |
|
100 |
|
|
|
71 |
|
Net cash used in financing
activities |
|
5,674 |
|
|
|
(385 |
) |
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
30 |
|
|
|
(792 |
) |
|
|
|
|
|
|
|
|
Net (decrease)/increase in
cash, cash equivalents and restricted cash |
|
(46,963 |
) |
|
|
45,959 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
78,198 |
|
|
|
34,248 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
31,235 |
|
|
$ |
80,207 |
|
RECONCILIATION OF GAAP NET INCOME (LOSS)
TO NON-GAAP NET INCOME (LOSS)(In thousands, except
per share data)
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net (loss) income |
$ |
(6,845 |
) |
|
$ |
17,293 |
|
|
$ |
(11,209 |
) |
|
$ |
35,114 |
|
Sale of minority
investments |
|
0 |
|
|
|
(127 |
) |
|
|
0 |
|
|
|
(127 |
) |
Stock-based compensation |
|
590 |
|
|
|
792 |
|
|
|
1,236 |
|
|
|
2,402 |
|
(Gain) on Sinovel settlement,
net |
|
— |
|
|
|
(24,978 |
) |
|
|
— |
|
|
|
(53,698 |
) |
Amortization of
acquisition-related intangibles |
|
85 |
|
|
|
85 |
|
|
|
255 |
|
|
|
255 |
|
Changes in fair value of
warrants |
|
(556 |
) |
|
|
2,475 |
|
|
|
(4,648 |
) |
|
|
2,658 |
|
Tax effect of adjustments for
(gain) on Sinovel settlement, net |
|
— |
|
|
|
2,163 |
|
|
|
— |
|
|
|
4,991 |
|
Non-GAAP net loss |
$ |
(6,726 |
) |
|
$ |
(2,297 |
) |
|
$ |
(14,366 |
) |
|
$ |
(8,405 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per share -
basic |
$ |
(0.32 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.41 |
) |
Weighted average shares
outstanding - basic |
|
21,185 |
|
|
|
20,419 |
|
|
|
20,786 |
|
|
|
20,300 |
|
RECONCILIATION OF GAAP OPERATING CASH
FLOW TO NON-GAAP OPERATING CASH FLOW(In
thousands)
|
|
Nine months ended |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
Operating cash flow |
$ |
(17,779 |
) |
|
$ |
47,786 |
|
Sinovel settlement (net of
legal fees and expenses) |
|
1,000 |
|
|
|
(54,724 |
) |
Tax effect of adjustments |
|
2,724 |
|
|
|
2,377 |
|
Non-GAAP operating cash
flow |
$ |
(14,055 |
) |
|
$ |
(4,561 |
) |
Reconciliation of Forecast GAAP Net Loss
to Non-GAAP Net Loss(In millions, except per share
data)
|
|
Three months ending |
|
|
|
March 31, 2020 |
|
Net loss |
|
$ |
(6.0 |
) |
Stock-based compensation |
|
|
0.9 |
|
Amortization of
acquisition-related intangibles |
|
|
0.1 |
|
Non-GAAP net loss |
|
$ |
(5.0 |
) |
Non-GAAP net loss per
share |
|
$ |
(0.23 |
) |
Shares outstanding |
|
|
21.4 |
|
Note: Non-GAAP net loss is defined by the Company as net income
(loss) before; sale of minority investments; stock-based
compensation; gain on Sinovel settlement, net, amortization of
acquisition-related intangibles; changes in fair value of warrants;
other non-cash or unusual charges, and the tax effect of
adjustments calculated at the relevant rate for our non-GAAP
metric. The Company believes non-GAAP net loss assists management
and investors in comparing the Company’s performance across
reporting periods on a consistent basis by excluding these
non-cash, non-recurring or other charges that it does not believe
are indicative of its core operating performance. The Company
does not expect a further gain on sale of minority investments or
gain on Sinovel settlement, net, and the Company no longer has
any warrants outstanding, therefore the Company's non-GAAP net loss
guidance does not include the impact from these adjustments.
Actual non-GAAP net loss for the fiscal quarter ending March 31,
2020, including the above adjustments, may differ materially from
those forecasted in the table above.
Non-GAAP operating cash flow is defined by the
Company as operating cash flow before: Sinovel settlement (net of
legal fees and expenses); tax effect of adjustments; and other
unusual cash flows or items. The Company believes non-GAAP
operating cash flow assists management and investors in comparing
the Company’s operating cash flow across reporting periods on a
consistent basis by excluding these non-recurring cash items that
it does not believe are indicative of its core operating cash
flow.
Generally, a non-GAAP financial measure is a
numerical measure of a company's performance, financial position or
cash flow that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. The
non-GAAP measures included in this release, however, should be
considered in addition to, and not as a substitute for or superior
to, operating income, cash flows, or other measures of financial
performance prepared in accordance with GAAP. A reconciliation of
GAAP to non-GAAP net loss is set forth in the table above.
AMSC ContactsInvestor Relations Contact:LHA
Investor RelationsSanjay M. Hurry(212) 838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLCBob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone: 978-399-8344Email:
Nicol.Golez@amsc.com
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