AMSC (AMSC) Prelim. Q3 Revenue Tops Views

AMSC (Nasdaq: AMSC) today provided preliminary financial results for the third fiscal quarter ended December 31, 2014. AMSC expects its revenues will be approximately $21 million for the third quarter of fiscal 2014, which is above the Company's previously guided range of $18 million to $20 million.

(Consensus calls for Q3 revenue of $19.18 million).

The Company expects its net loss for the third quarter of fiscal 2014 to be between $6.5 million and $7 million, or $0.07 and $0.08 per share. Net loss includes a mark-to-market gain of approximately $2.3 million related to the revaluation of the Company's outstanding warrant liability. The Company expects that its non-GAAP net loss for the third quarter of fiscal 2014 will be between $10.0 million and $10.5 million, or $0.11 and $0.12 per share. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results. The preliminary Q3 net loss and non-GAAP net loss are each favorable compared to the Company's previous guidance of a net loss of less than $12.5 million and a non-GAAP net loss of less than $11.5 million.

The Company expects its cash, cash equivalents, and restricted cash at December 31, 2014 to be approximately $37.6 million.

"We expect both our top and bottom line results for the third fiscal quarter to be favorable compared to our previously provided guidance. As a result of anticipated sequential revenue growth in the fourth quarter, continued cost controls and an expected moderating of our cash burn, we believe we will have sufficient liquidity to fund our operations, including the arbitration award liability and our debt service requirements through December 31, 2015," said Daniel P. McGahn, President and CEO, AMSC.

The preliminary, unaudited information provided above is based on the Company's current estimate of results from operations for the third quarter of fiscal 2014 and remains subject to change based on the Company's quarterly closing procedures including our execution of our internal controls over financial reporting, and the subsequent occurrence or identification of events prior to the formal issuance of the quarterly financial statements. The Company expects to report its final third quarter fiscal 2014 financial results on or about February 5, 2015.

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