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American Superconductor Corporation (AMSC) saw its loss narrow to $2.77 million, or $0.20 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.96 million, or $0.22 a share. On the other hand, adjusted net loss for the quarter narrowed to $2.91 million, or $0.21 a share from a loss of $4.93 million or $0.36 a share, a year ago.
Revenue during the quarter grew 5.34 percent to $27.15 million from $25.77 million in the previous year period. Gross margin for the quarter contracted 669 basis points over the previous year period to 18.57 percent. Operating margin for the quarter stood at negative 14.96 percent as compared to a negative 12.85 percent for the previous year period.
Operating loss for the quarter was $4.06 million, compared with an operating loss of $3.31 million in the previous year period.
"Revenues were seasonally stronger in our Wind segment in the third quarter, while our Grid revenues continued to achieve year-over-year growth," said Daniel P. McGahn, president and chief executive officer, AMSC. "In the third quarter, we demonstrated significant improvement in our operating results relative to the first and second quarters of fiscal 2016, with positive operating cash flow in the third quarter. We expect our revenues in the fourth quarter of fiscal 2016 to be strong as well."
For the fourth-quarter, American Superconductor Corp expects revenue to be in the range of $22 million to $26 million. The company projects net loss to be $5.50 million. The company expects adjusted net loss to be $5 million. The company expects diluted loss per share to be $0.39. On an adjusted basis, the company projects diluted loss per share to be $0.36.
Operating cash flow remains negative
American Superconductor Corporation has spent $10.54 million cash to meet operating activities during the nine month period as against cash outgo of $7.80 million in the last year period.
Cash flow from investing activities was $0.36 million for the nine month period, down 92.65 percent or $4.50 million, when compared with the last year period.
The company has spent $3.66 million cash to carry out financing activities during the nine month period as against cash inflow of $19.20 million in the last year period.
Cash and cash equivalents stood at $25.06 million as on Dec. 31, 2016, down 31.22 percent or $11.37 million from $36.44 million on Dec. 31, 2015.
Working capital declines
American Superconductor Corporation has witnessed a decline in the working capital over the last year. It stood at $25.90 million as at Dec. 31, 2016, down 11.78 percent or $3.46 million from $29.36 million on Dec. 31, 2015. Current ratio was at 1.68 as on Dec. 31, 2016, up from 1.65 on Dec. 31, 2015.
Days sales outstanding went down to 46 days for the quarter compared with 50 days for the same period last year.
Days inventory outstanding has decreased to 40 days for the quarter compared with 75 days for the previous year period.
Debt comes down significantly
American Superconductor Corporation has recorded a decline in total debt over the last one year. It stood at $1.45 million as on Dec. 31, 2016, down 70.49 percent or $3.47 million from $4.92 million on Dec. 31, 2015. Total debt was 1.32 percent of total assets as on Dec. 31, 2016, compared with 3.62 percent on Dec. 31, 2015. Debt to equity ratio was at 0.02 as on Dec. 31, 2016, down from 0.06 as on Dec. 31, 2015.
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