AMSC Accelerates toward Profitability with the Acquisition of Northeast Power Systems, Inc. - Seite 2

The Company expects its cash, cash equivalents, marketable securities and restricted cash at September 30, 2020 to be approximately $57 million, which is in line with the Company’s previous guidance provided on August 5, 2020. As noted above, on October 1, 2020, the Company paid $26 million in cash in connection with its acquisition of NEPSI.

The preliminary, unaudited information provided above is based on the Company’s current estimate of results from operations for the second quarter of fiscal 2020 and its cash, cash equivalents, marketable securities and restricted cash at September 30, 2020, and remains subject to change based on the Company’s closing procedures, including the Company’s execution of its internal controls over financial reporting, and the subsequent occurrence or identification of events prior to the formal issuance of the unaudited quarterly financial statements. The Company expects to report its second quarter of fiscal 2020 financial results on or about November 5, 2020.

Preliminary Third Quarter Fiscal 2020 Business Outlook
For the third quarter ending December 31, 2020, AMSC currently expects that its revenues will be in the range of $22 million—$25 million. The Company expects to generate positive operating cash flow in the third quarter.  This guidance includes NEPSI’s expected impact on the financial results for the third quarter ending December 31, 2020.

Conference Call
In conjunction with this announcement, AMSC management will conduct a conference call with investors beginning at 8:30 a.m. Eastern Time on Tuesday, October 6, 2020. Those who wish to listen to the live or archived conference call webcast should visit the "Investors" section of the Company's website at https://ir.amsc.com. The live call also can be accessed by dialing 800-367-2403 or 334-777-6978 and using conference ID 5317355.

About Northeast Power Systems, Inc. (NEPSI)
Northeast Power Systems, Inc. (NEPSI) is the leading global provider of medium-voltage metal-enclosed power capacitor banks and harmonic filter banks for use on electric power systems. Founded in 1995, the New York based company has grown to be the world's market leader and most trusted name for the supply of medium-voltage metal-enclosed power factor correction and harmonic filter systems. NEPSI products help deliver electric power more efficiently and reliably by improving power factor, reducing voltage distortion, and leveling the load voltage profile to large power producers and consumers. NEPSI’s products are used in large remote mine and rectifier applications where non-linear load equipment dominates the facilities energy consumption making the filter system's reliability a critical component to the operation of the plant. Its equipment is also used by the renewable energy industry to meet strict interconnect requirements to remain in operation, and by small industrial and commercial power systems to alleviate power factor penalties. All NEPSI products are proudly designed and built in upstate New York.