Bloomberg News

AMSC Loss to Expand to $33 Million on Severance Costs

December 01, 2011

(Corrects to say wider loss is from job cuts in headline, and first and third paragraphs of story published Nov. 30)

Nov. 30 (Bloomberg) -- American Superconductor Corp.’s severance costs will increase its loss in the current quarter.

The company expects a net loss of less than $33 million this quarter, Chief Executive Officer Dan McGahn said today. AMSC, based in Devens, Massachusetts, forecast a net loss of less than $30 million when it reported quarterly results Nov. 9.

McGahn said AMSC will incur less than $3 million in costs related to job cuts as it recovers from losing its largest customer, Sinovel Wind Group Co., widening its anticipated loss. McGahn spoke in a presentation at the Baird Clean Technology Conference in San Francisco.

--Editor:

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net


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