The proxy indicates the company will probably do a reverse split. Cut and pasted:
Our Board of Directors has adopted and is recommending that our stockholders approve a series of five separate amendments to our Restated Certificate of Incorporation and thereby authorize the Board of Directors to select and file one such amendment to effect a reverse stock split of our common stock at a ratio of 1-for-8, 1-for-9, 1-for-10, 1-for-11, or 1-for-12, such ratio to be determined by our Board of Directors, and decrease the number of authorized shares of our common stock to 75,000,000.
Romania was supposed to service Windtec's customers outside China, so if they are up and running I guess it's fair to assume that. Good luck
MUMBAI: INOX Wind Ltd (IWL), a subsidiary of Gujarat Fluorochemicals will set up a single location integrated wind turbine manufacturing facility in Madhya Pradesh's Barwani district.
The plant will be set up with an investment of over Rs 300 crore. INOX Wind has 400 MW of projects under it in Madhya Pradesh, making it the largest developer in the state. The company will be manufacturing Nacelles (800 MW capacity), hubs, blades (800 MW capacity) and towers (800 MW capacity), a company statement said here today.
The company will be manufacturing a 2 MW turbine and various variants including the 93 rotor diameter and the 100 rotor diameter. This complex will also be manufacturing Inox's Gen-Next 113 rotor diameter turbine
The Barwani facility is spread over 45 acres and is bigger than other standalone manufacturing facilities of INOX Wind in Una in Himachal Pradesh and Rohika in Gujarat, the release said.
"The MP government is aiming for 10 GW while country has done 3.2 GW till date, which is expected to exponentially grow. The Commissioning of our Barwani facilities will happen from April 2015 to March 2016. The manufacturing complex in Barwani will lead to an expected job creation in excess of 3,000 people ..
INOX plans to set up 2500-3000 MW in next two years. Due to continuous investment, it has been growing at 79 per cent CAGR even as the sector went through tough times in last few years, it said
...INOX Wind already had manufacturing plants for blades and towers in Gujarat.
It has entered into a license agreement with a foreign firm WINDnovation to allow it to manufacture 100 meter rotor diameter rotor blade sets. As part of its initiative to increase inventory of project sites, INOX has acquired access to certain project sites in Rojmal in Gujarat, Dangri in Rajasthan, Bhendewade and Vaspet in Maharashtra and Palakkad in Kerala.
My take is that a way has been found to pay off Sinovel's bond holders. Starting Dec 27, those bond holders could demand payment on principal. If they are doing so in large numbers, then Sinovel's cash is about drained. AMSC is suing a broke company, in that case.
Jan 12 (Reuters) - Sinovel Wind
* Says unit Sinovel Wind Group Spain sold 91 million
H-shares in Huaneng Renewables at HK$2.7 per share
Hong Kong dollars are worth about 0.35 U.S. dollars. According to my math Sinovel raised about U.S.$86 million. I think this plus the recent sale of their receivables should about take care of paying the principal on their bonds. After that, nothing left
"It has been my observation that amsc has focused on high volume low cost production and marketing of cables."
Lafeet, the ceo said in a recent conference call that they were previously focused on that, but not anymore. His exact words:
“REG represents what AMSC will be in the coming years. The REG system solution demonstrates A FUNDAMENTAL SHIFT TO OUR STRATEGY AROUND SUPERCONDUCTORS. PREVIOUSLY, WE’VE BEEN FOCUSED ON INCREASING WIRE SALES AND USING VOLUME TO DECREASE COSTS."
This is the third time I've pointed out to you what the company has said. I think the difficulty you have in catching on to this is that you had personally put such high hopes in what you called amsc's "new production line". You had expectations of high volumes of wire production (starting with the LS Cable deal)
Using high volume to drive down costs is putting the cart before the horse. In the first place, nobody buys high volumes if the cost is way too high. (as it is now with hts wire) Get the cost down to something within reason first. Then it could catch on, and as volume increases, cost and margins can improve with economies of scale.
GE buys company's that are profitable, and divests units that are unprofitable.
Yes, GE will let other companies continue to lose money developing hts wire. If the wire ever becomes affordable, then GE will buy the wire to make and sell devices
There may be companies out there interested in amsc's hts assets and IP. But the price is likely less than the current market cap, imo
Reuters – 3 hours ago
Jan 8 (Reuters) - Sinovel Wind Group Co Ltd
* Says securities regulators to fine company for inflating
sales figures dating back to 2011
Oh, no, vcpaddler ! You have just given lafeet an excuse to compose a thousand word, angry political lecture which has nothing to do with amsc. It's his way of easing the pain of backing a loser.
Every time amsc requests the SEC for confidential treatment, someone on this message board thinks it’s a great mystery. It’s not. It has to do with the prices and the delivery schedules in their contracts with Inox. Here’s how the CT Order reads:
“American Superconductor Corporation submitted an application under Rule 24b-2 requesting confidential treatment FOR INFORMATION IT EXCLUDED FROM THE EXHIBITS TO A FORM 10-Q FILED ON NOVEMBER 6, 2014. “
(caps are mine)
Find the SEC’s website and figure out how to navigate around it. It’s very easy. Open up Exhibit 10-1 of the 10q filed on Nov 6. It is the latest contract with Inox The price for each set of electrical components, as well as the delivery period for each set, is in the contract. But the company considers this confidential information. So when you read the contract, all you see for the price is this:
“The price for each of the [**] ([**]) ECS, FCA Shanghai, China and/or any place in Europe, excluding VAT shall be: EUR [**] (EURO [**] ONLY). “
In place of a number, they have put asterisks ***
Likewise, in the delivery period schedule, they have put asterisks instead of dates, because it’s confidential information.
That’s all. Prices and delivery dates are confidential.
Was surprised when my google radar found there was a hearing Dec 18 in a Singapore high court between amsc and ghodawat. Cut and paste the following into a search:
AMSC AUSTRIA GMBH (formerly known as WINDTEC ENGINEERING GMBH) v GHODAWAT ENERGY PVT LTD (formerly known as GHODAWAT INDUSTRIES (INDIA) PVT LTD)
I know amsc says they are exploring their options in the arbitration ruling in favor of Ghodawat. Seems weird that a Singapore court would have jurisdiction in a dispute between an American and an Indian company, but who knows. Maybe Singapore was where the arbitration took place. I did notice that the 8k announcing the award against amsc stated that the $11 million award “bears interest at the Singapore judgment rate, which is currently 5.33% …”
so maybe it makes sense
You get these one's and two's with fcl's. Every year they install one or two, always supported with govt money. This one is "sponsored by the Bavarian State Ministry for Economic Affairs and Media, Energy and Technology"
It's meaningless until you get a real flow of commercial sales bought without government welfare.
About two years ago amsc announced the availability of a "commercial" fcl in the United States. Not a single sale since the announcement.
Believe me, ya'll. I've been following hts developments since around 2001. HTS is fascinating and exciting, but certain obstacles (mainly cost) will keep it from becoming commercial in the foreseeable future.
In the Nov 6, 2012 conf call, CEO McGahn stated:
“As a reminder, the vast majority of the expenses related to our litigation against Sinovel are already behind us. Future legal fees will primarily be on contingency and will be tied to proceeds from either a judgment or a settlement"
This is supported by the company's figures in the last 10k. If you care to read it, on pg 41 you'll find that amsc spent $18,000 on Sinovel litigation in the fiscal year ending Mar 31, 2014. This compares to $691,000 in the fy ending Mar 2013, and $5,846,000 in the fy end Mar 2012.
18 thousand dollars last year. That's nothing.
Hope that helps you figure things out. Good luck
dash stated: "The reason they need money is that they're fight a giant lawsuit in attempts to get 1.2 billion dollars. Lawsuits are very expensive!"
That is incorrect. The company stated a long time ago that any further legal expenses connected to the Sinovel lawsuit would be on a contingency basis only.
The reason they need money is because they continue to burn cash from operations.
Based on guidance, sequential revenue is about to double compared to the last two quarters. First 6 months of this fy revenue was $24 million (about $12m per quarter). They guided for $65m - $75m total revenue for the year. Subtracting out the $24m from the first 6 months, the lower end of their guidance suggests $41m revenue over the next six months. (More than $20m per quarter.)
That's the lower end of their guidance. The company's history of meeting guidance is not perfect, but it's fairly good, imo.
Inox is likely the main driver of their revenue improvement, and if you've been reading anything about the wind market in India, their revenue from Inox will most likely increase in the future.
I have no illusions, though. As I've stated before, Inox alone will not get this company to cash flow positive. It's not a good long term investment at this time. But the stock is oversold given that things will most likely improve in the immediate future.
Anyway, hyattyattyatt, it's funny you should demand "data" from me. You don't seem to be big on "data" yourself, looking at some of your posts.
... within a few months.
In the face of what must be some selling pressure from tax loss selling, the stock is holding up or rising slightly on higher volume. RSI improving and MACD turning positive.
Yes, the company's current balance sheet and their financial performance in the last few quarters are pathetic, but so what? The stock is oversold and revenue is practically guaranteed to be on the rise, due mostly to Inox.
Not enough to turn cash flow positive, of course. This is not a safe long term investment unless something really breaks for the company. It's a good trade here, though, imo. GLTA