* Expects third-quarter adj loss of less than $0.31/share
* It had earlier forecast adj loss of less than $0.26/share
* Shares fall 11 pct in early trading
Nov 28 Power technology company AMSC
said it laid off about a quarter of its workforce due to
"challenging conditions" in the wind power market.
The company also cut its loss outlook for the current
quarter ending December to less than 31 cents per share,
excluding items. It had earlier forecast a loss of less than 26
The maker of electrical components for wind turbines said it
has about 340 employees after the workforce reduction.
AMSC has been struggling to return to a profit after losing
major customer Sinovel Wind Group in 2011, but a
weak global economy and industry overcapacity have kept progress
Devens, Massachusetts-based AMSC's shares fell 11 percent to
$2.47 in early trading on the Nasdaq. They have lost more than
80 percent of their value since Chinese wind turbine maker
Sinovel refused to accept shipments in April 2011.
AMSC's revenue from the wind turbine business fell more than
10 percent in the quarter ended September.
"Financing and cash flow among wind farm developers and wind
turbine manufacturers have been constrained, which has impacted
growth plans for some of our partners," Chief Executive Daniel
McGahn said in a statement.
AMSC said it expects to incur restructuring charges of
between $3 million and $4 million related to the job cuts over
the next two quarters, $2 million of which will be taken in the
The company also expects savings of about $10 million from
the restructuring, fully realized in the quarter ending June