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American Superconductor Company
Finance & Accounting
Pages 4 (1004 words)
On 11th of July American Superconductor announced that they will restate the financial statements of second and third quarter of 2010. The main change which they want to implement is to record its transaction as per cash basis.
They also have to follow the guidelines given by Securities and Exchange Commission. Financial statements are used by all the stakeholders of the company. They are made to provide true and fair view of the financial health of the company. Hence if the statements do not give true and fair view of the financial health of the company statements have to be restated. In this project, restatement of financial statements of the company American Superconductor (AMSC) has been studied. American Superconductor deals in power generation systems. It develop system both mechanical and electrical equipments which are used in wind turbine system. They are also into the business of manufacturing power cables and system of voltage stabilization (American Superconductor-a, 2011). It is quoted in NASDAQ. The current share price is $7.78 (American Superconductor-b, 2011). Its last five years it had grew annually by 27.56% and the revenue grew by 40.22%. In terms of profitability currently its operating margin is 16.23% (American Superconductor-c, 2011). Most of its shares are held by Douglas. They hold about 10797500 shares. Many financial institutions like RCM Capital Management LLC, Columbia Partners LLC Investment Management etc also hold shares of American Superconductor (American Superconductor-d, 2011). The president and chief executive officer of American Superconductor is Dan McGahn (American Superconductor-e, 2011). ...
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