The Vermont Business Roundtable recognized its 25th anniversary and wrapped up a year-long celebration with a series of discussions and presentations focused on generational leadership and future change. The proceeds from its annual dinner and year-long fundraising initiative raised over $100,000 for its Nordic Educational Trust post-secondary, technical education scholarships. Pictured Former Chairs: (F) Gov. F. Ray Keyser, Jr., Fred Bertrand, Bill Schubart, Staige Davis(B) Lisa Ventriss (President), Gov. Thomas Salmon, Dick Chapman, Maxine Brandenburg (Founding President), Tim Volk, Steve Voigt (Current Chair), Bill StritzlerPhoto Credit: Karen Pike Pictured: Gov. Jim Douglas, Gov. Tom Salmon, Gov. Madeleine Kunin, Gov. Ray KeyserPhoto Credit: Karen Pike At its afternoon membership meeting, featured speakers included former Governors Douglas, Keyser, Kunin and Salmon, and past board chairs who commented on the ways in which the Roundtable has shaped Vermontâ s policy agenda and made lasting contributions to our understanding of critical issues. Also at the business meeting, members voted to extend Honorary Membership to Governors Howard Dean, Jim Douglas and Madeleine Kunin, who join former Roundtable chairs, Governors Keyser and Salmon. Members also elected John Brumsted, M.D., CEO of Fletcher Allen Health Care to its board of directors. Pictured: Lisa Ventriss (President), Vision Award Recipient, Mary Powell, Steve Voigt (Chair)Photo Credit: Karen PikeThe evening dinner gala included a presentation of the Roundtableâ s Vision Award to Mary Powell, CEO, Green Mountain Power, for her visionary and transformational leadership style that has benefitted not only her company but the State of Vermont and numerous not-for-profit organizations. Also at the event, the Board of Directors presented Lisa Ventriss with a gift recognizing her 10th anniversary of exceptional leadership as President of the organization. The Roundtable is a nonprofit, nonpartisan organization of 120 CEOs of Vermont’s top private and nonprofit employers, representing geographic diversity and all major sectors of the Vermont economy, with an aggregate economic impact of $292 billion, over $1.8 billion in corporate philanthropy, and employing more than 10 percent of the stateâ s workforce. The Roundtable is committed to sustaining a sound economy and preserving Vermontâ s unique quality of life by serving as a forum for studying and making recommendations on statewide public policy issues.
On June 30th Rotarians will gather for a gala Rotary District-wide event at the Grappone Conference Center Courtyard by Marriott where the honorable Rotary International President-elect, Sakuji Tanaka, will recognize the awarding of a $412,000 Vermont Recovery Matching Grant by the Rotary Foundation. This matching grant which consists of $174,006, combined with the $238,284 raised from local Rotary Districts and clubs, will be used to assist in the long term recovery for the victims of Tropical Storm Irene that hit the VT Region on August 28, 2011. This matching grant earmarks one of the largest allocations of matching funds on American soil, to date. The grant funds will be allocated to the counties in proportion to the percent of need determined by FEMA data. Working with Southern Vermont Community Agency (SEVCA) to do the screening and delivery of services needed through the other Community Action Agencies. To date, Rotarians have helped in the relief and recovery effort in numerous communities throughout the region. â We are confident that these rotary funds will support the humanitarian efforts required to launch a second wave of assistance to those still needing help to get back to a â new normal’in Vermontâ , says District Governor Janice McElroy. McElroy has spearheaded this grant application for the past seven months helping Rotarians get involved in a hands-on way. Rotary Club of Concord is a local non-profit membership based organization with the purpose of providing service above self within our local community and internationally. For more information about rotary or rotary membership visit: www.clubrunner.ca/(link is external) concordnh /.
by Andrew Stein June 25, 2013 vtdigger.org Critics of nuclear energy and the Vermont Yankee nuclear power plant have repeatedly voiced concern that mounting levels of radioactive material in the plant’s spent fuel pool pose a threat to public safety. But a study released this week by the Nuclear Regulatory Commission (NRC) finds that the likelihood of a spent fuel pool leak from a severe earthquake is slim to none.The NRC began studying the safety of on-site spent fuel pools in the U.S. after a March 2011 earthquake damaged the Fukushima Dai-ichi nuclear plant. Although the spent fuel pools remained intact at the Japanese plant, the NRC analyzed whether a speedy transition of spent fuel from water pools to dry cask storage would significantly reduce public safety risks, as critics have argued.The commission’s findings?‘The Office of Nuclear Reactor Regulation’s regulatory analysis for this study indicates that expediting movement of spent fuel from the pool does not provide a substantial safety enhancement for the reference plant,’the report says. ‘The NRC continues to believe, based on this study and previous studies, that spent fuel pools protect public health and safety.’For its study, the NRC used a hypothetical model of an earthquake roughly seven times the strength that a spent fuel pool at a Mark 1 reactor is designed for. Fukushima, Vermont Yankee and roughly two dozen other nuclear plants across the U.S. are home to General Electric Mark 1 reactors. The study found that the probability of a severe earthquake breaching a spent fuel pool is about once in 10 million years.‘It’s difficult to draw a direct comparison between Fukushima and what we looked at in the study,’NRC spokesman Scott Burnell said. ‘The earthquake in the study does conceivably cause greater ground motion than what was seen at Fukushima.’Spent fuel pools are lined with stainless steel and surrounded by reinforced concrete. Roughly every 18 months spent fuel is removed from the Vermont Yankee nuclear plant and placed under more than 20 feet of water in the spent fuel pool. After roughly five years, the fuel is cooled to the point where it can be placed in dry casks for long-term storage.The study analyzed a spent fuel pool that was close to capacity and one that was less full.‘Our detailed analysis showed that even a very strong earthquake has a low probability of damaging the pool studied to the point of losing water,’Brian Sheron, director of the NRC’s Office of Nuclear Regulatory Research, said in a public statement. ‘The draft study also shows that even if this particular pool was damaged, the fuel could be kept safely cool in all but a few exceptional circumstances. We’ll use the final study to inform further analysis of U.S. spent fuel pools.’To read the draft report and make comments, click here. As of Tuesday morning, the comment period had not yet opened. Burnell expects the 30-day comment window to open later this week or next.Comments can also be submitted via mail, using the docket identification number NRC-2013-0136. Comments should be sent to:Cindy BladeyChief, Rules, Announcements, and Directives Branch (RADB)Office of Administration, Mail Stop: TWB-05-B01MU.S. Nuclear Regulatory CommissionWashington, DC 20555
FairPoint Communications, Inc (Nasdaq: FRP), a leading provider of advanced communications in northern New England, has expanded broadband to 140 homes and businesses in Rochester. FairPoint’s new fiber-based, high-capacity network offers customers a better, faster way to communicate.“Our next-generation network allows us to expand broadband service into areas with no high-speed Internet access and provide enhanced services across the state,” said Beth Fastiggi, FairPoint state president for Vermont. “Broadband availability opens the doors to the world for the residents and businesses in Vermont and is fundamental to the state’s future economic growth.”FairPoint provides residential speed options up to 15Mbps. Broadband service on the next-generation network means customers can smoothly stream live video, play online games and upload photos and large files with ease. Reliable broadband access provides almost instant connections to information, news and entertainment.FairPoint’s broadband Internet service will reach customers along all or portions of the following streets: Access Road, Austin Hill, Bingo Road, Brandon Mountain Road, Clay Hill, Corporation Road, Falcon Loop, Forest Lane, Great Hawk Road, Great Pond Road, Hillside Terrace, King Farm Road, Maple Hill, Marine Hill, Osprey Run, Perkins Brook Road, Pine Lane, Sparrow Hawk Road, Upper Sparrow Hawk Road, West Hill Road and Wing Farm Road.FairPoint has invested nearly $100 million in its network in the Green Mountain State and has added 1,100 miles of new fiber, providing high-speed access to 92 percent of its Vermont service areas. The Rochester expansion was funded in part by the Federal Communications Commission’s Connect America Fund, or CAF, established in 2011 with the sole purpose to accelerate broadband buildout to the 18 million Americans living in rural areas who currently have no access to robust broadband services.About FairPoint Communications, Inc.FairPoint Communications, Inc. (Nasdaq: FRP) provides advanced data, voice and video technologies to single and multi-site businesses, public and private institutions, consumers, wireless companies and wholesale re-sellers in 17 states. Leveraging an owned, fiber-core Ethernet network — including more than 16,000 route miles of fiber in northern New England — FairPoint has the network coverage, scalable bandwidth and transport capacity to support enhanced applications, including the next generation of mobile and cloud-based communications, such as small cell wireless backhaul technology, voice over IP, data center colocation services, managed services and disaster recovery. For more information, visit www.FairPoint.com(link is external).SOUTH BURLINGTON, Vt. (June 11, 2014) – FairPoint Communications, Inc
Layoffs are done by seniority, according to the terms of the Faculty Federation contract. Total number of full time faculty: 80 8 full time faculty across four departments informed of lay-off. Five of them were tenured faculty, for whom the layoff date is July 31, 2015. 6 non-instructional staff were laid off in April of last year, and the salaries of senior administrators were frozen this fiscal year. Departments affected: Civil Engineering Technology; English, Humanities and Social Science; Landscape Design and Horticulture; Architectural Engineering Technology; Electrical Engineering Technology. Vermont Technical College,Vermont Tech’s President Dan Smith released the following statement Monday on the recently announced layoffs at the Randolph-based college: “I am sorry to be in this position today. After our fall enrollment numbers came in, it became apparent that it was not realistic to expect to get through this fiscal year without personnel actions among the Faculty of the college. We continue to face multi-million dollar shortfall this year that will compound into the next, just as it has from prior years to present day. “Today we informed eight members of our full time faculty that as of July 31, 2015, they would no longer be employed by the college. I do not discount the personal, emotional or organizational toll associated with these steps. Some of them are among our best and most diligent professors. The people affected have given heart, energy and many years to the college and our students. I am grateful for their service.”As a consequence of the paltry state support we receive, this college is an enrollment-driven institution. Relative to public institutions in other states, we are uniquely vulnerable when fewer students come through the door. Instead of ensuring the availability of the programs necessary to drive the state economy and sure to give Vermonters a chance to be successful, the state has put those programs at risk. This is a foreseeable consequence of the state’s funding history and practice. STORY: VTC to lay off eight full-time faculty, 27 adjuncts may not be hired back next fall”The frustrating irony is that there should be nothing but confidence in the quality and value of the education we offer at Vermont Tech. More students could benefit from the programs we offer, taught the way we teach them, with a heavy emphasis on hands-on learning. As I travel the state, meeting with employers and public officials, our graduates are in demand. Throughout this country, from the first day they get to work, our alumni are running farms, designing and building projects, managing manufacturing lines, companies and clinics. You cannot open a national newspaper without reading an article about the steadily growing need for students trained in applied technical programs like ours.”It is my hope that much of what the college needs can be achieved through retirement and other attrition, but the actions taken today were unavoidable. I believe I have taken steps strategically, and in a manner that ensures we remain consistent with our mission: the delivery of high quality, applied educational programs that effectively prepare our students for the workforce of the state and region. When it comes to classroom, lab, farm, clinic and field, no one does what we do, as well as we do it.”This situation is also frustrating because inquiries are up. Awareness is up. Programs are focusing on innovation and access. To parents and future students, I would say that I hold no doubt that the future of this institution is strong and whether we are talking about renewable energy, civil and environmental engineering, computer science or agriculture, we will continue to deliver the most unique and highest quality career-oriented education in New England.”Facts: Total number of part time faculty: 128 Source: Vermont Tech – Vermont Tech is a leading public college with a mission of applied education. One of the five Vermont State Colleges, Vermont Tech serves students from throughout Vermont, New England, and beyond at its two residential campuses in Williston and Randolph Center, regional campuses in Brattleboro and Bennington, and at six nursing campuses located throughout the state. Vermont Tech takes an optimistic, rooted and personal approach to education to support students in gaining the confidence and practical skills necessary to not only see their potential, but to experience it. Our academic programs encompass a wide range of engineering technology, agricultural, health, and business fields that are vital to producing the knowledgeable workers needed most by employers in the state and in the region. www.vtc.edu(link is external).
Republican gubernatorial candidate Scott Milne has chosen to continue the race for governor by asking the Legislature to decide the election when it convenes in January. Governor Peter Shumlin received the most votes in the November election, but not a majority. The Vermont Constitution states that in such cases where no candidate receives a majority that a simple majority of the Legislature will decide. Each representative and senator gets one vote. In modern Vermont politics, the runner up in a plurality election has not challenged the outcome of the election in the Legislature. Shumlin received 89,509 votes or 46.53 percent of the vote; Milne received 87,075 votes or 45.27 percent. Milne could have but declined to ask for a recount.Milne offered a scathing outline of the Shumlin Administration in a press conference at the State House in Montpelier Monday morning. Milne said legislators will have to “accept responsibility for the results” of their decision. In prior statements, Milne has indicated that since he won the majority of House districts, that those representatives should vote as their constituents did. He indicated that he would not lobby legislators.Milne Statement”I want to thank you for joining me here in the Cedar Creek Room this morning. Julian Scott’s 140 year old painting of a battle in the closing months of our Civil War lends some perspective as we talk about Vermont’s problems, and my plan for getting our state back on track. Although Vermont is in real trouble today, in the context of history – we will be fine – we just need to come together and get to work.”Our problems are a result of poor leadership from our governor and his headstrong administration. It’s an administration that is short on facts and follow-through, while long on politics, opinions, and agendas.Scott Milne. VBM file photo.”Our problems are greater because of our trusting nature. We tend to believe what our leaders tell us. One message of the 2014 election is that many Vermonters are distrustful of the incumbent- they see his continued presence in the executive office as detrimental to our future.”Our government’s way of managing the people’s business and the people’s money is not in keeping with Vermont’s traditional values. This is wreaking havoc all across our great state.”It is a problem that we are unable to control our appetite for spending. Modest growth in tax receipts coupled with large spending increases are causing cuts to this year’s budget and a projected 100 million dollar deficit next year.”It is a problem that we have an increasingly arrogant, Montpelier-centric, government that presumes it knows what is best for all Vermonters- even in the face of growing evidence that our government is out of touch and losing legitimacy. The 2014 election proves this.”It is a problem that people who love Vermont and have done so much to build Vermont are leaving our state because of our deaf government and burdensome cost of living. I believe the 2014 election has highlighted this problem.”I am convinced that Vermonters are way ahead of most politicians, and the politically powerful in understanding the dire situation we are in. The 2014 election supports my conviction.”I am blessed to come from a line of Vermonters who’ve been public servants. My mother, grandfather, and father have all served in our legislature, among many public service roles. I’ve learned from them – and other fine mentors I’ve been fortunate to have – that actions trump words and doing things is more important than promising things.”I believe the senators and representatives who will be electing our next governor in a joint assembly of our legislature in the New Year will place the best interests of Vermont ahead of what is good for themselves or their political interests. If I were one of them, I would very seriously consider a vote for Scott Milne.”By our constitution, when no candidate receives a majority of votes the Joint Assembly elects the governor. The general election did not elect a governor – that will happen in this building in one month.”I don’t have a vote in this election, but if I were a legislator, I’d exercise this franchise independently of any pressure from party politics or personal advantage. I would seek to honor the constitutional oath that by giving my “vote or suffrage, touching any matter that concerns the State of Vermont, [I] will do it so as in [my] conscience [I] shall judge will most conduce to the best…as established by the Constitution, without fear or favor of any person.””I would consider the record of the incumbent, in judging whether his record justifies the blessing of a vote for the office. I would weigh his promises against his performance. No one earns another term, but performance must serve as a measure of fitness.”The unkept promises are a matter of record. The present administration has been unable to produce a workable health care funding system because of poor management and poor planning. Worse, it has done so in secret, hiding its botched attempts to spin gold out of straw. In a desperate attempt to change the conversation, we see last week’s leaked “funding plan” and finally our governor’s promise to deliver a tax increase plan by year’s end. Also last week we learned that the Pre-K law – which our governor promised us four years ago – is now being ignored, offering another insight into the pervasive incompetence of our governor and his team.”There is no plan and no commitment to cleaning up Lake Champlain, but more talk. The state’s finances are a disaster. We have recklessly invested in the idea that government can be everything to everybody. I offer a different way, a slower, more careful approach.I ran for governor on values, believing and knowing that we could do a better job than what I saw coming out of Montpelier.”I believe most voters agree with me.”Some may argue that the incumbent is a changed man and has heard this message and will heed its directive over the next two years. I find this argument pretty hard to believe.”If the legislature in one month chooses to continue along with the current governor and his track record, and it is their choice, then the legislature must also accept responsibility for the results. I believe Vermont will be on a road to recovery with a democratic legislature and a moderate republican governor. I will surround myself with a politically diverse team-focused totally on fixing our problems, regardless of the political consequence.”I ask only fair consideration in the vote for governor. I would like to say first and foremost that I got into this race to serve Vermont. It is with that goal in mind that I move forward this morning.”Thank you, and I am happy to take a few questions.”
Vermont Business Magazine Former Vermont Lieutenant Governor Brian Dubie is among those leading the opposition against an industrial wind farm proposed for Swanton, and he now has a FAA study to support his contention that the site would be unsuitable for a wind farm. The Federal Aviation Administration issued a report in October after it had conducted an aeronautical study. Initial findings of this study indicate that the structure as described exceeds obstruction standards and/or would have an adverse physical or electromagnetic interference effect upon navigable airspace or air navigation facilities. Pending resolution of the issues described below, the structure is presumed to be a hazard to air navigation. The structure will cause interference to the primary radar returns to FAA Saint Albans (QHB) enroute radar.The study was conducted under the provisions of 49 U.S.C., Section 44718 Title 14 of the Code of Federal Regulations, part 77, concerning:Structure: Wind Turbines T1, T2,T3,T4,T5,T6,T7Location: St Albans, VT, Heights: 925 feet site elevation, 499 feet above ground level (AGL)1424 feet above mean sea level (AMSL)”THE STRUCTURE IS PRESUMED TO BE A HAZARD TO AIR NAVIGATION. THIS LETTER DOES NOT AUTHORIZE CONSTRUCTION OF THE STRUCTURE EVEN AT A REDUCED HEIGHT.”Dubie, who is now chair of the Vermont Aerospace and Aviation Association (VAAA) said following the issuance of the report, “Safety is paramount. The FAA has determined that the seven proposed Industrial Wind Turbines in Swanton, Vt. will block the primary FAA radar located in St Albans, Vt. The FAA operates the St Albans radar to ensure aircraft operating in the Boston Center airspace has safe separation at all times. The proposed industrial turbines would interfere with the FAA radar and would be a hazard to air navigation.”FAA October 19, 2015** NOTICE OF PRESUMED HAZARD **The Federal Aviation Administration has conducted an aeronautical study under the provisions of 49 U.S.C.,Section 44718 and if applicable Title 14 of the Code of Federal Regulations, part 77, concerning:Structure: Wind Turbine T1Location: St Albans, VTLatitude: 44-50-48.62N NAD 83Longitude: 73-01-27.93WHeights: 925 feet site elevation (SE)499 feet above ground level (AGL)1424 feet above mean sea level (AMSL)Initial findings of this study indicate that the structure as described exceeds obstruction standards and/or wouldhave an adverse physical or electromagnetic interference effect upon navigable airspace or air navigationfacilities. Pending resolution of the issues described below, the structure is presumed to be a hazard to airnavigation.If the structure were reduced in height so as not to exceed 0 feet above ground level (925 feet above mean sealevel), it would not exceed obstruction standards and a favorable determination could subsequently be issued.To pursue a favorable determination at the originally submitted height, further study would be necessary.Further study entails distribution to the public for comment, and may extend the study period up to 120 days.The outcome cannot be predicted prior to public circularization.If you would like the FAA to conduct further study, you must make the request within 60 days from the date ofissuance of this letter.The structure will cause interference to the primary radar returns to FAA Saint Albans (QHB) enroute radar. Formore detailed information contact Cindy Whitten at 816-329-2528.To pursue a favorable determination, all issues regarding radar performance must be resolved.NOTE: PENDING RESOLUTION OF THE ISSUE(S) DESCRIBED ABOVE, THE STRUCTURE ISPRESUMED TO BE A HAZARD TO AIR NAVIGATION. THIS LETTER DOES NOT AUTHORIZECONSTRUCTION OF THE STRUCTURE EVEN AT A REDUCED HEIGHT. ANY RESOLUTION OF THEISSUE(S) DESCRIBED ABOVE MUST BE COMMUNICATED TO THE FAA SO THAT A FAVORABLEDETERMINATION CAN SUBSEQUENTLY BE ISSUED.IF MORE THAN 60 DAYS FROM THE DATE OF THIS LETTER HAS ELAPSED WITHOUTATTEMPTED RESOLUTION, IT WILL BE NECESSARY FOR YOU TO REACTIVATE THE STUDY BYFILING A NEW FAA FORM 7460-1, NOTICE OF PROPOSED CONSTRUCTION OR ALTERATION.If we can be of further assistance, please contact our office at (816) 329-2528. On any future correspondenceconcerning this matter, please refer to Aeronautical Study Number 2015-WTE-3837-OE.Proposed wind turbine blades (from 1349 feet to 1424 feet AMSL) will be within direct, radar line-of-sightrelative to the FAA Saint Albans (QHB) enroute radar antenna and will cause clutter and target detectionissues for primary radar. No intervening topography exists between the radar antenna and wind turbines withsufficient elevation that would provide natural shielding for the wind turbine blade(s). Primary air trafficfacility impacted will be Boston Center. Further study and coordination with air traffic control would benecessary in order to pursue potential favorable determinations. Please advise if you would like further studyvia email at [email protected](link sends e-mail).For more information go directly to FAA link: https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=displayOECase&oeCaseID=257580006&row=0(link is external) and also see attached FAA pdfPlease also see the following article.http://watchdog.org/247509/wind-turbines-pose-hazard/(link is external)
Caledonia Spirits, Inc,Vermont Business Magazine The American Craft Spirits Association (ACSA), announced the winners of its Third Annual Judging of Craft Spirits on March 3, 2016. Caledonia Spirits, the Hardwick-based producer of Barr Hill, submitted three products to the competition. All three products earned awards. The leader of the pack, Barr Hill Gin, was awarded a gold medal with an additional “Best in Category” designation. Barr Hill Vodka received a silver medal, and a bronze medal was awarded for the category-bending Tom Cat Barrel-Aged Gin. The event was hosted at the Palmer House Hotel, in downtown Chicago. Winners were hand-selected among a record-breaking pool of nearly 450 entrants – up more than 30 percent over last year.Left: Back to Front, Left to Right: Justin Bergeron – Packing Assistant (black long sleeve), Ryan Christiansen – President and Head Distiller (Blue long sleeve), Andrew Pinault – Production Manager (Green plaid button down), Scott Emery – Apprentice Distiller (holding barrel on his knee), Krzysztof Krysztoforski – Bottling Line Supervisor (wearing black Barr Hill t-shirt). Top, from Left to Right: Barr Hill Vodka (silver medal) distilled entirely from raw honey, Barr Hill Gin (gold medal and “Best in Category”) distiller with juniper berries and finished with raw honey, Barr Hill Reserve Tom Cat Gin (bronze medal) Tom Cat is made by aging Barr Hill Gin in Oak Barrels. The bottles are pictured on our barrels that are custom made by Bob Hockert of US Barrel in Wilmington, NY. He uses American White Oak that we source in Vermont.Barr Hill has won medals in the last three competitions entered (American Craft Spirits 2016, San Diego Spirits Festival 2014, New York International Spirits Competition 2012). Caledonia Spirits photos.“This is a great accomplishment for our company. We have a devoted team who works hard to keep product quality as a top priority in our distillery,” Said Ryan Christiansen, President and Head Distiller at Caledonia Spirits. “It’s a great honor to be recognized, and to share the stage with great distillers from across the nation.” Barr Hill Gin is no stranger to recognition and gold medals. This is actually the third gold medal for this honey-inspired gin. Barr Hill Gin won Gold and “Gin of the Year” at the 2013 Hong Kong International Wine and Spirits Competition, and ”Double Gold” at the 2012 New York International Spirits Competition. The American Craft Spirits Association is the only registered non-profit trade association representing the U.S. craft spirits industry. The judges know the industry and know it well. All eyes are on the award winning spirits and distillers who push the envelope every day with innovation and quality.Hardwick, Vermont (March 10, 2016) – Caledonia Spirits. On facebook Barr Jill is listed as “Barr Hill by Caledonia Spirits” and on Instagram and Twitter it is @caledoniaspirits
1 Adjustments – Q1 2015 431 (14,835) CURRENT LIABILITIES: 194 Q1 2014 $ 7,259 $ (4,598) 431 Sales and marketing (1,536) (7,469) 1,727 (5,880) 722 3,309 5,642 SHAREHOLDERS’EQUITY: December 31, $ (0.02) $ 492 Backlog (as previously reported) 139 Loss on disposal of assets – 546 Additional paid-in capital Accumulated other comprehensive income Change in cash and cash equivalents Q3 2015 9,015 Loss Per Share (as previously reported) (1,108) 121 47 Cost of revenues $ (833) $ (3,186) (23) (7,809) $ (13.71) 2,958 (1,047) Backlog (as restated) (544) $ 18,566 31,396 $ 47 $ (7,796) $ (4,710) 161 Adjustments Proceeds from exercise of stock options Q1 2014 4,971 (1,218) (986) 16,318 Research and development Net loss per common share – basic and diluted 121 (13) 22,871,717 $ (2,819) $ (3,635) 722 $ (7,469) $ 54,031 (151) 920 Gross profit 2013 2014 (2,282) Adjustments – 2,005 123 December 31, 10,197 (2,286) 2 For the twelve months ended (444) FINANCING ACTIVITIES: (5,275) 202 $ (2,722) $ (13) (3,240) $ (4.71) Q1 2015 950 $ (320) $ (3,206) $ 13,967 $ (8,785) $ (0.10) Q3 2013 16,077 $ (0.00) Accrued expenses $ 13,142 165,568 308 For the twelve months ended Q2 2014 (836) 2 2015 Q3 2013 28,057 Q3 2013 Loss before provision for income taxes (In thousands) 14 Net revenue Intangible assets – net $ (289) $ (2,064) Unbilled revenue $ (14,128) 668 Q1 2014 $ (0.21) 179 (54) Accounts receivable and unbilled revenue CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (891) General and administrative Q1 2015 – Noncash implied license revenue Q2 2013 $ 18,350 $ (4,010) (138) 887 $ (4,133) Non-GAAP adjusted EBITDA income (loss) (1,057) $ 13,015 (539) 201 (2,183) Q3 2015 790 2,232 3 $ (2,891) 2014 Q3 2014 Depreciation and amortization $ 14,488 Q3 2014 $ 6,333 Adjustments $ 43 $ (1,868) 2014 3,491 (restated) 455 (1,105) $ 13,142 2014 509 2,151 $ (0.03) 920 $ (0.24) Interest expense $ (0.38) $ (1.84) Q2 2014 (13) – $ 45 Q2 2015 $ (596) $ (2,417) Q3 2015 Q3 2015 Gross margin percentage $ 56,525 33,745 (168,359) $ (0.48) 69 $ (0.02) (31) 925 Q3 2013 $ (0.09) $ (0.03) RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA INCOME (LOSS) (unaudited) 2013 $ 34 31 $ (1.79) $ (3,122) – 942 Accounts payable $ 0.01 372 Provision for income taxes REVENUES: 43,818 (441) (640) 319 $ 45 Q2 2014 (3,176) Total Assets Revenues (as restated) (2,045) (160,563) FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 1,255 Customer deposits $ 0.05 Q2 2013 Q1 2014 $ 6,333 16,456 (75) (1) 38 NORTHERN POWER SYSTEMS CORP. (1,122) 2 2 – Provision for inventory obsolescence (13) – $ (2,173) 197 Other long-term liability 4,151 Adjustments to reconcile net loss to net cash used in operating activities: $ 40 3,046 Q1 2014 Net Loss (as previously reported) 427 $ 13,427 $ 47 5,665 790 22,751,233 $ 20,598 $ 47 25,967 For the three months ended 5,909 $ 5,663 (0.09) Loss from Operations (as previously reported) 2014 Cash and cash equivalents – Beginning of the Period 4,153 2,718 (restated) $ (6,633) $ 39 Q2 2015 $ 14,488 – $ (14.19) (1,303) – – 8,713 $ (5,663) – 23,068,150 11,215 3,390 10,233 $ (14,195) $ (0.15) 22.6% CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Q3 2013 OPERATING EXPENSES: 239 Q2 2015 9,233 $ 15,511 Q4 2014 Q2 2013 Proceeds/(repayments) from revolving line of credit, net $ (596) – $ (3,298) $ 12,746 Non-GAAP adjusted EBITDA net income (loss) (2,494) Q3 2015 $ 43 $ 0.03 3,327 4,714 $ 13,756 $ (0.40) Loss from operations 7,013 Q2 2015 Other liabilities Effect of exchange rate change on cash (340) 950 6,552 (restated) (restated) 2 Weighted average number of common shares outstanding – basic and diluted $ 46 (152) $ (8,785) 3,273 $ 0.02 (1,849) Goodwill (6,809) (444) Q2 2014 (53) 18.9% $ (2,084) $ (0.04) $ (0.14) Q2 2013 $ (7,796) – $ (0.11) $ (2,652) (6,412) $ 36 Working capital revolving line of credit Q4 2014 December 31, – 47 $ (5,296) Common stock Net cash (used in) provided by investing activities 18.9% 3,596 2,216 $ 4,306 (183) Debt principal payments (2,047) (544) (354) $ (2,503) $ (0.18) 646 (31) $ (3,497) Net loss applicable to common shareholders $ 31,876 $ (7,796) 7,972 2014 Total operating expenses Cash and cash equivalents Accumulated deficit Inventories and deferred costs (2,485) FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 – 3 (1,108) $ (0.05) (6,225) Accounts receivable – net 1,571 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) Depreciation and amortization $ 2,892 Inventories – net 239 $ 41 (1,069) Net loss AS OF DECEMBER 31, 2015 AND 2014 Total current assets 942 $ (8,785) $ 224 2,169 $ (14,572) For the three months ended 928 (2) (539) 4,534 Q4 2013 Other assets 521 1,824 (0.03) $ 31,876 $ (2,045) $ (4,710) $ (4,869) $ 0.03 Provision for income taxes Changes in operating assets and liabilities: $ (8,785) $ 492 (151) Accrued expenses 5,258 7,439 $ (3,124) COMPREHENSIVE LOSS 8,316 Asset impairment and loss on disposal 13,142 6,888 Other current liabilities 357 Change in cumulative translation adjustment Total current liabilities (531) 100 Notice regarding forward-looking statements:This release includes forward-looking statements regarding Northern Power Systems and its business, which may include, but is not limited to, product and financial performance, regulatory developments, supplier performance, anticipated opportunity and trends for growth in our customer base and our overall business, our market opportunity, expansion into new markets, execution of the company’s growth strategy and timeline for filing the Annual Filings. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Northern Power Systems. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the wind power industry; production, performance and acceptance of the company’s products; our sales cycle; our ability to convert backlog into revenue; performance by the company’s suppliers; our ability to maintain successful relationships with our partners and to enter into new partner relationships; our performance internationally; currency fluctuations; economic factors; competition; the equity markets generally; and the other risks detailed in Northern Power Systems’ risk factors discussed in filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to Northern Power Systems’ Annual Report on Form 10-K filed on July 25, 2016, as well as other documents that may be filed by Northern Power Systems from time to time with the SEC. Although Northern Power Systems has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Northern Power Systems undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.SOURCE BARRE, Vt., July 25, 2016 /CNW/ — Northern Power Systems Corp. Photo courtesy Northern Power $ 54,031 2,041 139 420 Interest expense Total Liabilities $ (485) 2014 2015 2 703 165,386 Vermont Business Magazine Northern Power Systems Corp (TSX: NPS), a Barre-based developer and manufacturer of wind turbines, today announced financial results for its fourth quarter and year ended December 31, 2015 on Form 10-K, which comprehensively completes its non-cash restatement of previously issued financial statements which, as the company announced on May 24, 2016, should no longer be relied upon. Northern Power restated its report based on the timing of revenues for foreign sales. It plans to issue first and second quarter 2016 results in August, which it states below will be below prior quarter sales. Revenues for 2015 were $54 million, which were the same as 2014. Net loss in 2015 was $7.8 million compared to a net loss of $8.8 million in 2014. Northern Power is known for its off-grid and remote-location wind generation stations. The filing July 25, 2016, contains:Consolidated financial statements and management discussion and analysis for the year ended December 31, 2015, and unaudited, restated quarterly financial information for the first three quarters in 2015; and,Consolidated restated financial statements and management discussion and analysis for the years ended December 31, 2014 and 2013 and unaudited restated quarterly information for all quarters in 2014 and the second, third and fourth quarters of 2013.The company believes that it will file both its first quarter and second quarter Form 10-Q’s within the month of August and as of such time again be fully compliant with its financial reporting.”We announced in May of 2016 that we are pursuing opportunities to further monetize our utility wind assets, an effort that will contribute to our focus on profitability for the Company,” said Troy Patton, chief executive officer. “In line with this decision we have commenced streamlining our leadership team and reducing overall operating costs. Within an overall expense reduction plan we are making limited, controlled investments into driving market adoption of our distributed technology and energy system capabilities. With well over 500 distributed units deployed, a fleet of turbines under warranty demonstrating 98% availability and multiple financing sources for customers our offerings can give confidence and options for the expanding use of distributed energy solutions globally.”Additionally, Ciel Caldwell, senior vice president of operations and finance stated, “We plan to continue our practice of not issuing formal financial guidance. However, there are certain trends in our business that are important to share. We are seeing revenues being impacted in 2016 by delays in policy clarification and weather in some regions. For these reasons, as well as grid connection delays, our first and second quarter revenues will be markedly lower than our third and fourth quarters,” Caldwell said, “Earlier this month, the Italian government published a decree which appears to provide a clear policy structure through at least December of 2017.””We are pleased to conclude our restatement process, the nature of which is explained below. Consistent to our original communication, this restatement did not result in any changes to our overall book of business or cash flows. After filing our Q1 and Q2 results in August we expect to re-commence earnings calls with full information communicated to the market,” Caldwell said.Year End 2015 Highlights (as compared to restated 2014):Delivered revenues of $54.0 million, which is consistent with 2014 revenues, overcoming market delays the Company experienced in the first two quarters of 2015.Reduced net loss to $7.8 million from $8.8 million in the prior year; reduced full year non-GAAP adjusted EBITDA loss to $4.7 million as compared to a non-GAAP adjusted EBITDA loss of $5.7 million in the prior year.Reduced cash used in operations to $4.4 million from $14.8 million in the prior year.Fourth Quarter 2015 Highlights (as compared to restated fourth quarter 2014):Quarterly revenues increased to $18.4 million from $14.5 million in the prior year fourth quarter driven by the timing in demand for the Company’s distributed class turbines.Reduced quarterly net loss to $0.6 million from $2.0 million in the prior year fourth quarter.Quarterly non-GAAP adjusted EBITDA income was $0.5 million as compared to a non-GAAP adjusted EBITDA loss of $1.2 million in the prior year fourth quarter.Delivered positive cash flow from operations of $1.8 million as compared to a use of cash of $2.7 millionin the prior year fourth quarter.Financial Restatement:As detailed in the Form 10-K filed by the Company today, management decided to approach the U.S. Securities and Exchange Commission (“SEC”), first on a no-names and then on formal basis, to resolve the appropriate timing of revenue recognition for certain sales to its international customers. For such sales, the Company’s standard practice had been to recognize revenue at the time the turbine was shipped from its manufacturing facility in Vermont. At that point, title and risk of loss transferred to the customer and a significant portion of cash had typically been collected. Frequently such shipped turbines entered third party logistics customs bonded warehouses contracted by the Company in the customer’s local country to clear customs and await final shipment to the customer’s installation site. In its response to the Company, the SEC concluded that the Company should recognize revenue at the time the turbine clears customs from such warehouses, not at the time of shipment from the Company’s Vermont manufacturing facility.Based upon discussions with the SEC in May of 2016, management and the Company’s Audit Committee determined that the Company should restate previously issued financial statements for the fiscal years endingDecember 31, 2013 and December 31, 2014, and the quarters for the fiscal years ended 2015 and 2014, as well as certain quarters in 2013. The Company has determined that the restatement of the prior periods has no impact on the Company’s cash position, cash flow from operations or its overall book of business.Consolidated Year End Financial Metrics (as compared to restated 2014):Gross margin for the year was 18.9 percent, consistent with the gross margin in the prior year.GAAP net loss for fiscal year 2015 was $7.8 million, representing an 11 percent reduction compared to an $8.8 million loss in 2014.Non-GAAP adjusted EBITDA loss for 2015 was $4.7 million, representing a $1.0 million, or 18 percent, reduction compared to a non-GAAP adjusted EBITDA loss of $5.7 million in the prior year. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “About non-GAAP financial measures.”Order backlog at December 31, 2015 was $29 million, a 33 percent decrease compared to backlog of$43 million at December 31, 2014.The Company’s cash and cash equivalents balance was $6.3 million at December 31, 2015.Consolidated Fourth Quarter Financial Metrics (as compared to restated fourth quarter 2014):Revenue for the fourth quarter of fiscal year 2015 grew to $18.4 million, a 27 percent increase over revenue of $14.5 million reported in the prior year period.Gross margin in the fourth quarter was 17.1 percent, down from gross margin of 22.6 percent in the prior year period.GAAP net loss for the fourth quarter of fiscal year 2015 was $0.6 million, representing a 70 percent reduction compared to a $2.0 million loss in the prior year fourth quarter.Non-GAAP adjusted EBITDA income for the fourth quarter was $0.5 million, representing a $1.7 millionimprovement compared to a non-GAAP adjusted EBITDA loss of $1.2 million in the prior year fourth quarter.About non-GAAP financial measuresTo supplement Northern Power Systems’ consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), Northern Power Systems has used a non-GAAP financial measure, specifically non-GAAP adjusted EBITDA income (loss). Non-GAAP adjusted EBITDA income (loss) is defined as net income (loss), excluding share-based compensation expense, amortization of acquisition-related intangibles, depreciation of property, plant and equipment, interest expense, tax provision or benefit, and certain other non-cash impacts as applicable.The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on non-GAAP adjusted EBITDA, please see the table captioned “Reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net income (loss)” included at the end of this release. The table has more details on the GAAP financial measure that is most directly comparable to non-GAAP adjusted EBITDA and the related reconciliation between these financial measures.Northern Power Systems’ management believes that this non-GAAP financial measure provides meaningful supplemental information in assessing our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, which could be non-cash charges or discrete cash charges that are infrequent in nature. This non-GAAP financial measure also has facilitated management’s internal comparisons to Northern Power Systems’ historical performance and our competitors’ operating results, as well as reflects measurements which are used by creditors and other third parties in assessing our performance.About Northern Power SystemsNorthern Power Systems designs, manufactures, and sells wind turbines and power technology products, and provides engineering development services for energy applications, into the global marketplace from its US headquarters and European offices.Northern Power Systems and its predecessors have over 40 years’ experience in technologies and products generating renewable energy.Northern Power Systems currently manufactures the NPS™ 60 and NPS™ 100 turbines. With over 11 million run time hours across its global fleet, Northern Power wind turbines provide customers with clean, cost effective, reliable renewable energy.Patented next generation permanent magnet direct drive (PMDD) technology uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime.Northern Power Systems’ FlexPhase™ power converter platform uses patented converter architecture and advanced controls technology for advanced grid support and generation applications.Northern Power Systems offers comprehensive in‐house development services, including systems level engineering, advanced drivetrains, power electronics, PM machine design, and remote monitoring systems to the energy industry.To learn more about Northern Power Systems, please visit www.northernpower.com(link is external).The restatement did result in the following changes to revenues, loss from operations, net loss, loss per share (in thousands, except per share data, and backlog in millions): Q3 2014 (unaudited) 123 3,144 17.1% Q1 2015 (64) 2014 $ 41 (51) 12,795 Total Liabilities and Shareholders’ Equity (2,684) 17,702 (1,333) 3,838 $ 42 (165) $ (0.44) (74) $ (0.11) 2014 $ 49 $ 12,469 2015 Q2 2015 2014 (568) – $ (3,001) $ 3,966 $ 96 193 (7,835) $ (7,796) – 19,623 (In thousands, except share and per share amounts) (1) $ (0.02) (427) 2013 51 LIABILITIES AND SHAREHOLDERS’ EQUITY 474 Deferred income taxes 150 $ 34 Revenues (as previously reported) $ (8,785) $ (3,359) 887 $ (1,187) 197 (unaudited) Stock compensation expense $ 46,540 Q4 2013 28 $ (1,441) $ 16,667 $ 4,000 179 (31) (2,032) 14 Other current assets Deferred revenue, less current portion (640) 3 2,049 – 2013 646 Net cash (used in) provided by financing activities $ (596) 2013 Q4 2013 Net cash provided by (used in) operating activities Stock-based compensation expense (1,515) Total Shareholders’ Equity $ (2,417) Q3 2014 (343) 2014 Non-cash implied license revenue 23,282 1,691 (8,785) NORTHERN POWER SYSTEMS CORP. (315) $ 9,224 Proceeds private placement equity financing, net $ (2,905) 1,755 Accounts payable $ (5,025) Customer deposits Q4 2013 8,536 – – Q4 2014 2015 15,206 Loss Per Share (as restated) 252 (138) 1,801 NORTHERN POWER SYSTEMS CORP. 402 Q4 2014 $ (539) Proceeds from sale of property $ 36 1,846 (1,108) 1,218 28 509 Cash and cash equivalents – End of the Period 22,829 742 $ (3,512) Loss from Operations (as restated) $ (0.17) $ (596) $ (0.01) Deferred revenue $ (4.60) – – $ 13,142 $ 40 2014 $ 46,540 (restated) NET LOSS 4,000 Q3 2014 4,751 $ 54,015 $ (2,753) (1,333) $ 8,299 Net Loss (as restated) $ (2,045) (3,493) 2015 (53) (In thousands) 47 (4,358) $ 43 75 (427) – 31 604 201 $ (2,045) Q2 2014 Property, plant and equipment – net 8,608 $ 15,032 $ 36 Provision/(recovery) for doubtful accounts Q1 2015 $ (2,045) $ (2,045) 1,214 ASSETS $ 6,333 3,936 NORTHERN POWER SYSTEMS CORP. $ (7,894) (1,122) (109) 1,268 For the twelve months ended December 31, 7,229 2015 Q4 2014 $ 13,770 (0.34) (restated) (restated) NET LOSS (1,739) $ (13,751) $ 42 41,829 252 51 $ (0.41) FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 343 402 INVESTING ACTIVITIES: $ 8,998 $ 41 For the three months ended (0.44) 1,571 Adjustments 19,885,042 $ (0.11) (193) $ (1,187) Other income (expense) – net 1,882 Other current and noncurrent assets $ (5,663) December 31, $ 11,285 Q4 2013 – $ 48 Q2 2013 (1,441) December 31, Purchases of property and equipment CURRENT ASSETS: $ (2,538) OPERATING ACTIVITIES: $ 5,616 2015 43,798
Fit-up cost to tenant Neighbors Commute Rent Heating/cooling Term Total square footage Parking Flexible for growth? Agent/broker fees Internet/phone/IT requirements Natural light/views Insurance mandatory and optional Additional rent/fees/utilities Floor number Fit-up needed estimate Zoning/use/permits On-site storage Lake Point Property Management,by Yana Walder, Lake Point Property Management Moving your office operations into a new space will most likely be exciting and stressful. To avoid it being mostly the latter, read on for seven insights on leasing a professional office space in Vermont. It can take a small to midsize company three to six months to secure a lease for a new office. There is no standard commercial lease deal; each tenant, property owner, and building is unique. It is helpful to understand how they fit together.Before you set out to find your new ‘just right’ office space, consider the workflow of the space your company currently occupies. Does the size, budget, location, and fit up work for you? What doesn’t work? Are you growing, downsizing or running steady? Do you require privacy and confidentiality or do you bank on interaction and creativity by leasing in a shared space?1. Budget the right amount of spaceYou may already have a pretty good idea how much space you need, but we usually see about 500 square feet for every 2 to 3 employees.2. Consider the travelHave realistic expectations about how well the location will work. Consider picking a central location that works for most employees and clients. But also, consider the location of your bank, your satellite offices, and where your biggest customers and clients are. Does the location seem easy to find? How is the parking?3. Make the lease term reflect your business planIf you are still growing, you may want to lease for a shorter period of time. If you are going steady, then 3 years is a solid commercial lease term. The best kept secret of all is that the longer you sign on to be a tenant for, the more willing the owner is to negotiate the rent.4. Ask for a recommendationIf you would like to work with a broker or an agent, ask someone you trust for a recommendation. Look for a person who understands Vermont and knows commercial property. Things to look for are responsiveness and emphasis on building a relationship. You want someone who will follow up on the searches and inquiries and who will maintain a professional relationship with you long after the lease is signed.5. Set you budgetMany companies settle on a specific budget, but it helps to understand whether it is more important to have lower rent or greater space improvements and fit up. You know what your absolute top budget is. Consider the features you would pay more for and where you have room for compromise.6. Know your deal breakersSharing a bathroom with 20 chatty beauty salon students? No sunlight in your office? Metered parking? Whatever it is that you absolutely cannot live with, or without, make sure that your essential space needs are met.7. Most importantly consider your quality of lifePeople live in Vermont because it offers abundant outdoor, social and dining activities. Vermont is beer geek, cheese lover and skier paradise; ask yourself, does this space with all of its unique perks above make you excited to move your whole office? Yes? Good! Here is a handy checklist for you to utilize while searching for the perfect home for your Vermont [email protected](link sends e-mail) 802-595-9932. BurlingtonCHOOSING THE RIGHT OFFICE SPACE: A CHECKLISTAddress Security deposit Location/Visibility Accessibility