Northern Power Systems restates 2015 financial results

first_img1 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 43,798last_img read more

Outgoing Assembly Members Honored

first_imgAsm. McClure(E. Pen): “It’s been an interesting evolution. This is like a family, but it’s not like a real family, because it’s a family that comes and goes. It’s a fluxing family and you’re well represented as a Borough.” After last week’s election and yesterday’s tally of the absentee votes, K-Beach will now be represented by Gary Knopp, the South Peninsula seat goes to Willy Dunne and the East Peninsula seat goes to Brandii Holmdahl. KPB Mayor Navarre: “This is their last meeting on the Assembly. I want to say thank you on behalf of the residents of the Kenai Peninsula Borough. I think a lot of people don’t really recognize and appreciate how much work goes into being on the Assembly. You’ve done a great job.” Outgoing East Peninsula Assemblywoman Sue McClure reflected on the changes during her two terms… FacebookTwitterEmailPrintFriendly分享Three Kenai Peninsula Borough Assembly members were honored last night as Borough Mayor Mike Navarre said farewell to Mako Haggerty, Sue McClure, and Kelly Wolf. Asm. Bagley: “It is amazing how it always changes. We had a great group this year, a lot of fun, a lot of joking and I really appreciated that. Maybe not some of the tension I’ve seen in past assemblies and it definitely makes your time here a lot more enjoyable when you like coming to the Assembly meetings.” Assembly President Dale Bagley agreed…last_img read more

Chelsea prospect finds the net again

first_imgChelsea’s reserves were well beaten on Monday afternoon – but youngster Patrick Bamford still managed to score again.A young Blues side lost 4-1 at Cobham against Manchester United, who were three up at the interval and grabbed a fourth early in the second half.Bamford – a January signing from Nottingham Forest – maintained his impressive scoring run by firing home from the edge of the penalty area with four minutes to go.AdChoices广告It was the 18-year-old striker’s fifth goal in seven reserve-team matches.Follow West London Sport on TwitterFind us on Facebooklast_img read more

Arsenal released Harry Kane because he was ‘a bit chubby’, says ex-academy chief

first_img Harry Kane has scored 101 Premier League goals for Tottenham 1 Arsenal released Harry Kane at the age of eight because ‘he was a bit chubby and not very athletic’, the Gunners’ former academy director has revealed.Liam Brady has admitted the club ‘made a mistake’ by judging the striker too quickly, having watched Kane become one of the most clinical strikers in world football.After leaving Arsenal, and after a brief trial with Watford, Kane moved to rivals Tottenham aged 11 and has since gone on to score 101 Premier League goals by the age of 24, including seven goals in seven games against Spurs’ fiercest foes.Kane recently admitted being released by the Gunners, the club he supported as a boy, was ‘the best thing that ever happened’ to him.READ MORE – Kane: ‘For a long time my motivation was to picture myself scoring against Arsenal in the Premier League’And, after seeing him score the winner in Saturday’s north London derby, ex-academy chief Brady admits the club were wrong to let him go.“He was a bit chubby,” he told Italian publication Corriere della Sera.“He wasn’t very athletic, but we made a mistake.“Tottenham sent him out on loan to lower-division clubs three or four times as well.“But through his determination he has carved out an amazing career and he deserves it.“He has a character that drives him to improve all the time.”talkSPORT INTERVIEW: Harry Kane is a ‘unique’ footballer and will be a one-club legend at Tottenhamlast_img read more