No posts to display Twitter Facebook 23 April 2007 — The Tennessee Valley Authority said it sold 69 percent of its green power from March 2006 to February 2007, according to a spokesman quoted by the Associated Press. The AP said this was a reversal from previous years when TVA sold all of its renewable energy output. RELATED ARTICLESMORE FROM AUTHOR The seven-year-old program offers power in blocks of 150 kWh (about 12 percent of an average household’s monthly power usage) for $4 each. The power comes from a wind farm, several solar power sites and a Memphis power plant that burns methane gas from a sewage treatment plant. Facebook The AP said 98 of TVA’s 158 power distributors participate in the green power program, and as of March, almost 10,000 residential customers and more than 650 businesses were enrolled. 4.23.2007 EmissionsRenewables Voith Hydro supplying pumped storage equipment to pair with Idaho combined solar-wind project TAGSTVA Vietnam: scaling back coal-fired plans toward gas, renewables Twitter Linkedin The utility’s Green Power Switch program sells renewable energy to participating consumers at a slightly higher price than its traditionally generated power because it says the green power is more expensive to produce. New Jersey utility regulators extend zero-carbon breaks for PSEG nuclear power plants Previous articleGazprom weighs plan to build UK power plantNext articleBlack Hills unit to build 150 MW gas plant chloecox Linkedin By chloecox – TVA notes green market slowdown
ShareTweetShareShareEmailCommentsGerman Handball Federation and Dagur Sigurdsson together until 2020? German handball magazine Handball Woche published story about the strong will of German handball to keep successful Icelandic coach until Tokyo Olympic Games in 2020, where the primary goal of German team wil be to win the gold medal!Dagur Sigurdsson made the strong impact on the national team since 2014, when he overtook head-coach position from Michael Heuberger. Germany got wild-card for World Championship in Qatar, where they surprised with winning the seventh place which was enough to qualify them for Olympic qualification tournament which will be held next April.Current contract expiring in 2017. Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment. Recommended for you Related Items:Dagur Sigurdsson, German Handball Federation Dagur Sigurdsson leads Japan until Paris 2024! Japan beat Angola to secure Main Round start with 1 point Croatia save point against BIG Japan! Click to comment ShareTweetShareShareEmail
Ritchey dropped a number of new components on us at Eurobike, but the updated steel Logic road bike really stuck with us. Mixing classic with modern, this frameset-only Logic just opens up our imaginations of how we’d want to build a modern Ritchey road bike. Beyond that, the Zeta Disc wheels get polished in silver for your own retro modern build, the shapely VentureMax gets a new WCS carbon option, and much more…Ritchey Road Logic Disc modern steel road bike framesetWhen the Ritchey team showed me that Classic silver & Campagnolo build – the personal bike of their US marketing manager (up top), they kept reiterating that the new Logic road bike is being sold as a frameset-only. But that’s probably the best part about their new modern disc brake, steel road bike. How you build it is completely up to each rider. This one here is more of a contemporary build with the non-nonsense Ultegra R8020 mechanical groupset and WCS carbon & alloy components. But the frame would be just as happy with a 105 or even Tiagra build, as it would with a new SRAM eTap AXS groupset. Use your imagination.Ritchey Logic Disc road – tech detailsThe latest evolution of the Ritchey Logic delivers on the same style, detailing, and ride quality that the model has built-on over several decades. The frame is TIG-welded from heat-treated, triple-butted Ritchey Logic tubing and comes in two color options, including the painted to match full carbon WCS fork: black with charcoal graphics, or this slate gray with blue graphics.The new Logic comes in six frame sizes, with the same quick-handling & proven geometry the Logic road is known for. And now thanks to disc brakes, the bike has room for up to 700x30mm tires (real width).But now the Logic finally commits to modern flat mount disc brakes, 12mm thru-axles, and no rim brakes anywhere in sight. The frame gets a threaded bottom bracket, a 27.2mm seatpost, and a drop-in WCS headset for the 1 1/8″ fork, plus classic road external cable routing.Frame weight is claimed to be 1840g for a 55cm with its rear thru-axle, plus another 440g for the uncut carbon fork with its front thru-axle.Classic build photos c. RitcheyThe new Logic will sell for $1400 / 1450€ for the frameset, including: frame, fork & headset. Availability is slated for later this year, most likely in December 2019. So start planning your complete bike spec now, and hound your local bikeshop to be ready to build it up.Ritchey Zeta Disc Classic modern polished silver tubeless road wheelsRitchey’s WCS Zeta Disc wheels are always popular, especially when building up a disc brake Ritchey road or gravel frameset. But if you want a Classic look to your modern bike, nothing beats polished silver. So here are the Classic Zeta Disc wheels that make that Logic+Campy road bike build pop, together with the rest of the polished alloy Ritchey Classic kit.If you were searching for a silver disc brake road or gravel wheelset, look no further. They aren’t super light at 1715g for the pair, but the $380/340€ price is right, and these tick most all the tech boxes too. The polished, tubeless-ready 6061 alloy rims are 20mm internal (24.4mm external) & 23.8mm deep, with 3mm offset at the rear for a stronger, more balanced build. Of course they get clear anodized hubs (forged, sealed bearings, 12mm thru-axle, 6-bolt, Shimano or soon this XDR freehub) and silver DT Competition spokes with silver DT brass nipples.Zeta Disc Comp alloy wheelsIn addition to those Classic silver Zeta wheels, there is also a new Comp level of the regional all-black wheels – with a 19.5mm internal 6061 alloy offset rim and 6-bolt forged, sealed bearing hubs. At $300€ and 1750g for the pair, they’ll make a solid, affordable tubeless-ready update for a lot of disc brake bikes.Ritchey VentureMax WCS Carbon gravel bike handlebarFirst glance at the wide flared, wavy drops, and the VentureMax seems like a wacky bar. But apparently once people start riding it off-road, they can’t get enough. So, Ritchey has given their shapely alloy gravel bar a proper WCS carbon upgrade, bringing with it a wide aero top for even more comfort.The new WCS Carbon VentureMax handlebar takes off-road ergonomics one step further, now adding the 38mm deep x 20mm thick flattened top for drag reduction, and more importantly a more comfortable place to rest your hands.The $280/290€ UD carbon bar has a very precise claimed weight of 228.5g (42cm). It comes in 38, 40, 42, 44 & 46cm widths, but is actually much wider than you would expect as those are measured on the top, just in front of the first bend. Beyond the flat tops, shaping is the same as the alloy bar, with 6° backsweep on the tops, 24° outward flare to the drops, then 102mm drop & 76mm reach in the ergo bend drops. The bars get a 31.8mm clamp (90mm wide to mount accessories), internal cable routing channels & Di2 drilling.Butano WCS alloy barWe already spotted the subtly flared, slightly backswept alloy Butano handlebar back at Taipei this spring, with a shallow 118mm drop & 73mm reach. The round topped $95/100€ Butano isn’t a very dramatic shape, but that just makes it more versatile from pavement to gravel to dirt.I spent a couple months riding mixed surfaces on the 7050 alloy bar (available from 38-46cm wide, 275g in a 42) and loved the more traditional feel, subtly tweaked for more off-road comfort & control. The WCS bar is drilled for Di2. There’s also a more affordable $43/45€ Comp version from 6061 aluminum that’s just 20g heavier.Kyote Comp alloy barWe caught the Kyote bar back in Taipei too. The 800mm wide, dramatically 27.5° backswept bar is perfect for getting a new feel for your mountain bike, with a forward offset so you don’t even need to change your stem.The 355g, 6061 aluminum Kyote Comp is pretty cheap too at just $35/37€ (even more affordable that when we first spotted it), so why not give it a try?WCS XC pedals in black & a lower priceWe’ll wrap up Ritchey Eurobike coverage with a small, but worthy update to the Olympic Gold & XCO World Championship winning WCS XC pedals. Nino’s pedals now get a more stealthy all black version & a drop in price. The tech is still the same with a steel axle, a bushing, a needle bearing & a sealed cartridge bearing for a weight of 298g. But now the compact little XC race pedal drops to just $123/130€.RitcheyLogic.com
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
BRAZIL: A one-year postponement of tendering to supply railway systems for the 510 km Rio de Janeiro – São Paulo – Campinas high speed line was announced by Transport Minister César Borges on August 12.Bids for the Trem de Alta Velocidade contract were due to be submitted this month with the winner to be announced in September. However, an extension had been requested by potential bidders from Germany and Spain, and Borges said the government had agreed as ‘we want the largest number of participants in the bidding process’. Designing a high speed railway was ‘a complex process, one that has never happened quickly on similar projects around the world’, said Borges. ‘It requires defining details and forming consortia for the bidding. There aren’t many in the world. If all consortia on high speed trains came to Brazil, we wouldn’t have more than five’. Borges emphasised that the project was not being cancelled, and tendering for the civil works element is still planned for 2015 with the aim of opening the route in 2020.