Northern Power Systems Announces Fourth Quarter and Full Year 2016 Results

Consolidated Fourth Quarter Financial Metrics:

• Revenue for the fourth quarter of fiscal year 2016 was $9.9 million, a 46 percent decrease over revenue of $18.4 million reported in the prior year period.
• Gross margin in the fourth quarter was 5.2 percent, down from 17.1 percent in the prior year period.
• Reduced operating expenses to $2.5 million (excluding the $1.0 million gain on the sale of assets to WEG and a $0.4 million goodwill impairment charge), compared to $3.3 million in fourth quarter of 2015 and our third quarter of 2016.
• Net loss for the fourth quarter of fiscal year 2016 was $0.8 million representing a 33 percent increase compared to a $0.6 million loss in the prior year period.
• Non-GAAP adjusted EBITDA loss for the fourth quarter was $1.1 million compared to non-GAAP adjusted EBITDA income of $0.5 million in the prior year fourth quarter. 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."

Consolidated Year End Financial Metrics:

• Revenues for fiscal year 2016 were $35.9 million, compared to $54.0 million in the prior year.
• Gross margin for the year was 7.9 percent, down from gross margin of 18.9 percent in the prior year.
• Net loss for fiscal year 2016 was $8.9 million, representing an 14 percent increase compared to a $7.8 million loss in 2015.
• Non-GAAP adjusted EBITDA loss for 2016 was $7.8 million compared to a non-GAAP adjusted EBITDA loss of $4.7 million in the prior year.
• Order backlog at December 31, 2016 was $28 million, a 12 percent increase compared to backlog of $25 million in the prior year.
• The Company's cash and cash equivalents balance was $5.4 million at December 31, 2016.

About non-GAAP financial measures

To 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 unusual gains or losses on transactions 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 Systems

Northern Power Systems designs, manufactures, and sells wind turbines and power technology products, and provides engineering development services and technology licenses for energy applications, into the global marketplace from its US headquarters and European offices.

• Northern Power Systems has 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 14 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.

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, and execution of the company's growth strategy. 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 March 31, 2017, 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.

Eric Larson,
Vice President and Chief Accounting Officer
+1-802-661-4673
ir@northernpower.com

NORTHERN POWER SYSTEMS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2016 AND 2015
(In thousands, except share and per share amounts)
	For the three months ended				For the twelve months ended
	December 31,				December 31,
	2016		2015		2016		2015
REVENUES:
Net revenue	$                 9,873		$             18,350		$            35,901		$         54,015
Cost of revenues	9,360		15,206		33,068		43,818
Gross profit	513		3,144		2,833		10,197
Gross margin percentage	5.2%		17.1%		7.9%		18.9%
OPERATING EXPENSES:
Sales and marketing	820		742		3,464		4,151
Research and development	362		703		2,575		3,390
General and administrative	1,311		1,882		6,374		8,536
Gain on sale of assets	(973)		-		(973)		-
Impairment of goodwill	361		-		361		-
Total operating expenses	1,881		3,327		11,801		16,077
Loss from operations	(1,368)		(183)		(8,968)		(5,880)
Interest expense	(19)		(51)		(113)		(193)
Other income (expense) - net	475		69		305		(152) Werbung Mehr Nachrichten zur NORTHERN POWER SYSTEMS CORPORATION Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:08 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares 12:06 - PR Newswire Ashtead Group Plc - Transaction in Own Shares 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59