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Northern Power Systems Corp. (NRTHF) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Northern Power Systems Corp.

CIK: 1605997 Ticker: NRTHF

Exhibit 99.1

Northern Power Systems Announces Record Annual Revenue Growth

Year End 2014 Highlights

 

    Revenues grew to $56.5 million from $20.6 million in 2013 driven by strong continued demand for the Company’s distributed class turbines.

 

    Reduced net loss to $7.9 million from $14.1 million in the prior year; reduced full year non-GAAP adjusted EBITDA loss to $4.8 million as compared to a non-GAAP adjusted EBITDA loss of $11.2 million in the prior year.

 

    Launched full production of next generation distributed class turbine offering improved performance.

 

    Brazilian partner WEG began shipments of utility class units featuring Northern Power technology; installation proceeding as expected.

 

    Commenced a collaboration with KEPCO (Korean Electric Power Corporation) on hybrid energy projects in South Korea.

Fourth Quarter 2014 Highlights:

 

    Expanded quarterly revenues to $14.0 million from $9.0 million in the prior year fourth quarter driven by strong continued demand for the Company’s distributed class turbines.

 

    Reduced quarterly net loss to $2.4 million from $4.9 million in the prior year fourth quarter.

 

    Quarterly non-GAAP adjusted EBITDA loss was reduced to $1.6 million as compared to non-GAAP adjusted EBITDA loss of $3.1 million in the prior year fourth quarter.

 

    Delay in Italian regulations and transition to new blade suppliers expected to impact first half 2015 revenue.

Barre, VT USA (March 31, 2015) –

Northern Power Systems Corp. (TSX:NPS), a next generation renewable energy technology company, today announced financial results for its fourth quarter and year ended December 31, 2014.

“Northern Power delivered record revenue growth during 2014 as the proven capabilities of our highly differentiated technology and products gained greater marketplace recognition and interest,” said Troy Patton, President and Chief Executive Officer. “Further, we are very pleased with our progress in advancing our product offerings and expanding our sales capabilities globally. Distributed wind is becoming a very complementary offering alongside solar, diesel and storage in the microgrid and distributed generation movements, forming the basis of both mature and emerging market electrical supply buildout. Based upon these efforts, we are seeing strong pipeline momentum in Europe as we continue to introduce products with improved features to market, while we are also seeing opportunities in


The following information was filed by Northern Power Systems Corp. (NRTHF) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity (deficiency)
Consolidated Statements Of Changes In Shareholders' Equity (deficiency) (parenthetical)
Consolidated Statements Of Operations
401(k) Plan
401(k) Plan - Additional Information (detail)
Accrued Expenses
Accrued Expenses (tables)
Accrued Expenses - Schedule Of Changes In Product Warranty (detail)
Accrued Expenses - Summary Of Accrued Expenses (detail)
Capital Structure
Capital Structure (tables)
Capital Structure - Additional Information (detail)
Capital Structure - Schedule Of Assets And Liabilities (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments Under Noncancelable Lease Agreements (detail)
Debt And Senior Secured Convertible Notes
Debt And Senior Secured Convertible Notes (tables)
Debt And Senior Secured Convertible Notes - Additional Information (detail)
Debt And Senior Secured Convertible Notes - Convertible Notes - Additional Information (detail)
Debt And Senior Secured Convertible Notes - Foreign Working Capital Revolving Line Of Credit - Additional Information (detail)
Debt And Senior Secured Convertible Notes - Schedule Of Debt (detail)
Debt And Senior Secured Convertible Notes - Schedule Of Debt (parenthetical) (detail)
Description Of Business
Description Of Business (policies)
Description Of Business - Additional Information (detail)
Fair Value Measurement
Fair Value Measurement (tables)
Fair Value Measurement - Additional Information (detail)
Fair Value Measurement - Schedule Of Fair Value And Carrying Values Of Debt And Senior Secured Convertible Notes (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Components Of Deferred Income Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Income (loss) Before Provision For Income Taxes (detail)
Income Taxes - Schedule Of Provision For Income Taxes (detail)
Income Taxes - Schedule Of Reconciliation Of Statutory Federal Income Tax Rate And Company's Effective Income Tax Rate (detail)
Intangible Assets
Intangible Assets (tables)
Intangible Assets - Additional Information (detail)
Intangible Assets - Schedule Of Expected Aggregate Future Amortization Expense (detail)
Intangible Assets - Summary Of Intangible Assets (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (detail)
Inventories - Schedule Of Inventories (detail)
Property, Plant, And Equipment
Property, Plant, And Equipment (tables)
Property, Plant, And Equipment - Additional Information (detail)
Property, Plant, And Equipment - Schedule Of Property, Plant, And Equipment (detail)
Related-party Transactions
Related-party Transactions - Additional Information (detail)
Restructuring
Restructuring - Additional Information (detail)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Additional Information (detail)
Segment Reporting - Components Of Unallocated Assets (detail)
Segment Reporting - Components Of Unallocated Costs And Expenses (detail)
Segment Reporting - Geographic Information Of Long-lived Assets By Regions (detail)
Segment Reporting - Geographic Information Of Revenue By Region (detail)
Segment Reporting - Income (loss) From Operations For Business Segments And Unallocated Costs And Expenses (detail)
Segment Reporting - Revenue By Business Segments (detail)
Segment Reporting - Schedule Of Business Segment Assets (detail)
Stock Based Compensation And Employee Benefit Plans
Stock Based Compensation And Employee Benefit Plans (tables)
Stock Based Compensation And Employee Benefit Plans - Additional Information (detail)
Stock Based Compensation And Employee Benefit Plans - Schedule Of Assumptions Used In Estimating The Grant-date Fair Values Of Stock Options Granted (detail)
Stock Based Compensation And Employee Benefit Plans - Summary Of Stock Option Activity (detail)
Stock Based Compensation And Employee Benefit Plans - Summary Of Stock-based Compensation Expense (detail)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Calculations Of Net Loss Attributable To Common Stockholders And Of Basic And Diluted Net Loss Per Share And Basic And Diluted Weighted Average Shares Outstanding (detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Assets (detail)
Summary Of Significant Accounting Policies - Potentially Dilutive Securities Excluded From Calculation Of Diluted Weighted Average Shares Outstanding (detail)
Ticker: NRTHF
CIK: 1605997
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-114332
Submitted to the SEC: Tue Mar 31 2015 4:57:22 PM EST
Accepted by the SEC: Tue Mar 31 2015
Period: Wednesday, December 31, 2014
Industry: Engines And Turbines

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