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Northern Power Systems Corp. (NRTHF) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Northern Power Systems Corp.

CIK: 1605997 Ticker: NRTHF

Exhibit 99.1

Northern Power Systems Announces Fourth Quarter and Full Year 2015 Results

Concludes Previously Announced Financial Restatement

 

PRESS RELEASE

FOR ONLINE PUBLICATION AND PRINT:

25 July 2016

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 million in the prior year fourth quarter.

Barre, VT USA (25 July 2016) – Northern Power Systems Corp. (TSX: NPS) (the “Company” or “Northern Power Systems”), a next generation renewable energy technology company, 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. Such filing 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 following information was filed by Northern Power Systems Corp. (NRTHF) on Monday, July 25, 2016 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 And Comprehensive Loss
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 Non-cancelable Lease Agreements (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Convertible Notes - Additional Information (detail)
Debt - Foreign Working Capital Revolving Line Of Credit - Additional Information (detail)
Debt - Schedule Of Debt (detail)
Debt - 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)
Restatement Of Previously Issued Financial Statements
Restatement Of Previously Issued Financial Statements (tables)
Restatement Of Previously Issued Financial Statements - Schedule Of Net Effects Of Restatement Adjustments On Balance Sheets (detail)
Restatement Of Previously Issued Financial Statements - Schedule Of Net Effects Of Restatement Adjustments On Statements Of Cash Flows (detail)
Restatement Of Previously Issued Financial Statements - Schedule Of Net Effects Of Restatement Adjustments On Statements Of Operations (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 Property, Plant, Equipment, Intangible Assets And Goodwill 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)
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited) (tables)
Selected Quarterly Financial Information (unaudited) - Schedule Of Quarterly Financial Information - Consolidated Condensed Balance Sheets (unaudited) (detail)
Selected Quarterly Financial Information (unaudited) - Schedule Of Quarterly Financial Information - Consolidated Statements Of Operations And Comprehensive Loss (unaudited) (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: 0001193125-16-656695
Submitted to the SEC: Mon Jul 25 2016 5:17:59 PM EST
Accepted by the SEC: Mon Jul 25 2016
Period: Thursday, December 31, 2015
Industry: Engines And Turbines

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