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Northern Power Systems Corp. (NRTHF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Northern Power Systems Corp.

CIK: 1605997 Ticker: NRTHF

Exhibit 99.1

Northern Power Systems Announces Fourth Quarter and Full Year 2016 Results

PRESS RELEASE

FOR ONLINE PUBLICATION AND PRINT:

31 March 2017

Fourth Quarter 2016 Highlights:

 

    Our cash and cash equivalents increased $2.2 million in fourth quarter of 2016 compared to $0.7 million for the same period in the prior year.

 

    Increased order backlog at December 31, 2016 to $28 million as compared to $25 million at December 31, 2015.

 

    Completed the sale of certain of our utility-scale wind assets to WEG SA; expanding our global collaboration with WEG with the potential to collect royalties for up to an additional $17.5M, over the next decade, for sales outside of South America.

 

    Negotiating a partnership with Eos Energy Storage to develop and offer integrated energy storage systems for utilities and commercial/industrial customers.

Year End 2016 Other Highlights:

 

    Expanded fleet of distributed wind turbines to over 600 turbines, with over 14 million of run time hours. Turbines under warranty continued to perform at greater than 98 percent availability.

 

    Reduced cash used in operations to $0.8 million from $4.4 million in the prior year. Delivered positive cash flow from operations in the 2nd through 4th quarters of 2016.

 

    Reduced operating expenses to $12.4 million (excluding a $1.0 million gain on the sale of assets to WEG and a $0.4 million goodwill impairment charge) from $16.1 million in the prior year.

 

    Renewed Comerica line of credit in the amount of $2.0 million through December 31, 2017.

Barre, VT USA (31 March 2017) – 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, 2016.

“During 2016, we announced our intention to monetize our utility wind assets, and focus on our core distributed wind turbine business as well as to expand into full-scope energy storage solutions. With the completion of the sale of certain of our utility-scale wind technology and assets to our partner WEG, in October 2016, we consummated our planned refocus on distributed energy applications,” stated Ciel Caldwell, president and chief operating officer of Northern Power Systems. “With the reduction of business expenses, and effective management of our balance sheet, we continue to be confident that we will not require additional investment in our business.”

“Our expansion into full-scope energy storage solutions in the distribution network is gaining traction as we have submitted multiple commercial bids and are negotiating initial order contracts,” Ms. Caldwell continued. “These activities, in combination with continued global distributed turbine sale traction, are validating our distributed energy strategy.”


The following information was filed by Northern Power Systems Corp. (NRTHF) on Friday, March 31, 2017 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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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 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 - Additional Information (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)
Description Of Business
Description Of Business (policies)
Description Of Business - Additional Information (detail)
Fair Value Measurement
Fair Value Measurement - Additional Information (detail)
Gain On Sale Of Assets
Gain On Sale Of Assets - Additional Information (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 And Goodwill
Intangible Assets And Goodwill (tables)
Intangible Assets And Goodwill - Additional Information (detail)
Intangible Assets And Goodwill - Schedule Of Expected Aggregate Future Amortization Expense (detail)
Intangible Assets And Goodwill - Schedule Of Goodwill (detail)
Intangible Assets And Goodwill - 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)
Revolving Line Of Credit
Revolving Line Of Credit (tables)
Revolving Line Of Credit - Foreign Working Capital Revolving Line Of Credit - Additional Information (detail)
Revolving Line Of Credit - Schedule Of Debt (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 As Well As Intangible Assets And Goodwill (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 Selected Quarterly Financial Information (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: 0001193125-17-106850
Submitted to the SEC: Fri Mar 31 2017 5:20:01 PM EST
Accepted by the SEC: Fri Mar 31 2017
Period: Saturday, December 31, 2016
Industry: Engines And Turbines

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