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Northern Power Systems Corp. (NRTHF) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Northern Power Systems Corp.

CIK: 1605997 Ticker: NRTHF

Exhibit 99.1

Northern Power Systems Reports First Quarter 2017 Results

Business Highlights:

 

    Increased order backlog to $30 million at March 31, 2017 compared to $26 million at March 31, 2016.

 

    Our cash and cash equivalents increased $1.2 million in first quarter of 2017 compared to a decrease of $2.3 million for the same period in the prior year.

 

    Furthered the commercialization of an energy storage offering for the deployment across the utility industry.

Barre, VT USA (12 May 2017) — Northern Power Systems Corp. (TSX: NPS), a next generation renewable energy technology company, today announced financial results for its first quarter ended March 31, 2017.

Revenues for the three months ended March 31, 2017 were $6.2 million, compared to $5.2 million in the first quarter of 2016. GAAP net loss for the first quarter of 2017 was $1.2 million, compared to a net loss of $4.2 million in the prior year first quarter. Order backlog at the end of the first quarter was $30 million, compared to $26 million for the prior year first quarter.

“With the sale of our utility wind assets to WEG in our fourth quarter of 2016, we completed the transition of our business focus to becoming a provider of distributed energy solutions. Our backlog expanded as we continued to drive orders of our proven distributed wind platforms. We also developed our turnkey energy storage offering to work with key battery partners to provide full-scope integrated solutions for customers,” stated Ciel Caldwell, president and chief operating officer of Northern Power Systems. “With the continued strengthening of our balance sheet we are actively investing in platform developments and commercial resources to drive growth in our business.”

Eric Larson, the Company’s chief accounting officer commented, “Our first quarter results reflect our continuing efforts on cost reductions leading to improvements in our gross margin and reductions in our net loss compared to the prior year period. Furthermore, our cash balance increased by $2.6 million to $6.6 million as of March 31, 2017 compared to $4.0 million in the prior year, while reducing the outstanding balance of our line of credit by $1.7 million. Our improving cash position, tight control of managing our balance sheet and reduction in losses all contribute to our confidence in our overall balance sheet.”


The following information was filed by Northern Power Systems Corp. (NRTHF) on Friday, May 12, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Changes In Shareholders' Deficit (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss (unaudited)
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)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Schedule Of Debt (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 - Additional Information (detail)
Intangible Assets
Intangible Assets - Additional Information (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (detail)
Inventories - Schedule Of Inventories (detail)
Net Loss Per Share
Net Loss Per Share (tables)
Net Loss Per Share - 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)
Net Loss Per Share - Potentially Dilutive Securities Excluded From Calculation Of Diluted Weighted Average Shares Outstanding (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)
Segment Reporting
Segment Reporting - Additional 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)
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Northern Power Systems Corp. provided additional information to their SEC Filing as exhibits

Ticker: NRTHF
CIK: 1605997
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-17-168622
Submitted to the SEC: Fri May 12 2017 4:16:58 PM EST
Accepted by the SEC: Fri May 12 2017
Period: Friday, March 31, 2017
Industry: Engines And Turbines

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