SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Yeshim Deniz, Glenn Rossman, Cynthia Dunlop

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Northern Power Systems Announces Q2 2014 Financial Results

Strong Revenue Growth; Substantially Reduced EBITDA Losses

BARRE, VT--(Marketwired - August 05, 2014) -

Second Quarter 2014 Highlights:

  • Expanded quarterly revenues to $13.8 million from $4.3 million in the prior year period; revenue expansion driven by strong continued demand for the Company's distributed class turbines.
  • Reduced quarterly net loss to $2.2 million from $2.8 million in the prior year period, and quarterly non-GAAP EBITDA loss to $1.3 million from $3.0 million in the prior year quarter; driven by sales into higher wind regimes and production cost control.
  • Completed prototype of next generation distributed class turbine which will offer improved performance and economic returns.
  • Concluded capital raise of $22.3 million in April, supporting strategic plans for global expansion in sales of Northern Power's offerings.

Northern Power Systems Corp. (TSX: NPS), a next generation renewable energy technology company, today announced financial results for its three and six month periods ended June 30, 2014.

"Our second quarter financial results demonstrated continued strong year-over-year revenue growth. With our next generation distributed turbine ready for the market and our capital raise concluded, we are planning our targeted expansion strategy to enter new regions and market sectors," said Troy Patton, president and chief executive officer. "We also continue to be very pleased with the scope of our strategic partnership with WEG Industries. WEG's production and delivery of 2MW turbines leveraging our licensed technology platform continues on pace to fill its current Brazilian orders of greater than 150 MW. The 3.3MW turbine now under development supported by Northern Power should add to a strong portfolio of offerings for WEG's commercialization of our permanent magnet/direct drive technology in this rapidly expanding market."

"Our significant reductions in quarterly net loss and non-GAAP EBITDA loss, at 22 percent and 58 percent year-over-year, respectively, are demonstrating our path toward break-even," commented Ciel Caldwell, chief financial officer. "We are optimistic in our continued progress of tracking to profitability."

Consolidated Financial Metrics:

  • Revenue for the second quarter of fiscal year 2014 grew to $13.8 million, a 220 percent increase over revenue of $4.3 million reported in the prior year period.
  • Order backlog at June 30, 2014 was $41 million, a 21 percent increase over backlog of $34 million at June 30, 2013.
  • Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 16 percent, up from a gross margin loss of 1 percent in the prior year period.
  • GAAP net loss for the second quarter was $2.2 million, representing a 22 percent decrease compared to a $2.8 million loss in the prior year period.
  • Non-GAAP adjusted EBITDA loss for the second quarter was $1.3 million, representing a 58 percent decrease compared to a non-GAAP adjusted EBITDA loss of $3.0 million, in the prior year period.
  • Cash used in operations in the second quarter was $6.9 million, representing a 244 percent increase compared to a $2.0 million usage of cash for operations in the prior year period.
  • Debt at June 30, 2014 was $0 as compared to $12.5 million at December 31, 2013.

Webcast and conference call reminder

In conjunction with this announcement Northern Power Systems' management will present prepared remarks and participate in a question and answer session at 5:00 p.m. EDT on August 5, 2014. Those who wish to view the presentation should visit the "Investors" section of the Northern Power Systems' website at http://www.ir.northernpower.com/events-and-presentations.aspx. The live call can be accessed domestically at +1-877-317-6789 and internationally at +1-412-317-6789. Participants should ask to be joined to the Northern Power Systems call.

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. Non-GAAP adjusted EBITDA 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 charges, and certain other non-cash charges, 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 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 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 almost 40 years' experience in technologies and products generating renewable energy.

* Northern Power Systems currently manufactures the NPS™ 60 and NPS™ 100 turbines. With over 5 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 (PM/DD) technology uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime.

* 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.

* Some of the world's largest manufacturers license the company's next generation technology and IP for their utility and distributed wind products and markets.

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 Corp. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, 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 Corp. 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, performance and acceptance of the company's products, economic factors, competition, the equity markets generally and many other factors beyond the control of Northern Power Systems Corp. Although Northern Power Systems Corp. 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 Corp. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

                                                                            
                                                                            
NORTHERN POWER SYSTEMS CORP.                                                
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS      
 (unaudited)                                                                
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 - INCLUDING       
 RESULTS OF THE PREDECESSOR COMPANY WIND POWER HOLDINGS, INC. AS APPLICABLE 
(All amounts in thousands, except share and per share amounts)              
----------------------------------------------------------------------------
                     For the three months ended   For the six months ended  
                         June 30,      June 30,      June 30,      June 30, 
                             2014          2013          2014          2013 
                                                                            
REVENUES:                                                                   
 Net revenue          $    13,770   $     4,306   $    27,526   $     5,984 
COSTS OF REVENUE AND                                                        
 OPERATING EXPENSES:                                                        
 Cost of revenues          11,574         4,364        24,140         6,208 
 Sales and marketing          898           755         1,678         1,328 
 Research and                                                               
  development               1,077         1,006         2,216         2,011 
 General and                                                                
  administrative            2,393         1,540         4,569         3,052 
                     ------------- ------------- ------------- -------------
  Total costs of                                                            
   revenue and                                                              
   operating expenses      15,942         7,665        32,603        12,599 
                     ------------- ------------- ------------- -------------
 Loss from operations      (2,172)       (3,359)       (5,077)       (6,615)
 Change in fair value                                                       
  of warrants                   -           724             -           661 
 Interest income                5             -             5             - 
 Interest expense             (37)         (111)         (277)         (129)
 Other                                                                      
  income/(expense)             67            (4)          102           (25)
                     ------------- ------------- ------------- -------------
 Loss before                                                                
  provision for                                                             
  income taxes             (2,137)       (2,750)       (5,247)       (6,108)
 Provision for income                                                       
  taxes                        15             3            29            29 
                     ------------- ------------- ------------- -------------
                                                                            
NET LOSS                   (2,152)       (2,753)       (5,276)       (6,137)
                                                                            
 Foreign currency                                                           
  translation                 (88)            -           (88)            - 
                                                                            
                     ------------- ------------- ------------- -------------
COMPREHENSIVE LOSS    $    (2,064)  $    (2,753)  $    (5,188)  $    (6,137)
                     ============= ============= ============= =============
                                                                            
Net loss applicable                                                         
 to common                                                                  
 shareholders         $    (2,152)  $    (3,801)  $    (5,276)  $    (8,708)
Net loss per common                                                         
 share                                                                      
 Basic and diluted    $     (0.10)  $    (13.22)  $     (0.31)  $    (57.29)
Weighted average                                                            
 number of common                                                           
 shares outstanding                                                         
 Basic and diluted     21,088,589       287,413    16,964,388       151,995 
                                                                            
                                                                            
NORTHERN POWER SYSTEMS CORP.                                                
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)                           
AS OF JUNE 30, 2014 AND DECEMBER 31, 2013 - FOR THE PREDECESSOR COMPANY WIND
 POWER HOLDINGS, INC.                                                       
(All amounts in thousands)                                                  
----------------------------------------------------------------------------
                                                June 30,       December 31, 
ASSETS                                              2014               2013 
                                                                            
CURRENT ASSETS:                                                             
 Cash and cash equivalents              $         15,394   $          4,534 
 Accounts receivable                               3,535              1,175 
 Unbilled revenue                                  2,724                786 
 Inventories - net                                13,568             11,682 
 Other current assets                              2,579              2,808 
                                       ------------------ ------------------
  Total current assets                            37,800             20,985 
 Property, plant and equipment - net               1,538              1,414 
 Asset held for sale                                   -              1,300 
 Intangible assets - net                             416                509 
 Goodwill                                            722                722 
 Other assets                                        731              2,615 
                                       ------------------ ------------------
  Total Assets                          $         41,207   $         27,545 
                                       ================== ==================
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
 (DEFICIENCY)                                                               
                                                                            
CURRENT LIABILITIES:                                                        
 Current portion of long-term debt      $              -   $            141 
 Senior secured convertible notes                      -             12,107 
 Accounts payable                                  3,315              2,148 
 Accrued expenses                                  5,668              4,365 
 Deferred revenue                                  6,772              4,221 
 Customer deposits                                 6,440             10,917 
 Other current liabilities                           717              3,327 
                                       ------------------ ------------------
  Total current liabilities                       22,912             37,226 
                                       ------------------ ------------------
                                                                            
 Deferred revenue, less current portion            1,491              1,163 
 Other long-term liability                           289                558 
                                       ------------------ ------------------
  Total Liabilities                               24,692             38,947 
                                       ------------------ ------------------
STOCKHOLDERS' EQUITY (DEFICIENCY):                                          
Common stock                                     165,505                128 
Additional paid-in capital                         7,532            139,804 
Accumulated other comprehensive income                88                  - 
Accumulated deficit                             (156,610)          (151,334)
                                       ------------------ ------------------
                                                                            
  Total Stockholders' Equity                                                
   (Deficiency)                                   16,515            (11,402)
                                       ------------------ ------------------
                                                                            
Total Liabilities and Stockholders'                                         
 Equity (Deficiency)                    $         41,207   $         27,545 
                                       ================== ==================
                                                                            
The accompanying notes are an integral part of these condensed consolidated 
 financial statements.                                                      
                                                                            
                                                                            
NORTHERN POWER SYSTEMS CORP.                                                
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)                 
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 - INCLUDING       
 RESULTS OF THE PREDECESSOR COMPANY WIND POWER HOLDINGS, INC. AS APPLICABLE 
(All amounts in thousands)                                                  
----------------------------------------------------------------------------
                     For the three months ended   For the six months ended  
                         June 30,      June 30,      June 30,      June 30, 
                             2014          2013          2014          2013 
OPERATING ACTIVITIES:                                                       
 Net loss             $    (2,152)  $    (2,753)  $    (5,276)  $    (6,137)
Adjustments to                                                              
 reconcile net loss                                                         
 to net cash used in                                                        
 operating                                                                  
 activities:                                                                
 Change in fair value                                                       
  of warrants                   -          (724)            -          (661)
 Provision for                                                              
  inventory                                                                 
  obsolescence                  -             -            93            48 
 Provision for                                                              
  doubtful accounts           (25)            -           (88)            1 
 Stock-based                                                                
  compensation                                                              
  expense                     454            57           602           179 
 Depreciation and                                                           
  amortization                391           310           569           537 
 Noncash restructure                                                        
  charges                       -           (31)            -            19 
 Deferred income                                                            
  taxes                         -             4             3             7 
                                                                            
Changes in operating                                                        
 assets and                                                                 
 liabilities:                                                               
 Accounts receivable                                                        
  and unbilled                                                              
  revenue                    (587)          435        (4,209)          356 
 Other current and                                                          
  noncurrent assets           296           115           184           408 
 Inventories               (1,136)          105        (1,979)       (1,338)
 Accounts payable          (1,024)           53         1,167            (4)
 Accrued expenses            (674)          252         1,416           386 
 Customer deposits         (3,313)         (335)       (4,477)        1,018 
 Other liabilities            880           508         2,821          (258)
                                                                            
  Net cash used in                                                          
   operating                                                                
   activities              (6,890)       (2,004)       (9,174)       (5,439)
                     ------------- ------------- ------------- -------------
                                                                            
INVESTING ACTIVITIES:                                                       
 Proceeds from sale                                                         
  of property               1,300             -         1,300             - 
 Purchases of                                                               
  property and                                                              
  equipment                  (405)          (18)         (600)          (71)
                     ------------- ------------- ------------- -------------
                                                                            
  Net cash provided                                                         
   (used) by                                                                
   investing                                                                
   activities                 895           (18)          700           (71)
                     ------------- ------------- ------------- -------------
                                                                            
FINANCING ACTIVITIES:                                                       
 Proceeds equity                                                            
  financing                19,662             -        19,662             - 
 Proceeds from                                                              
  exercise of stock                                                         
  options                      25             -            25             - 
 Proceeds from                                                              
  issuance of                                                               
  convertible notes             -         4,525             -         4,525 
 Proceeds from                                                              
  borrowings of                                                             
  short-term debt               -          (750)            -             - 
 Debt principal                                                             
  payments                   (382)          (32)         (441)          (62)
                     ------------- ------------- ------------- -------------
  Net cash provided                                                         
   by financing                                                             
   activities              19,305         3,743        19,246         4,463 
                     ------------- ------------- ------------- -------------
                                                                            
Effect of exchange                                                          
 rate change on cash           88             -            88             - 
                                                                            
Change in cash and                                                          
 cash equivalents          13,398         1,721        10,860        (1,047)
 Cash and cash                                                              
  equivalents -                                                             
  Beginning of the                                                          
  Period                    1,996         1,688         4,534         4,456 
                     ------------- ------------- ------------- -------------
 Cash and cash                                                              
  equivalents - End                                                         
  of the Period       $    15,394   $     3,409   $    15,394   $     3,409 
                     ============= ============= ============= =============
                                                                            
                                                                            
NORTHERN POWER SYSTEMS CORP.                                                
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA NET LOSS        
 (unaudited)                                                                
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 - FOR THE         
 PREDECESSOR COMPANY WIND POWER HOLDINGS, INC.                              
(All amounts in thousands)                                                  
----------------------------------------------------------------------------
                                                                            
                     For the three months ended   For the six months ended  
                         June 30,      June 30,      June 30,      June 30, 
                             2014          2013          2014          2013 
                                                                            
NET LOSS              $    (2,152)  $    (2,753)  $    (5,276)  $    (6,137)
Interest expense               37           111           277           129 
Provision for income                                                        
 taxes                         15             3            29            29 
Depreciation and                                                            
 amortization                 391           310           569           537 
Stock compensation                                                          
 expense                      454            57           602           179 
Fair value of                                                               
 warrants classified                                                        
 as liability                   -          (724)            -          (661)
                     ------------- ------------- ------------- -------------
Non-GAAP adjusted                                                           
 EBITDA net loss      $    (1,255)  $    (2,996)  $    (3,799)  $    (5,924)
                     ============= ============= ============= =============
                                                                            

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