Northern Power Systems Corporation (NRTHF) saw its loss widen to $0.84 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.60 million, or $0.03 a share. Revenue during the quarter plunged 46.20 percent to $9.87 million from $18.35 million in the previous year period. Gross margin for the quarter contracted 1194 basis points over the previous year period to 5.20 percent. Operating margin for the quarter stood at negative 13.86 percent as compared to a negative 1 percent for the previous year period.
Operating loss for the quarter was $1.37 million, compared with an operating loss of $0.18 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.09 million compared with $0.50 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 11.03 percent for the quarter compared to 2.74 percent in the last year period.
“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.”
Operating cash flow remains negative
Northern Power Systems Corporation has spent $0.80 million cash to meet operating activities during the year as against cash outgo of $4.36 million in the last year. Cash flow from investing activities was $1.22 million from investing activities during the year as against cash outgo of $1.33 million in the last year.
The company has spent $1.29 million cash to carry out financing activities during the year as against cash outgo of $1.10 million in the last year period.
Cash and cash equivalents stood at $5.42 million as on Dec. 31, 2016, down 14.37 percent or $0.91 million from $6.33 million on Dec. 31, 2015.
Debt comes down significantly
Northern Power Systems Corporation has recorded a decline in total debt over the last one year. It stood at $1.60 million as on Dec. 31, 2016, down 44.67 percent or $1.29 million from $2.89 million on Dec. 31, 2015. Northern Power Systems has recorded a decline in short-term debt over the last one year. It stood at $1.60 million as on Dec. 31, 2016, down 44.67 percent or $1.29 million from $2.89 million on Dec. 31, 2015.
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