Northern Power cuts Q2 net loss to USD 2.5m

US wind turbine maker Northern Power Systems Corp (TSE:NPS) on Wednesday reported a net loss of USD 2.5 million (EUR 2.3m) for the second quarter of 2016, an improvement from USD 2.7 million a year ago and USD 4.2 million in the preceding quarter.

Revenues totalled USD 8.7 million, down from USD 13 million in the second quarter of 2015 but up from the USD 5.2 million booked in the first quarter of 2016.

The company ended the period in review with an order backlog of USD 33 million, lower than USD 40 million a year earlier but above the USD 29 million seen at the end of March.

"Revenues in our second quarter of 2016 increased sequentially as our core markets for distributed turbine sales returned to a standard seasonal expansion, although not to the level of business in the same period in 2015," said president and chief operating officer Ciel Caldwell. Italy remains a core market for the company and it is focusing on developing other regions, she also said.

"Our improvements in managing cash from operations in the quarter, as well as maturing our efforts to monetize our utility wind technology, give us confidence in the future of our balance sheet," added Caldwell.

Northern Power expects the current filing to lift a failure-to-file cease trade order issued by the Ontario Stock Exchange on September 2 and trading in the company's securities to resume within four to five business days.

(USD 1.0 = EUR 0.909)

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