Northern Power Systems to Restate Annual and Quarterly Financial Results for 2013, 2014 and First Three Quarters of 2015

About this update from Canadian Large Cap Leaders Split Corp. Class A

[{"type":"text","content":"\n\n\n\nNorthern Power Systems to Restate Annual and Quarterly Financial Results for 2013, 2014 and First Three Quarters of 2015\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNorthern Power Systems to Restate Annual and Quarterly Financial Results for 2013, 2014 and First Three Quarters of 2015\nCompany incurred no adverse effect on cash position or cash flow from operations.\nCompany expects to announce 2015 annual results by the end of June 2016.\nCanada NewsWire\nBARRE, Vt., May 24, 2016\n\n\n\nBARRE, Vt., May 24, 2016 /CNW/ -- Northern Power Systems Corp. (TSX:NPS), a next generation renewable energy technology company, announced that it will restate its previously issued financial results for fiscal 2013, 2014 and the first three quarters of fiscal year 2015.  \n\nThe company's financials are being restated due to an error in the timing of recognizing revenue for certain overseas transactions.  The company has historically recognized revenue for a turbine sale when title and risk of loss transfers to the customer, which occurs at the time of shipment from our Vermont manufacturing facility.  For the overseas transactions at issue, because the turbines were shipped to a foreign logistics warehouse, rented by Northern Power in the customer's country, the company has determined that revenue for such transactions should have been recorded when the turbine was transported out of the foreign logistics warehouse to the customer's installation site, and not when shipped from our Vermont manufacturing facility.  For some transactions, due to the amount of time a turbine was in overseas transit and in the foreign logistics warehouse, revenue for turbines shipped in one quarter should have been recorded in a subsequent fiscal quarter.  In such cases, revenue previously recognized in certain quarters will be recognized in subsequent quarters.  This restatement is being made at the recommendation of the Audit Committee of the company's Board of Directors, acting in consultation with the company's management.  The Audit Committee and mana...

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