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Business Segments
 3 Months Ended
Jun. 30, 2012
Business Segments [Abstract]  
Business Segments

14. Business Segments

The Company reported its financial results in two reportable business segments: Wind and Grid.

     Through its Windtec Solutions, the Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. The Company licenses its highly engineered wind turbine designs, provides extensive customer support services and supplies advanced power electronics and control systems to wind turbine manufactures. Its design portfolio includes a broad range of drive trains and power ratings up to 10 megawatts. The Company believes its advanced engineering capabilities, ranging from bearings to advanced synchronous generators to blades, enables it to provide its partners with highly-optimized wind turbine platforms. Furthermore, these designs and support services typically lead to sales of its power electronics and software-based control systems, which are designed for optimized performance, efficiency and grid compatibility.

     Through its Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit and distribute power with exceptional efficiency, reliability and affordability. The Company provides transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which help the Company determine how its solutions can improve network performance. These services often lead to sales of grid interconnection solutions for wind farms and solar power plants, power quality systems and transmission and distribution cable systems.

 

The operating results for the two business segments are as follows (in thousands):

Three months ended
    June 30,
    2012   2011
Revenues:        
Wind $ 16,511 $ 4,262
Grid   12,205   4,796
Total $ 28,716 $  9,058

 

    Three months ended  
    June 30,  
    2012     2011  
Operating (loss) income:            
Wind $ 1,301   $ (24,370 )
Grid   (5,343 )   (10,552 )
Unallocated corporate expenses   (2,086 )   (3,405 )
Total $ (6,128 ) $ (38,327 )

 

     

     The accounting policies of the business segments are the same as those for the consolidated Company. The Company's business segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measures are segment revenues and segment operating (loss) income. The disaggregated financial results of the segments reflect allocation of certain functional expense categories consistent with the basis and manner in which Company management internally disaggregates financial information for the purpose of assisting in making internal operating decisions. In addition, certain corporate expenses which the Company does not believe are specifically attributable or allocable to either of the two business segments have been excluded from the segment operating income.

     Unallocated corporate expenses primarily consist of stock-based compensation expense of $2.0 million and $3.5 million for the three months ended June 30, 2012 and 2011, respectively.

Total assets for the two business segments are as follows (in thousands):

    June 30,   March 31,
    2012   2012
Wind $ 66,598 $ 70,054
Grid   82,006   89,091
Corporate assets   115,574   95,911
Total $ 264,178 $ 255,056

 

     The following table sets forth customers who represented 10% or more of the Company's total revenues for the three months ended June 30, 2012 and 2011:

  Three months ended
  June 30,
  2012 2011
 
Beijing JINGCHENG New Energy Co., Ltd. 19 % -  
Karara Mining Ltd. 15 % -  
INOX Wind Limited. 15 % -  
Department of Energy -   17 %
Doosan Heavy Industries & Construction Co Ltd. -   15 %
Shenyang Blower Works Group Wind Power Co.,Ltd. -   13 %