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Business Segment And Geographic Information
 12 Months Ended
Mar. 31, 2013
Business Segment And Geographic Information [Abstract]  
Business Segment And Geographic Information

17.    Business Segment and Geographic Information

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 highly competitive power output, reliability and affordability.  The Company supplies advanced power electronics and control systems, licenses its highly engineered wind turbine designs, and provides extensive customer support services to wind turbine manufactures. Its design portfolio includes a broad range of drive trains and power ratings up to 10 MW’s.  It provides a broad range of power electronics and software-based control systems that are highly integrated and 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 highly competitive 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):

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended March 31,

 

 

2013

 

2012

 

2011

Revenues:

 

 

 

 

 

 

Wind

$
44,231 

$
44,642 

$
231,761 

Grid

 
43,188 

 
31,901 

 
54,842 

Total

$
87,419 

$
76,543 

$
286,603 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended March 31,

 

 

2013

 

2012

 

2011

Operating loss:

 

 

 

 

 

 

Wind

$
(16,098)

$
(62,217)

$
(100,546)

Grid

 
(23,815)

 
(29,645)

 
(63,855)

Unallocated corporate expenses

 
(17,828)

 
(44,577)

 
(13,582)

Total

$
(57,741)

$
(136,439)

$
(177,983)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

March 31,

 

 

2013

 

 

2012

Wind

$
67,111 

 

$
70,054 

Grid

 
72,800 

 

 
89,091 

Corporate assets

 
76,843 

 

 
95,911 

Total

$
216,754 

 

$
255,056 

 

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 $8.1 million and $9.9 million, and $13.4 million for the years ended March 31, 2013, 2012 and 2011, respectively, and restructuring and impairment charges of $7.9 million, and $9.2 million for the years ended March 31, 2013, and 2012, respectively.  For the year ended March 31, 2013, unallocated corporate expenses also included a loss contingency of $1.8 million, also for the year ended March 31, 2012, unallocated corporate expenses included $20.6 million for the write-off of an advanced payment to The Switch.

Geographic information about revenue, based on shipments to customers by region, is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended March 31,

 

 

2013

 

2012

 

2011

U.S.

$
13,197 

$
21,347 

$
18,642 

Canada

 
1,663 

 
1,219 

 
6,670 

Europe

 
14,709 

 
2,868 

 
10,289 

China

 
17,906 

 
16,929 

 
219,194 

Korea

 
10,945 

 
12,486 

 
10,281 

India

 
17,062 

 
14,212 

 
3,835 

Australia

 
11,937 

 
7,482 

 
17,692 

Total

$
87,419 

$
76,543 

$
286,603 

 

In the year ended March 31, 2013, 2012 and 2011, 85%, 72%, and 93% of the Company’s revenues, respectively, were recognized from sales outside the United States. The Company maintains operations in Austria, China and the United States and sales and service support centers around the world.

In the year ended March 31, 2013, two customers, Inox Wind Limited (“Inox”) and Beijing JINGCHENG New Energy (“JCNE”), accounted for approximately 19% and 13%, respectively, of the Company’s total revenues.  In the year ended March 31, 2012, two customers, Inox and Doosan Heavy Industries, accounted for approximately 18% and 11%, respectively, of the Company’s total revenues. For the year ended March 31, 2011, Sinovel had been our largest customer, accounting for 68% of total revenues. 

Geographic information about property, plant and equipment associated with particular regions is as follows (in thousands):

 

 

 

 

 

 

 

 

 

March 31,

 

 

2013

 

2012

North America

$
71,127 

$
83,421 

Europe

 
1,941 

 
3,538 

Asia Pacific

 
1,558 

 
3,869 

Total

$
74,626 

$
90,828