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Business Segments
 3 Months Ended
Jun. 30, 2013
Segment Reporting [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 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. 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):

 

     Three months ended
June 30,		  
     2013     2012  

Revenues:

     

Wind

    $ 14,701      $ 16,511   

Grid

      8,385        12,205   
  

 

 

    

 

 

  

Total

    $ 23,086      $ 28,716   
  

 

 

    

 

 

  
     Three months ended
June 30,		  
     2013     2012  

Operating (loss) income:

     

Wind

    $ (1,825 )    $ 1,301   

Grid

      (4,869 )      (5,343 ) 

Unallocated corporate expenses

      (2,156 )      (2,086 ) 
  

 

 

    

 

 

  

Total

    $ (8,850 )    $ (6,128 ) 
  

 

 

    

 

 

  

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 $2.1 million and $2.0 million for the three months ended June 30, 2013 and 2012, respectively.

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

 

     June 30,
2013		      March 31,
2013		  

Wind

    $ 56,015       $ 67,111   

Grid

      72,252         72,800   

Corporate assets

      65,926         76,843   
  

 

 

     

 

 

  

Total

    $ 194,193       $ 216,754   
  

 

 

     

 

 

  

The following table sets forth customers who represented 10% or more of the Company’s total revenues for the three months ended June 30, 2013 and 2012:

 

     Three months ended  
     June 30,  
     2013     2012  

Beijing JINGCHENG New Energy Co., Ltd.

      35 %      19 % 

INOX Wind Limited

      15 %      15 % 

Karara Mining Ltd

      <1 %      15 %