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Business Segments
 12 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Business Segments

17. Business Segments

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

Through the Company’s Windtec Solutions, the Wind business segment enables manufacturers to field wind turbines with exceptional 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 manufacturers. The Company’s design portfolio includes a broad range of drive trains and power ratings of 2 MWs and higher. The Company 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 the Company’s 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 sales process is enabled by transmission planning services that allow it to identify power grid congestion, poor power quality and other risks, which helps 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 Company also sells ship protection products to the U.S. Navy through its Grid business segment.

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

 

Fiscal Years Ended March 31,

 

 

2016

 

 

2015

 

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Wind

$

68,883

 

 

$

51,307

 

 

$

55,608

 

Grid

 

27,140

 

 

 

19,223

 

 

 

28,509

 

Total

$

96,023

 

 

$

70,530

 

 

$

84,117

 

 

 

Fiscal Years Ended March 31,

 

 

2016

 

 

2015

 

 

2014

 

Operating loss:

 

 

 

 

 

 

 

 

 

 

 

Wind

$

(1,256

)

 

$

(14,321

)

 

$

(5,213

)

Grid

 

(14,835

)

 

 

(26,890

)

 

 

(22,523

)

Unallocated corporate expenses

 

(4,027

)

 

 

(11,306

)

 

 

(13,693

)

Total

$

(20,118

)

 

$

(52,517

)

 

$

(41,429

)

 

Total assets for the two business segments as of March 31, 2016 and March 31, 2015 are as follows (in thousands):

 

March 31,

 

 

March 31,

 

 

2016

 

 

2015

 

Wind

$

34,389

 

 

$

41,947

 

Grid

 

36,255

 

 

 

42,482

 

Corporate assets

 

64,674

 

 

 

49,396

 

Total

$

135,318

 

 

$

133,825

 

 

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. 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 loss.

Unallocated corporate expenses primarily consist of stock-based compensation expense of $3.2 million, $5.9 million and $10.7 million in the fiscal years ended March 31, 2016, 2015, and 2014, respectively, and restructuring and impairment charges of $0.8 million, $5.4 million, and $3.0 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively.

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

 

 

Fiscal years ended March 31,

 

 

2016

 

 

2015

 

 

2014

 

India

$

59,640

 

 

$

39,314

 

 

$

26,384

 

U.S.

 

14,565

 

 

 

9,820

 

 

 

11,013

 

China

 

8,455

 

 

 

10,410

 

 

 

24,748

 

Asia Pacific

 

5,364

 

 

 

3,788

 

 

 

8,223

 

Africa

 

2,697

 

 

 

616

 

 

 

2,187

 

Australia

 

2,410

 

 

 

1,653

 

 

 

3,037

 

Europe

 

1,775

 

 

 

2,239

 

 

 

5,213

 

Canada

 

1,117

 

 

 

2,690

 

 

 

3,312

 

Total

$

96,023

 

 

$

70,530

 

 

$

84,117

 

In the fiscal years ended March 31, 2016, 2015 and 2014, 85%, 86%, and 87% of the Company’s revenues, respectively, were recognized from sales outside the United States. The Company maintains operations in Austria, Romania, China and the United States and sales and service support centers around the world.

In the fiscal years ended March 31, 2016 and 2015, Inox accounted for approximately 62% and 56% of the Company’s total revenues, respectively.  In the year ended March 31, 2014, Inox and Beijing JINGCHENG New Energy accounted for approximately 31% and 18%, respectively, of the Company’s total revenues.

 

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

 

 

March 31,

 

 

2016

 

 

2015

 

North America

$

48,685

 

 

$

54,673

 

Europe

 

868

 

 

 

854

 

Asia Pacific

 

225

 

 

 

570

 

Total

$

49,778

 

 

$

56,097