2015 Q4 Form 10-Q Financial Statement

#000156459016012481 Filed on February 09, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $25.77M $21.25M
YoY Change 21.28% 3.34%
Cost Of Revenue $19.26M $18.09M
YoY Change 6.46% 14.06%
Gross Profit $6.509M $3.156M
YoY Change 106.24% -32.85%
Gross Profit Margin 25.26% 14.85%
Selling, General & Admin $7.023M $7.550M
YoY Change -6.98% -8.28%
% of Gross Profit 107.9% 239.23%
Research & Development $2.759M $2.795M
YoY Change -1.29% -5.29%
% of Gross Profit 42.39% 88.56%
Depreciation & Amortization $39.00K $39.00K
YoY Change 0.0% -53.57%
% of Gross Profit 0.6% 1.24%
Operating Expenses $9.782M $10.35M
YoY Change -5.44% -62.02%
Operating Profit -$3.312M -$7.735M
YoY Change -57.18% 15.88%
Interest Expense $200.0K $400.0K
YoY Change -50.0% -75.0%
% of Operating Profit
Other Income/Expense, Net -$20.00K -$209.0K
YoY Change -90.43% -38.71%
Pretax Income -$2.151M -$6.181M
YoY Change -65.2% -23.83%
Income Tax $806.0K $172.0K
% Of Pretax Income
Net Earnings -$2.957M -$6.353M
YoY Change -53.46% -24.52%
Net Earnings / Revenue -11.47% -29.9%
Basic Earnings Per Share -$0.22 -$0.72
Diluted Earnings Per Share -$0.22 -$0.72
COMMON SHARES
Basic Shares Outstanding 13.54M shares 8.764M
Diluted Shares Outstanding 13.54M shares 8.764M

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.40M $36.00M
YoY Change 1.11% 1.69%
Cash & Equivalents $36.44M $35.98M
Short-Term Investments
Other Short-Term Assets $6.000M $13.20M
YoY Change -54.55% -36.84%
Inventory $15.20M $26.54M
Prepaid Expenses
Receivables $17.10M $10.78M
Other Receivables $0.00 $0.00
Total Short-Term Assets $74.80M $86.51M
YoY Change -13.54% -3.88%
LONG-TERM ASSETS
Property, Plant & Equipment $51.20M $58.26M
YoY Change -12.11% -13.31%
Goodwill
YoY Change
Intangibles $1.565M
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.900M $2.833M
YoY Change 214.15% -85.09%
Total Long-Term Assets $61.00M $70.48M
YoY Change -13.45% -20.27%
TOTAL ASSETS
Total Short-Term Assets $74.80M $86.51M
Total Long-Term Assets $61.00M $70.48M
Total Assets $135.8M $157.0M
YoY Change -13.5% -12.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.942M $7.735M
YoY Change -10.25% 49.38%
Accrued Expenses $12.90M $27.20M
YoY Change -52.57% 49.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.600M $3.700M
YoY Change -2.7% -75.97%
Total Short-Term Liabilities $45.40M $65.85M
YoY Change -31.05% 14.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.300M $4.900M
YoY Change -73.47% -32.88%
Other Long-Term Liabilities $4.100M $895.0K
YoY Change 358.1% -64.2%
Total Long-Term Liabilities $5.400M $895.0K
YoY Change 503.35% -90.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.40M $65.85M
Total Long-Term Liabilities $5.400M $895.0K
Total Liabilities $50.80M $74.51M
YoY Change -31.82% 10.88%
SHAREHOLDERS EQUITY
Retained Earnings -$901.7M
YoY Change
Common Stock $984.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $771.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $85.00M $82.48M
YoY Change
Total Liabilities & Shareholders Equity $135.8M $157.0M
YoY Change -13.5% -12.0%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$2.957M -$6.353M
YoY Change -53.46% -24.52%
Depreciation, Depletion And Amortization $39.00K $39.00K
YoY Change 0.0% -53.57%
Cash From Operating Activities -$30.00K -$9.560M
YoY Change -99.69% 166.3%
INVESTING ACTIVITIES
Capital Expenditures -$480.0K -$170.0K
YoY Change 182.35% 70.0%
Acquisitions
YoY Change
Other Investing Activities $5.560M $2.260M
YoY Change 146.02% 113.21%
Cash From Investing Activities $5.090M $2.100M
YoY Change 142.38% 118.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.100M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M 8.910M
YoY Change -111.22% -25.87%
NET CHANGE
Cash From Operating Activities -30.00K -9.560M
Cash From Investing Activities 5.090M 2.100M
Cash From Financing Activities -1.000M 8.910M
Net Change In Cash 4.060M 1.450M
YoY Change 180.0% -84.56%
FREE CASH FLOW
Cash From Operating Activities -$30.00K -$9.560M
Capital Expenditures -$480.0K -$170.0K
Free Cash Flow $450.0K -$9.390M
YoY Change -104.79% 169.05%

Facts In Submission

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us-gaap Litigation Settlement Expense
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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amsc Increase Decrease In Litigation Reserve
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Repayments Of Long Term Debt
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us-gaap Nature Of Operations
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<div> <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1. Nature of the Business and Operations and Liquidity </font> </p> <p style="margin:6pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">Nature of the Business and Operations </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt">American Superconductor Corporation (&#8220;AMSC&#8221; or the &#8220;Company&#8221;) was founded on April</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">9, 1987. The Company is a leading provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. In the wind power market, the Company enables manufacturers to field wind turbines through its advanced engineering, support services and power electronics products. In the power grid market, the Company enables electric utilities and renewable energy project developers to connect, transmit and distribute power through its transmission planning services and power electronics and superconductor-based products. The Company&#8217;s wind and power grid products and services provide exceptional reliability, security, efficiency and affordability to its customers. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt">These unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with United States generally accepted accounting principles (&#8220;GAAP&#8221;) and the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) instructions to Form 10-Q. The going concern basis of presentation assumes that the Company will continue operations and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those instructions. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim periods ended </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt"> and 2014</font><font style="font-family:'Times New Roman'; font-size:10pt"> and the financial position at </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:5541e6be-c3fe-4a9d-bee3-991ddf9eb9e9; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">On March 24, 2015, the Company effected a </font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:f14efef4-23bb-4c2b-9b86-2f1815079b9c; -aw-sdt-title:Fact">1-for-10</font><font style="font-family:'Times New Roman'; font-size:10pt"> reverse stock split of its common stock. Trading of the Company&#8217;s common stock reflected the reverse stock split beginning on March 25, 2015. Unless otherwise indicated, all historical references to shares of common stock, shares of restricted stock, restricted </font><font style="font-family:'Times New Roman'; font-size:10pt">stock </font><font style="font-family:'Times New Roman'; font-size:10pt">units, shares underlying options, warrants or calculations that use common stock for per share financial reporting have been adjusted for comparative purposes to reflect the impact of the 1-for-10 reverse stock split as if it had occurred at the beginning of the earliest period presented.</font> </p> <p style="margin:18pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">Liquidity </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:58ce0cc1-b755-4303-a01a-caba29b38da8; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company has experienced recurring operating losses and as of </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">, the Company had an accumulated deficit of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:62a66c6a-c4d8-4fd5-bbde-af85ba2c096d; -aw-sdt-title:Fact">92</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:62a66c6a-c4d8-4fd5-bbde-af85ba2c096d; -aw-sdt-title:Fact">4.</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:62a66c6a-c4d8-4fd5-bbde-af85ba2c096d; -aw-sdt-title:Fact">8</font><font style="font-family:'Times New Roman'; font-size:10pt"> million. In addition, the Company has experienced recurring negative operating cash flows.&#160; At </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">, the Company had cash and cash equivalents of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:53ceacfe-4683-4950-a03a-b606585e5ac5; -aw-sdt-title:Fact">3</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:53ceacfe-4683-4950-a03a-b606585e5ac5; -aw-sdt-title:Fact">6.4</font><font style="font-family:'Times New Roman'; font-size:10pt"> million. </font><font style="font-family:'Times New Roman'; font-size:10pt">Cash used in operations </font><font style="font-family:'Times New Roman'; font-size:10pt">for the </font><font style="font-family:'Times New Roman'; font-size:10pt">nine months</font><font style="font-family:'Times New Roman'; font-size:10pt"> ended </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt"> was $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:4aa864de-a308-4313-b9b5-2a80e2620762; -aw-sdt-title:Fact">7.</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:4aa864de-a308-4313-b9b5-2a80e2620762; -aw-sdt-title:Fact">8</font><font style="font-family:'Times New Roman'; font-size:10pt"> million.</font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:7db89538-f806-4789-b876-991e03a03eb3; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">From April 1, 2011 through the date of this filing, the Company has reduced its global workforce substantially.&#160; The Company </font><font style="font-family:'Times New Roman'; font-size:10pt">has taken actions to consolidate </font><font style="font-family:'Times New Roman'; font-size:10pt">certain business operations to reduce facility costs.&#160; As of </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">, the Company had a global workforce of </font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:d1b9e3b9-a980-4ed7-910a-9a5d8a35b0ff; -aw-sdt-title:Fact">339</font><font style="font-family:'Times New Roman'; font-size:10pt"> persons.&#160; The Company plans to closely monitor its expenses and</font><font style="font-family:'Times New Roman'; font-size:10pt">,</font><font style="font-family:'Times New Roman'; font-size:10pt"> if required, expects to further reduce operating costs and capital spending to enhance liquidity. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:51e921be-d863-4280-9652-7a33ae0c35b3; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">Over the last several years, the Company has entered into several debt and equity financing arrangements in order to enhance liquidity.&#160; Since April 1, 2012, the Company has generated aggregate cash flows from financing activities of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:644dd52a-eadc-4bf8-8593-bf97b985cd41; -aw-sdt-title:Fact">7</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:644dd52a-eadc-4bf8-8593-bf97b985cd41; -aw-sdt-title:Fact">2</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:644dd52a-eadc-4bf8-8593-bf97b985cd41; -aw-sdt-title:Fact">.0</font><font style="font-family:'Times New Roman'; font-size:10pt"> million.&#160; This amount includes proceeds from an </font><font style="font-family:'Times New Roman'; font-size:10pt">April 2015 </font><font style="font-family:'Times New Roman'; font-size:10pt">equity offering, which generated net proceeds of approximately $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:370e2384-2b74-4f3d-8b3d-15a5fd3b03bd; -aw-sdt-title:Fact">22.3</font><font style="font-family:'Times New Roman'; font-size:10pt"> million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.&#160; See Note </font><font style="font-family:'Times New Roman'; font-size:10pt">10</font><font style="font-family:'Times New Roman'; font-size:10pt">, &#8220;Debt&#8221;, and Note 12 &#8220;Stockholders Equity&#8221; for further discussion of these financing arrangements. The Company believes that it is in compliance with the covenants and restrictions included in the agreements governing its debt arrangements as of </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">.</font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:ba10dab6-1560-40f0-b6b0-392405ca2c2d; -aw-sdt-title:'Nature of the Business and Operations and Liquidity'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company believes it has sufficient liquidity to fund its operations, capital expenditures and scheduled cash payments under its debt obligations for the next twelve months. The Company&#8217;s liquidity is highly dependent on its ability to increase revenues, its ability to control its operating costs, its ability to maintain compliance with the covenants and restrictions on its debt obligations (or obtain waivers from its lender in the event of non-compliance), and its ability to raise additional capital, if necessary. There can be no assurance that the Company will be able to continue to raise additional capital from other sources or execute on any other means of improving liquidity described above. </font><font style="font-family:'Times New Roman'; font-size:10pt"> </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:0dbe4568-3aa1-40e6-8ef0-4085baa947ac; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">On October 6, 2015, </font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:693d9402-c9aa-477a-8008-882778a3ee1c; -aw-sdt-title:Fact">100</font><font style="font-family:'Times New Roman'; font-size:10pt">% of the outstanding common stock of Blade Dynamics</font><font style="font-family:'Times New Roman'; font-size:10pt"> Limited (&#8220;Blade Dynamics&#8221;)</font><font style="font-family:'Times New Roman'; font-size:10pt"> was acquired by a subsidiary of General Electric Company.</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">After deducting transaction expenses, t</font><font style="font-family:'Times New Roman'; font-size:10pt">he Company</font><font style="font-family:'Times New Roman'; font-size:10pt"> received net proceeds of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:5af37715-8354-4604-a9dc-61412996bb46; -aw-sdt-title:Fact">2.</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:5af37715-8354-4604-a9dc-61412996bb46; -aw-sdt-title:Fact">5</font><font style="font-family:'Times New Roman'; font-size:10pt"> million from the sale, which </font><font style="font-family:'Times New Roman'; font-size:10pt">was </font><font style="font-family:'Times New Roman'; font-size:10pt">recorded as a gain in the third </font><font style="font-family:'Times New Roman'; font-size:10pt">fiscal </font><font style="font-family:'Times New Roman'; font-size:10pt">quarter ended</font><font style="font-family:'Times New Roman'; font-size:10pt"> December 31, 2015.</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt"> Additionally, under the terms of the purchase agreement, </font><font style="font-family:'Times New Roman'; font-size:10pt">the Company</font><font style="font-family:'Times New Roman'; font-size:10pt"> may be entitled to receive up to an additional $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:1ada4c53-733f-41b0-8a6a-724653231003; -aw-sdt-title:Fact">1.6</font><font style="font-family:'Times New Roman'; font-size:10pt"> million in proceeds, upon the successful achievement of certain milestones by Blade Dynamics over the next </font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:33cb24fa-4643-466e-8701-eb0915d66ed1; -aw-sdt-title:Fact">three</font><font style="font-family:'Times New Roman'; font-size:10pt"> years.</font><font style="font-family:'Times New Roman'; font-size:10pt">&#160; The Company had recorded a charge of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:f8686344-ec4d-40fc-b42b-29207593c45a; -aw-sdt-title:Fact">3.5</font><font style="font-family:'Times New Roman'; font-size:10pt"> million during the </font><font style="font-family:'Times New Roman'; font-size:10pt">nine months</font><font style="font-family:'Times New Roman'; font-size:10pt"> ende</font><font style="font-family:'Times New Roman'; font-size:10pt">d December 31</font><font style="font-family:'Times New Roman'; font-size:10pt">, 2014 to fully impair its investment in Blade Dynamics.</font><font style="font-family:'Times New Roman'; font-size:10pt">&#160; </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; text-align:justify; page-break-inside:avoid; -aw-sdt-tag:0dbe4568-3aa1-40e6-8ef0-4085baa947ac; -aw-sdt-title:'Disclosure - Nature of the Business and Operations and Liquidit'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company no longer believes its investment in </font><font style="font-family:'Times New Roman'; font-size:10pt">Tres Amigas, LLC</font><font style="font-family:'Times New Roman'; font-size:10pt">, a Delaware limited liability c</font><font style="font-family:'Times New Roman'; font-size:10pt">ompany (&#8220;Tres Amigas&#8221;) </font><font style="font-family:'Times New Roman'; font-size:10pt">is</font><font style="font-family:'Times New Roman'; font-size:10pt"> recoverable</font><font style="font-family:'Times New Roman'; font-size:10pt">.&#160; The Company fully impaired its</font><font style="font-family:'Times New Roman'; font-size:10pt"> remaining investment</font><font style="font-family:'Times New Roman'; font-size:10pt">, recording a charge of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ; -aw-sdt-tag:8e9ec086-8a4e-4692-8659-c94b622eb25a; -aw-sdt-title:Fact">0.7</font><font style="font-family:'Times New Roman'; font-size:10pt"> million</font><font style="font-family:'Times New Roman'; font-size:10pt"> during the </font><font style="font-family:'Times New Roman'; font-size:10pt">nine months</font><font style="font-family:'Times New Roman'; font-size:10pt"> ended </font><font style="font-family:'Times New Roman'; font-size:10pt">December 31,</font><font style="font-family:'Times New Roman'; font-size:10pt"> 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">. (See Note 14, &#8220;Minority Investments&#8221;, for further inf</font><font style="font-family:'Times New Roman'; font-size:10pt">ormation about such investment</font><font style="font-family:'Times New Roman'; font-size:10pt">)</font><font style="font-family:'Times New Roman'; font-size:10pt">.</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font> </p> </div>
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