SAN FRANCISCO, Feb. 16, 2018 /PRNewswire/ -- Blue Sky Utility, a California based renewable energy developer, and Sunpreme Inc., a US-based solar photovoltaic company and Pascco Companies, a national real estate investment firm, are pleased to announce the completion of a 1.62Megawatt commercial rooftop solar system located on Hanford Mall in Hanford, CA. The system is the largest commercial rooftop Solar PV installation in Hanford and the largest solar system to be installed, to date, on a shopping mall in the state. The system is estimated to generate almost 3,000,000 kWh of clean, emission free electricity annually – enough energy to serve over 450 homes, while providing a centerpiece to the holistic approach to environmental stewardship.

"There was only one panel design capable of meeting the energy production requirements within the constraints of available rooftop space, timeframe and cost efficiencies required for Blue Sky Utility. We chose Sunpreme Bifacial Panels once again for their higher lifetime energy production, proven product reliability and an outstanding warranty for a long-term investment. Over 1.62MW of Sunpreme Maxima GxB310/370 with bifacial advantage – were installed to meet the project requirements. This is our 3rd business project in collaboration with Sunpreme, with a unique business model, and they have demonstrated once again that they are a reliable and trusted partner, with innovative and truly professional customer support," said Ran Bujanover, Founder and President at Blue Sky Utility.

"Passco Companies is excited to be part of this industry leading project. The unique business approach that Blue Sky Utility implemented was a perfect fit for Hanford Mall.  As stewards of the environment and an important part of the Hanford community, we're eager to participate in a renewable project that creates triple bottom line impact," said Joanne Doerter, General Manager of Hanford Mall. "We could not have envisioned such a long-term partnership with anyone other than Blue Sky Utility and Sunpreme, given their extensive expertise in applying renewable solutions to retail real estate settings," noted Joanne.

"We are privileged to have collaborated with Blue Sky Utility once again and with Passco Co. in making Sunpreme bifacial double glass panels available to their prestigious business project at Hanford.  Sunpreme bifacial high performance solar panels are an industry game changer offering our customers a world-class product, with superior lifetime yields, and the safest long-term energy investments -- backed by an outstanding industry-leading warranty," said Surinder S. Bedi, Executive Vice President for Global Business Development, System Products and Quality & Reliability at Sunpreme. "These bifacial panels absorb light from both sides increasing energy yield (kWh) per kWp further combined with industry leading temperature coefficient, fire class rating A and with expected useful life exceeding 30 years. Through this project and many others, we are committed to provide best-in-class customer experience, thereby maximizing customers' IRR," added Bedi.

About Blue Sky Utility
Blue Sky Utility is a unique renewable energy developer providing solutions for retail real estate landlords and tenants. Blue Sky Utility combines their extensive engineering knowledge with their financial structuring expertise to create custom solutions, providing tenants and landlords with programs that are both environmentally sustainable and value accretive.  For more information, visit www.blueskyutility.com

About Passco Companies
Celebrating our 20th Anniversary in 2018, Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the US.  Passco has delivered sound investment strategies to clients and partners, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services as well as property development and construction. Headquartered in Irvine, California, Passco currently has $2.5 billion assets under management and is involved with over 50 properties in 17 states. For more information, please visit www.passco.com

About Sunpreme Inc.
Headquartered in California US, Supreme is a global solar photovoltaic company that designs, develops, and manufactures its innovative bifacial double glass panels utilizing a proprietary Hybrid Cell Technology (HCT), with efficiencies from 21.8% to 24%. These panels deliver the best cost performance value and outstanding warranty to clean-tech customers. Sunpreme's Bifacial, Smart optimized panels are among the world's most powerful, with STC outputs ranging from 310 to 510W before the bifacial boost, with superior product reliability and environmental stewardship. Sunpreme was ranked among the top three performers in the entire global PV market, and has won 7 of the top 10 rankings among thin-film PV products. Sunpreme solutions are deployed in 28 countries around the world. For more information, please visit www.sunpreme.com

CONTACT: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Cision View original content:http://www.prnewswire.com/news-releases/sunpreme-partners-with-blue-sky-utility-and-passco-companies-to-deploy-162mw-bifacial-solar-panels-at-hanford---becoming-one-of-the-largest-rooftop-installations-on-a-shopping-mall-in-california-300600321.html

SOURCE Sunpreme, Inc.

Related Links

http://www.sunpreme.com

Read more: Sunpreme Partners with Blue Sky Utility and...

NAPA, Calif., Feb. 15, 2018 /PRNewswire/ -- In only four short years, Nicole Solari has gone from a top producing agent in Solano County, owning more than 20% of market share to growing a team of 20 agents, opening her own Brokerage with two locations. Everyone keeps asking - what's next? The answer was simple for Nicole, she found a hole in the market where consumers were not being catered to as they should and Nicole decided to do what she does best, fix it by leading by example.  The Solari Group, Inc. is excited to announce their new division, Solari Group Luxury.  The division will be led by top-producing agent Natasha Antonioni.

Just three years into her real estate career, Nicole began her self-created intern training program. The idea was to train for real world experience while the Realtors-in-training studied for their state exam. Little did she know she was going to luck out and from her first intern class find her future business partner, Natasha. 

In Natasha's first year, she sold twenty homes and focused on the luxury sector, selling mostly in the Napa luxury market. With her entrepreneurial background, industrial designer husband and a slew of home remodels in her pocket, Natasha found the luxury market to be a perfect fit.

The power house duo developed a training program to teach agents Luxury sales with concise marketing plans, use of the latest technology and online marketing, International MLS platforms and how to develop deep relationships with local, national and International buyers. The Solari Luxury badge is something to be earned with strict requirements.

With Nicole's investor portfolio and Natasha's relationship building skillset, the two top producers are already building their brand and have already received awards in their new niche. 

"Luxury is my comfort zone," Antonioni states. "Having traveled the world for design shows has given me a sweet spot for the high-end market and the clients that appreciate the best in architecture and design detail."

A member of Napa's pioneer wine-making Nicole Solari's deep Napa roots combined with the Antonioni name, also a famed wine-making name make them an entrepreneurial powerhouse and force to be reckoned with.  Nicole and Natasha expect continued overall growth providing customer-focused service, cutting edge technology and marketing and a truly white-glove service for all clients.

CONTACT: Nicole Solari, 1-707-486-5400, This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/the-solari-group-inc-announces-luxury-division-300599728.html

SOURCE Solari Group, Inc.

Read more: The Solari Group, Inc. Announces Luxury Division

SAN JOSE, Calif., Feb. 14, 2018 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced financial results for its fourth quarter ended December 31, 2017.

($ Millions, except percentages and per-share data)

4th Quarter

2017

3rd Quarter

2017

4th Quarter

2016

 

FY 2017

 

FY 2016

GAAP revenue

$658.1

$477.2

$1,024.9

$1,871.8

$2,559.6

GAAP gross margin

(2.3%)

3.3%

(3.1%)

(0.8%)

7.4%

GAAP net loss

($568.7)

($54.2)

($275.1)

($851.2)

($471.1)

GAAP net loss per diluted share

($4.07)

($0.39)

($1.99)

($6.11)

($3.41)

Non-GAAP revenue1

$824.0

$533.6

$1,097.3

$2,128.6

$2,702.9

Non-GAAP gross margin1,2

11.9%

12.8%

6.4%

11.1%

14.5%

Non-GAAP net income (loss)1,2

$35.8

$29.5

$3.3

($34.4)

$85.0

Non-GAAP net income (loss) per diluted share1,2

$0.25

$0.21

$0.02

($0.25)

$0.60

Adjusted EBITDA1,2

$100.3

$67.3

$71.4

$189.7

$311.9

Operating cash flow

$47.9

($26.6)

$486.1

($267.4)

($312.3)


1 Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below.

2 Excludes polysilicon costs related to above market polysilicon contracts.      

"We are pleased with our results for the quarter, which were the product of solid execution across all business segments," said Tom Werner, SunPower president and CEO. "In our distributed generation business, demand remained strong through the end of the year, enabling SunPower to gain share in both our residential and commercial segments. Our solid performance in commercial reflected the completion of a number of key projects including the 28-megawatt (MW) Vandenberg Air Force project while expanding our footprint in storage and booking of our first Helix storage project. Demand for our high quality, industry leading residential solutions remained robust as we exceeded plan in all core markets. For the full year, our residential MW deployments grew more than 25 percent, reinforcing our market leadership position in this segment. In our power plant business, we completed and sold the 110-MW El Pelicano project in Chile in the fourth quarter generating significant cash and delevering the balance sheet. We are seeing continued growth in our SunPower Solutions group as well, including the recent award of 115 MW of rooftop projects in the latest French tender.   

"In our upstream business, we are on track to achieve our long-term cost reduction targets and our Fabs remain at 100 percent utilization. We are particularly pleased with the progress of our next generation solar cell and module technology and are proceeding with installation of the first full-scale Next Generation Technology (NGT) manufacturing line at Fab 3 with volume production planned in the second half of this year. 

"We executed well against our 2017 strategic goals, significantly improving cash flow, continuing our restructuring efforts and reducing operating expenses. In our power plant business, we remain focused on transitioning from project development to equipment supply through our SunPower Solutions group in order to improve capital investment returns as well as reduce SunPower's risk profile. We are also continuing with our plans to identify and monetize assets as evidenced by our recent announcement on the proposed sale of our ownership stake in 8point3 Energy Partners. Additionally, we expect to monetize more than 400 MW of SunPower leases that we currently hold on our balance sheet.  Combined, both of these actions will materially improve our liquidity, delever our balance sheet and simplify our financial statements. Also, we will utilize these additional resources to further invest in our core growth initiatives including our next generation cell and panel technology, our digital platform, energy storage and our distributed generation business.     

"In relation to the 201 solar tariff decision, the product exclusion process was published today.  We will continue to work through this process with the Administration to convey that only SunPower can make a copper-plated, interdigitated back contact solar cells and that with an exclusion, SunPower can further invest in research and development to improve on its market-leading efficiency and performance while demonstrating America's continuing leadership in solar energy innovation. Unfortunately, we are already seeing a negative near-term impact from the ruling as the increased costs due to import tariffs have delayed certain 2018 projects and made other projects uneconomical. We have also put our planned $20 million U.S. employment expansion on hold and are considering other significant cost saving initiatives to lower our overall expense structure and improve our financial performance. Given the early stages of this review, we are not prepared to discuss specific actions at this time but expect to communicate our plans on or before our next earnings call. Our focus has been, and will continue to be, on driving cash flow, strengthening our balance sheet and positioning the company for sustained profitability."

"Our solid project execution in all market segments and prudent management of expenses enabled us to achieve our fourth quarter goals," said Chuck Boynton, SunPower chief financial officer. "Financially, we benefitted from our restructuring efforts as operating expenses declined more than 20 percent year over year. We posted positive cash flow for the quarter and exited the year with more than $450 million in cash, ahead of our forecasts. With our current liquidity, the pending sale of our ownership position in 8point3 and the expected monetization of approximately 400 MW of lease assets later this year, we are confident we will have the resources available to retire our $300 million convertible bond in June and fund areas of growth in 2018."  

As mentioned above, the company, in accordance with its announced strategic review, made the decision in the fourth quarter to monetize its interests in its high-quality lease portfolio. The company currently holds approximately 400 MW of leases with more than 45,000 customers representing more than $1.4 billion of long-term receivables. This decision, which is expected to generate at least $200 million in proceeds, in line with the company's efforts to improve its liquidity. While the lease assets are performing at, or better than our expectations, due to our decision to monetize and deconsolidate the portfolio, the company determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of its lease portfolio on a discounted cash flow basis. In accordance with such evaluation, the company recorded a $474 million non-cash GAAP charge driven primarily by the difference of lease accounting treatment and the applied discount rate for lease assets that would be held to maturity versus the rate applied to the sale of assets before maturity. The company expects to incur additional charges in the first quarter as it adds leases through the close of the proposed transaction. SunPower believes that this transaction will drive significant cash proceeds, a reduction in invested capital as well as a more transparent presentation of its financial statements.

Fourth quarter fiscal 2017 non-GAAP results exclude net adjustments that, in the aggregate, improved non-GAAP earnings by $604.4 million, including $28.4 million related to sale-leaseback transactions, $473.7 million related to impairment of residential lease assets, $81.8 million related to cost of above market polysilicon, $9.3 million related to stock-based compensation expense, $8.8 million related to intangibles, and $2.4 million of other non-GAAP adjustments. 

Financial Outlook

The company's first quarter GAAP guidance is as follows: revenue of $280 million to $330 million, gross margin of (2.5) percent to (0.5) percent and a net loss of $110 million to $90 million. First quarter 2018 GAAP guidance includes the impact of the company's HoldCo asset strategy and revenue and timing deferrals due to sale-leaseback transactions as well as the impact of charges related to the company's restructuring initiatives. On a non-GAAP basis, the company expects revenue of $300 million to $350 million, gross margin of 4 percent to 6 percent, Adjusted EBITDA of $5 million to $25 million and megawatts deployed in the range of 275 MW to 305 MW.

Fiscal year 2018 guidance includes the anticipated impact of the recent 201 decision and is as follows. The company expects revenue of $1.6 billion to $2.0 billion on a GAAP basis and $1.8 billion to $2.2 billion on a non-GAAP basis, gigawatts (GW) deployed in the range of 1.5 GW to 1.9 GW, non-GAAP operational expenses of less than $290 million, capital expenditures of approximately $100 million and positive EBITDA for the year. 

The company will host a conference call for investors this afternoon to discuss its fourth quarter 2017 performance at 1:30 p.m. Pacific Time. The call will be webcast and can be accessed from SunPower's website at http://investors.sunpower.com/events.cfm.

This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures are reconciled to the closest GAAP equivalent categories in the financial attachment of this press release.  Please note that the company has posted supplemental information and slides related to its fourth quarter 2017 performance on the Events and Presentations section of SunPower's Investor Relations page at http://investors.sunpower.com/events.cfm. The capacity of power plants in this release is described in approximate megawatts on a direct current (dc) basis unless otherwise noted.

About SunPower

As one of the world's most innovative and sustainable energy companies, SunPower Corporation (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) our expectations and plans regarding growth and market share, profitability, investment returns, risk profile, and financial performance in each of our business lines;  (b) our expectations regarding our cost reduction efforts, product and manufacturing expansion plans, and production goals;  (c) our strategic goals and plans, and our ability to achieve them; (d) our ability to successfully complete key strategic transactions, including the sale of our interest in 8point3 Partners, our planned monetization of our lease portfolio and associated accounting charges, and our expectations regarding the proceeds of such transactions; (e) our expectations regarding our restructuring plan and associated initiatives, including plans to shift our focus, simplify our business model and financials, and identify and monetize non-core assets, and the impact of these initiatives on our liquidity, financial performance, cash flow, and operating expenses; (f) our plans to invest in technologies and strategic initiatives and allocate resources; (g) the impact of tariffs imposed pursuant to the Section 201 trade action on our business, our expectations for the product exclusion process, and our response plans and their anticipated effectiveness; (h) our plans for hiring, expansion, and cost savings initiatives, and the expected financial impact and timing thereof; (i) our positioning for future success, long-term competitiveness, and our ability to return to sustained profitability;  (j) our ability to retire our 2018 convertible bonds, strengthen our balance sheet, complete planned project sales, deleverage our balance sheet, and generate additional cash proceeds to fund our planned growth initiatives; (k) our expectations for the solar industry and the markets we serve, including market conditions, tariff and associated impacts, and long-term prospects;  (l) our first quarter fiscal 2018 guidance, including GAAP revenue, gross margin, and net loss, as well as non-GAAP revenue, gross margin, Adjusted EBITDA, and MW deployed; and (m) fiscal year 2018 guidance, including GAAP and non-GAAP revenue,  GW deployed, operational expenditures, capital expenditures, and Adjusted EBITDA. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (2) our liquidity, substantial indebtedness, and ability to obtain additional financing for our projects and customers; (3) changes in public policy, including the imposition and applicability of tariffs pursuant to the Section 201 trade action and the process for exemptions; (4) regulatory changes and the availability of economic incentives promoting use of solar energy; (5) challenges inherent in constructing certain of our large projects; (6) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (7) fluctuations in our operating results; (8) appropriately sizing our manufacturing capacity and containing manufacturing and logistics difficulties that could arise; (9) challenges managing our joint ventures and partnerships; (10) challenges executing on our HoldCo and YieldCo strategies, including the risk that we may not be able to successfully monetize our interest in 8point3 Energy Partners; (11) fluctuations or declines in the performance of our solar panels and other products and solutions; and (12) our ability to successfully implement actions to meet our cost reduction targets, reduce capital expenditures, and implement our restructuring plan and associated initiatives, including plans to sell projects, monetize assets, and streamline our business and focus.  A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors."  Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com.  All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

©2018 SunPower Corporation. All rights reserved. SUNPOWER, the SUNPOWER logo, EQUINOX and HELIX are trademarks or registered trademarks of SunPower Corporation in the U.S. and other countries as well.

SUNPOWER CORPORATION

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 

 (Unaudited) 






Dec. 31,


Jan. 1,


2017


2017

Assets




Current assets:




Cash and cash equivalents

$         435,097


$         425,309

Restricted cash and cash equivalents, current portion

43,709


33,657

Accounts receivable, net

215,479


219,638

Costs and estimated earnings in excess of billings

18,203


32,780

Inventories

352,829


401,707

Advances to suppliers, current portion

30,689


111,479

Project assets - plants and land, current portion

103,063


374,459

Prepaid expenses and other current assets

152,444


315,670

Total current assets

1,351,513


1,914,699





Restricted cash and cash equivalents, net of current portion

65,531


55,246

Restricted long-term marketable securities

6,238


4,971

Property, plant and equipment, net

1,148,042


1,027,066

Solar power systems leased and to be leased, net

428,149


621,267

Project assets - plants and land, net of current portion

-


33,571

Advances to suppliers, net of current portion

185,299


173,277

Long-term financing receivables, net

338,877


507,333

Goodwill and other intangible assets, net

25,519


44,218

Other long-term assets

80,146


185,519

Total assets

$     3,629,314


$     4,567,167





Liabilities and Equity




Current liabilities:




Accounts payable

$         406,902


$         540,295

Accrued liabilities

267,760


391,226

Billings in excess of costs and estimated earnings

8,708


77,140

Short-term debt

58,131


71,376

Convertible debt, current portion

299,685


-

Customer advances, current portion

54,999


10,138

Total current liabilities

1,096,185


1,090,175





Long-term debt

430,634


451,243

Convertible debt

816,454


1,113,478

Customer advances, net of current portion

69,062


298

Other long-term liabilities

954,646


721,032

Total liabilities

3,366,981


3,376,226





Redeemable noncontrolling interests in subsidiaries

15,236


103,621





Equity:




Preferred stock

-


-

Common stock

140


139

Additional paid-in capital

2,442,513


2,410,395

Accumulated deficit

(2,115,188)


(1,218,681)

Accumulated other comprehensive loss

(3,008)


(7,238)

Treasury stock, at cost

(181,539)


(176,783)

Total stockholders' equity

142,918


1,007,832

Noncontrolling interests in subsidiaries

104,179


79,488

Total equity

247,097


1,087,320

Total liabilities and equity

$     3,629,314


$     4,567,167

SUNPOWER CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,


Dec. 31,


Jan. 1,



2017


2017


2017


2017


2017












Revenue:











Residential 


$   175,652


$  153,258


$   220,464


$     622,066


$   720,331

Commercial


147,559


106,005


146,874


461,932


436,915

Power Plant


334,889


217,928


657,551


787,815


1,402,316

Total revenue


658,100


477,191


1,024,889


1,871,813


2,559,562

Cost of revenue:











Residential 


165,683


126,614


207,604


544,041


603,559

Commercial


174,948


99,988


171,344


483,095


438,711

Power Plant


332,701


234,931


678,014


859,948


1,327,326

Total cost of revenue


673,332


461,533


1,056,962


1,887,084


2,369,596

Gross margin


(15,232)


15,658


(32,073)


(15,271)


189,966

Operating expenses:











Research and development


19,823


20,693


23,860


80,785


116,130

Selling, general and administrative


72,526


68,401


66,517


277,033


329,061

Restructuring charges


2,769


3,517


175,774


21,045


207,189

Impairment of residential lease assets


624,335


-


-


624,335


-

   Total operating expenses


719,453


92,611


266,151


1,003,198


652,380

Operating loss


(734,685)


(76,953)


(298,224)


(1,018,469)


(462,414)

Other income (expense), net:











Interest income


139


636


519


2,100


2,652

Interest expense


(24,717)


(21,898)


(18,091)


(89,754)


(60,735)

Gain on settlement of preexisting relationships in connection with acquisition


-


-


-


-


203,252

Loss on equity method investment in connection with acquisition


-


-


-


-


(90,946)

Goodwill impairment


-


-


-


-


(147,365)

Other, net


8,399


(1,406)


8,184


(10,941)


(9,039)

  Other expense, net


(16,179)


(22,668)


(9,388)


(98,595)


(102,181)

Loss before income taxes and equity in earnings of unconsolidated investees


(750,864)


(99,621)


(307,612)


(1,117,064)


(564,595)

Benefit from (provision for) income taxes


2,870


5,457


9,559


3,943


(7,319)

Equity in earnings of unconsolidated investees


(1,598)


15,308


3,714


20,211


28,070

Net loss  


(749,592)


(78,856)


(294,339)


(1,092,910)


(543,844)

  Net loss attributable to noncontrolling interests and redeemable noncontrolling interests


180,915


24,609


19,221


241,747


72,780

Net loss attributable to stockholders


$ (568,677)


$  (54,247)


$ (275,118)


$  (851,163)


$ (471,064)












Net loss per share attributable to stockholders:











- Basic


$        (4.07)


$      (0.39)


$        (1.99)


$         (6.11)


$        (3.41)

- Diluted


$        (4.07)


$      (0.39)


$        (1.99)


$         (6.11)


$        (3.41)












Weighted-average shares:











- Basic


139,613


139,517


138,442


139,370


137,985

- Diluted


139,613


139,517


138,442


139,370


137,985

SUNPOWER CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)












THREE MONTHS ENDED


TWELVE MONTHS ENDED


Dec. 31,


Oct. 1,


Jan. 1,


Dec. 31,


Jan. 1,


2017


2017


2017


2017


2017











Cash flows from operating activities:










Net loss

$     (749,592)


$      (78,856)


$     (294,339)


$    (1,092,910)


$     (543,844)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:










Depreciation and amortization

55,157


46,188


51,367


188,698


174,209

Stock-based compensation

9,294


9,399


12,596


34,674


61,498

Non-cash interest expense

5,837


4,818


94


18,390


1,057

Non-cash restructuring charges

-


-


148,791


-


166,717

Gain on settlement of preexisting relationships in connection with acquisition

-


-


-


-


(203,252)

Impairment of equity method investment

-


-


-


8,607


90,946

Goodwill impairment

-


-


-


-


147,365

Dividend from 8point3 Energy Partners LP

7,859


7,631


6,949


30,091


6,949

Equity in earnings of unconsolidated investees

1,598


(15,308)


(3,714)


(20,211)


(28,070)

Gain on sale of equity method investment

(5,346)


-


-


(5,346)


-

Excess tax benefit from stock-based compensation

-


-


(1,588)


-


(2,810)

Deferred income taxes

(8,541)


290


(9,402)


(6,966)


(6,611)

Impairment of residential lease assets

624,335


-


-


624,335


-

Other, net

(3,881)


1,020


988


1,299


4,793

Changes in operating assets and liabilities, net of effect of acquisitions:










Accounts receivable

(35,234)


10,331


3,097


(458)


(33,466)

Costs and estimated earnings in excess of billings

1,026


394


(7,381)


14,577


6,198

Inventories

28,776


9,432


30,698


(38,236)


(70,448)

Project assets

81,177


(2,194)


467,893


19,153


33,248

Prepaid expenses and other assets

8,240


11,525


(20,535)


158,868


48,758

Long-term financing receivables, net

(32,343)


(28,984)


(35,999)


(123,842)


(172,542)

Advances to suppliers

16,075


19,910


29,338


68,767


74,341

Accounts payable and other accrued liabilities

36,272


(20,495)


132,056


(192,096)


(12,146)

Billings in excess of costs and estimated earnings

270


(3,269)


(22,325)


(68,432)


(38,204)

Customer advances

6,913


1,556


(2,529)


113,626


(16,969)

Net cash provided by (used in) operating activities

47,892


(26,612)


486,055


(267,412)


(312,283)

Cash flows from investing activities:










Purchases of property, plant and equipment

(12,177)


(12,491)


(37,619)


(69,791)


(187,094)

Cash paid for solar power systems, leased and to be leased

(22,007)


(23,504)


(19,872)


(86,539)


(84,289)

Cash paid for solar power systems

(88,306)


(30,230)


(36,464)


(126,548)


(38,746)

Proceeds from sales or maturities marketable securities

-


-


-


-


6,210

Payments to 8point3 Energy Partners LP attributable to real estate projects and residential lease portfolio

-


-


-


-


(9,838)

Purchases of marketable securities

-


(1,306)


(4,955)


(1,306)


(4,955)

Cash paid for acquisitions, net of cash acquired

-


-


-


-


(24,003)

Dividend from equity method investee

882


1,470


-


3,773


-

Cash received for sale of investment in joint ventures and non-public companies

5,954


-


-


5,954


-

Cash paid for investments in unconsolidated investees

(2,680)


(4,344)


(501)


(18,627)


(11,547)

Cash paid for intangibles

-


-


(521)


-


(521)

Net cash used in investing activities

(118,334)


(70,405)


(99,932)


(293,084)


(354,783)

Cash flows from financing activities:










Cash paid for acquisitions

-


-


(5,714)


-


(5,714)

Proceeds from bank loans and other debt

56,104


81,749


113,645


339,253


113,645

Repayment of bank loans and other debt

(54,755)


(74,622)


(128,029)


(358,317)


(143,601)

Proceeds from issuance of non-recourse residential financing, net of issuance costs

6,435


52,535


41,128


89,612


183,990

Repayment of non-recourse residential financing

(2,133)


(1,731)


(1,225)


(6,888)


(37,932)

Contributions from noncontrolling interests and redeemable noncontrolling interests attributable to residential projects

55,591


44,412


54,611


196,628


146,334

Distributions to noncontrolling interests and redeemable noncontrolling interests attributable to residential projects

(5,200)


(4,574)


(5,620)


(18,228)


(19,039)

Proceeds from issuance of non-recourse power plant and commercial financing, net of issuance costs

209,222


92,014


136,536


527,897


738,822

Repayment of non-recourse power plant and commercial financing

(27,463)


(116,585)


(537,671)


(176,069)


(795,209)

Contributions from noncontrolling interests attributable to power plant and commercial projects

-


800


-


800


-

Excess tax benefit from stock-based compensation

-


-


(1,222)


-


-

Purchases of stock for tax withholding obligations on vested restricted stock

(366)


(175)


(564)


(4,756)


(21,517)

Net cash provided by (used in) financing activities

237,435


73,823


(334,125)


589,932


159,779

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

(609)


124


(745)


689


735

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

166,384


(23,070)


51,253


30,125


(506,552)

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

377,953


401,023


462,959


514,212


1,020,764

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$       544,337


$      377,953


$       514,212


$          544,337


$       514,212











Non-cash transactions:










Assignment of residential lease receivables to third parties

$                  39


$                65


$                568


$                  129


$            4,290

Costs of solar power systems, leased and to be leased, sourced from existing inventory

$          15,296


$        14,925


$          13,439


$            57,688


$          57,422

Costs of solar power systems, leased and to be leased, funded by liabilities

$            5,527


$          5,298


$            3,026


$              5,527


$            3,026

Costs of solar power systems under sale-leaseback financing arrangements, sourced from project assets

$          44,490


$        10,266


$          20,596


$          110,375


$          27,971

Property, plant and equipment acquisitions funded by liabilities

$          15,706


$        32,367


$          43,817


$            15,706


$          43,817

Net reclassification of cash proceeds offset by project assets in connection with the deconsolidation of assets sold to the 8point3 Group

$                    -


$              445


$            2,274


$              4,918


$          45,862

Exchange of receivables for an investment in an unconsolidated investee

$                    -


$                   -


$                    -


$                      -


$            2,890

Contractual obligations satisfied with inventory

$          14,820


$         13,187


$                    -


$            34,675


$                   -

Assumption of debt by buyer upon sale of project

$        196,104


$                   -


$                    -


$          196,104


$                   -

Acquisition funded by liabilities

$                    -


$                   -


$        103,354


$                      -


$       103,354

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with GAAP, the company uses non-GAAP measures that are adjusted for certain items from the most directly comparable GAAP measures, as described below. The specific non-GAAP measures listed below are: revenue; gross profit/margin; net income (loss); net income (loss) per diluted share; and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). Management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in each of these key elements of the company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, each of these non-GAAP financial measures provides investors with another method to assess the company's operating results in a manner that is focused on its ongoing, core operating performance, absent the effects of these items. Management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Many of the analysts covering the company also use these non-GAAP measures in their analyses. Given management's use of these non-GAAP measures, the company believes these measures are important to investors in understanding the company's operating results as seen through the eyes of management. These non-GAAP measures are not prepared in accordance with GAAP or intended to be a replacement for GAAP financial data; the non-GAAP measures should be reviewed together with the GAAP measures and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.

Non-GAAP revenue includes adjustments relating to 8point3, utility and power plant projects, the sale of operating lease assets, and sale-leaseback transactions, each as described below. In addition to those same adjustments, Non-GAAP gross profit/margin includes adjustments relating to cost of above-market polysilicon, stock-based compensation, amortization of intangible assets, depreciation of idle equipment, non-cash interest expense, and arbitration ruling, each as described below. In addition to those same adjustments, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share are adjusted for adjustments relating to impairment of residential lease assets, goodwill impairment, restructuring expense, IPO-related costs, the tax effect of these non-GAAP adjustments, and other items, each as described below. In addition to the same adjustments as non-GAAP net income (loss), Adjusted EBITDA includes adjustments relating to cash interest expense (net of interest income), provision for (benefit from) income taxes, and depreciation.

Non-GAAP Adjustments Based on International Financial Reporting Standards ("IFRS")

The company's non-GAAP results include adjustments to recognize revenue and profit under IFRS that are consistent with the adjustments made in connection with the company's reporting process as part of its status as a consolidated subsidiary of Total S.A., a foreign public registrant which reports under IFRS.  Differences between GAAP and IFRS reflected in the company's non-GAAP results are further described below. In these situations, management believes that IFRS enables investors to better evaluate the company's revenue and profit generation performance, and assists in aligning the perspectives of our management and noncontrolling shareholders with those of Total S.A., our controlling shareholder.

  • 8point3. In 2015, 8point3 Energy Partners LP ("8point3 Energy Partners"), a joint YieldCo vehicle, was formed by the company and First Solar, Inc. ("First Solar" and, together with the company, the "Sponsors") to own, operate and acquire solar energy generation assets. Class A shares of 8point3 Energy Partners are now listed on the NASDAQ Global Select Market under the trading symbol "CAFD."  Immediately after the IPO, the company contributed a portfolio of 170 MW of its solar generation assets (the "SPWR Projects") to 8point3 Operating Company, LLC ("OpCo"), 8point3 Energy Partners' primary operating subsidiary.  In exchange for the SPWR Projects, the company received cash proceeds as well as equity interests in several 8point3 Energy Partners affiliated entities: primarily common and subordinated units representing a 40.7% stake in OpCo and a 50.0% economic and management stake in 8point3 Holding Company, LLC ("Holdings"), the parent company of the general partner of 8point3 Energy Partners and the owner of incentive distribution rights in OpCo.  Holdings, OpCo, 8point3 Energy Partners and their respective subsidiaries are referred to herein as the "8point3 Group" or "8point3."

The company includes adjustments related to the sales of projects contributed to 8point3 based on the difference between the fair market value of the consideration received and the net carrying value of the projects contributed, of which, a portion is deferred in proportion to the company's retained equity stake in 8point3. The deferred profit is subsequently recognized over time. With certain exceptions such as for projects already in operation, the company's revenue is equal to the fair market value of the consideration received, and cost of goods sold is equal to the net carrying value plus a partial deferral of profit proportionate with the retained equity stake. Under GAAP, these sales are recognized under either real estate, lease, or consolidation accounting guidance depending upon the nature of the individual asset contributed, with outcomes ranging from no, partial, or full profit recognition. IFRS profit, less deferrals associated with retained equity, is recognized for sales related to the residential lease portfolio. Revenue recognition for other projects sold to 8point3 is deferred until these projects reach commercial operations. Equity in earnings of unconsolidated investees also includes the impact of the company's share of 8point3's earnings related to sales of projects receiving sales recognition under IFRS but not GAAP.  

  • Utility and power plant projects. The company includes adjustments related to the revenue recognition of certain utility and power plant projects based on percentage-of-completion accounting and, when relevant, the allocation of revenue and margin to the company's project development efforts at the time of initial project sale. Under GAAP, such projects are accounted for under real estate accounting guidance, under which no separate allocation to the company's project development efforts occurs and the amount of revenue and margin that is recognized may be limited in circumstances where the company has certain forms of continuing involvement in the project. Over the life of each project, cumulative revenue and gross margin will eventually be equivalent under both GAAP and IFRS; however, revenue and gross margin will generally be recognized earlier under IFRS. Within each project, the relationship between the adjustments to revenue and gross margins is generally consistent. However, as the company may have multiple utility and power plant projects in differing stages of progress at any given time, the relationship in the aggregate will occasionally appear otherwise.
  • Sale of operating lease assets. The company includes adjustments related to the revenue recognition on the sale of certain solar assets subject to an operating lease (or of solar assets that are leased by or intended to be leased by the third-party purchaser to another party) based on the net proceeds received from the purchaser. Under GAAP, these sales are accounted for as borrowing transactions in accordance with lease accounting guidance. Under such guidance, revenue and profit recognition is based on rental payments made by the end lessee, and the net proceeds from the purchaser are recorded as a non-recourse borrowing liability, with imputed interest expense recorded on the liability. This treatment continues until the company has transferred the substantial risks of ownership, as defined by lease accounting guidance, to the purchaser, at which point the sale is recognized.
  • Sale-leaseback transactions. The company includes adjustments primarily related to the revenue recognition on certain sale-leaseback transactions based on the net proceeds received from the buyer-lessor. Under GAAP, these transactions are accounted for under the financing method in accordance with real estate accounting guidance. Under such guidance, no revenue or profit is recognized at the inception of the transaction, and the net proceeds from the buyer-lessor are recorded as a financing liability. Imputed interest is recorded on the liability equal to the company's incremental borrowing rate adjusted solely to prevent negative amortization.

Other Non-GAAP Adjustments

  • Impairment of residential lease assets. In fiscal 2017, the company made the decision to sell its interest in the residential lease portfolio and as a result of this triggering event, determined it was necessary to evaluate the potential for impairment in its ability to recover the carrying amount of the residential lease portfolio. In accordance with such evaluation, the company recognized a non-cash impairment charge on its solar power systems leased and to be leased and an allowance for losses related financing receivables. Management believes that it is appropriate to exclude the impact of residential lease assets impairment from the company's non-GAAP financial measures as they are not reflective of ongoing operating results and do not contribute to a meaningful evaluation of a company's past operating performance.
  • Cost of above-market polysilicon. The company has entered in previous years into multiple long-term, fixed-price supply agreements to purchase polysilicon for periods of up to 10 years. The prices in these supply agreements, which incorporate a cash portion and a non-cash portion attributable to the amortization of prepayments made under the agreements, significantly exceed market prices. Additionally, in order to reduce inventory and improve working capital, the company has periodically elected to sell polysilicon inventory in the marketplace at prices below the company's purchase price, thereby incurring a loss. Management believes that it is appropriate to exclude the impact of its above-market cost of polysilicon, including the effect of above-market polysilicon on product costs, losses incurred on sales of polysilicon to third parties, and inventory reserves and project asset impairments from the company's non-GAAP financial measures as they are not reflective of ongoing operating results and do not contribute to a meaningful evaluation of a company's past operating performance.
  • Stock-based compensation. Stock-based compensation relates primarily to the company's equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict. Management believes that this adjustment for stock-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by stock-based compensation.
  • Amortization of intangible assets. The company incurs amortization of intangible assets as a result of acquisitions, which includes patents, purchased technology, project pipeline assets, and in-process research and development. Management believes that it is appropriate to exclude these amortization charges from the company's non-GAAP financial measures as they arise from prior acquisitions, are not reflective of ongoing operating results, and do not contribute to a meaningful evaluation of a company's past operating performance.
  • Depreciation of idle equipment. In the fourth quarter of 2017, the company changed the deployment plan for its next generation of solar cell technology, which made certain then temporarily idle equipment obsolete, and therefore, retired that affected equipment. Such asset impairment is excluded from the company's non-GAAP financial measures as it is non-cash in nature and not reflective of ongoing operating results. Excluding this data provides investors with a basis to compare the company's performance against the performance of other companies without such charges.
  • Non-cash interest expense. The company incurs non-cash interest expense related to the amortization of items such as original issuance discounts on its debt.  The company excludes non-cash interest expense because the expense does not reflect its financial results in the period incurred. Management believes that this adjustment for non-cash interest expense provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without non-cash interest expense.
  • Goodwill impairment. In the third quarter of 2016, the company performed an interim goodwill impairment evaluation, due to current market circumstances, including a decline in the company's stock price which resulted in the market capitalization of the company being below its book value. The company's preliminary calculation determined that the implied fair value of goodwill for all reporting units was zero and therefore recorded a goodwill impairment loss of $147.4 million, which includes $89.6 million of goodwill recognized in the third quarter of 2016 in connection with the company's acquisition of the remaining 50% of AUOSP, a joint venture for the purpose of manufacturing solar cells in which the company previously owned 50%. No adjustment to non-GAAP financial measures was made for the portion of the impairment charge derived from AUOSP, resulting in a non-GAAP adjustment of $57.8 million. Management believes that it is appropriate to exclude this impairment charge from the company's non-GAAP financial measures as it arises from prior acquisitions, is not reflective of ongoing operating results, and does not contribute to a meaningful evaluation of a company's past operating performance. The impact of the AUOSP acquisition to the company's GAAP and non-GAAP income statements in the third quarter of 2016 was $22.7 million, including a $203.2 million gain on settling preexisting relationships offset by a $90.9 million loss on the prior equity method investment and $89.6 million of goodwill impairment.
  • Restructuring expense. The company incurs restructuring expenses related to reorganization plans aimed towards realigning resources consistent with the company's global strategy and improving its overall operating efficiency and cost structure.  Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities and such costs have historically occurred infrequently. Although the company has engaged in restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. As such, management believes that it is appropriate to exclude restructuring charges from the company's non-GAAP financial measures as they are not reflective of ongoing operating results or contribute to a meaningful evaluation of a company's past operating performance.
  • Arbitration ruling. On January 28, 2015, an arbitral tribunal of the International Court of Arbitration of the International Chamber of Commerce declared a binding partial award in the matter of an arbitration between First Philippine Electric Corporation ("FPEC") and First Philippine Solar Corporation ("FPSC") against SunPower Philippines Manufacturing, Ltd. ("SPML"), the Company's wholly-owned subsidiary. The tribunal found SPML in breach of its obligations under its supply agreement with FPSC, and in breach of its joint venture agreement with FPEC. The second partial and final awards dated July 14, 2015 and September 30, 2015, respectively, reduced the estimated amounts to be paid to FPEC, and on July 22, 2016, SPML entered into a settlement with FPEC and FPSC and paid a total of $50.5 million in settlement of all claims between the parties. As a result, the Company recorded its best estimate of probable loss related to this case at the time of the initial ruling and updated the estimate as circumstances warranted. As this loss is nonrecurring in nature, excluding this data provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts.
  • IPO-related costs. Costs incurred related to the IPO of 8point3 included legal, accounting, advisory, valuation, and other expenses, as well as modifications to or terminations of certain existing financing structures in preparation for the sale to 8point3.  As these costs are non-recurring in nature, excluding this data provides investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts.
  • Other. The company combines amounts previously disclosed under separate captions into "Other" when amounts do not have a significant impact on the presented fiscal periods. Management believes that these adjustments provide investors with a basis to evaluate the company's performance, including compared with the performance of other companies, without similar impacts.
  • Tax effect. This amount is used to present each of the adjustments described above on an after-tax basis in connection with the presentation of non-GAAP net income and non-GAAP net income per diluted share. The company's non-GAAP tax amount is based on estimated cash tax expense and reserves. The company forecasts its annual cash tax liability and allocates the tax to each quarter in a manner generally consistent with its GAAP methodology. This approach is designed to enhance investors' ability to understand the impact of the company's tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments, which may not reflect actual cash tax expense.
  • Adjusted EBITDA adjustments. When calculating Adjusted EBITDA, in addition to adjustments described above, the company excludes the impact during the period of the following items:
    • Cash interest expense, net of interest income
    • Provision for (benefit from) income taxes
    • Depreciation

Management presents this non-GAAP financial measure to enable investors to evaluate the company's performance, including compared with the performance of other companies.

For more information about these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP Measures to Non-GAAP Measures" set forth at the end of this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

SUNPOWER CORPORATION

RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES

(In thousands, except percentages and per share data)

(Unaudited)













Adjustments to Revenue:














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,



Dec. 31,


Jan. 1,



2017


2017


2017



2017


2017

GAAP revenue


$        658,100


$     477,191


$       1,024,889



$      1,871,813


$        2,559,562

Adjustments based on IFRS:












8point3


(1,248)


(899)


44,991



(1,657)


61,718

Utility and power plant projects


3,306


5,887


(4,047)



(14,252)


9,443

Sale of operating lease assets


-


-


(34,406)



-


(6,396)

Sale-leaseback transactions


163,837


51,412


65,887



272,654


78,533

Non-GAAP revenue


$        823,995


$     533,591


$       1,097,314



$      2,128,558


$        2,702,860













Adjustments to Gross Profit / Margin:














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,



Dec. 31,


Jan. 1,



2017


2017


2017



2017


2017

GAAP gross profit


$        (15,232)


$        15,658


$           (32,073)



$          (15,271)


$           189,966

Adjustments based on IFRS:












8point3


(432)


(377)


1,576



1,250


10,512

Utility and power plant projects


(1,529)


3,367


2,542



31,390


10,274

Sale of operating lease assets


-


-


(10,105)



-


(1,942)

Sale-leaseback transactions


25,839


10,669


8,278



31,094


11,351

Other adjustments:












Cost of above-market polysilicon


81,804


33,461


92,235



166,906


148,265

Stock-based compensation expense


2,783


2,875


4,959



7,894


20,577

Amortization of intangible assets


2,505


2,567


2,568



10,206


7,679

Depreciation of idle equipment 


2,300


-


-



2,300


-

Non-cash interest expense


2


10


70



32


956

Arbitration ruling


-


-


-



-


(5,852)

Non-GAAP gross profit


$          98,040


$        68,230


$             70,050



$          235,801


$           391,786













GAAP gross margin (%)


-2.3%


3.3%


-3.1%



-0.8%


7.4%

Non-GAAP gross margin (%)


11.9%


12.8%


6.4%



11.1%


14.5%













Adjustments to Net income (loss):














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,



Dec. 31,


Jan. 1,



2017


2017


2017



2017


2017

GAAP net loss attributable to stockholders


$     (568,677)


$     (54,247)


$        (275,118)



$       (851,163)


$         (471,064)

Adjustments based on IFRS:












8point3


2,281


(916)


6,301



11,924


54,379

Utility and power plant projects


(1,529)


3,367


2,542



31,390


10,274

Sale of operating lease assets


-


-


(10,086)



-


(1,889)

Sale-leaseback transactions


28,357


12,440


8,435



38,782


11,700

Other adjustments:












Impairment of residential lease assets


473,709


-


-



473,709


-

Cost of above-market polysilicon


81,804


33,461


92,235



166,906


148,265

Stock-based compensation expense


9,294


9,399


12,596



34,674


61,498

Amortization of intangible assets


8,769


3,026


3,018



19,048


17,369

Depreciation of idle equipment 


2,300


-


-



2,300


-

Non-cash interest expense


25


33


94



128


1,057

Goodwill impairment


-


-


-



-


57,765

Restructuring expense


2,769


3,517


175,774



21,045


207,189

Arbitration ruling


-


-


-



-


(5,852)

IPO-related costs


-


-


(339)



(82)


(304)

Other


-


-


-



-


(31)

Tax effect


(3,338)


19,407


(12,200)



16,932


(5,315)

Non-GAAP net income (loss) attributable to stockholders


$          35,764


$        29,487


$               3,252



$          (34,407)


$              85,041

























Adjustments to Net income (loss) per diluted share:














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,



Dec. 31,


Jan. 1,



2017


2017


2017



2017


2017

Net income (loss) per diluted share












Numerator:












GAAP net loss available to common stockholders1


$     (568,677)


$     (54,247)


$        (275,118)



$       (851,163)


$         (471,064)

Non-GAAP net income (loss) available to common stockholders1


$          35,764


$        29,487


$               3,252



$          (34,407)


$              85,041













Denominator:












GAAP weighted-average shares


139,613


139,517


138,442



139,370


137,985

Effect of dilutive securities:












Stock options


-


-


-



-


-

Restricted stock units


1,570


1,863


66



-


530

Upfront warrants (held by Total)


49


1,406


-



-


3,721

Warrants (under the CSO2015)


-


-


-



-


-

0.75% debentures due 2018


-


-


-



-


-

Non-GAAP weighted-average shares1


141,232


142,786


138,508



139,370


142,236













GAAP net loss per diluted share


$            (4.07)


$          (0.39)


$               (1.99)



$              (6.11)


$                (3.41)

Non-GAAP net income (loss) per diluted share


$               0.25


$            0.21


$                  0.02



$              (0.25)


$                  0.60













1In accordance with the if-converted method, net income (loss) available to common stockholders excludes interest expense related to the 0.75%, 0.875%, and 4.0% debentures if the debentures are considered converted in the calculation of net income (loss) per diluted share.  If the conversion option for a debenture is not in the money for the relevant period, the potential conversion of the debenture under the if-converted method is excluded from the calculation of non-GAAP net income (loss) per diluted share.













Adjusted EBITDA:














THREE MONTHS ENDED


TWELVE MONTHS ENDED



Dec. 31,


Oct. 1,


Jan. 1,



Dec. 31,


Jan. 1,



2017


2017


2017



2017


2017

GAAP net loss attributable to stockholders


$     (568,677)


$     (54,247)


$        (275,118)



$       (851,163)


$         (471,064)

Adjustments based on IFRS:












8point3


2,281


(916)


6,301



11,924


54,379

Utility and power plant projects


(1,529)


3,367


2,542



31,390


10,274

Sale of operating lease assets


-


-


(10,086)



-


(1,889)

Sale-leaseback transactions


28,357


12,440


8,435



38,782


11,700

Other adjustments:












Impairment of residential lease assets


473,709


-


-



473,709


-

Cost of above-market polysilicon


81,804


33,461


92,235



166,906


148,265

Stock-based compensation expense


9,294


9,399


12,596



34,674


61,498

Amortization of intangible assets


8,769


3,026


3,018



19,048


17,369

Depreciation of idle equipment 


2,300


-


-



2,300


-

Non-cash interest expense


25


33


94



128


1,057

Goodwill impairment


-


-


-



-


57,765

Restructuring expense


2,769


3,517


175,774



21,045


207,189

Arbitration ruling


-


-


-



-


(5,852)

IPO-related costs


-


-


(339)



(82)


(304)

Other


-


-


-



-


(31)

Cash interest expense, net of interest income


22,058


19,492


17,416



79,965


57,734

Provision for (benefit from) income taxes


(2,870)


(5,457)


(9,559)



(3,943)


7,319

Depreciation


41,960


43,161


48,099



164,970


156,464

Adjusted EBITDA


$        100,250


$        67,276


$             71,408



$          189,653


$           311,873

Q1 2018 and FY 2018 GUIDANCE

(in thousands except percentages)

Q1 2018

FY 2018

Revenue (GAAP)

$280,000-$330,000

$1,600,000-$2,000,000

Revenue (non-GAAP) (1)

$300,000-$350,000

$1,800,000-$2,200,000

Gross margin (GAAP)

(2.5)%-(0.5)%

N/A

Gross margin (non-GAAP) (2)

4%-6%

N/A

Net loss (GAAP)

$90,000-$110,000

N/A

Adjusted EBITDA (3)

$5,000-$25,000

N/A



(1)

Estimated non-GAAP amounts above for Q1 2018 include net adjustments that increase revenue by approximately $20 million related to sale-leaseback transactions. Estimated non-GAAP amounts above for fiscal 2018 include net adjustments that increase revenue by approximately $200 million related to sale-leaseback transactions.



(2)

Estimated non-GAAP amounts above for Q1 2018 include net adjustments that increase gross margin by approximately $20 million related to cost of above-market polysilicon, $3 million related to stock-based compensation expense, and $1 million related to amortization of intangible assets.



(3)

Estimated Adjusted EBITDA amounts above for Q1 2018 include net adjustments that decrease net loss by approximately $20 million related to impairment of lease assets, $20 million related to cost of above-market polysilicon, $9 million related to stock-based compensation expense, $3 million related to amortization of intangible assets, $1 million related to restructuring, $24 million related to interest expense, $2 million related to income taxes, and $36 million related to depreciation.

The following supplemental data represent the adjustments, individual charges and credits that are included or excluded from SunPower's non-GAAP revenue, gross profit/margin, net income (loss) and net income (loss) per diluted share measures for each period presented in the Consolidated Statements of Operations contained herein.

SUPPLEMENTAL DATA

(In thousands, except percentages)




































THREE MONTHS ENDED




































December 31, 2017



 Revenue 


 Gross profit / margin 


 Operating expenses 


 Other income
(expense), net 


 Benefit from
(provision for)
income taxes 


 Equity in earnings
of unconsolidated
investees 


 Gain (Loss)
attributable to non-
controlling
interests 


 Net income (loss)
attributable to
stockholders 



Residential


Commercial


Power Plant


Residential


Commercial


Power Plant


 Research and
development 


 Selling, general
and administrative 


 Restructuring
charges 






GAAP


$               175,652


$              147,559


$                  334,889


$                 9,969


5.7%


$             (27,389)


-18.6%


$                  2,188


0.7%
















$              (568,677)

Adjustments based on IFRS:



































8point3


(1,330)


-


82


(467)




-




35




-


-


-


1,155


-


1,558


-


2,281

Utility and power plant projects


-


6,788


(3,482)


-




484




(2,013)




-


-


-


-


-


-


-


(1,529)

Sale-leaseback transactions


-


163,837


-


-




25,956




(117)




-


-


-


2,518


-


-


-


28,357

Other adjustments:



































Impairment of residential lease assets


-


-


-


-




-




-




-


624,335


-


-


-


-


(150,626)


473,709

Cost of above-market polysilicon


-


-


-


17,674




30,056




34,074




-


-


-


-


-


-


-


81,804

Stock-based compensation expense


-


-


-


482




810




1,491




1,131


5,380


-


-


-


-


-


9,294

Amortization of intangible assets


-


-


-


852




873




780




-


6,264


-


-


-


-


-


8,769

Depreciation of idle equipment 


-


-


-


533




834




933




-


-


-


-


-


-


-


2,300

Non-cash interest expense


-


-


-


-




1




1




4


19


-


-


-


-


-


25

Restructuring expense


-


-


-


-




-




-




-


-


2,769


-


-


-


-


2,769

Tax effect


-


-


-


-




-




-




-


-


-


-


(3,338)


-


-


(3,338)

Non-GAAP


$               174,322


$              318,184


$                  331,489


$               29,043


16.7%


$                31,625


9.9%


$                37,372


11.3%
















$              35,764









































































October 1, 2017



 Revenue 


 Gross profit / margin 


 Operating expenses 


 Other income (expense), net 


 Benefit from (provision for) income taxes 


 Equity in earnings
of unconsolidated
investees 


 Gain (Loss)
attributable to non-
controlling
interests 


 Net income (loss)
attributable to
stockholders 



Residential


Commercial


Power Plant


Residential


Commercial


Power Plant


 Research and
development 


 Selling, general
and administrative 


 Restructuring charges 






GAAP


$               153,258


$              106,005


$                  217,928


$               26,644


17.4%


$                  6,017


5.7%


$              (17,003)


-7.8%
















$              (54,247)

Adjustments based on IFRS:



































8point3


(1,345)


334


112


(480)




212




(109)




-


-


-


1,070


-


(1,609)


-


(916)

Utility and power plant projects


-


-


5,887


-




-




3,367




-


-


-


-


-


-


-


3,367

Sale-leaseback transactions


-


51,412


-


-




10,701




(32)




-


-


-


1,771


-


-


-


12,440

Other adjustments:



































Cost of above-market polysilicon


-


-


-


4,751




6,996




21,714




-


-


-


-


-


-


-


33,461

Stock-based compensation expense


-


-


-


869




750




1,256




1,661


4,863


-


-


-


-


-


9,399

Amortization of intangible assets


-


-


-


847




821




899




-


459


-


-


-


-


-


3,026

Non-cash interest expense


-


-


-


2




3




5




4


19


-


-


-


-


-


33

Restructuring expense


-


-


-


-




-




-




-


-


3,517


-


-


-


-


3,517

Tax effect


-


-


-


-




-




-




-


-


-


-


19,407


-


-


19,407

Non-GAAP


$               151,913


$              157,751


$                  223,927


$               32,633


21.5%


$                25,500


16.2%


$                10,097


4.5%
















$              29,487









































































January 1, 2017



 Revenue 


 Gross profit / margin 


 Operating expenses 


 Other income (expense), net 


 Benefit from (provision for) income taxes 


 Equity in earnings
of unconsolidated
investees 


 Gain (Loss)
attributable to non-
controlling
interests 


 Net income (loss)
attributable to
stockholders 



Residential


Commercial


Power Plant


Residential


Commercial


Power Plant


 Research and
development 


 Selling, general
and administrative 


 Restructuring charges 






GAAP


$               220,464


$              146,874


$                  657,551


$               12,860


5.8%


$             (24,470)


-16.7%


$              (20,463)


-3.1%
















$              (275,118)

Adjustments based on IFRS:



































8point3


(1,313)


2,189


44,115


(503)




1,410




669




-


-


-


1,075


-


3,650


-


6,301

Utility and power plant projects


-


-


(4,047)


-




-




2,542




-


-


-


-


-


-


-


2,542

Sale of operating lease assets


(34,406)


-


-


(10,105)




-




-




-


-


-


19


-


-


-


(10,086)

Sale-leaseback transactions


-


65,887


-


-




8,278




-




-


-


-


157


-


-


-


8,435

Other adjustments:



































Cost of above-market polysilicon


-


-


-


28,377




28,306




35,552




-


-


-


-


-


-


-


92,235

Stock-based compensation expense


-


-


-


902




1,093




2,964




2,141


5,496


-


-


-


-


-


12,596

Amortization of intangible assets


-


-


-


1,109




957




502




-


450


-


-


-


-


-


3,018

Non-cash interest expense


-


-


-


26




24




20




3


21


-


-


-


-


-


94

Restructuring expense


-


-


-


-




-




-




-


-


175,774


-


-


-


-


175,774

IPO-related costs


-


-


-


-




-




-




-


(339)


-


-


-


-


-


(339)

Tax effect


-


-


-


-




-




-




-


-


-


-


(12,200)


-


-


(12,200)

Non-GAAP


$               184,745


$              214,950


$                  697,619


$               32,666


17.7%


$                15,598


7.3%


$                21,786


3.1%
















$              3,252









































































TWELVE MONTHS ENDED






































December 31, 2017



 Revenue 


 Gross profit / margin 


 Operating expenses 


 Other income (expense), net 


 Benefit from (provision for) income taxes 


 Equity in earnings
of unconsolidated
investees 


 Gain (Loss)
attributable to non-
controlling
interests 


 Net income (loss)
attributable to
stockholders 



Residential


Commercial


Power Plant


Residential


Commercial


Power Plant


 Research and
development 


 Selling, general
and administrative 


 Restructuring charges 






GAAP


$               622,066


$              461,932


$                  787,815


$               78,025


12.5%


$             (21,163)


-4.6%


$              (72,133)


-9.2%
















$              (851,163)

Adjustments based on IFRS:



































8point3


(5,331)


4,471


(797)


(1,927)




2,796




381




-


-


-


9,351


-


1,323


-


11,924

Utility and power plant projects


-


7,115


(21,367)


-




811




30,579




-


-


-


-


-


-


-


31,390

Sale-leaseback transactions


-


242,217


30,437


-




31,767




(673)




-


-


-


7,688


-


-


-


38,782

Other adjustments:



































Impairment of residential lease assets


-


-


-


-




-




-




-


624,335


-


-


-


-


(150,626)


473,709

Cost of above-market polysilicon


-


-


-


31,507




49,184




86,215




-


-


-


-


-


-


-


166,906

Stock-based compensation expense


-


-


-


1,875




2,102




3,917




5,356


21,424


-


-


-


-


-


34,674

Amortization of intangible assets


-


-


-


3,783




3,202




3,221




1,201


7,641


-


-


-


-


-


19,048

Depreciation of idle equipment 


-


-


-


533




834




933




-


-


-


-


-


-


-


2,300

Non-cash interest expense


-


-


-


8




9




15




16


80


-


-


-


-


-


128

Restructuring expense


-


-


-


-




-




-




-


-


21,045


-


-


-


-


21,045

IPO-related costs


-


-


-


-




-




-




-


(82)


-


-


-


-


-


(82)

Tax effect


-


-


-


-




-




-




-


-


-


-


16,932


-


-


16,932

Non-GAAP


$               616,735


$              715,735


$                  796,088


$             113,804


18.5%


$                69,542


9.7%


$                52,455


6.6%
















$              (34,407)









































































January 1, 2017



 Revenue 


 Gross profit / margin 


 Operating expenses 


 Other income (expense), net 


 Benefit from (provision for) income taxes 


 Equity in earnings
of unconsolidated
investees 


 Gain (Loss)
attributable to non-
controlling
interests 


 Net income (loss)
attributable to
stockholders 



Residential


Commercial


Power Plant


Residential


Commercial


Power Plant


 Research and
development 


 Selling, general
and administrative 


 Restructuring charges 






GAAP


$               720,331


$              436,915


$              1,402,316


$             116,772


16.2%


$                (1,796)


-0.4%


$                74,990


5.3%
















$              (471,064)

Adjustments based on IFRS:



































8point3


(5,248)


5,370


61,596


(1,657)




3,751




8,418




-


-


-


4,260


-


39,607


-


54,379

Utility and power plant projects


-


-


9,443


-




-




10,274




-


-


-


-


-


-


-


10,274

Sale of operating lease assets


(6,396)


-


-


(1,942)




-




-




-


-


-


53


-


-


-


(1,889)

Sale-leaseback transactions


-


78,533


-


-




11,351




-




-


-


-


349


-


-


-


11,700

Other adjustments:



































Cost of above-market polysilicon


-


-


-


41,311




37,868




69,086




-


-


-


-


-


-


-


148,265

Stock-based compensation expense


-


-


-


5,464




4,234




10,879




11,073


29,848


-


-


-


-


-


61,498

Amortization of intangible assets


-


-


-


2,965




3,059




1,655




3,007


6,683


-


-


-


-


-


17,369

Non-cash interest expense


-


-


-


227




199




530




17


84


-


-


-


-


-


1,057

Goodwill impairment


-


-


-


-




-




-




-


-


-


57,765


-


-


-


57,765

Restructuring expense


-


-


-


-




-




-




-


-


207,189


-


-


-


-


207,189

Arbitration ruling


-


-


-


(1,345)




(922)




(3,585)




-


-


-


-


-


-


-


(5,852)

IPO-related costs


-


-


-


-




-




-




-


(304)


-


-


-


-


-


(304)

Other


-


-


-


-




-




-




-


(32)


-


1


-


-


-


(31)

Tax effect


-


-


-


-




-




-




-


-


-


-


(5,315)


-


-


(5,315)

Non-GAAP


$               708,687


$              520,818


$              1,473,355


$             161,795


22.8%


$                57,744


11.1%


$              172,247


11.7%
















$              85,041

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/sunpower-reports-fourth-quarter-and-fy-2017-results-300598936.html

SOURCE SunPower Corp.

Related Links

http://newsroom.sunpower.com
https://www.sunpower.com

Read more: SunPower Reports Fourth Quarter and FY 2017...

NEW YORK, Feb. 14, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05328063

As a significant share of demand for glass is driven from the building & construction/architecture industry, the glass tempering technology is expected to witness high growth across these industries. The market value generated from architectural segment is estimated to be valued more than US$ 65 Mn by 2017 end and is projected to reach close to US$ 95 Mn by the end of 2027 while expanding with a CAGR of 3.6% over the forecast period. In terms of value, the architectural segment alone is expected to capture more than 70% of the market share in 2017 end.

Factors restraining the growth of the global glass tempering system market

North America
Requirement of huge investments to set up glass manufacturing industry is one of the prominent restraints that can adversely affect the growth of the glass market in the upcoming years. Moreover, continuous innovations are required to maintain competitive advantage and to generate new applications in the glass industry. This factor is also responsible for huge investments, which in turn, is expected to hinder the growth of the glass tempering system market in North America.

Latin America
The slow rate of recovery after an economic crisis in Mexico in 2009 is likely to decelerate the demand growth of glass. The Mexican economy is vulnerable to the U.S. economic trends.

Hence, substantial changes in consumer spending are likely to hamper glass consumption in the furniture segment. Additionally, national consumption of glass furniture in Mexico is steadily decreasing. Widespread unemployment and high inflation are some of the other factors that are hampering the growth for the glass tempering system market in Latin America.

Europe

While glass sub-sectors are highly automated, some are still labour intensive. Stringent regulations regarding material handling is responsible for potential competitive losses for the Western European manufacturers as compared to companies located in regions with less stringent rules.

In Eastern Europe due to the economic crisis, the purchasing power has come down drastically and subsequently, the demand for new real state and infrastructural development has also been suffered. All these factors are creating obstacles in the growth of glass tempering system market in Europe

APEJ

Some of the solar manufacturers in APEJ are going through a phase of financial crisis. This is the reason that Chinese manufacturers are now offering cheap prices for glass against tempered one.

The government is also prioritizes cheap power over domestic manufacturing. This increase in sales of Chinese manufacturers in APEJ and the APEJ subcontinent affects the market for local manufacturers.

MEA

There are many types of glasses available in the MEA glass market and the investment in research and development of glass is still going on to make it better and effective for more applications. But consumers are not aware of the type of glass and its advantages. This lack of awareness can act as a restraint to the growth of glass tempering system in MEA market.

Global glass tempering system market size between 2017 and 2027
The market value generated from the sales in the global glass tempering system market is estimated to be valued close to US$ 95 Mn by 2017 end and is projected to reach little more than US$ 135 Mn by the end of 2027 while expanding with a CAGR of 3.7% over the forecast period. The incremental opportunity created by the Global glass tempering system market over the forecast period is expected to be close to US$ 45 Mn.

Competitive landscape scenario
The market share of Glaston is approximately 30% in the U.S. Through its continuous product development and regularly renewed product, the company is looking to further strengthen its position and competitiveness in the market as well as in new machine sales and services. In order to expand business and increase the market share, the players in the U.S. market will be targeting opportunities into new segments and areas such as development of smart glass.

Read the full report: https://www.reportlinker.com/p05328063

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NEW YORK, Feb. 15, 2018 /PRNewswire/ -- The following event roundup from Virtual Press Office is a list of featured exhibitors for Toy Fair 2018, a show for all businesses involved in creating and bringing toys and youth entertainment products to kids of all ages, which takes place from February 17-20 at the Jacob K. Javits Convention Center in New York City.

Toy Fair 2018 press kits, news releases and photos are available on the Official Online Press Office, managed by Virtual Press Office/Cision PR Newswire: http://toyfair.vporoom.com/  

Toy Fair 2018 press kits on Virtual Press Office

Akibabus Ltd
Booth #4412
Press Kit: toyfair.vporoom.com/Akibabus
Boxitale™ - crafty adventure games
After our successful Nuremberg show we are coming to North America!
We will launch our unique gaming concept in New York Toy Fair. We welcome you to visit us at Hall 1E booth #4412
Akibabus ltd - We make playable stories

Amloid
Booth # 2941
Press Kit: toyfair.vporoom.com/Amloid
WE are the in industry leader in Spring and Summer beach toys as well as offer an extensive line of Vehicles, Ride on's, Junior sports, dive toys, and preschool items.

Artful Playdate Inc.
Booth #4513
Press Kit: toyfair.vporoom.com/ArtfulPlaydate
Artful Playdate Inc. inspires children to use their own creative imagination and is the creator of the Playdate in a Box....themed costume playdate boxes for 2 kids ages 3 to 8!  The Playdate in a Box series offers easy, memorable and educational playdates for children. Our Playdate Specialists have created activities that empower parents and caretakers to provide enriching and fun playtime for children and their playmates. Letitia Fox, Founder, will be attending Toy Fair and is exhibiting in the launch pad #4513. 

Aurora World
Booth #2255
Press Kit: toyfair.vporoom.com/AuroraWorld
Established in 1981, Aurora World is a respected global leader in plush toys for children and adults with an extensive range of branded and licensed gift products. The company sells its product lines at a variety of retailers including major zoos, department stores, high-end toy stores as well as hospital gift shops, florists, candy stores and gift/stationary stores worldwide. Aurora is known in the industry for its incredibly high quality products, range of diverse offerings and competitive pricing. In addition, Aurora owns its manufacturing facilities and prides itself in their expansive distribution resources and in-house research and development teams.

Bachmann Trains
Booth #1135
Press Kit: toyfair.vporoom.com/BachmannTrains
Bachmann Trains, the world's best-selling model train company, features licensed Thomas & FriendsRingling Bros. and Barnum & Bailey, Norman Rockwell, and Boy Scouts of America sets plus E-Z App-equipped trains with touch-screen control through the user's smart device.

Bandai America Incorporated
Press Kit: toyfair.vporoom.com/Bandai
Bandai builds on dreams, adds to the fun, and strives to inspire kids of all ages around the world, every day!  A leader in developing engaging, quality toys that capture children's imaginative spirit and provide endless "Fun For The Future," Bandai America Incorporated is the manufacturer and master toy licensee of some of the most popular brands in children's toys and interactive entertainment today.

Blue Orange Games
Booth #103
Press Kit: toyfair.vporoom.com/BlueOrangeGames
Blue Orange Games creates, publishes, and promotes high-quality tabletop games for the entire family. Its award-winning products have earned a reputation for providing continuous fun while developing important skills and a diverse range of offerings guarantees that there's a Blue Orange game for everyone, from the eager preschooler to the seasoned gamer. Blue Orange is committed to helping family and friends create timeless memories and remains steadfast in its mission to bring HOT games to a COOL planet. View the entire Blue Orange Games 2018 catalog at: bit.ly/blueorange2018

Bonkers Toys
Booth #679
Press Kit: toyfair.vporoom.com/BonkersToys
We're BONKERS about toys!  Not just any toys, but quality, on-point products made with a little extra TLC. We deliver what fans want to collect. The toys kids are texting and tweeting about.  Products that are true to license, technically savvy and totally in tune with today's trends.

In 2017, Bonkers Toys launched the toy line for worldwide game sensation, slither.io which had 27 Billion game plays and continues to be a juggernaut. This year, Bonkers Toys is premiering Maniapps which combines the best-of-the-best gaming app licenses into one timely assortment. Bonkers Toys is announcing at Toy Fair New York a partnership with the World's #1 Child YouTuber, Ryan ToysReview to launch his toy line in fall 2018. With 19.5 Billion video views, 12 million subscribers and counting, Ryan ToysReview is the most popular kids and family YouTube channel on the planet. The line will be based on Ryan's favorite toys and backed by the marketing power and reach of his numerous YouTube channels.

Buffalo Games
Booth #357
Press Kit: toyfair.vporoom.com/BuffaloGames
Buffalo Games is an industry-leading jigsaw puzzle and party game manufacturer located in Buffalo, New York.  Buffalo Games products are available at all major retailers in the U.S.A. and Canada. Over the company's 30-year history, Buffalo Games has sold more than 40 million puzzles and party games.  The company's portfolio includes popular licenses such as Watch Ya' Mouth, Nat Geo's Brain Games, Star Wars, DC Super Friends, Charles Wysocki, Josephine Wall, Kim Norlien, Darrell Bush and The Hautman Brothers. All of Buffalo Games' products are made in the U.S.A. with a careful eye toward quality and sustainable practices.

Calliope Games
Booth #6909
Press Kit: toyfair.vporoom.com/CalliopeGames
Calliope Games is a family-run company that was established in 2009, publishing fun, affordable, quality tabletop games meeting the time constraints of our busy 21st century lifestyles. But that's only part of the story.  Their mission is really about facilitating experiences people will remember for a lifetime; it's about the relationships, camaraderie, and the laughter we share.

Celestial Buddies, LLC
Booth #6175
Press Kit: toyfair.vporoom.com/CelestialBuddies
Celestial Buddies is a line of educational Plush Planetary Pals (thirteen so far, with a fourteenth to be introduced at Toy Fair), each representing an actual object in our universe.  Designed for ages 3 and up, these cuddly creations each come with informative hang tags containing important data and fun facts about the celestial bodies they represent.  They are designed to both delight and enlighten their young owners and their families.

Having made its first appearance at Toy Fair in 2011, Celestial Buddies, LLC has grown from the initial four prototypes it presented in the "Launch Pad" that year to a full representation of all the major, and some of the minor, celestial bodies in our solar system.  With the addition last year of the Black Hole stuff sack, and this year, with Polaris, along with the two dwarf stars in its three-star system, Celestial Buddies continues its exploration of space beyond our solar system.

Celestial Buddies' products are featured in museums, observatories, science centers, planetariums and both brick and mortar and online stores throughout the United States and at least ten other countries.

Visit us at Booth # 6175 and meet Designer and President Jessie Silbert. Enter our Polaris raffle and have your photo taken surrounded by all the Celestial Buddies.  Please ask about our Show Specials, and we'll have a free gift for everyone who stops by to talk to us.

Chalk of the Town
Booth #4522
Press Kit: toyfair.vporoom.com/Chalk-of-the-Town
Simply Draw, Wear, Erase & Repeat!

Kids ages 4-14 write with bright chalk markers on the patent-pending chalk board surface to create their own t-shirt design. Here's the best part: the chalkboard is erasable!  Simply wipe with a wet cloth or launder, and the shirt is ready for the next design.

A Chalk of the Town shirt is the perfect way to celebrate a birthday, holiday, show team spirit or simply use as a tool to encourage self-expression.

The product is sold as part of a kit with a t-shirt, chalk marker, stencil and cloth.  Additional stencils and color markers are sold separately.  We can manufacture adult sized shirts or custom product configurations, chalkboard shapes or stencils for orders over 300 units.

Cyberhero League
Booth #4528
Press Kit: toyfair.vporoom.com/CyberheroLeague
CYBERHERO LEAGUE turns kids into real world heroes while they play!  Kids don the digitally-enhanced CYBERSHIELD, scan their MEDALLIONS, and go on a HEROIC QUEST. As they run and play, using their imaginations, kids earn life-saving supplies for real people, save endangered species, and protect the environment. Based on award-winning science, Cyberhero League introduces subject matter across STEAM, while giving kids the ability to use digital technology to co-create a better future. Cyberhero League supports the Sustainable Development Goals and has partnered with dozens of nonprofit organizations to give kids the ability to tackle global challenges while they play. Real Games = Real Change. Cyberhero League is a whole new way to play!

Dream Pets
Booth #4401
Press Kit: toyfair.vporoom.com/DreamPets
Born from packing materials created by R. Dakin & Company in the 1950's, these adorable, vintage designs are our inspiration for the new, modern Dream Pets collection! We've created the new Dream Pets with children's creativity and comfort in mind, with a wide range of fun, soft plush animals and hand puppets with personalities and dreams that will allow children's imaginations to run wild! From Millie Moo the cuddly cow to Honolulu Harry, who's dreaming about being the fastest runner in the world, there's a Dream Pet perfect for every child!

Dreamland Fairy
Booth #6546
Press Kit: toyfair.vporoom.com/DreamlandFairy
A mom-owned company, Cassie Slane and Ami Van Dine are the creators behind Dreamland Fairy. Cassie and Ami's six-year old daughters invented the idea of an indoor fairy house that attracted a fairy to listen to their dreams while they slept. The kit includes a book that tells the story of the fairies plus a wooden fairy house, paints and more! After winning multiple awards for the Dreamland Fairy House, the company introduced more DIY kits that inspire imagination and creativity including the Mermaid Grotto and the new "Make-Your-Own Fairy Kit." Dreamland Fairy is a certified woman-owned business.

Visit us at booth #6546!

E-Blox Inc.
Booth #1851
Press Kit: toyfair.vporoom.com/EBlox
E-Blox is an emerging leader in educational electronic toys and products that engage children to Learn by Building(TM).  Based in Buffalo Grove, Illinois, E-Blox was launched in 2016 by Art Seymour and his sons James and Joseph after more than 90+ years of combined experience as entrepreneurs, inventors, and designers in the educational toys and wireless industries.  E-Blox is leading the way to a whole new generation of educational toys that give children of all ages the building blocks of a STEM/STEAM/STREAM education through the joy of play and discovery.

Edushape
Booth #159
Press Kit: toyfair.vporoom.com/Edushape
EDUSHAPE® Ltd. is family owned & operated providing product to the global educational, toy and specialty markets. Established in 1983, our main focus is to manufacture quality children's toy & products. EDUSHAPE® Ltd. is committed to producing soft, safe, quality children's toys which ultimately promote successful developmental learning through play. Our main focus is for children ages Birth to 5 years old.

ELENCO
Booth #3063
Press Kit: toyfair.vporoom.com/ELENCO
Elenco's pride is the award-winning SNAP CIRCUITS® product line, which teaches the basics of electronics in a fun-filled, creative way. As a leader of quality innovative toys and educational science kits, Elenco is a key player in STEM/Maker movements worldwide. SNAP CIRCUITS® are endorsed by educators globally and used in schools, libraries, museums, after-school and homeschool programs, STEM and Maker programs, and at home. Elenco has been family owned and operated since 1972. Its product lines also include: Engino Construction, Edu-Toys Science Kits, OWI Robot Kits, TimberKits, and Elenco's new WEmake line of D.I.Y./Maker educational kits and tools.

Faber-Castell USA
Booth #449
Press Kit: toyfair.vporoom.com/FaberCastell
Faber-Castell® enriches lives through creativity and self-expression. Faber-Castell Premium Children's Art Products line offers quality art supplies for young artists such as art activity kits, color and paint by number sets and tools such as colored pencils, markers and crayons. Creativity for Kids® provides award-winning and innovative craft activity kits that encourage natural creativity and self-expression in kids. CRAFTIVITY® is a distinctive line of sophisticated, exceptional quality craft experiences for tweens and teens. The company will be unveiling new, never-seen-before products for summer and the 2018 holiday season.

Fin Fun Mermaid
Booth #1155
Press Kit: toyfair.vporoom.com/FinFun
Launched in 2010, Fin Fun originated the fabric swimmable mermaid tail and patented monofin. Fin Fun produces wearable mermaid tails, mermaid-themed clothing and accessories, Cuddle Tails mermaid tail blankets and Wild Things wearable animal blankets. A celebrity favorite, Fin Fun sells its products online and to retail outlets in 170 countries. In 2017, Eric Browning, CEO and Steve Browning, President & CFO, were named Idaho Small Business Persons of the Year by the U.S. Small Business Administration. In 2016, the family-owned and operated company made the Inc. 500 list (inc.com/inc5000/list/2016) at #119 and was recognized on the Internet Retailer Hot 100 list.

Folkmanis, Inc.
Booth #2835
Press Kit: toyfair.vporoom.com/Folkmanis
Folkmanis believes imagination is the key to a healthy childhood, encouraging play and discovery to develop the skills necessary in life. Innovating specialty puppets since 1976, Folkmanis® Puppets offers nearly 250 designs inspired by nature and literature that are the best loved, low-tech, classic toys in the global marketplace. Lauded by industry experts as well as child development and kid-approved toy tests, the company consistently earns high marks for superior play value and design excellence. Find Folkmanis® Puppets online at folkmanis.com.

Folkmanis® Puppets: An essential ingredient to every toy box, every childhood, every generation.

Fox Chapel Publishing
Booth #6340
Press Kit: toyfair.vporoom.com/FoxChapelPublishing
Fox Chapel Publishing inspires and informs readers who enjoy a wide variety of hobbies, crafts, and lifestyle interests. Winner of the Craft & Hobby Association's "Hot Product Award" in Kids Crafts, the company specializes in illustrated nonfiction with a focus on artisan and high-quality craft books. Fox Chapel publishes more than 1,200 book titles and three magazines, including DO Magazine, the #1 coloring magazine in its class. Based in Lancaster, Pa. with a sales office in the United Kingdom, Fox imprints include Design Originals, IMM Lifestyle Books, Landauer Publishing, CompanionHouse Books, and Creative Homeowner. For more information please visit foxchapelpublishing.com.

Game Night in a Can
Booth #6756
Press Kit: toyfair.vporoom.com/GameNightInACan 
Introducing the most unique and innovative new TRAVEL GAME for 2018: 
Dr. Biscuits' Radical Road Trip! 
60 Original Games to Play In Your Car!

Help friends and family members escape from their iPads, encouraging creativity, competition, silliness, and interaction with the world around you.

6 categories of games to choose from, so there's something for everyone!
All ages 7 and up.

And we're back with Game Night in a Can! Now in almost 1000 stores nationwide, this creative party game inspires laughter and creativity in a whole new way.
Perfect for multi-generational game nights!

Gentle Giant Toys
Booth #4211
Press Kit: toyfair.vporoom.com/GentleGiantToys
Gentle Giant Toys/3D Systems is a leading designer, manufacturer and marketer of collectible toys and consumer products sold throughout the world, with its headquarters in Burbank, California. Gentle Giant Toys' popular brands include Star Wars, Marvel and Star Trek and a wide range of entertainment-inspired products featuring premier licensed properties. Visit them at gentlegianttoys.com.

Gravity Board Games
Booth #4139
Press Kit: toyfair.vporoom.com/GravityBoardGames
Gravity Board Games has developed and produced six entirely new and unique two-person board games in cooperation with Syddansk Universitet - Denmark.

The board games are unique because – as the name suggests – they all have the concept of gravity as a part of the game concept. With this, a new dimension has been added to the board games.

The games are easy to learn but difficult to master, and you quickly discover that you'll get better and better the more games you play.

Griddly Games, Inc.
Booth #6416
Press Kit: toyfair.vporoom.com/GriddlyGames
Griddly Games get you going. The company creates award-winning games and activity kits for kids that deliver innovative, engaging fun that inspire laughter and fun, while promoting an active and healthy lifestyle. Founded in 2007, the company consistently delivers original, wholesome family fun products that multiple ages can play together.  Leading the way are Griddly Games' line-up of board games and its STEM category of kits that includes Just Add Milk. All of the products encourage social interaction, learning, strategy and challenges that anyone (from across the grid) can enjoy.  

GUND
Booth #637
Press Kit: toyfair.vporoom.com/GUND
For more than a century, GUND has been creating unique teddy bears and other soft toys recognized worldwide for their quality and innovation.

Hape
Booth #1659
Press Kit: toyfair.vporoom.com/Hape
For more information, visit: hape.com

IAmElemental
Booth #5207
Press Kit: toyfair.vporoom.com/IAmElemental
IAmElemental created the first female action figures designed specifically for girls (and boys!).  The company's strong, healthy female figures boast forward-thinking design and engineering, and invite kids to develop their character by playing with "The Elements of Power."  Founded in 2013, the company's Series #1/Courage launched via Kickstarter, made TIME's 2014 Top Invention and Top Toy lists, and was a 2017 TIA Toy of the Year finalist.  STEM-inspired Series #2/Wisdom is a 2018 Toy of the Year finalist.  The company is partnering with The Jim Henson Company to develop an animated children's television series starring its figures.  Play with power!

JAKKS Pacific
Booth #2021
Press Kit: toyfair.vporoom.com/JAKKSPacific
JAKKS Pacific is a leading toy company with a diverse portfolio in major toy categories including dolls, figures, vehicles, preschool and costumes.  We create innovative products that appeal to today's kids.  In addition to original IP, we work with the biggest names in entertainment to bring their characters to life.

KD Group
Press Kit: toyfair.vporoom.com/KDGroup
KD Group, based in Lyon, France, has been making innovative kids electronic toys for more than 20 years, working with mass and specialty retailers in more than 20 countries around the world.  The company's in-house team of product engineers, scientists and educators is focused on creating products with huge play value that incorporate cutting-edge technologies into learning and childhood development. KD Group is well-known globally for its best-selling Kurio® line of kid-safe tablets and smart devices.

KidSource
Booth #6346
Press Kit: toyfair.vporoom.com/KidSource
Welcome to KidSource Products! We are a distribution company in the North American Market and are proud to present to you our various innovative and exciting toy lines, including the 2018 introduction of beloved Viking Toys®, Quercetti ®, and WeCool®, joining Mojo® and KidSource.

Kiss Naturals
Booth #2488
Press Kit: toyfair.vporoom.com/KissNaturals
Kiss Naturals, produces fun and one-of-a-kind DIY craft kits using only high quality natural ingredients. Made in Canada, these kits make everyday products you can enjoy at an affordable price. Products include lip balms, bath fizzies, glycerine soaps, face painting, and hair chalk.

We believe in improving local business and source our ingredients from local suppliers, including packing and assembly in Canada. We also give back to our community and support various children's charities every year.

Klutz
Booth #343
Press Kit: toyfair.vporoom.com/Klutz
Founded in 1977, Klutz® has been creating products that stimulate creativity by combining clear instructions with everything you need to give a hands-on learning experience that ranges from the artistic to the scientific and beyond. Klutz is a division of Scholastic, the world's largest publisher and distributor of children's books.

KONAMI
Booth #5340
Press Kit: toyfair.vporoom.com/Konami
KONAMI is a leading developer, publisher and manufacturer of electronic entertainment properties and traditional trading card games. KONAMI's software titles include the popular franchises Metal Gear Solid, Silent Hill, DanceDanceRevolution and Castlevania, among other top sellers.  KONAMI is also the manufacturer of the Yu-Gi-Oh! TRADING CARD GAME (TCG) the #1 trading card game in the world with over 25 billion cards sold. It is a game of strategy, where players create individual Decks of cards collected from Structure Decks and Booster Packs. Two players engage in a Duel while using cards that represent powerful monsters, magical Spells and surprising Traps. Duelists with well-constructed Decks, dominating monsters, solid strategy and good fortune are the victors in the Yu-Gi-Oh! TCG.

The above press kits will continue to be updated throughout the show. Please check back during Toy Fair 2018 for the latest news.

Virtual Press Office (http://www.vporoom.com/) is a Cision PR Newswire company. Follow us on Twitter @VPOEventZone or subscribe to our RSS feed for more trade show news. If you have questions about Virtual Press Office services, or if you would like to offer feedback on this exhibitor profile roundup, please email This email address is being protected from spambots. You need JavaScript enabled to view it..

Cision View original content:http://www.prnewswire.com/news-releases/virtual-press-office-exhibitor-profiles-north-american-international-toy-fair-2018-part-1-300599190.html

SOURCE Virtual Press Office

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WUXI, China, 14. Februar 2018 /PRNewswire/ -- Wuxi Suntech Power Co., Ltd. („Suntech") hat heute erklärt, dass seine polykristallinen 295/290-W-Module mit Half-Cut-Technologie ab sofort in Europa verkauft werden.

Das Modul mit Half-Cut-Technologie bietet gegenüber herkömmlichen Modulen deutliche Vorteile hinsichtlich Systemanwendungen. Dank Half-Cut-Technologie kann die Modulleistung im Vergleich zu herkömmlichen Modulen um 5 bis 10 W gesteigert werden, was die Moduleffizienz verbessert und gleichzeitig die Systemkosten reduzieren kann. Zudem wird durch die fortschrittliche Technologie der Solarzellenstrom gegenüber der herkömmlichen Bauart um 50 % und die Betriebstemperatur der Solarzellen um 20~25℃ reduziert. Darüber hinaus wird im Hybridmodus (Serienschaltung nach Parallelschaltung) dem Hotspot-Effekt entgegengewirkt. Die Zelle mit Half-Cut-Technologie ist kleiner als die herkömmliche Zelle. Dies bedeutet, dass bei Brüchen durch externe Krafteinwirkung die beschädigte Fläche ebenfalls kleiner ist. Gleichzeitig optimiert das verteilte Anschlusskastendesign die komplexe Standardschaltung, und eine Überkreuz-Installation kann den Leistungsverlust weiter eindämmen.

Laut Prognosen soll die weltweit installierte PV-Kapazität 2018 erstmals 100 GW übersteigen. Für den europäischen Markt (weiterhin der weltweit führende Markt für PV-Produkte) wird eine Wachstumsrate von 35 % vorausgesagt.

„In den vergangenen 18 Jahren hat Suntech wegweisende technologische Innovationen hervorgebracht und für seine globalen Partner hochqualitative und kosteneffektive Produkte entwickelt. Vor kurzem haben wir bei VDE ein Qualitätsprüfungszertifikat in Auftrag gegeben (VDE-QT), und bei der Serienproduktion führen wir quartalsweise strenge Qualitätskontrollen durch. Gleichzeitig gibt Suntech auf seine Produkte 12 Jahre und auf die lineare Leistung 25 Jahre Garantie, mehr als jeder Mitbewerber und rückversichert bei der weltweit führenden Rückversicherungs-Gesellschaft -- Munich Re", sagte Shuangquan He, President von Suntech.

Suntech ist eine Größe auf dem PV-Markt und überzeugt durch zuverlässige Produkte und fortschrittliche Technologie. Suntech ist seit 2001 auf dem europäischen Markt präsent und hat sich in den zurückliegenden 18 Jahren dank der ausgezeichneten Erfolgsbilanz seiner Produkte einen erstklassigen Ruf erarbeitet. Um die Betreuung unserer europäischen Kunden zu verbessern, haben wir 2016 Suntech Deutschland GmbH gegründet, um diesen Kundenkreis mit WEEE-Lösungen zu versorgen. Suntech wird auch weiterhin unermüdlich daran arbeiten, seinen Kunden hochwertige Produkte und umfassende Dienstleistungen bereitzustellen.

Informationen zu Suntech

Wuxi Suntech, ein weltweit führender Hersteller von Solar-Photovoltaikprodukten, ist auf F&E und Produktion von kristallinen Silizium-Solarzellen und -Modulen spezialisiert. Das 2001 gegründete Unternehmen verkauft seine Produkte in mehr als 80 Ländern und Regionen rund um den Globus. Das Unternehmen arbeitet unermüdlich an der Verbesserung des Umwandlungswirkungsgrads seiner Produkte. Es investiert massiv in die F&E neuer Technologien, optimiert Fertigungstechniken und liefert kompromisslose Qualität bei Photovoltaikprodukten, die sich durch hohe Zuverlässigkeit und Kosteneffizienz auszeichnen. Durch technischen Vorsprung und hochmoderne Fertigungsmethoden wird die Netzparität bei der photovoltaischen Stromerzeugung aktiv vorangetrieben. Das Unternehmen kann auf 24 Jahre Erfahrung bei verteilten Projekten in ausländischen Märkten zurückblicken. „Suntech Yijia", die verteilte PV-Marke von Wuxi Suntech, will Tausende Haushalte an das umweltfreundliche Energienetz anschließen. Das Unternehmen ist seiner anfänglichen Mission treu geblieben und scheut keine Mühen, um mit sauberer und unerschöpflicher, natürlicher Sonnenenergie Licht in jede Ecke der Welt zu bringen.

SOURCE Wuxi Suntech Power Co., Ltd.

Read more: Module mit Half-Cut-Technologie von Wuxi Suntech...

LONDON--(BUSINESS WIRE)--The global concentrated photovoltaic (CPV) systems market is expected to grow at a CAGR of close to 12% during the period 2018-2022, according to a new market research study by Technavio.

The report presents a comprehensive research of the global concentrated photovoltaic systems market by technology that includes HCPV and LCPV. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

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Market driver: advantages of CPV systems

CPV systems generate almost two to three times more energy per module area when compared with solar PV systems. The CPV technology is best suited for very sunny, desert-like locations with high solar irradiation. These are like solar PV because both employ solar cells that convert sunlight into electricity. However, CPV uses lenses to concentrate the incident sunlight onto a solar cell. Therefore, the size of the solar cell required in a CPV module is relatively very small in comparison with the solar PV module.

According to a senior analyst at Technavio for power research, “Some of the advantages of CPV include high efficiency of conversion of light to electricity and smaller solar cell size allowing for less use of expensive PV material. Such advantages make the CPV systems a more favorable choice over solar PV systems for solar power generation. The world is rapidly moving toward increased power generation from renewable sources, particularly solar and wind power that will drive the global concentrated photovoltaic systems market during the forecast period.”

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Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Market trend: rising patent filings

The global concentrated photovoltaic systems market has observed increased expenditure by vendors on R&D activities, that has led to product innovation and increase in conversion efficiency. The increased investment in renewables across the world, particularly solar and wind, is expected to drive the global concentrated photovoltaic systems market. The market is expected to witness the development of products during the forecast period.

Market challenge: declining cost of solar PV modules

Though CPV systems provide several advantages over flat panel solar PV systems, one of the major challenges for the CPV technology is the decline in solar PV module prices. This has led to many CPV manufacturing companies to enter bankruptcy or be acquired by larger firms or shift to the manufacturing of solar PV modules. This has made the solar PV market regain focus.

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Some of the major companies in the global concentrated photovoltaic systems market:

  • Arzon Solar
  • BSQ Solar
  • Guangdong Redsolar Photovoltaic Technology
  • Magpower
  • Saint-Augustin Canada Electric
  • San’an Optoelectronics

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NEW YORK, Feb. 15, 2018 /PRNewswire/ -- The following event roundup from Virtual Press Office is a list of featured exhibitors for Toy Fair 2018, a show for all businesses involved in creating and bringing toys and youth entertainment products to kids of all ages, which takes place from February 17-20 at the Jacob K. Javits Convention Center in New York City.

Toy Fair 2018 press kits, news releases and photos are available on the Official Online Press Office, managed by Virtual Press Office/Cision PR Newswire: http://toyfair.vporoom.com/ 

Toy Fair 2018 press kits on Virtual Press Office

littleBits
Booth #3263
Press Kit: toyfair.vporoom.com/littleBits
littleBits is the New York-based technology company that is empowering everyone to create inventions, large and small, with a platform of easy-to-use electronic building blocks. Our innovative building blocks snap together with magnets to unleash creativity and allow anyone to engage in powerful hands-on learning in STEAM.

Looney Labs
Booth #6943
Press Kit: toyfair.vporoom.com/LooneyLabs
Looney Labs designs, produces, and markets award winning specialty card and board games. Husband and wife team Andy and Kristin Looney believe that one of the most important things they create is the fun people have while playing their games. Looney Labs is a woman owned and operated company, and all Looney Labs card games are made in the USA using recycled materials whenever possible. Andy Looney designs all their games, from those with lighter play, like Fluxx®, Loonacy, and Just Desserts, to more strategic games like Chrononauts and Pyramid Arcade.

Madd Capp Games
Booth #6838
Press Kit: toyfair.vporoom.com/MaddCappGames
Madd Capp manufactures unique games and die-cut jigsaw puzzles sure to inspire young and old alike. Our dramatic, poster size "animal head-shaped" Madd Capp Puzzles were selected for Oprah's Favorite Things 2017 as "a good low-tech way to hang out." New for 2018: Madd Capp Puzzles Jr., "animal-shaped" jigsaw puzzles for ages 5 & up. Big and beautiful, each puzzle includes a fun facts insert. With 11 games, 13 puzzles for ages 10 & up (I AM Tiger, Owl, Eagle, etc.), and ten Jr. puzzles (LIL' Sloth, Giraffe, Flamingo, etc.), Madd Capp offers great fun for everyone. Unplug to reconnect!

Magnetykes, LLC
Booth #4514
Press Kit: toyfair.vporoom.com/Magnetykes
Magnetykes LLC Launches Children's Magnetic Toy.Magnetykes, an educational magnetic product line for children is making its way into the industry at the New York toy fair February 17-20, 2018. Magnetykes goal is to educate kids about the amazing power of magnetism in a fun way. Magnetykes has three characters so far: Cobalt, Lodestone, and Magnesia. Each set comes with its own magnetic figure, vehicle and wrench and a shiny piece of sheet metal so children can hang their Magnetykes on the wall for safe keeping. In addition, consumers will receive a fun and entertaining comic book about how the Magnetykes came to be. With two Dr. Toy Awards, Magnetykes is sure to make a hit at this years Toy Fair. "Dr. Stevanne Auerbach has been for many years one of the nation's and world's leading experts on play toys, and children's products so it is a great honor to receive an award from her." said Scott Adams, Inventor and CEO of Magnetykes. For more information on Magnetykes, visit magnetykes.com and stop by Booth #4514 at the Toy Fair, Freshman row.

Mand Labs
Booth #5959
Press Kit: toyfair.vporoom.com/MandLabs
Mand Labs is an AZ-based science and engineering learning startup. With a mission to make STEM learning more fun, hands-on and interactive through innovative DIY learning kits and practical curriculum, Mand Labs aspires to make students independent makers and creative tinkerers. Its flagship product, Mand Labs KIT-1, is an experiential do-it-yourself learning kit for electrical & electronics. The kit's curriculum has been developed after 4 years of extensive research and takes the user on a journey of 60+ hands-on projects from fundamentals of electricity to advanced concepts of transistors and everything is step-by-step.

maru and friends, llc
Booth #4319
Press Kit: toyfair.vporoom.com/maruandfriends
Maru and Friends are the creators of Maru™ the Latina doll and her ethnic friends from different cultures. Through her colorful storybooks we chronicle Maru's real-life adventure in America, as a young Hispanic living in New York City without her parents. Meet Maru and be amazed, beautiful realistic dolls that capture the beauty of young girls. 

MasterPieces Inc.
Booth #2757
Press Kit: toyfair.vporoom.com/MasterPieces
MasterPieces Inc. was founded by David Rolls, former professional baseball player for the Kansas City Royals and Texas Rangers organizations, in 1995 with a passion to serve diverse retail markets and partner with evergreen brands and top puzzle artists. Twenty years later, MasterPieces has established itself as the market leader for combining the best quality products with the best value. Headquartered in Tucson, AZ, MasterPieces' global growth and the company's commitment to ensuring great value and superior customer support has earned its dedicated, worldwide customer loyalty. MasterPieces creates some of the world most elegant puzzles and innovative packaging, as well as toys and gifts, while also partnering with brands such as John Deere, John Wayne, Tetris, Animal Planet, Hershey's, and sports licensing with MLB, NFL, NCAA, NHL organizations.

MGA Entertainment
Booths #2647, #2743, #2845
Press Kit: toyfair.vporoom.com/MGAEntertainment
MGA Entertainment, a consumer entertainment products company headquartered in Van Nuys, California, creates innovative proprietary and licensed products including toys and games, dolls, consumer electronics, home décor, stationery and sporting goods. The MGA family includes award-winning brands such as L.O.L. Surprise™, Little Tikes®, Num Noms™, Project Mc2™, Lalaloopsy™, Bratz®, Gel-a-Peel™, and Zapf Creation®. Visit us at mgae.com.

Monogram International Inc
Booth #281
Press Kit: toyfair.vporoom.com/MonogramInternational
Monogram International Inc is a world leader in creating innovative Licensed products for a variety of sales channels like Souvenir, Specialty, Promotional, and Theme park.  Monogram was established in 1971 in the US and continues to grow by adding creative categories and world famous licenses to our catalog.  Our product categories include: key chains, blind bags, magnets, key holders, pins, paperweights, figures, bust banks, mugs, goblets, stationery, and lanyards for our expanding portfolio of licensors such as Disney, Marvel, DC, Warner Bros, Fox, Nickelodeon, Cartoon Network, Capcom, Funimation, Toei Animation, Viz Media and more!

Moose Toys
Booth #2145
Press Kit: toyfair.vporoom.com/MooseToys
Moose Toys has taken the toy industry by storm over the last few years with its wildly successful brands from Shopkins and The Grossery Gang to Little Live Pets and Oonies. A finalist in four categories for Toy of the Year, Moose Toys is looking forward to an exciting year ahead with fresh news surrounding its hit collectibles, like Shopkins and Pikmi Pops; its growing electronic lines like Little Live Pets and Bizzy Bubs; and exciting craft activities like Oonies. Plus, all new brands never seen before! Check out what's new at Moose Toys' booth (#2145) at Toy Fair!

North Star Games
Booth #6629
Press Kit: toyfair.vporoom.com/NorthStarGames
North Star Games is the publisher of award-winning party and strategy games. This year, we are introducing a new line of games called "Happy Planet." These games are quick and fun, but more importantly, they are guaranteed to raise the happiness level of everyone playing! Happy Planet games get everyone smiling, laughing and feeling energized. For 2018, two new Happy Planet games, Funky Chicken and Monster Match, will join the 2018 TOTY Finalist Happy Salmon. Other new editions of our most popular games like Wits & Wagers, Say Anything, and Evolution are also launching in 2018. Please visit northstargames.com.

OWI Inc
Booth #3203
Press Kit: toyfair.vporoom.com/OWI
Since 1980, OWIkits and RobotiKits are synonymous with robotics kits, science kits, eco-friendly products, salt water fuel cell kits, solar technology, hydraulic/Robotic arms, and aluminum bug and dinosaur kits. A favorite with schools, museums, science clubs, camps and parents. The kits have a companion educational curriculum. OWI will introduce 2 new items in 2018: Dodeca 12 in 1 SolarHydraulic Robot, and Kiko.893 (infra-red sensor detecting, obstacle exploring robot). 

Pillow Pets
Booth #113
Press Kit: toyfair.vporoom.com/PillowPets
At Toy Fair 2018, Pillow Pets is relaunching the original Pillow Pets, that were originally introduced in 2003, as the Pillow Pets Signature Line including the highly popular unicorn, panda, penguin and zebra.  Come check out these and the other new categories of Pillow Pets including designs just for baby, seasonal and holiday designs and the newest licenses from Sesame Street and more at Booth #113. Pillow Pets plush folding stuffed animals are versatile because they have a strap to transform them into a comfy pillow. Simply open the strap and the pet becomes a pillow!  Pillow Pets plush folding stuffed animals add true function to that warm and wonderful feeling by combining the security of a stuffed animal with the functionality of a pillow. Made of high quality, super soft chenille, Pillow Pets are fashion forward, on trend and appeal to everyone…. babies, kids, tweens, adults and everyone in between!

Playmates Toys
Booth #2469
Press Kit: toyfair.vporoom.com/PlaymatesToys
With a history of over 50 years, Playmates Toys is today among the most well-respected and innovative marketing and distribution companies in the global toy industry with a proven history in the creation of imaginative products as well as the development and management of profitable, long-term brand franchises. Key brands include Teenage Mutant Ninja Turtles, Voltron Legendary Defender, Ben 10 andMysticons. From its offices in Hong Kong and California, Playmates designs, develops, markets and distributes its products in over 60 countries worldwide. For more information, visit playmatestoys.com.

POWERUP Toys
Booth #5952
Press Kit: toyfair.vporoom.com/PowerUpToys
POWERUP is the #1 Kickstarter (in flight category) best seller company that designs, develops, manufactures and markets SMART PAPER PLANES. POWERUP lets consumers of all ages expand their sense of play and experimentation by adding power and control to familiar paper airplanes. Just launched, the POWERUP DART Bluetooth module transforms ordinary paper planes into RC motorized aerobatic jets with takeoff and landing capability, controllable directly from your phone via an app. poweruptoys.com

R & R Games Inc.
Booths #6735, #6739
Press Kit: toyfair.vporoom.com/RnRGames
Since 1996, R&R Games as been creating engaging and challenging fun through original toys and games. The company's philosophy of designing and marketing high quality and innovative entertainment products has resulted in an ever- expanding product line with over 70 game titles. From easy-to-learn card games, exciting and fast-paced word and memory games, family-friendly party and strategy games, and intense Euro-style games, our games appeal to everyone from the occasional gamer to the board game enthusiast. Notable games include Hide & Seek Pals; Hanabi, the 2013 Spiel Des Jahres winner; and Time's Up, the multiple award-winning party game with over 4 million copies sold.

Ravensburger (ThinkFun, Brio, Wonder Forge)
Booths #2107, #1919
Press Kit: toyfair.vporoom.com/Ravensburger
Note: The press kit link will be live 2/17 @ 7AM ET.
For more information, visit ravensburger.com, thinkfun.com, brio.net, or wonderforge.com.

Reckless Ventures LLC
Booth #4520
Press Kit: toyfair.vporoom.com/RecklessDeck
Reckless Ventures is a hot-off-the press company debuting its product line after its successful 2017 Kickstarter. We funded in under 24 hours, garnered over 1400 backers, and raised $124,000 in backer & pre order sales. Our mission: to craft products that create opportunities for users to make unexpected connections, and push their creative & imaginative boundaries. We're bringing you RECKLESS DECK, our idea-generating, genre-smashing card deck series that enables adults & kids alike to create endless, never before seen characters and environments for your art, stories, or creative play. Make the rules, bend the rules, break the rules.

Saturnian1
Booth #3035
Press Kit: toyfair.vporoom.com/Saturnian1
Now celebrating our Twenty Eighth Year Saturnian I Inc. continues to take pride in our one of a kind Sport & Toy products. As one of the country's suppliers to schools and physical education departments, customers and retailers agree that Saturnian 1 provides high quality, durable products with safety in mind. Our unique materials provide an easy grip on our sports products and toys for athletes at all levels. This is why Fun Gripper®, Grip Zone® and Fireball® sport products and toys are so enthusiastically played with by kids and adults of all ages.

Savvi
Booth #1247
Press Kit: toyfair.vporoom.com/Savvi
At SAVVi, we have been creating children's products that encourage imaginative play since 1989. Well over 2 billion products have been produced and sold since 1989.  As we continue to move forward in our Tucson, Arizona, headquarters, 100% of our products continue to be proudly imagineered and designed in-house, while the majority of these are also American Made.  We strive to create new, innovative and engaging products that stimulates the imagination and creativity of children worldwide.

SeaBelievers
Booth #1060
Press Kit: toyfair.vporoom.com/SeaBelievers
Imagine a world where lively, colorful characters from the sea inspire children to believe in being kind and making the planet better for future generations.The SeaBelievers are seven educational characters committed to making a positive impact on the lives of children through empowerment-based entertainment. The SeaBelievers are committed to show how everyone, no matter their age, can make a positive difference in the future of our planet. Their consumer product line extends this mission with innovative toys that inspire kids to discover who they are and what they can do make the planet better for future generations.

Skullduggery
Booth #1360
Press Kit: toyfair.vporoom.com/Skullduggery
Based in Anaheim, California, Skullduggery is a family owned and operated toy manufacturer with more than 30 years of experience creating innovative educational toys for kids, toy race cars, and racing systems as well as the finest fossil replicas available. High-quality educational puzzles and other unique, award-winning toys for children of all ages are manufactured almost entirely in the USA and are distributed throughout the nation's finest museum stores as well as specialty retailers and toy stores. Education and entertainment are Skullduggery's chief product design motivations.

Smart Trike USA LLC
Booth #1159
Press Kit: toyfair.vporoom.com/smartrike
smarTrike® are pioneers of the "Grow with Me" trike category and have sold more than 20,000,000 tricycles over the past decade. Sold in more than 80 countries, while developing high-end innovative solutions to all cycling stages: babies, toddlers and pre-schoolers. Winners of nearly every award in the ride on industry and now with the smarTfold™ fully foldable trike, smarTrike® again leads the market in innovation.

Snap Toys
Booth #2059
Press Kit: toyfair.vporoom.com/Snaptoys
For more information, visit snap.toys.

Spin Master
Booths #1635, MR4611, MR4613, MR4615, MR4617.
Press Kit: toyfair.vporoom.com/SpinMaster
Spin Master is a leading global children's entertainment company that creates, designs, manufactures and markets a diversified portfolio of innovative toys, games, products and entertainment properties. Spin Master is best known for award-winning brands including Zoomer™ Dino, Bakugan™ Battle Brawlers™, Air Hogs®, and 2016 Toys of The Year Bunchems!™ and Meccanoid™ G15. Since 2005, Spin Master has received 82 Toy Industry Association Toy of the Year (TOTY) nominations with 18 wins across a variety of product categories. Spin Master has been recognized with 13 TOTY nominations for Innovative Toy of the Year, more than any of its competitors.

Steiff
Booth #1983
Press Kit: toyfair.vporoom.com/Steiff
Founded in 1880, Steiff is the world's premier manufacturer of high-end toys and collectibles. Internationally renowned for its exceptional quality, Steiff still utilizes traditional materials and proven manufacturing techniques to create its unique and highly prized products. This year, Steiff has created its collection of all-new "Soft Cuddly Friends"; a plush line that is the key component in the 135-year-old brand's relaunch in the U.S. as a plush toy company.

Strictly Briks
Booth #4103
Press Kit: toyfair.vporoom.com/StrictlyBriks
Creativity has its base with award-winning Strictly Briks, winner of 30 industry awards in 2017. With a mission to provide an affordable platform and structure for kids to build, every product encourages combining with toys already available from action figures and cars to stuffed animals. This is play in a new way. Kids' creativity shines by building upon stackable baseplates that grows to whatever is imagined at the moment. At the same time youngsters amass STEM knowledge from engineering to architecture as they play!

Tactic Games USA
Booth #6753
Press Kit: toyfair.vporoom.com/TacticGames
Tactic Group® is an international and fast growing developer and marketer of board games.  For more than 50 years, the Finnish-based game company has provided consumers with innovative, high-quality products, which include the award-winning Mölkky®, Alias, and iKNOW® games.  The company mission is to produce original and classic games that offer moments of genuine delight and entertainment to families and friends all over the world.

The Button Nose Kidz
Booth #6474
Press Kit: toyfair.vporoom.com/TheButtonNoseKidz
The Button Nose Kidz are a group of siblings and friends that attend Button Middle School. Like real kids, each character is created with a unique personality, interests, and talents. The Kidz are intended to provide elementary school age children with positive role models by demonstrating appropriate ways to handle real-life situations children might find themselves in. The Kidz are not angels. They fight with their siblings, pick on, tease, and occasionally even bully other Kidz, disobey their parents, and look for ways to avoid doing schoolwork – all the things real kids do. But in the end they learn from their mistake(s) and recognize the importance of the values now popularly referred to as life skills, such as honesty, healthy food/hygiene/ fitness habits, and respect for themselves, their peers, and adults.

The Learning Journey
Booth #2445
Press Kit: toyfair.vporoom.com/TheLearningJourney
The Learning Journey began with the mission of providing parents affordable, high quality educational materials to ensure a successful start in school for their children. Since then, The Learning Journey has been designing and manufacturing a line of award-winning children's interactive educational products that encourage learning and develop confidence as they enhance a child's potential. All products build on the skills necessary for children to be prepared for school and beyond.  With The Learning Journey's complete range of products, children have fun while learning and parents and educators know they have the right products for their children.

The Lego Group
Booth #1335
Press Kit: toyfair.vporoom.com/LEGO
The LEGO Group is a privately held, family-owned company with headquarters in Billund, Denmark. Founded in 1932 by Ole Kirk Kristiansen, and based on the iconic LEGO® brick, it is one of the world's leading manufacturers of play materials. Guided by the company spirit: "Only the best is good enough", the company is committed to the development of children and aims to inspire and develop the builders of tomorrow through creative play and learning. LEGO products are sold worldwide and can be virtually explored at LEGO.com.

The Loyal Subjects
Booth #6665
Press Kit: toyfair.vporoom.com/TheLoyalSubjects
For more information, visit theloyalsubjects.com.

Treeblocks LLC
Booth #6744
Press Kit: toyfair.vporoom.com/Treeblocks
TreeBlocks makes toys from reclaimed, recycled and sustainably harvested wood.  Our ethical commitment to the environment and the community where production is housed has been central to our philosophy since 1995. We are dedicated to making compelling and wholesome toys that have excellent play value. Our best sellers include barked and smooth building blocks, tree houses and furniture.  Other charming accessories include a playground set and branch family dolls. Some of your will remember Karl Oppen, the original founder and owner, who sadly passed in 2015.  Come meet his son, Lander Oppen, who will be in Booth 6744. 

Tucker Toys
Booth #143
Press Kit: toyfair.vporoom.com/TuckerToys
For more information, visit TuckerToys.com.

USAopoly
Booth #203
Press Kit: toyfair.vporoom.com/USAopoly
USAopoly, Inc. is a Carlsbad, California-based publisher of games, puzzles, and collectibles. For over two decades the company has partnered with some of the most-recognized, marquee brands including Hasbro, Disney, HBO, Warner Bros., Nintendo, Cartoon Network, and many more to produce some of the best offerings in the industry. USAopoly also publishes award-winning original games, including Telestrations®, Telestrations® After Dark, and HARRY POTTER™: HOGWARTS™ BATTLE, a 2017 MENSA Select award winner. USAopoly actively engages fans on multiple social media sites (Facebook, Twitter, Instagram, YouTube and Pinterest), and regularly updates the USAopoly.com website and blog with new and exciting product releases.

VTech & LeapFrog
Booth #1C04
Press Kit: toyfair.vporoom.com/VTech

About VTech
VTech is a world leader in age-appropriate and developmental stage-based electronic learning products for children. As a pioneer in the learning toy category, VTech develops high-quality, innovative educational products that enrich children's development and make learning fun. With a rich 40 year history, VTech has not only established itself as a learning authority but also consistently remains at the forefront of innovation with multiple award-winning products, including prestigious Toy of the Year (TOTY) Award winners. The company also has a broad range of award-winning infant, toddler and preschool products available in 25 different languages worldwide, with more than 100 new products introduced every year. In order to further strengthen VTech's position as a learning authority, the company's Expert Panel, with esteemed experts in reading, language arts, science, math, and child development, consult on new product introductions. VTech Electronics North America, L.L.C. is based in Arlington Heights, Illinois. VTech Electronics Limited is headquartered in Hong Kong with distribution globally. For more information about VTech's electronic learning products, visit VTechKids.com, facebook.com/VTechtoys on Facebook or follow @VTechToys on Twitter.

About LeapFrog
LeapFrog Enterprises, Inc. is the leader in innovative learning toys that encourage a child's curiosity and love of learning throughout their early developmental journey. For more than 20 years, LeapFrog has helped children expand their knowledge and imagination through award-winning products that combine state-of-the-art educational expertise led by the LeapFrog Learning Team, innovative technology, and engaging play – turning playtime into quality time that helps children leap ahead. LeapFrog's proprietary learning tablets and ground-breaking developmental games, learn to read and write systems, interactive learning toys and more are designed to create personalized experiences that encourage, excite and build confidence in children. LeapFrog, a subsidiary of VTech Holdings Limited, is based in Emeryville, California, and was founded in 1995 by a father who revolutionized technology-based learning solutions to help his child learn how to read. Learn more at leapfrog.com.

Wicked Cool Toys
Booth #1873
Press Kit: toyfair.vporoom.com/WickedCoolToys
Founded in 2012, Wicked Cool Toys (Wicked Cool Toys LLC/WCT) is a leader in play that creates, designs, manufactures, and markets an innovative and fun portfolio of toys for all ages. With offices in Bristol, PA; Santa Monica, CA; Hong Kong, and China, their portfolio includes both licensed and proprietary brands, including Pokémon, Cabbage Patch Kids®, Teddy Ruxpin, GSUSA® (Girl Scouts), MasterChef Junior, WWE®, Wild Kratts, Teenage Mutant Ninja Turtles®, Blaze, Shimmer and Shine, Xtreme Cycle, Cat Paw, and My Girl's Dollhouse. Visit wickedcooltoys.com and follow the company on Facebook, Instagram, and Twitter. facebook.com/wickedcooltoys @wickedcooltoys

The above press kits will continue to be updated throughout the show. Please check back during Toy Fair 2018 for the latest news.

Virtual Press Office (http://www.vporoom.com/) is a Cision PR Newswire company. Follow us on Twitter @VPOEventZone or subscribe to our RSS feed for more trade show news. If you have questions about Virtual Press Office services, or if you would like to offer feedback on this exhibitor profile roundup, please email This email address is being protected from spambots. You need JavaScript enabled to view it..

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NEW YORK, Feb. 14, 2018 /PRNewswire/ -- Below are experts from the ProfNet network who are available to discuss timely issues in your coverage area.

You can also submit a query to the hundreds of thousands of experts in our network – it's easy and free. Just fill out the query form to get started: http://prn.to/queryform

EXPERT ALERTS

  • Solar Tariff Impact on Energy Grids
  • Food Bullying and 'Peter Rabbit': Spokespeople Available
  • FDA Move to Change Packaging on OTC Anti-Diarrhea Products a Good First Step

MEDIA JOBS

  • Managing Editor – The Employment Benefit Adviser (NY/VA)
  • Social Media Manager – South China Morning Post (NY)
  • Platforms Editor – The Ladders (NY)

OTHER NEWS & RESOURCES

  • 10 Freelancing Resources to Keep You on Task
  • Five Questions With Zig's CEO and Co-Founder
  • Blog Profiles: Zero Waste Blogs

-------------------------------------------------------------------

EXPERT ALERTS:

Solar Tariff Impact on Energy Grids
Dr. Alberto Lamadrid
Assistant Professor of Economics
Lehigh University
Last week, the White House announced 30 percent tariffs on solar equipment made abroad, and the impact may not be a positive one. Renewable sources, including solar, are an important part of developing energy grids that are resilient and can recover from outages, especially with recent unprecedented natural disasters affecting infrastructure that could become the "new normal." Says Lamadrid: "Slapping a tariff (on solar panels) will be detrimental to development of these microgrids. It will increase the cost of resiliency." If the tariff slows implementation and growth of solar in the U.S., it will have not only short-term impacts but longer-term ones, as energy grids have "a long memory," he says. "This means if solar is not integrated now, that infrastructure will not be in place and may be difficult and expensive to retrofit. Making it harder to employ solar also may lead to increasing reliance on coal and natural gas, whereas diversification of power sources helps energy grids be nimbler, which helps during large disruptions. This will make recovering from large disruptions harder and more expensive. "The bottom line is slapping this kind of tariff will be a diversion of very valuable resources in terms of making the system more likely to withstand the likely impacts we will see on the system," Lamadrid says. "While tariffs of this type sometimes do provide income used to develop local industry, we'd be better off eliminating the tariff and experiencing the benefits of easier solar equipment importation."
Dr. Lamadrid researches resilient microgrids, including use of renewable power sources to help grids bounce back during disasters and outages. He is part of the Integrated Networks for Electricity Research Center at Lehigh University.
Bio: https://cbe.lehigh.edu/faculty-research/faculty/economics/alberto-j-lamadrid
Contact: Amy WhiteThis email address is being protected from spambots. You need JavaScript enabled to view it.

Food Bullying and 'Peter Rabbit': Spokespeople Available
Tonya Winders
President and Chief Executive Officer
Allergy & Asthma Network
"Many parents, patients and food allergy advocacy organizations have expressed concern following Friday's release of the children's movie 'Peter Rabbit.' Food allergy bullying happens when those living with LTAs are teased, ridiculed, or even threatened or assaulted with food to which they are severely allergic. Nearly six million children suffer from LTAs in the United States. It is important that children are educated about life threatening food allergies and are taught to accept children who have them."
As part of the No Appetite for Bullying initiative, kaléo, a pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions, offers the following media resources: Tonya Winders, president and chief executive officer of Allergy & Asthma Network, a leading allergy advocacy organization; Zac Chelini, a young man who has been bullied due to his food allergies since he was in elementary school; statistics regarding the prevalence of food allergies and food allergy bullying; and results from a survey released October 2017 regarding gaps in knowledge and perceptions that exist around food allergy bullying.
Website: www.noappetiteforbullying.com
Contact: Jennifer Corrigan, This email address is being protected from spambots. You need JavaScript enabled to view it.

FDA Move to Change Packaging on OTC Anti-Diarrhea Products a Good First Step
William Eggleston
Clinical Assistant Professor, Pharmacy Practice
Binghamton University
The Food and Drug Administration is asking manufacturers of over-the-counter anti-diarrhea treatments to change the way they package their products to curb abuse by people with drug addictions. Eggleston, a clinical assistant professor at Binghamton University's School of Pharmacy and Pharmaceutical Sciences, said the FDA action was a "good first step." But he said that getting online sellers to work on the problem is critical: "Even if you limit the quantities available in any individual package, if you can buy a lot of packages online, that doesn't fix the issue that the drug is easily accessible." If loperamide abuse continues to be a problem, Eggleston said, authorities should consider moving the drug behind the counter, which would require consumers to ask their pharmacists for it. That is what happened with products containing pseudoephedrine, which can be used to make methamphetamine. Congress passed a law more than a decade ago requiring that those be sold from behind the counter and imposing other restrictions.
Eggleston co-authored a 2017 report published online in the Annals of Emergency Medicine that described two men who died after ingesting large amounts of loperamide. One was a 24-year-old with a history of substance abuse. Found unresponsive at home, along with six empty boxes of loperamide, he appeared to have had a seizure.
Website: https://www.binghamton.edu
Contact: John Brhel, This email address is being protected from spambots. You need JavaScript enabled to view it.

****************

MEDIA JOBS:

Following are links to job listings for staff and freelance writers, editors and producers. You can view these and more job listings on our Job Board: https://prnmedia.prnewswire.com/community/jobs/

  • Managing Editor – The Employment Benefit Adviser (NY/VA)
  • Social Media Manager – South China Morning Post (NY)
  • Platforms Editor – The Ladders (NY)

*****************

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  • 10 FREELANCING RESOURCES TO KEEP YOU ON TASK. Sometimes, looking for freelancer resources feels a bit like getting sucked into a black hole. There's so much out there. Having access to pages of resources may clutter up your bookmarks bar, but it's not inherently a bad thing. It just means there are plenty of places to find inspiration, motivation, and advice. Here are some resources that may help: http://prn.to/2nXQQpZ
  • FIVE QUESTIONS WITH ZIG'S CEO AND CO-FOUNDER. With the debut of Zig, entrepreneur Joshua James wants to change the way people engage with and consume the news. Along with co-founders Adam Platzner and John Tornow, James launched the compelling new media platform earlier this month, and it's already garnering big attention. Former Vanity Fair Editor-in-Chief Graydon Carter, music producer Quincy Jones, and Live Nation are just some of the high-profile players backing the venture. For Carter, this is his first public project since leaving his post at Vanity Fair. In a recent news release, Carter says he wants to help the team how he can and believes the app "will find a wide and dedicated audience." That's likely because Zig promises to shake up the current ecosystem -- one that has delivered mixed results for publishers in the past. Read more: http://prn.to/2EspW0W
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A synchronous condenser is DC-excited synchronous motor which runs in no load condition, and maintains power conditions on the electric power transmission grid. There are two types of synchronous condensers – new and reconditioned synchronous condensers.

A new synchronous condenser is usually constructed with two or four poles, and can be cooled with air, water, or hydrogen. Whereas, a reconditioned synchronous condenser is the existing synchronous generator converted into a synchronous condenser. It involves decoupling the turbine from the generator, installation of a starting method for the condenser, design and installation of a new control system, and some mechanical modifications to the generator. According to our analysis, the new synchronous condensers segment is estimated to hold a greater market share with its value reaching over US$ 620 Mn in 2027, growing at a CAGR of 4.4%. However, reconditioned synchronous condensers are witnessed growth at a much higher rate than new condensers. The market for reconditioned condensers is expected to grow at a CAGR of 6.2% during the forecast period.

Growth of the synchronous condensers market is driven by renewable energy based power generation and need for power factor correction
Energy and utility enterprises are moving towards renewable power generation from renewable energy sources such as wind, solar, and biomass facilities, to minimise the impact on the environment. Sometimes, the shortage of renewable energy sources for power generation results in an unstable transmission network of energy in a power supply system.

To cope with this situation, synchronous condensers are installed, which provide reactive power to power plants at the time of reduced voltage, and accommodate the potential differences in power sources, which results in stable power generation and transmission. Thus, the adoption of renewable energy-based power generation in the energy mix results in the growth of the synchronous condensers market globally.

Another major factor that has helped the global synchronous condensers market grow is an increase in demand for power factor correction. An electrical load with a poor power factor draws more current, puts strain on the electricity distribution network, and results in high electricity bills.

Moreover, poor power factor leads to power losses and voltage drops, which results in overheating and failure of electrical equipment and motors. There is a huge demand for power factor correction for reducing electricity costs, less heat generation, and greater longevity of electrical equipment and systems. The power factor is improved by installing power factor correction systems such as synchronous condensers, which compensate reactive power and stabilize the power grid. The rise in demand for power factor correction results in rising demand for synchronous condensers.

How can companies make full use of the opportunities available in the global market and help their business grow in the foreseeable future?
As the global synchronous condensers market experiences growth, businesses dealing in synchronous condensers are likely to witness lucrative opportunities to excel in the industry. The adoption of renewable energy sources is creating new opportunities for the installation of synchronous condensers.

Companies in the global market need to focus on areas with high adoption rate of renewable energy sources, as it automatically opens doors for synchronous condensers. Also, power generation plants based on conventional energy sources are costlier to manage and it is equally uneconomical to abandon the power plants, as the capital expenditure on these units is generally huge, and is at times not covered fully even when the power plant is rendered obsolete. To counter this situation, the generators from these plants are being converted into synchronous condensers, as they can cost significantly less than installing a new synchronous condenser, and can also keep the power plant operational.

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FREMONT, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the fourth quarter and year ended December 31, 2017.

Fourth Quarter 2017 Highlights

  • Total revenues of $189.3 million
  • GAAP gross margin of 37.5%
  • GAAP net diluted EPS of $0.42
  • Non-GAAP net diluted EPS of $0.85
  • 766 Megawatts (AC) of inverters shipped

Full Year 2017 Highlights

  • Total revenues of $607.0 million
  • GAAP gross margin of 35.4%
  • GAAP net diluted EPS of $1.85
  • Non-GAAP net diluted EPS of $2.43
  • 2.5 Gigawatts (AC) of inverters shipped

“We ended the fourth quarter and full year of 2017 with record results in our key financial and operational metrics,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We grew our revenues in each of the geographies in which we operate and overcame a challenging year in terms of industry-wide component availability and growing our manufacturing capacity to support the growing demand for our products. We expanded our gross margin by keeping our ASP stable, continuing our cost reduction initiatives and increased profitability and cash flow generation while maintaining and even increasing our investments in R&D and customer support and growing our geographic footprint.”

Fourth Quarter 2017 Summary

The Company reported record revenues of $189.3 million, up 14% from the prior quarter and up 70% year over year.

GAAP gross margin reached 37.5%, up from 34.9% in the prior quarter and up from 35.0% year over year.

GAAP operating expenses were $36.4 million, up 11% from the prior quarter and an increase of 52% year over year.

GAAP operating income was $34.6 million, up 36% from $25.4 million in the prior quarter and up 128% year over year.

GAAP net income was $19.5 million (including one-time transition tax of $18.7 million related to mandatory deemed repatriation of foreign earnings), down 30% from $28.0 million in the prior quarter and up from $9.8 million year over year.

Non-GAAP net income was $41.2 million, up 31% from $31.5 million in the prior quarter and up from $14.7 million year over year.

GAAP net diluted earnings per share (“EPS”) was $0.42, down from $0.61 in the prior quarter and up from $0.22 year over year.

Non-GAAP net diluted EPS was $0.85, up from $0.66 in the prior quarter and up from $0.32 year over year.

Cash flow from operating activities was $45.8 million, up from $33.6 million in the prior quarter and up from $24.7 million year over year.

As of December 31, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $345.1 million, compared to $304.7 million on September 30, 2017.

Full Year 2017 Summary

Total revenues of $607.0 million, up 24% from the prior year.

GAAP gross margin reached 35.4%, up from 32.8% in the prior year.

GAAP operating income was $91.1 million, up 28% from $71.0 million the prior year.

GAAP net income was $84.2 million, up 33% from $63.5 million in the prior year.

Non-GAAP net income was $115.0 million, up 46% from $78.9 million in the prior year.

GAAP net diluted earnings per share (“EPS”) was $1.85, up from $1.44 in the prior year.

Non-GAAP net diluted EPS was $2.43, up from $1.72 in the prior year.

Cash flow from operating activities of $136.7 million, up from $82.5 million in the prior year.

Outlook for the First Quarter 2018

The Company also provides guidance for the first quarter ending March 31, 2018 as follows:

  • Revenues to be within the range of $200 million to $210 million;
  • Gross margins expected to remain flat within the range of 36% to 38%

Conference Call

The Company will host a conference call to discuss these results at 4:30 P.M. ET on Wednesday, February 14, 2018. The call will be available, live, to interested parties by dialing 800-289-0438. For international callers, please dial +1 323-794-2423. The Conference ID number is 9331868. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. Supporting increased PV proliferation, the SolarEdge system consists of power optimizers, inverters, home energy management, storage solutions, and a cloud-based monitoring platform. SolarEdge’s solutions address a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations. SolarEdge is online at http://www.solaredge.us

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-KT for the year ended December 31, 2016, filed on February 21, 2017, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 14, 2018. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

   

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

Three months ended
December 31,

Year ended
December 31,

2017   2016 2017   2016
Unaudited     Unaudited
 
Revenues $ 189,340 $ 111,513 $ 607,045 $ 489,954
Cost of revenues   118,370   72,488     392,279   329,207  
 
Gross profit   70,970   39,025     214,766   160,747  
 
Operating expenses:
 
Research and development, net 16,420 10,344 54,966 38,220
Sales and marketing 14,079 10,408 50,032 38,200
General and administrative   5,900   3,126     18,682   13,317  
 

Total operating expenses

  36,399   23,878     123,680   89,737  
 
Operating income 34,571 15,147 91,086 71,010
 
Financial income (expenses), net   1,487   (3,179 )   9,158   (1,287 )
 
Income before taxes on income 36,058 11,968 100,244 69,723
 
Taxes on income   16,556   2,203     16,072   6,270  
 
Net income $ 19,502 $ 9,765   $ 84,172 $ 63,453  
 
   

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 
December 31, December 31,
2017 2016
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 163,163 $ 104,683
Restricted cash 1,516 897
Marketable securities 77,264 74,465
Trade receivables, net 109,528 71,041
Prepaid expenses and other accounts receivable 42,223 21,347
Inventories   82,992     67,363  
 

Total current assets

  476,686     339,796  
 
LONG-TERM ASSETS:
Marketable securities 103,120 44,262
Property, equipment and intangible assets, net 52,297 37,381
Prepaid expenses and lease deposits 862 489
Deferred tax assets, net   8,340     2,815  
 

Total long term assets

  164,619     84,947  
 

Total assets

$ 641,305   $ 424,743  
 
CURRENT LIABILITIES:
Trade payables, net $ 69,488 $ 34,001
Employees and payroll accruals 22,544 13,018
Warranty obligations 14,785 13,616
Deferred revenues 2,559 1,202
Accrued expenses and other accounts payables   20,378     8,648  
 

Total current liabilities

  129,754     70,485  
 
LONG-TERM LIABILITIES:
Warranty obligations 64,026 44,759
Deferred revenues 31,453 18,660
Lease incentive obligation 1,765 2,061
Non-current tax liabilities   16,840     -  
 
Total long-term liabilities   114,084     65,480  
 
STOCKHOLDERS’ EQUITY:
Share capital 4 4
Additional paid-in capital 331,902 307,098
Accumulated other comprehensive loss (611 ) (324 )
Retained earnings (Accumulated deficit)   66,172     (18,000 )
 

Total stockholders’ equity

  397,467     288,778  
 

Total liabilities and stockholders’ equity

$ 641,305   $ 424,743  
 
 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 
Year ended December 31,
2017   2016
Unaudited

Cash flows provided by operating activities:

Net income $ 84,172 $ 63,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangible assets 7,155 4,935
Amortization of premium and accretion of discount on available-for-sale marketable securities 2,061 1,178
Stock-based compensation 17,564 11,632
Realized losses on Cash Flow Hedges - 2
Changes in assets and liabilities:
Inventories (15,690 ) 20,118
Prepaid expenses and other accounts receivable (21,937 ) 3,671
Trade receivables, net (38,139 ) (24,448 )
Deferred tax assets, net (5,455 ) 3,799
Trade payables 35,455 (27,963 )
Employees and payroll accruals 9,394 201
Warranty obligations 20,436 17,481
Deferred revenues 14,106 6,467
Accrued expenses, other accounts payable and non-current tax liabilities 27,839 2,208
Lease incentive obligation (296 )   (259 )
 
Net cash provided by operating activities 136,665     82,475  
 

Cash flows from investing activities:

Purchase of property and equipment (21,382 ) (21,079 )
Purchase of intangible assets - (600 )
Decrease (increase) in restricted cash (619 ) 2,520
Decrease (increase) in long-term lease deposit - (11 )
Investment in available-for-sale marketable securities (143,675 ) (106,509 )
Maturities of available-for-sale marketable securities 80,269     39,132  
 
Net cash used in investing activities $ (85,407 ) $ (86,547 )
 

Cash flows from financing activities:

Proceeds from issuance of shares under stock purchase plan and upon exercise of stock-based awards   7,240   2,785  
 
Net cash provided by financing activities   7,240   2,785  
 
Increase (decrease) in cash and cash equivalents 58,498 (1,287 )
Cash and cash equivalents at the beginning of the period 104,683 106,150
Effect of exchange rate differences on cash and cash equivalents   (18 ) (180 )
 
Cash and cash equivalents at the end of the period $ 163,163   $ 104,683  
 
         
 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except gross profit and per share data)

(Unaudited)

 
Reconciliation of GAAP to Non-GAAP Gross Profit
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
 
Gross profit (GAAP) 70,970 58,054 39,025 214,766 160,747
Stock-based compensation 703 538 486 2,251 1,427
Gross profit (Non-GAAP) 71,673 58,592 39,511 217,017 162,174
 
Reconciliation of GAAP to Non-GAAP Gross Margin
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Gross margin (GAAP) 37.5% 34.9% 35.0% 35.4% 32.8%
Stock-based compensation 0.4% 0.3% 0.4% 0.3% 0.3%
Gross margin (Non-GAAP) 37.9% 35.2% 35.4% 35.7% 33.1%
 
Reconciliation of GAAP to Non-GAAP Operating expenses
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Operating expenses (GAAP) 36,399 32,658 23,878 123,680 89,737
Stock-based compensation R&D 1,795 1,423 1,134 5,703 3,532
Stock-based compensation S&M 1,714 1,439 1,003 5,387 3,424
Stock-based compensation G&A 1,170 1,137 877 4,224 3,248
Operating expenses (Non-GAAP) 31,720 28,659 20,864 108,366 79,532
 
Reconciliation of GAAP to Non-GAAP Operating income
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Operating income (GAAP) 34,571 25,396 15,147 91,086 71,010
Stock-based compensation 5,382 4,537 3,500 17,565 11,632
Operating income (Non-GAAP) 39,953 29,933 18,647 108,651 82,642
 
Reconciliation of GAAP to Non-GAAP Tax on income (Tax benefit)
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Tax on income (Tax benefit) (GAAP) 16,556 91 2,203 16,072 6,270
Deferred tax realized (asset) (2,392) 959 (1,473) (5,456) (3,799)
One-time transition tax of foreign earnings 18,735 ---- ---- 18,735 ----
Tax on income (Tax benefit) (Non-GAAP) 213 1,050 730 2,793 2,471
 
Reconciliation of GAAP to Non-GAAP Net income
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Net income (GAAP) 19,502 27,971 9,765 84,172 63,453
Stock-based compensation 5,382 4,537 3,500 17,565 11,632
Deferred tax realized (asset) (2,392) (959) 1,473 (5,456) 3,799
One-time transition tax of foreign earnings 18,735 ---- ---- 18,735 ----
Net income (Non-GAAP) 41,227 31,549 14,738 115,016 78,884
 
Reconciliation of GAAP to Non-GAAP Net basic EPS
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Net basic earnings per share (GAAP) 0.45 0.66 0.24 1.99 1.56
Stock-based compensation 0.12 0.11 0.08 0.42 0.28
Deferred tax realized (asset) (0.05) (0.03) 0.04 (0.13) 0.09
One-time transition tax of foreign earnings 0.43 ---- ---- 0.44 ----
Net basic earnings per share (Non-GAAP) 0.95 0.74 0.36 2.72 1.93
 
Reconciliation of GAAP to Non-GAAP Net diluted EPS
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Net diluted earnings per share (GAAP) 0.42 0.61 0.22 1.85 1.44
Stock-based compensation 0.10 0.07 0.07 0.30 0.20
Deferred tax realized (asset) (0.05) (0.02) 0.03 (0.12) 0.08
One-time transition tax of foreign earnings 0.38 ---- ---- 0.40 ----
Net diluted earnings per share (Non-GAAP) 0.85 0.66 0.32 2.43 1.72
 
Reconciliation of GAAP to Non-GAAP No. of shares used in Net diluted EPS
Three months ended 12 months ended
December 31, 2017 September 30, 2017 December 31, 2016 December 31, 2017 December 31, 2016
Number of shares used in computing net diluted earnings per share (GAAP) 46,876,328 46,131,556 43,683,458 45,425,307 44,182,934
Stock-based compensation 1,375,527 1,535,258 2,399,308 1,907,423 1,607,565
Number of shares used in computing net diluted earnings per share (Non-GAAP) 48,251,855 47,666,814 46,082,766 47,332,730 45,790,499
Read more: SolarEdge Announces Fourth Quarter and Full Year...

HONOLULU, Feb. 14, 2018 /PRNewswire/ --

Selected 2017 Highlights:

  • Consolidated Reported net income of $165.3 million in 2017 vs $248.3 million in 2016, down 33% primarily due to the merger and spin-off related items in 2016 and the impact of the federal tax reform and related items in 2017
    Core net income of $179.5 million in 2017 vs $190.1 million in 2016, down 6%
  • Consolidated Reported EPS of $1.52 in 2017 vs $2.29 in 2016, down 34%;
    Consolidated Core EPS of $1.65 in 2017 vs $1.75 in 2016, down 6%
  • Consolidated Reported ROE of 7.9%; Consolidated Core ROE of 8.6%
    • Utility Reported ROE of 6.6%; Utility Core ROE of 7.1%
    • Bank Reported ROE of 11.3%
  • Record 27% of electricity on Hawaiian Electric's grid was from renewable sources2
    • Led the nation in customer-sited solar:  Largest annual increase of installed solar since 2013 with more than 100 megawatts of solar installed, up 19% from 2016
    • 30% of single-family homes have installed or have been approved to install PV systems on Oahu, Maui and Hawaii Island
    • Avoided-oil equivalent of 2.2 million barrels in 2017, saving our state more than $150 million3 in fuel cost

____________________________


Note:  All Return on Equity (ROE) results calculated using net income divided by average GAAP common equity, simple average method.

1

Non-GAAP measure that excludes the tax reform act and related items in 2017 and merger and spin-off-related income and costs, after-tax, including costs related to the terminated LNG contract, which required PUC approval of the merger with NextEra Energy, Inc. in 2016.  See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP measures" and the related reconciliation.

2

Based upon Renewable Portfolio Standard information as of 12/31/17.

3

Estimate based on the 2017 average price per barrel of $68.78 and as compared to 2008 oil usage levels.

  • Progress on key regulatory initiatives:
    • Utility power supply improvement plan accepted by the public utilities commission (PUC); grid modernization plan accepted by the PUC in early 2018; community based renewable energy plan approved
    • Received interim decisions on the Hawaiian Electric 2017 and Hawaii Electric Light 2016 rate cases; Maui Electric 2018 rate case filed
  • Bank provided approximately $1.4 billion of credit to consumers and businesses and originated over 3,500 mortgages
  • Bank broke ground on new Oahu bank-campus that will bring together approximately 600 teammates at one of the most innovative, collaborative and modern worksites in the state
  • Bank named one of Hawaii Business Magazine's "Best Places to Work" for the 8th consecutive year
  • Consolidated company contributed more than 23,000 volunteer hours and more than $2.4 million of charitable contributions to community organizations
  • Continuation of uninterrupted dividends since 1901

Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today reported 2017 year-end consolidated net income for common stock of $165.3 million and diluted earnings per share (EPS) of $1.52 compared to $248.3 million and EPS of $2.29 for 2016. For the fourth quarter of 2017, consolidated net income for common stock was $32.4 million and EPS of $0.30 compared to $44.6 million and EPS of $0.41 for the fourth quarter of 2016. The financial results for 2017 include $14.2 million for the reduction of the unregulated net deferred tax asset balances for the consolidated enterprise to reflect the lower rates enacted by federal tax reform and other tax reform related items, including the $1,000 cash bonuses paid to American Savings Bank employees, excluding the senior management team.  The financial results for 2016 include the increase to net income of $58.2 million due to the terminated merger with NextEra Energy, Inc., net of the impacts of the related terminated liquefied natural gas (LNG) contract and the associated cancelled spin-off of ASB Hawaii, Inc.  Excluding the above mentioned items, core earnings for 2017 were $179.5 million and core EPS of $1.65 compared to $190.1 million and $1.75, respectively, for 2016.

The financial results for the fourth quarter of 2017 include the impacts of federal tax reform and related items previously referenced.  Excluding these items, core earnings1 for the fourth quarter of 2017 were $46.5 million and core EPS of $0.43 compared to $44.6 million and EPS of $0.41 for the fourth quarter of 2016.

"Hawaii's economy had a very strong year in 2017 and the HEI companies were proud to provide essential energy and financial services to our communities and to deliver a consolidated core return on equity of 8.6%," said Constance H. Lau, president and CEO of HEI.

"To help meet our electric company's mission to provide clean, reliable and resilient electric energy safely to our customers and to stay ahead of the needs of Hawaii's economic and real property development, we invested over $400 million (more than three times the utility's earnings) to modernize and strengthen the electric systems and grid on Oahu, Maui, Hawaii Island, Molokai and Lanai.  Hawaiian Electric and its subsidiaries have supported Hawaii's economic development while helping our state toward its goal of 100% renewable energy by 2045.  Hawaiian Electric continues to lead the nation in the efficient integration of renewable resources, which have nearly doubled on our islands in five years."

"American Savings Bank closed 2017 with a strong fourth quarter, and we are excited about the construction of its new campus in Honolulu. The bank is well positioned to continue to grow in 2018, as it works continually to deliver value to its customers and shareholders," said Lau.

HAWAIIAN ELECTRIC COMPANY

Full Year Results:

Hawaiian Electric Company's4 full-year 2017 net income was $120.0 million compared to $142.3 million in 2016.  Excluding the impact of federal tax reform in 2017 of $9.2 million in tax expense due primarily to the reduction of the unregulated net deferred tax asset balances, and 2016 after-tax costs related to the terminated merger with NextEra Energy, Inc. and the related terminated LNG contract totaling $2.1 million, Hawaiian Electric Company's core net income was $129.1 million in 2017 and $144.5 million in 2016.  The $15.4 million core net income decrease from the prior year was primarily driven by the following after-tax items:

__________________________


Note:  Amounts indicated as "after-tax" in this earnings release are based upon adjusting items for the composite statutory tax rates of 39% for the utilities and 40% for the bank.


4

Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.

  • $5 million lower net revenues5 primarily due to the expiration of the Hawaii Public Utilities Commission-approved 2013 settlement agreement with the Consumer Advocate that had allowed Hawaiian Electric Company, Inc. to record annual rate adjustment mechanism revenues commencing January 16 instead of June 1, partially offset by the recovery of costs for clean energy, reliability and system efficiency investments and Hawaii Electric Light's 2016 test year interim rate relief effective August 31, 2017; and
  • $11 million higher O&M expenses7 compared to 2016, primarily due to higher overhaul and maintenance expenses, enterprise resource planning (ERP) costs, partial write-off of deferred geothermal RFP costs, grid modernization consultant costs and additional reserves for environmental costs, partially offset by higher power supply improvement consultant costs in 2016; and
  • $3 million higher depreciation expense as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency; partially offset by
  • $5 million higher allowance for funds used during construction.

Fourth Quarter Results:

Fourth quarter 2017 net income of $25.4 million was $8.8 million lower than the fourth quarter of 2016 primarily driven by the $9.2 million higher tax expense due to federal tax reform.  $2 million (after-tax) higher net revenues in 2017 primarily attributable to the recovery of costs for clean energy, reliability and system efficiency investments and Hawaii Electric Light's 2016 test year interim rate relief were offset by higher other operations and maintenance expense primarily due to higher overhauls,

___________________________



5

Net revenues represent the after-tax impact of "Revenues" less the following expenses which are largely pass through items in revenues: "fuel oil," "purchased power" and "taxes, other than income taxes" as shown on the Hawaiian Electric Company, Inc. and Subsidiaries' Consolidated Statements of Income.



6  

With the expiration of the 2013 settlement agreement with the Consumer Advocate that was approved by the PUC, in 2017 the Oahu rate adjustment mechanism (RAM) revenues revert to being recorded for accounting purposes from a calendar year recognition period to a period beginning on June 1 of each year through May 31 of the subsequent year.  The periods in which the cash reflecting RAM revenues are collected did not change as a result of the settlement agreement and have always been aligned to the June 1 to May 31 periods. Therefore, the expiration of the 2013 settlement agreement had no impact on Hawaiian Electric Company cash collections.



7 

Excludes net income neutral expenses covered by surcharges or by third parties and merger-related costs including the terminated LNG contract costs.  See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP measures" and the related reconciliation.

ERP and grid modernization costs in the fourth quarter of 2017.   Higher depreciation expense in the fourth quarter of 2017 as a result of increasing investments for the integration of more renewable energy, improved customer reliability and greater system efficiency was offset by higher allowance for funds used during construction.

AMERICAN SAVINGS BANK

Full Year Results:

American Savings Bank's (American) full-year 2017 net income was $67.0 million compared to $57.3 million in 2016. The $9.7 million increase from the prior year was primarily driven by the following after-tax items:

  • $11 million higher net interest income driven primarily by strong deposit growth that funded earning asset growth in the investment and retail loan portfolios;
  • $4 million lower provision for loan losses reflects the strategic decision to improve American's credit risk profile through the reduction in the syndicated national credit portfolio and resolution of specific problem loans, partially offset by reserves required for growth in the retail loan portfolio; and
  • $1 million net positive impact of federal tax reform, including $1,000 cash bonuses to employees.

These items were partially offset by the following on an after-tax basis:

  • $3 million higher noninterest expense primarily due to higher performance-based incentive costs, excluding $1,000 cash bonuses related to federal tax reform; and
  • $3 million lower noninterest income primarily due to lower mortgage banking income.

Total loans were $4.7 billion at December 31, 2017, a decrease of $72 million or 1.5% decline from December 31, 2016.  This decrease reflects our work to improve American's credit risk profile through the strategic reduction in our exposure to national syndicated credits by $75 million as well as the resolution of specific problem loans.    

Total deposits were $5.9 billion at December 31, 2017, an increase of $342 million or 6.2% from December 31, 2016.  The average cost of funds was 0.21% for the full year 2017, down 2 basis points from the prior year. 

Overall, American's return on average equity8 for the full year remained solid at 11.20% in 2017 compared to 9.90% in 2016, and the return on average assets for the full year was 1.02% in 2017 compared to 0.92% in 2016.

Fourth Quarter Results:

Fourth quarter of 2017 net income of $16.9 million was $0.7 million lower than the third, or linked quarter and $0.6 million higher than the fourth quarter of 2016. 

Compared to the linked quarter of 2017, the $0.7 million net income decrease in the fourth quarter of 2017 was primarily driven by $2 million (after-tax) higher provision for loan losses principally related to the release of reserves in the linked quarter attributed to our strategic reduction of our syndicated national credit loan portfolio and the resolution of specific problem loans; partially offset by the $1 million (after-tax) favorable net impact of federal tax reform and related changes discussed above.

Compared to the fourth quarter of 2016, the $0.6 million higher net income in the fourth quarter of 2017 was primarily driven by $2 million (after-tax) higher net interest income mainly due to higher yields and growth in earning assets and the $1 million impact of the federal tax reform related changes discussed above.  These items were partially offset by $1 million (after-tax) higher provision for loan losses, $1 million (after-tax) lower noninterest income primarily due to lower mortgage banking income and $1 million (after-tax) higher noninterest expense.

American's fourth quarter of 2017 return on average equity8 was 11.09%, compared to 11.64% in the linked quarter and 11.09% in the fourth quarter of 2016.  Return on average assets was 1.01% for the fourth quarter of 2017, compared to 1.07% in the linked quarter and 1.02% in the same quarter last year.

_____________________________



8

Bank return on average equity calculated using weighted average daily common equity.

Please refer to American's news release issued on January 30, 2018 for additional information on American.

HOLDING AND OTHER COMPANIES

The holding and other companies' net loss was $21.7 million in 2017 compared to net income of $48.7 million in 2016.  Excluding tax reform related tax expense of $6.0 million in 2017 and merger-related net income of $60.3 million in 2016, the holding and other companies' adjusted net loss was $15.7 million and $11.7 million in 2017 and 2016, respectively. The holding company's adjusted 2016 results included favorable tax adjustments as HEI moved out of a federal net operating loss position, enabling the recognition of tax benefits of approximately $4 million.

Fourth quarter net losses were $9.8 million in 2017 compared to $5.7 million in the fourth quarter of 2016.  Excluding tax reform related tax expense of $6.0 million in 2017, the holding and other companies' net losses in 2017 and 2016 were $3.9 million and $5.7 million, respectively. The higher 2016 net loss was primarily driven by an adjustment to tax benefits of approximately $2 million in the fourth quarter of 2016.

BOARD DECLARES QUARTERLY DIVIDEND

On February 1, 2018, the board of directors maintained HEI's quarterly cash dividend of $0.31 cents per share, payable on March 13, 2018, to shareholders of record at the close of business on February 22, 2018 (ex-dividend date is February 21, 2018).  The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid uninterrupted since 1901.  At the indicated annual dividend rate and the closing price per share on February 13, 2018 of $32.76, HEI's dividend yield is 3.8%.

WEBCAST AND CONFERENCE CALL

HEI TO ANNOUNCE 2018 EPS GUIDANCE IN EARNINGS CONFERENCE CALL

Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its 2017 earnings on Wednesday, February 14, 2018, at 11:00 a.m. Hawaii time (4:00 p.m. Eastern time). HEI will announce 2018 EPS guidance during the scheduled webcast and conference call.

Interested parties within the United States may listen to the conference by calling (844) 834-0652 and international parties may listen to the conference by calling (412) 317-5198 or by accessing the webcast on HEI's website under the heading "Investor Relations."  HEI and Hawaiian Electric Company intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric Company's and American's press releases, HEI's and Hawaiian Electric Company's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings unless, except to the extent specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings.

An online replay of the webcast will be available at www.hei.com beginning about two hours after the event. Replays of the conference call will also be available approximately two hours after the event through February 28, 2018, by dialing (877) 344-7529 or (412) 317-0088 and entering passcode: 10116187.

HEI supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii's largest financial institutions.

NON-GAAP MEASURES

See "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and related reconciliations on pages 13 to 15 of this release.

FORWARD-LOOKING STATEMENTS

This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 and HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric Company, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)



Three months ended December 31


Years ended December 31

(in thousands, except per share amounts)


2017


2016


2017


2016

Revenues









Electric utility


$

583,311



$

544,668



$

2,257,566



$

2,094,368


Bank


75,166



72,627



297,640



285,924


Other


120



100



419



362


Total revenues


658,597



617,395



2,555,625



2,380,654


Expenses









Electric utility


516,851



476,024



2,000,045



1,809,900


Bank


52,170



47,820



198,924



198,572


Other


4,588



5,124



18,365



24,007


Total expenses


573,609



528,968



2,217,334



2,032,479


Operating income (loss)









Electric utility


66,460



68,644



257,521



284,468


Bank


22,996



24,807



98,716



87,352


Other


(4,468)



(5,024)



(17,946)



(23,645)


Total operating income


84,988



88,427



338,291



348,175


Merger termination fee








90,000


Interest expense, net—other than on deposit liabilities and other bank borrowings


(19,737)



(19,011)



(78,972)



(75,803)


Allowance for borrowed funds used during construction


1,407



868



4,778



3,144


Allowance for equity funds used during construction


3,575



2,315



12,483



8,325


Income before income taxes


70,233



72,599



276,580



373,841


Income taxes


37,390



27,492



109,393



123,695


Net income


32,843



45,107



167,187



250,146


Preferred stock dividends of subsidiaries


473



473



1,890



1,890


Net income for common stock


$

32,370



$

44,634



$

165,297



$

248,256


Basic earnings per common share


$

0.30



$

0.41



$

1.52



$

2.30


Diluted earnings per common share


$

0.30



$

0.41



$

1.52



$

2.29


Dividends declared per common share


$

0.31



$

0.31



$

1.24



$

1.24


Weighted-average number of common shares outstanding


108,786



108,553



108,749



108,102


Weighted-average shares assuming dilution


108,912



108,769



108,933



108,309


Net income (loss) for common stock by segment









Electric utility


$

25,355



$

34,119



$

119,951



$

142,317


Bank


16,859



16,217



66,997



57,279


Other


(9,844)



(5,702)



(21,651)



48,660


Net income for common stock


$

32,370



$

44,634



$

165,297



$

248,256


Comprehensive income attributable to Hawaiian Electric Industries, Inc.


$

27,089



$

118,471



$

163,925



$

241,389


Return on average common equity (twelve months ended)1




7.9

%


12.4

%


This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.

1  On a core basis, 2017 and 2016 returns on average common equity were 8.6% and 9.5%, respectively.  See reconciliation of GAAP to non-GAAP measures.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)



Three months ended December 31


Years ended December 31

(dollars in thousands, except per barrel amounts)


2017


2016


2017


2016

Revenues


$

583,311



$

544,668



$

2,257,566



$

2,094,368


Expenses









Fuel oil


155,981



120,441



587,768



454,704


Purchased power


146,096



150,073



586,634



562,740


Other operation and maintenance


111,194



107,273



417,910



405,533


Depreciation


48,206



46,761



192,784



187,061


Taxes, other than income taxes


55,374



51,476



214,949



199,862


Total expenses


516,851



476,024



2,000,045



1,809,900


Operating income


66,460



68,644



257,521



284,468


Allowance for equity funds used during construction


3,575



2,315



12,483



8,325


Interest expense and other charges, net


(17,012)



(17,090)



(69,637)



(66,824)


Allowance for borrowed funds used during construction


1,407



868



4,778



3,144


Income before income taxes


54,430



54,737



205,145



229,113


Income taxes


28,576



20,119



83,199



84,801


Net income


25,854



34,618



121,946



144,312


Preferred stock dividends of subsidiaries


229



229



915



915


Net income attributable to Hawaiian Electric


25,625



34,389



121,031



143,397


Preferred stock dividends of Hawaiian Electric


270



270



1,080



1,080


Net income for common stock


$

25,355



$

34,119



$

119,951



$

142,317


Comprehensive income attributable to Hawaiian Electric


$

24,146



$

32,460



$

119,263



$

141,070


OTHER ELECTRIC UTILITY INFORMATION









Kilowatthour sales (millions)









   Hawaiian Electric


1,624



1,678



6,548



6,660


   Hawaii Electric Light


266



272



1,047



1,067


   Maui Electric


273



282



1,095



1,118




2,163



2,232



8,690



8,845


Average fuel oil cost per barrel


$

72.84



$

57.90



$

68.78



$

53.49


Return on average common equity (twelve months ended)1


6.58

%


8.07

%


This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC.

1  Simple average. On a core basis, 2017 and 2016 returns on average common equity were 7.1% and 8.2%, respectively.  See reconciliation of GAAP to non-GAAP measures.

American Savings Bank, F.S.B.

STATEMENTS OF INCOME DATA

(Unaudited)




Three months ended


Years ended December 31

(in thousands)


December 31, 2017


September 30, 2017


December 31, 2016


2017


2016

Interest and dividend income











Interest and fees on loans


$

51,986



$

52,210



$

51,203



$

207,255



$

199,774


Interest and dividends on investment securities


8,230



6,850



4,965



28,823



19,184


Total interest and dividend income


60,216



59,060



56,168



236,078



218,958


Interest expense











Interest on deposit liabilities


2,802



2,444



2,013



9,660



7,167


Interest on other borrowings


386



470



1,172



2,496



5,588


Total interest expense


3,188



2,914



3,185



12,156



12,755


Net interest income


57,028



56,146



52,983



223,922



206,203


Provision for loan losses


3,670



490



1,497



10,901



16,763


Net interest income after provision for loan losses


53,358



55,656



51,486



213,021



189,440


Noninterest income











Fees from other financial services


5,741



5,635



5,585



22,796



22,384


Fee income on deposit liabilities


5,678



5,533



5,714



22,204



21,759


Fee income on other financial products


1,464



1,904



2,144



7,205



8,707


Bank-owned life insurance


1,374



1,257



1,017



5,539



4,637


Mortgage banking income


305



520



1,529



2,201



6,625


Gains on sale of investment securities, net










598


Other income, net


388



380



470



1,617



2,256


Total noninterest income


14,950



15,229



16,459



61,562



66,966


Noninterest expense











Compensation and employee benefits


24,048



23,724



22,920



95,751



90,117


Occupancy


4,076



4,284



4,077



16,699



16,321


Data processing


3,531



3,262



3,431



13,280



13,030


Services


3,005



2,863



2,961



10,994



11,054


Equipment


1,899



1,814



1,745



7,232



6,938


Office supplies, printing and postage


1,676



1,444



1,644



6,182



6,075


Marketing


1,211



934



982



3,501



3,489


FDIC insurance


608



746



839



2,904



3,543


Other expense


5,258



5,050



4,539



19,324



18,487


Total noninterest expense


45,312



44,121



43,138



175,867



169,054


Income before income taxes


22,996



26,764



24,807



98,716



87,352


Income taxes


6,137



9,172



8,590



31,719



30,073


Net income


$

16,859



$

17,592



$

16,217



$

66,997



$

57,279


Comprehensive income


$

10,245



$

18,009



$

2,540



$

63,858



$

52,077


OTHER BANK INFORMATION (annualized %, except as of period end)









Return on average assets


1.01



1.07



1.02



1.02



0.92


Return on average equity


11.09



11.64



11.09



11.20



9.90


Return on average tangible common equity


12.82



13.47



12.90



12.99



11.53


Net interest margin


3.68



3.69



3.59



3.69



3.59


Efficiency ratio


62.95



61.82



62.12



61.60



61.89


Net charge-offs to average loans outstanding


0.26



0.32



0.40



0.27



0.24


As of period end











Nonaccrual loans to loans receivable held for investment


0.51



0.50



0.49






Allowance for loan losses to loans outstanding


1.15



1.13



1.17






Tangible common equity to tangible assets


7.81



8.01



7.82






Tier-1 leverage ratio


8.6



8.7



8.6






Total capital ratio


14.2



13.9



13.4






Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)


$

9.4



$

9.4



$

9.0



$

37.5



$

36.0



This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.

EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and Hawaiian Electric Company management use certain non-GAAP measures to evaluate the performance of HEI and the utility.  Management believes these non-GAAP measures provide useful information and are a better indicator of the companies' core operating activities given the non-recurring nature of certain items.  Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies.  The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP core earnings and the adjusted return on average common equity (ROACE) for HEI and the utility.

The reconciling adjustments from GAAP earnings to core earnings include income, costs and associated taxes related to the terminated merger between HEI and NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc., and the termination of the liquefied natural gas (LNG) contract which required the Hawaii Public Utilities Commission approval of the merger with NextEra Energy, Inc.  For more information on the transactions, see HEI's Form 8-K filed on July 18, 2016 and HEI's Form 8-K filed on July 19, 2016.  In addition, the reconciling adjustments from GAAP earnings to core earnings also exclude the impact of the federal tax reform act due to the adjustment of the deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company's fundamental core earnings. Management has shown adjusted non-GAAP (core) net income, adjusted non-GAAP (core) diluted earnings per common share and adjusted non-GAAP (core) ROACE  in order to provide better comparability of core net income, EPS and ROACE between periods.

The accompanying table also provides the calculation of utility GAAP other operation and maintenance (O&M) expense adjusted for costs related to the terminated merger discussed above. "O&M-related net income neutral items" which are O&M expenses covered by specific surcharges or by third parties have also been excluded.  These "O&M-related net income neutral items" are grossed-up in revenue and expense and do not impact net income.

RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES

Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)

Unaudited

Three months ended
December 31


Years ended
December 31

($ in millions, except per share amounts)

2017

2016


2017

2016

HEI CONSOLIDATED (INCOME) EXPENSES RELATED TO THE TERMINATED MERGER WITH NEXTERA ENERGY AND CANCELLED SPIN-OFF OF ASB HAWAII






Pre-tax (income) expenses

$


$



$


$

(84.9)

Current income taxes (benefits)





24.7

After-tax (income) expenses

$


$



$


$

(60.3)

HEI CONSOLIDATED LNG CONTRACT COSTS2






Pre-tax expenses

$


$



$


$

3.4

Current income taxes (benefits)





(1.3)

After-tax (income) expenses

$


$



$


$

2.1

HEI CONSOLIDATED BONUSES3






Pre-tax expenses

$

1.2


$



$

1.2


$

Current income taxes (benefits)

(0.5)




(0.5)


After-tax (income) expenses

$

0.7


$



$

0.7


$

HEI CONSOLIDATED NET INCOME






GAAP (as reported)

$

32.4


$

44.6



$

165.3


$

248.3

Excluding special items (after-tax):






(Income) expenses related to the terminated merger with NextEra Energy and cancelled spin-off of ASB Hawaii





(60.3)

Costs related to the terminated LNG contract2





2.1

Bonus related to enactment of federal tax reform3

0.7




0.7


Federal tax reform impacts4

13.4




13.4


Non-GAAP (core) net income

$

46.5


$

44.6



$

179.5


$

190.1

HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE





GAAP (as reported)

$

0.30


$

0.41



$

1.52


$

2.29

Excluding special items (after-tax):






(Income) expenses related to the terminated merger with NextEra Energy and cancelled spin-off of ASB Hawaii





(0.56)

Costs related to the terminated LNG contract2





0.02

Bonus related to enactment of federal tax reform3

0.01




0.01


Federal tax reform impacts4

0.12




0.12


Non-GAAP (core) diluted earnings per common share

$

0.43


$

0.41



$

1.65


$

1.75





Years ended
December 31





2017

2016

HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)




Based on GAAP




7.9

%

12.4

%

Based on non-GAAP (core)5




8.6

%

9.5

%


Note:  Columns may not foot due to rounding






1  Accounting principles generally accepted in the United States of America






2  The LNG contract was terminated as it was conditioned on the merger with NextEra Energy closing

3   Bonus paid by American Savings Bank related to enactment of federal tax reform

4    Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances

5  Calculated as core net income divided by average GAAP common equity






RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES


Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Three months ended
December 31


Years ended
December 31

($ in millions)

2017

2016


2017

2016

HAWAIIAN ELECTRIC CONSOLIDATED COSTS RELATED TO THE TERMINATED MERGER WITH NEXTERA ENERGY






Pre-tax expenses

$


$



$


$

0.1


Current income tax benefits






After-tax expenses

$


$



$


$

0.1


HAWAIIAN ELECTRIC CONSOLIDATED LNG CONTRACT COSTS2





Pre-tax expenses

$


$



$


$

3.4


Current income tax benefits





(1.3)


After-tax expenses

$


$



$


$

2.1


HAWAIIAN ELECTRIC CONSOLIDATED NET INCOME






GAAP (as reported)

$

25.4


$

34.1



$

120.0


$

142.3


Excluding special items (after-tax):






Costs related to the terminated merger with NextEra Energy





0.1


Costs related to the terminated LNG contract2





2.1


Federal tax reform impacts3

9.2




9.2



Non-GAAP (core) net income

$

34.5


$

34.1



$

129.1


$

144.5












Years ended
December 31





2017

2016

HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)






Based on GAAP




6.58

%

8.07

%

Based on non-GAAP (core)4




7.08

%

8.19

%








Three months ended
December 31


Years ended
December 31

($ in millions)

2017

2016


2017

2016

HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M) EXPENSE






GAAP (as reported)

$

111.2


$

107.3



$

417.9


$

405.5


Excluding other O&M-related net income neutral items5

1.1


1.3



3.8


5.9


Excluding costs related to the terminated merger with NextEra Energy





0.1


Excluding costs related to the terminated LNG contract2





3.4


Non-GAAP (Adjusted other O&M expense)

$

110.1


$

106.0



$

414.1


$

396.2







Note:  Columns may not foot due to rounding




1  Accounting principles generally accepted in the United States of America






2  The LNG contract was terminated as it was conditioned on the merger with NextEra Energy closing

3   Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances

4  Calculated as core net income divided by average GAAP common equity

5  Expenses covered by surcharges or by third parties recorded in revenues






Contact:   

Clifford H. Chen       

Telephone: (808) 543-7300


Treasurer & Manager, Investor Relations & Strategic Planning    

E-mail:  This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/hawaiian-electric-industries-reports-2017-year-end--fourth-quarter-earnings-300598505.html

SOURCE Hawaiian Electric Industries, Inc.

Related Links

http://www.hei.com

Read more: Hawaiian Electric Industries Reports 2017...

SANTA MONICA, Calif., Feb. 14, 2018 /PRNewswire/ -- Inspire, a consumer technology company focused on enabling everyone to have a smart home powered by clean energy, announced today that it has entered into a multi-year strategic relationship with Shell Energy North America. Under the arrangement, Shell will provide Inspire with a broad range of services to support the company's aggressive expansion plans over the next several years, including a credit line for trading and a revolving credit facility. Shell's support will facilitate Inspire's purchase of clean energy products and accelerate membership growth, with capacity for over one million members. The new arrangement comes on the heels of Shell's recent commitment to increase its development of new energies, spending up to $2 billion a year until 2020.

"Our core mission is to build the world's most consumer-focused clean power platform," said Patrick Maloney, founder and CEO of Inspire. "We have rapidly grown with this mission in mind, with the goal of inspiring as many people as we can to power their homes with clean energy. Our planet needs it, our future generations depend on it, and this strategic arrangement with Shell will help us get there faster."

According to climate researchers, humans are causing the climate to change 170 times faster than natural forces. Yet, in a national survey, nearly nine in ten Americans (87%) say renewable energy is important to the country's future, with more than half intending to buy more smart, energy efficient products in 2018. By simplifying consumer adoption of both clean energy and smart home technologies, Inspire is driving progress towards a brighter energy future.

Inspire's flagship product is a personalized, monthly subscription that includes an integrated smart home experience, energy management services, and 100% clean energy, with no upfront costs. Through the Inspire mobile app, members can track energy use, control their smart home devices, and gain intelligent insights into their homes' performance. Because the cleanest form of energy is the kind people don't use, Inspire's new Rewards Program is designed to unlock rewards within the app and pay members when they use less. Inspire's proprietary technology platform analyzes and scrutinizes complex energy data. Combined with information about consumers and their homes, each Smart Energy subscription plan is intelligently designed for each individual member.

"We are excited to be working with Inspire to help achieve our common goal of creating a more sustainable energy future," commented Glenn Wright, President of Shell Energy North America.

About Inspire
Launched in 2014, Inspire's mission is to create a brighter energy future by simplifying consumer adoption of clean energy and smart home technologies. Disrupting the one-size-fits-all utility model, Inspire's groundbreaking Smart Energy subscription seamlessly combines personalized clean energy plans with best-in-class smart devices. Using Inspire's app, members control their smart homes from anywhere and select automated settings to use less energy while earning rewards. Inspire is dedicated to making it easy for everyone to have a smart, sustainable home. A Certified B-Corp, Inspire is nationally recognized for its commitment to making a positive impact on the planet. It was featured in Fast Company and Mashable, and chosen as one of Fortune's 50 Best Small Workplaces in 2017. Inspire products are available in select areas across the U.S. via helloinspire.com. The company is privately held, with offices in Santa Monica, CA and Philadelphia, PA.

About Shell Energy North America
Houston-based Shell Energy North America (US), L.P., a wholly owned, indirect subsidiary of Royal Dutch Shell plc (Shell), serves its customers through its regional offices located throughout North America. As an integral part of the Shell Trading network of companies, Shell Energy North America (US), L.P. is the primary marketer of Shell's equity natural gas in North America. As a leader in gas and power marketing, Shell Energy North America (US), L.P. and its subsidiaries, trade and market natural gas, wholesale power, environmental products and risk management products with counterparties and customers throughout the region. More information is available online at http://www.shell.com/about-us/who-we-are.html.

Media Contact
Denise Schenasi, Communications Manager
This email address is being protected from spambots. You need JavaScript enabled to view it. | 310.318.4560

Cision View original content:http://www.prnewswire.com/news-releases/inspire-and-shell-energy-north-america-enter-multi-year-strategic-relationship-300598682.html

SOURCE Inspire

Related Links

https://www.helloinspire.com

Read more: Inspire and Shell Energy North America Enter...

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