United states

TPI COMPOSITES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands except per share data)

 

		Pro Forma Three Months Ended March 31,				Three Months Ended March 31,
		2016				2016				2015
		(Unaudited)
Net sales		$	176,110			$	176,110			$	95,589
Cost of sales			159,866				159,866				90,884
Startup and transition costs			3,306				3,306				4,154
Total cost of goods sold			163,172				163,172				95,038
Gross profit			12,938				12,938				551
General and administrative expenses			4,749				4,749				3,208
Income (loss) from operations			8,189				8,189				(2,657	)
Other income (expenses):
Interest income			21				21				59
Interest expense			(3,912	)			(3,912	)			(3,551	)
Realized gain (loss) on foreign currency remeasurement			(439	)			(439	)			163
Miscellaneous income			190				190				129
Total other expense			(4,140	)			(4,140	)			(3,200	)
Income (loss) before income taxes			4,049				4,049				(5,857	)
Income tax benefit (provision)			(2,303	)			(2,303	)			120
Net income (loss)			1,746				1,746				(5,737	)
Net income attributable to preferred shareholders			—				2,437				2,356
Net income (loss) attributable to common shareholders		$	1,746			$	(691	)		$	(8,093	)
Weighted-average common shares outstanding
Basic and diluted							4,238				4,238
Net loss per common share
Basic and diluted						$	(0.16	)		$	(1.91	)
Pro forma weighted-average common shares outstanding (unaudited)
Basic			25,531
Diluted			25,553
Pro forma net income per common share (unaudited)
Basic		$	0.07
Diluted		$	0.07

See accompanying notes to unaudited condensed consolidated financial statements.

 

F-3

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