United states

TPI COMPOSITES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands except per share data)

 

		Year ended December 31,
		2015				2014				2013
Net sales		$	585,852			$	320,747			$	215,054
Cost of sales			528,247				289,528				200,182
Startup and transition costs			15,860				16,567				6,607
Total cost of goods sold			544,107				306,095				206,789
Gross profit			41,745				14,652				8,265
General and administrative expenses			14,126				9,175				7,566
Income from operations			27,619				5,477				699
Other income (expense):
Interest income			161				186				155
Interest expense			(14,565	)			(7,236	)			(3,474	)
Loss on extinguishment of debt			—				(2,946	)			—
Realized loss on foreign currency remeasurement			(1,802	)			(1,743	)			(1,892	)
Miscellaneous income			246				539				140
Total other expense			(15,960	)			(11,200	)			(5,071	)
Income (loss) before income taxes			11,659				(5,723	)			(4,372	)
Income tax benefit (provision)			(3,977	)			(925	)			3,346
Net income (loss) before noncontrolling interest			7,682				(6,648	)			(1,026	)
Net loss attributable to noncontrolling interest			—				—				2,305
Net income (loss)			7,682				(6,648	)			1,279
Net income attributable to preferred shareholders			9,423				13,930				14,149
Net loss attributable to common shareholders		$	(1,741	)		$	(20,578	)		$	(12,870	)
Weighted average common shares outstanding
Basic and diluted			4,238				4,238				4,238
Net loss per common share
Basic and diluted		$	(0.41	)		$	(4.86	)		$	(3.04	)

See accompanying notes to consolidated financial statements.

 

F-20

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