WOODSTOCK, Minn., May 18 /PRNewswire-FirstCall/ -- Juhl Wind Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power, today announced its results for the first quarter of 2010 which ended on March 31, 2010.
"We are very pleased with our first quarter and feel these results continue to demonstrate the growth we saw at the end of last year," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "We continue to see the impact of moving just two of our larger wind farms and a smaller wind system to our base wind farm operations revenue. As we line up our projects for construction later this year, we expect to see similar results in the latter half of 2010."
"In the midst of a continuing difficult financing market, we remain one of the few independent wind power developers to have built anything in 2009 and who expect to build projects in 2010 as well," added John Mitola, President. "In the latter half of 2009, we successfully arranged the construction financing for our Grant County Wind farm and the Woodstock Municipal project. Those transactions enabled us to begin and complete a large portion of construction on both of those projects in the fourth quarter, which then continued into the first quarter of 2010. We are taking similar steps with a handful of our projects we have slated for 2010. As a result, we are confident we have put together an approach that will deliver continued growth for Juhl in 2010. As Dan stated above, now our investors can see what happens to our growth when we get just a couple of our construction projects underway and that is the basis of our operating plan for the remainder of 2010 and beyond."
Results for the Quarter ended March 31, 2010:
- Total revenue increased by approximately $1,287,000, or 369.4%, from approximately $348,000 for the quarter ended March 31, 2009, to approximately $1,635,000 for the quarter ended March 31, 2010. The large increase in revenue is primarily attributable to approximately $843,000 of construction contract revenue from two wind farm construction projects during the first quarter of 2010. The projects were substantially completed as of March 31, 2010 and are expected to be commissioned during the second quarter of 2010. Therefore, nearly all revenue from the two projects has been recognized to-date.
- Net Income (Loss) decreased by approximately $1,108,000, or 203.6%, from net income of approximately $544,000 for the quarter ended March 31, 2009 to a net loss of approximately $564,000 for the quarter ended March 31, 2010. However, investors should note that our net loss in the first quarter of 2009 was significantly impacted by the fair value accounting over warrant derivatives and a subsequent non-cash gain of approximately $1,350,000 reported for the quarter ended March 31, 2009.
- Operating Expenses decreased by approximately $84,000, or 8.6%, from $973,000 for the quarter ended March 31, 2009 to $889,000 for the quarter ended March 31, 2010. The decrease was primarily attributable to a reduction in professional fees that had been incurred a year ago that we did not expect to see on a recurring basis and we realized such in this quarter.
- Basic and diluted income of $0.02 per common share for 2009 as compared to $0.03 loss per common share for 2010. Again, the income per share calculation in the first quarter of 2009 was significantly impacted by the fair value accounting over warrant derivatives and a subsequent non-cash gain of approximately $1,350,000 reported for the quarter ended March 31, 2009
- As of March 31, 2010, the Company reported it held approximately $3,900,000 in the form of cash accounts and short term investments, which includes approximately $414,000 in balances that are restricted by a debt covenant.