WOODSTOCK, Minn., March 31, 2011 /PRNewswire/ -- Juhl Wind, Inc. (OTCBB: JUHL), the Leader in Community Wind Power, today announced its results for the year ended December 31, 2010.
"We are very pleased to report our results for the 2010 fiscal year," stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. "By adding the bulk of construction on three major wind farms and one of our smaller wind systems to our base wind farm operations revenue, we enjoyed another solid revenue year despite the continued difficult larger economic environment. But, more importantly, those accomplishments have set us on the path to derive significant development fee revenue and profit in the first half of 2011."
"After making it through a tough period in the general economy, we began to see the fruits of our efforts in the latter half of 2010," added John Mitola, President. "In the latter half of 2010, we successfully arranged the construction financings required to move forward with our Adams, Danielson and Valley View wind farm projects. In our "Subsequent Events" section of our 10K we have described how that work in 2010 is beginning to produce development/construction revenue and profits in the first half of 2011. As a result, we believe Juhl Wind will be enjoying a relatively strong balance sheet position versus our peers in the wind development and operations business. We believe that puts us in a very strong competitive position going forward."
"In approximately the past year and a half, Juhl Wind has built or is almost about to wrap up the construction on 6 new wind projects totaling about $150 million in value," continued Mitola. "And, in the first half of this year we expect to announce the launch of the full-scale development of another approximate 40 megawatt wind farm we hope will be completed in 2011. We believe this level of wind projects to be taken through full-scale development, construction and placed in service is unmatched in the industry and sets Juhl Wind apart from most other independent developers of wind power.""Given the unfortunate tragedy in Japan and ensuing problems with the Fukishimu nuclear facility, there is most definitely renewed interest in renewable power," added Mitola. "Even some of the leaders of the nuclear industry in the U.S. have suggested that this incident will set new nuclear power back another 20 years at the very least. As a result, we expect more calls for wind power throughout the U.S. And, we believe Juhl Wind is uniquely positioned amongst independent developers with our strong market niche in community wind coupled with the growing strength of our balance sheet here in 2011." Results for the twelve-month period ended December 31, 2010:
- Total revenue decreased by approximately $5,408,000, or 46.3%, from approximately $11,676,000 for the year ended December 31, 2009, to approximately $6,268,000, for the year ended December 31, 2010. We experienced a decrease in revenue due to changes in the nature of our construction responsibilities and turbine supply arrangements that led to a reduction in revenue recognition. However, we do not believe these changes to revenue recognition will have a significant impact on our bottom line profitability from each project. Four construction projects were in progress at December 31, 2010 of which two were completed in March 2011.
- The Operating Loss of $2,747,000 for the year ended December 31, 2010 only increased by approximately $146,000 over 2009 despite the lower revenue volume as we were able to decrease our overall operating expenses by 6.7%.
- Our Net Loss of $1,800,000 for the year ended December 31, 2010 as compared to $131,000 in 2009. The 2010 Net Loss represents a $531,000 improvement in the bottom-line when excluding the $2.2 million non-cash gain recorded in 2009 from the fair value accounting over the warrant derivatives. This improvement is primarily attributable to recognition of deferred income tax benefits.
- Basic and diluted loss of $0.10 loss per common share for 2010 compares to the $0.16 loss per common share for 2009.
- As of December 31, 2010, the Company reported it held approximately $1,691,000 in the form of cash accounts and short term investments, which includes approximately $419,000 in balances that are restricted by a debt covenant.
- Certain significant events transpired subsequent to December 31, 2010 that have significantly enhanced our liquidity and which will impact our revenue recognition in first half 2011. Three of our wind farm development projects received equity funding in March 2011 for which we have received a total of approximately $2.5 million in cash with an additional $1.8 million expected in April 2011. In addition, we received $1 million in cash in March 2011 relating to an advance on our development work to-date on a project that is expected to be co-developed with an experienced large energy company.