WOODSTOCK, Minn., May 12, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL), the Leader in Community Wind Power, today announced its results for the first quarter of 2011 – a quarter in which Juhl reported over $6.5 million in revenue, its first positive operating income in the Company's history and generation of over $3.3 million in cash.
"We are obviously, very pleased to file our 10Q for the first quarter of 2011 where we accomplished so much and delivered such solid financial results," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "As we have been reporting to the market, the first part of this year saw us wrapping up construction on key wind farms as well as pulling together the permanent, take-out financing on others. These efforts produced over $6.5 million in revenue for the quarter and brought in $3.3 million in cash within the quarter followed by another $1.8 million in April. We ended the quarter with $2.8 million in positive net income and over $5 million in cash on our balance sheet. All in all, we are very proud of those results."
"We believe that our financial performance in the first quarter really underscores just how much our team has accomplished in the past couple of years," added John Mitola, President of Juhl Wind Inc. "With over $6 million in cash on our balance sheet today, we know we enjoy one of the most solid balance sheets in the wind industry amongst independent developers, owners and operators. This cash puts us in a position of strength to implement the growth initiatives we laid out in our recent Outlook Conference Call."
"As John pointed out, we are now in a unique position in this industry," continued Dan Juhl. "We have already utilized this strength by implementing our recent acquisition of the Woodstock Hills wind farm – a transaction that is expected to result in approximately $1.0 million per year in additional, annual revenue. We expect to continue to take steps with similar acquisitions alongside our ongoing development, construction and operations business throughout the remainder of 2011."Results for the three-month period ended March 31, 2011:
- Total Revenue increased by approximately $4,956,000, or 303.2%, from approximately $1,635,000 for the quarter ended March 31, 2010, to approximately $6,591,000 for the quarter ended March 31, 2011. The increase in revenue is primarily attributable to approximately $4,988,000 of wind farm development fee revenue earned from three wind farm construction projects that completed financing arrangements during the first quarter of 2011.
- Our Operating Income of approximately $4,779,000 for the quarter ended March 31, 2011 is primarily attributable to the increased wind farm development fee revenue together with our ability to control operating expenses such that the earned revenue in large part falls to our operating income.
- Our Net Income of $2,802,000 for the quarter ended March 31, 2011 represents a $3,366,000 improvement in the bottom-line from the comparative quarter a year ago.
- Basic and fully diluted earnings per share of $0.13 income per common share for the quarter ended March 31, 2011 compares to the $0.03 loss per common share for the comparative quarter a year ago.
- As of March 31, 2011, the Company reported it held approximately $5,054,000 in the form of cash accounts and short term investments, which includes approximately $419,000 in balances that are restricted by a debt covenant. The cash amounts do not include approximately $1,800,000 of additional cash received in April 2011 for development fees earned in the first quarter.