Juhl Wind, Inc. Reports Continued Strong Results For Its Second Quarter Ended June 30, 2011
WOODSTOCK, Minn., Aug. 16, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, today announced its results for the second quarter of 2011 – wrapping up the first six months of 2011 with over $7.5 million in revenue and its first positive operating income for the first half of any given operating year since becoming a public company. Juhl Wind also reported continued growth in its cash position due to development fees, ending the first six months of 2011 with over $5 million in cash.
"We are obviously, very pleased to file our 10Q for the second quarter of 2011 where we continued to build upon our success from the first quarter, again delivering strong financial results," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "As we have been reporting to the market, the first half 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 $7.5 million in revenue for the six months and brought in a net $3.6 million in cash within the six months followed by another $1.25 million in August. As a result, today we ended the quarter with 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 half of 2011 continues to underscore just how much our team has accomplished in the past couple of years, with the successful ongoing development and construction of seven wind farm projects," added John Mitola, President of Juhl Wind Inc. "With over $5.7 million in cash on our balance sheet as of today's press release, 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 first quarter outlook conference call."
"We plan to use our balance sheet strength to push forward on new wind farm projects along with those already in our pipeline," continued Mitola. "While we have seen the value of our development business in the first half of this year, we also plan to continue to build our residual, steady revenue generating businesses through additional acquisitions of existing wind farms, like Woodstock Hills, growing our wind farm operations and maintenance business and growing our consulting services operation. We have shown results in this area already with our acquisition of the existing Woodstock Hills, 10MW wind farm and with our planned acquisition of a medium sized, engineering consulting business. We plan to pursue important steps within these areas through the remainder of 2011."
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