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Broadwind Energy, Inc. Announces Third Quarter 2011 Results

Broadwind Energy, Inc. (NASDAQ: BWEN):

Highlights:

  • Q3 sales of $47.9 million, up 41% from the prior year quarter; YTD sales up 46%
  • Service segment sales rebounds to $6.6 million in Q3, up 82% from 2010 and more than double prior quarter with strong order pipeline for Q4
  • Transformation progress continues –YTD Adjusted EBITDA loss of $1.2 million sharply improved from $13.1 million loss in 2010
  • Liquidity position enhanced through $11.7 million sale of common stock and $2 million proceeds from New Markets Tax Credit
  • Business restructuring targets 30% footprint reduction and improved operating margins

Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $47.9 million for the third quarter of 2011, a 41% increase compared to $34.0 million in the third quarter of 2010. The increase was attributable to a sharp increase in Tower segment revenues compared to the prior year third quarter. For the year-to-date period, sales totaled $130.8 million, an increase of 46% versus the prior year-to-date period.

The Company reported a net loss from continuing operations of $6.6 million or $0.06 per share in the third quarter of 2011 compared to a loss of $7.3 million or $0.07 per share during the third quarter of 2010. The improvement against third quarter 2010 was the result of higher sales, lower operating expenses and lower amortization expense in the current year. The improvement was partially offset by $0.6 million in expenses associated with restructuring activities and higher legal expenses of $0.8 million. For the year-to-date period, the operating loss narrowed to $14.5 million, down from a $32.1 million loss reported for the first nine months of 2010.

The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and restructuring) loss of $1.5 million during the third quarter of 2011 compared to a loss of $2.8 million during the third quarter of 2010, due to improved results in all operating segments.

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