Broadwind Energy, Inc. (NASDAQ: BWEN):
- Q4 sales of $55.1 million, up 16% from the prior-year quarter; 2011 sales up 36%
- Strong order intake (up 7% from Q4 2010) yields $200 million backlog, increasingly diversified across customers and markets served
- Business restructuring underway for 30% footprint reduction and improved cost structure in 2013
- Year-end cash totaled $14.2 million and $9.5 million remained available on credit line
Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $55.1 million for the fourth quarter of 2011, a 16% increase compared to $47.6 million in the fourth quarter of 2010. The Company’s 2011 sales totaled $185.9 million, an increase of 36% versus 2010, reflecting significant revenue growth in all segments.
The Company reported a net loss from continuing operations of $5.7 million or $.04 per share in the fourth quarter of 2011, compared to a loss from continuing operations of $37.3 million or $.36 per share during the fourth quarter of 2010; the prior-year’s quarter included non-cash charges totaling $36.2 million comprised of the write-down of the investment in the Company’s Brandon, South Dakota facility and a charge associated with intangibles and property and equipment in the Services segment. Excluding these charges, the fourth quarter 2011 loss exceeded the loss in the prior- year’s quarter. This was attributable to lower production in the Tower business, which in the fourth quarter of 2010 experienced record production, and additional pricing pressure resulting from industry overcapacity. For Services, fourth quarter 2011 earnings excluding non-cash charges were lower than 2010 due to higher operating expenses and low capacity utilization of drivetrain services investments, where new capacity was brought on in early 2011.
For the full year of 2011, the loss from continuing operations narrowed to $20.7 million from a $69.8 million loss reported in 2010. Included in 2010 were non-cash impairment charges totaling $40.8 million.