PIPESTONE, Minn., April 3, 2012 /PRNewswire/ -- Juhl Wind, Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, today announced its results for the year ended December 31, 2011. The Company posted record revenue and net income results for fiscal year 2011 driven by their continued success in the development and construction of community wind farms. Total revenue for the year increased 148% to $15,578,000 and net income increased 269% to approximately $3,042,000, catapulting the Company to its first ever, full-year positive income results.
"We are obviously very proud of our results for 2011, a year that was truly historic for our company," stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. "Our financial performance was a direct result of our ability to fully develop, arrange financing for and complete construction on seven major wind projects during a very difficult time in our economy, and for the wind industry. We believe these results underscore Juhl Wind's leading position in the renewable energy industry. The completed energy projects include Adams, Danielson, Grant County, Gundersen Lutheran, Valley View, Winona County and Woodstock Municipal. In addition to the completion and startup of these projects, we also retained ownership of Winona and Valley View increasing our position as an owner/operator of wind power and significantly strengthening the asset base of our balance sheet."
"During 2011, we purchased the existing Woodstock Hills wind farm and took ownership of our newly developed Winona County and Valley View projects," added John Mitola, President of Juhl Wind, Inc. "Through these acquisitions, we have added $20.7 million of wind farm fixed assets. Our decision to become the owner and operator of these three wind farms is consistent with our stated plan that we will continue to add renewable assets to our balance sheet on an ongoing basis. We hope to make additional progress in this area in 2012 through our attempted acquisition of additional existing wind farms, or new projects that we plan to develop in the second half of the year. We wrapped up 2011 with excellent results represented by a combination of increased revenue and earnings, higher balance sheet cash and significantly greater assets."
Results for the twelve-month period ended December 31, 2011:
- Total revenue increased by approximately $9,310,000, or 148.5%, from approximately $6,268,000 for the year ended December 31, 2010, to approximately $15,578,000, for the year ended December 31, 2011. The increase in revenue over the year ended December 31, 2010 is primarily attributable to wind farm development fee revenue earned from five wind farm projects that completed construction and financing arrangements during 2011.
- Our operating income increased by approximately $7,634,000, or 278.0%, from an operating loss of approximately $2,746,000 for the year ended December 31, 2010 to operating income of approximately $4,888,000 for the year ended December 31, 2011. The increase in operating income for the year ended December 31, 2011 is primarily attributable to the increase in development fee revenue of $8,033,000 earned from the completion of five wind farm developments.
- Net income increased by approximately $4,842,000, or 269.0%, from a net loss of approximately $1,800,000 for the year ended December 31, 2010 to approximately $3,042,000 for the year ended December 31, 2011. The increase in net income over the period ended December 31, 2011 is largely attributable to the increase in revenue sources noted under revenue and operating income sections above.
- Basic and diluted net income per share of $0.12 per common share for 2011 compares to the ($0.10) loss per common share for 2010.
- As of December 31, 2011, the Company reported it held approximately $6.2 million in the form of cash accounts and short term investments, which includes approximately $382,000 in balances that are restricted by a debt covenant. Our liquidity position was significantly enhanced through generating $5.5 million in Cash flow from Operating Activities.
- During 2011, we made equity investments in three wind farms totaling 21.7 MW for a combined investment of approximately $2.3 million. We had not previously owned any wind farms prior to 2011.