May 16, 2012
/PRNewswire/ -- Juhl Wind, Inc. (OTCBB: JUHL), the Leader in Community Wind Power, announced today financial results for the quarter ended
"We are pleased to report solid results for our first quarter," stated
, Chairman and CEO of
, Inc. "As we have been reporting to the market, we expected our development revenue to be lower in the first half of 2012 due to the very choppy nature of how our development fee and construction revenue hits our profit and loss statement. We have been able to respond to that by focusing on building our base business with organic growth in recurring revenue as well as the acquisition of additional base operating businesses – such as our recent acquisition of Power Engineers Collaborative."
"As Dan stated, we have been taking very definitive steps to balance out our very profitable, but choppy development and construction business with a base of stable operating revenue and cash flow," added
, President of
, Inc. "We began to see the initial impact of these additions in the first quarter of 2012, but we expect to see a much larger step-up in base operating business in the second and third quarters of 2012 due to a more complete fold-in of all of the acquisitions we have brought together in the past year. These include our acquisition of the existing
Woodstock Hills Wind Farm
and our decision to take on ownership of the newly-built
and Valley View Wind farms at the end of 2011. Now, with the addition of Power Engineers, we will begin to realize a significant escalation in the second quarter financial performance as well as a larger, aggregated impact to the third quarter results of 2012."
"We have stayed with a solid plan to continue profitable development of our wind farm projects consistent with the 21 projects we have completed to date," continued Mitola. "And, when developments come together, we see very strong results like those in 2011. It is those kinds of results that left us with nearly
in cash on our balance sheet at the end of the first quarter and put us in the position to acquire PEC and to take additional steps throughout this year to build our base operating business. We expect to continue to acquire additional wind farms and/or complimentary companies like PEC to establish that top line mix of growing and predictable financials with our highly profitable development work as icing on the cake."
Financial Results for the First Quarter Ended March 31, 2012
- Total revenue generated in the quarter ended March 31, 2012 was $1,206,000, down from approximately $6,591,000 for the quarter ended March 31, 2011 when Juhl reported historically high revenue growth as a result of development fee revenue earned from three wind farm construction projects that completed financing arrangements during the first quarter of 2011. Revenue for the quarter ended March 31, 2012 did not include any revenue from the Power Engineers Collaborative engineering firm acquired in April 2012.
- Total operating loss of approximately $427,000 for the quarter ended March 31, 2012 as compared to $4,779,000 of operating income for the quarter ended March 31, 2011. General, administrative and payroll expenses were kept flat with the comparative period from March 31, 2011.
- Net loss of approximately $414,000 as compared to net income of approximately $2,802,000 for the quarter ended March 31, 2011. The decrease in net income from the period ended March 31, 2011 is largely attributable to the decreased revenue sources from development fee revenue noted in the revenue section above, net of tax effects.
- Basic and fully diluted loss per share of $0.03 income per common share for the quarter ended March 31, 2012 compares to the $0.13 earnings per common share for the comparative quarter a year ago.
- As of March 31, 2011, the Company reported it held approximately $5,700,000 in the form of cash accounts and short term investments, which includes approximately $383,000 in balances that are restricted by a debt covenant. Our liquidity position was not significantly impacted by the reduced revenue streams for the quarter as we closely managed expense levels.
A full analysis of results for the period ended
March 31, 2012
is available in the Company's Form 10-Q, which is available on the Company's website at
or through the Securities and Exchange Commission's Edgar database.
About Juhl Wind, Inc.
is an established leader in the renewable energy industry with a focus on Community Based Wind Power development, ownership and management throughout
the United States
pioneered Community-Based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 21 wind farm projects and provides operations management and oversight across the portfolio.
services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its consolidation of the Valley View,
wind farms, the Company has now invested in and operates 21.7 MWs of wind power through its independent power producer ("IPP") subsidiary, Juhl Renewable Assets, Inc. Through its subsidiary, Juhl Renewable Energy Systems, Inc. ("JRES"), the Company also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. Now, with its acquisition of Power Engineers Collaborative, Juhl provides a full range of engineering services to the energy industry, building systems markets and heavy industry.
is based in
and has offices in
and Milwaukee. Juhl is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at
or by calling 877-584-5946 (or 877-JUHLWIN).
Phone: (888) 438-JUHL (888-438-5845)Email:
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plans," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to the projects and acquisitions mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. These risks are referenced in Juhl Wind's current 10K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference