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Broadwind Energy, Inc. Announces Second Quarter 2012 Results

Broadwind Energy, Inc. (NASDAQ: BWEN):

Highlights:

  • Q2 sales of $56.3 million, up 43% from the prior-year quarter
  • Orders up 37% from the prior-year quarter, with increases in Services, Towers and Weldments; Industrial gearing orders solid excluding fracking
  • Diversification efforts accelerating: 90% of YTD orders and 37% of YTD sales to industrial customers or for installed base of wind turbines
  • Operating expenses declined to 10% of sales from 18% in the prior-year quarter
  • Adjusted EBITDA increased to $1.1 million from $.1 million in the prior-year quarter
  • Q2 cash assets decline to $8.4 million reflecting $3.6 million rise in operating working capital

Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $56.3 million for the second quarter of 2012, a 43% increase compared to $39.3 million in the second quarter of 2011.

The Company reported a net loss from continuing operations of $4.2 million or $.03 per share in the second quarter of 2012, compared to a loss of $4.4 million or $.04 per share during the second quarter of 2011. The modest improvement was primarily due to stronger operating results from the Gearing and Services segments and lower operating expenses, largely offset by $.5 million of restructuring costs and weaker Towers and Weldments segment results. The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring) of $1.1 million during the second quarter of 2012, compared to adjusted EBITDA of $.1 million during the second quarter of 2011.

Peter C. Duprey, president and chief executive officer, stated, “Broadwind’s strategic transformation is progressing well, particularly in the areas of industry and customer diversification and foot-print and cost reductions. We achieved positive Adjusted EBITDA again in the second quarter, a significant increase over last year’s level, with considerable improvements in both Gearing and Services. Profitability in the quarter was hampered by the Towers business results, where utilization did not improve as expected due to inefficiencies arising from a complex wind tower production mix. Utilization began steadily climbing late in the quarter and is continuing to rise in Q3. Our Weldments business continues to show strong growth, with order intake of $8.0 million for the first half of 2012, primarily with mining customers. Gearing segment profitability has improved markedly, and order patterns remain strong in offshore oil, mining and other industrial markets. Services segment revenue growth accelerated and we are progressing towards EBITDA breakeven in this business.”

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