Juhl Wind, Inc. Announces Second Quarter 2012 Financial Results
PIPESTONE, Minn., Aug. 16, 2012 /PRNewswire/ -- Juhl Wind, Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, announced today financial results for the Second Quarter ended June 30, 2012.
Second Quarter Highlights:
- Diversification strategy to deliver sustainable growth gaining traction;
- Wind Farm Ownership segment revenue increased by $1.55 million from only $98,000 a year ago.
- Engineering Consulting segment contributed revenue of $770,000 in the Second Quarter, the initial quarter of operations.
- Acquisition of Power Engineers Collaborative ("PEC") in April 2012 offers increased capabilities beyond wind and into the full range of clean energy sectors including natural gas, biomass, waste-to-energy, medium-to-large on-site solar, and support to larger wind farm construction.
- Focus on maintaining strong liquidity position as the Company reported holding approximately $4.0 million in the form of cash accounts and short term investments, which includes approximately $383,000 in balances that are restricted by a debt covenant.
Total revenue increased by approximately $792,000, or 72.9%, from approximately $1,087,000 for the quarter ended June 30, 2011, to approximately $1,879,000 for the quarter ended June 30, 2012. The increase is primarily attributable to the increased revenues from the effects of the acquisition of PEC in 2012 and three wind farm facilities in 2011. Total revenue decreased by approximately $4,593,000, or 59.8%, from approximately $7,678,000 for the six months ended June 30, 2011, to approximately $3,085,000 for the six months ended June 30, 2012 as the Company achieved high levels of development fee income in the prior year on project closings.
Operating loss decreased in the Second Quarter by approximately $293,000, from an operating loss of approximately $1,005,000 for the quarter ended June 30, 2011 compared to operating loss of approximately $712,000 for the quarter ended June 30, 2012, primarily attributable to the effects of the additional revenues and operating profit margins obtained from the Company's acquisition activity.For the quarter ended June 30, 2012, the Company incurred a net loss attributable to common stockholders of approximately $1,203,000, or $(0.05) per basic and diluted share, compared to net loss attributable to common stockholders of approximately $740,000, or $(0.03) per basic and diluted share in the year-ago period. For the six month period ended June 30, 2012, the Company incurred a net loss attributable to common stockholders of approximately $1,756,000, or $(0.08) per basic and diluted share, compared to net income attributable to common stockholders of approximately $1,966,000, or $0.09 per basic and diluted share in the year-ago period. John Mitola, President of Juhl, commented, "Our second quarter results are the first to demonstrate the impact of wrapping our development business with a strong foundation of wind farm ownership and operation. In addition the expansion of our advisory business with our acquisition of PEC underscores the strength of our strategy to become a more diversified clean energy company." "While our core business will always center upon wind power development, ownership and operation, we have made great progress toward making a very natural progression into all forms of complementary clean energy. We are confident that all of our operating divisions can work extremely well together by drawing from our core development skills while we move into other clean energy assets. We plan to take similar steps in the latter half of 2012."
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