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Broadwind Energy, Inc. Announces Third Quarter 2012 Results

Broadwind Energy, Inc. (NASDAQ: BWEN):

Highlights:
  • Q3 sales of $55.0 million, up 15% from prior-year quarter
  • Adjusted EBITDA increased to $2.4 million from prior-year loss of $1.5 million, driven by gross margin expansion and operating expense reduction. Net loss narrows to $3.9 million
  • All operating segments generated positive adjusted EBITDA in Q3
  • Operating expenses declined to $6.2 million, or 11% of revenue, from $7.0 million, or 15% of revenue in the prior-year period
  • Order intake of $26 million comparable to prior-year quarter. $8 million steel content adjustment to backlog reduces reported “net” orders to $17.7 million
  • $20 million asset-based credit facility closed during Q3, strengthens financial flexibility to support cyclical working capital needs

Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $55.0 million for the third quarter of 2012, a 15% increase compared to $47.9 million in the third quarter of 2011.

The Company reported a net loss from continuing operations of $3.9 million or $.28 per share in the third quarter of 2012, compared to a loss of $6.6 million or $.60 per share during the third quarter of 2011. Per share amounts reflect the 1-for-10 reverse stock split that Broadwind effected on August 22, 2012, resulting in a reduction in shares outstanding to 14.1 million. The improvement in net loss was primarily due to stronger operating results from all three segments. The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring) of $2.4 million during the third quarter of 2012, compared to an adjusted EBITDA loss of $1.5 million during the third quarter of 2011.

Peter C. Duprey, president and chief executive officer, stated, “Third quarter financial results improved significantly, with revenue growth of 15% and EBITDA increasing substantially both from last year’s loss and sequentially from last quarter’s positive level. Importantly, all segments achieved positive EBITDA as execution improved across the board. While certain Gearing end-markets are showing some weakening, we are seeing the ongoing benefits of our diversification, expense management and square-foot reduction initiatives. Our Tower business is seeing good order activity, and our 2013 outlook for Towers is more positive. Our Services segment is expanding nicely, with order flow resilient overall and profitability moving in the right direction. Finally, during the quarter, we closed a $20 million working capital facility to fund our growth.”

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