Juhl Wind, Inc. Announces Third Quarter 2012 Financial Results
PIPESTONE, Minn., Nov. 15, 2012 /PRNewswire/ -- Juhl Wind Inc. (OTCQB: JUHL), the Leader in Community Wind Power, announced today their financial results for the third quarter ended September 30, 2012.
John Mitola, President of Juhl, commented, "Our third 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 fundamental development skills while we move into other clean energy assets. While the entire wind industry has spent the first three quarters of the year fretting over the future of the PTC, it was more evident than ever that we had to diversify our business and that is exactly what we have done. We plan to take similar steps in the last part of 2012 and the beginning of 2013."
Financial Highlights for the Third Quarter Ended September 30, 2012
- Diversification strategy to deliver sustainable growth outside of development fee revenue is gaining traction:
- Wind Farm Ownership segment revenue increased by $4.25 million to $4.4 million as compared to $169,000 for the same period 2011.
- Engineering Consulting Services segment contributed $2.2 million in additional revenue since the April 2012 acquisition.
- Gross margins earned from our engineering consulting services and wind farm acquisitions increased $1.4 million from a year ago
- The acquisition of Power Engineers Collaborative in April 2012 is now providing the Company with 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.
- We have increased our wind and solar development pipeline to over 420 MW, including acquiring the rights to develop a 4MW wind project for a municipal utility in Ohio, the advancement of a 10 to 20 MW project for a multi-national corporate off-taker (electricity purchaser), and were successful in signing a power purchase contract with another large, multi-national corporation for an on-site, wind project.
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