Broadwind Energy, Inc. (NASDAQ: BWEN):
- Order intake of $69 million increased from prior-year quarter; year-end backlog rose 23% from September 30, 2012 to $123 million
- Q4 sales of $44.9 million, down 18% from prior-year quarter, due to expiration of the Production Tax Credit (PTC) at the end of the year
- SGA expenses (excluding restructuring costs) declined 24% to $5.0 million from Q4 of the prior year
- Adjusted EBITDA increased to $.7 million from prior-year loss of $1.0 million, driven by improved efficiencies and operating expense reductions
- Operating working capital reduced $17.7 million from Q3 2012 to $21.6 million, 12% of Q4 annualized sales
- Operating line of credit paid down by $16.6 million during the quarter; balance outstanding less than $1 million at 12/31/12
Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $44.9 million for the fourth quarter of 2012, an 18% decrease compared to $55.1 million in the fourth quarter of 2011. As expected, the decrease reflects the acceleration of wind tower shipments into earlier quarters in anticipation of the expiration of the Production Tax Credit at the end of 2012.
The Company reported a net loss from continuing operations of $5.9 million or $.41 per share in the fourth quarter of 2012, compared to a loss of $5.7 million or $.41 per share during the fourth quarter of 2011. The slight increase in net loss was primarily due to increased amortization expense associated with a customer intangible. The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring) of $.7 million during the fourth quarter of 2012, compared to an adjusted EBITDA loss of $1.0 million during the fourth quarter of 2011. The progress reflected significantly improved operating results for all segments, partially offset by the impact of 17% lower tower volume throughput in the fourth quarter.