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TheStreet Open House

Broadwind Energy Announces Second-Quarter 2013 Results

Stocks in this article: BWEN

Highlights:

  • New tower orders surged to $52 million; Backlog of $143 million up 4% from prior- year second quarter; $70 million tower order received in July
  • Gross profit margin (ex. restructuring) rose to 7.4%, double prior-year second quarter
  • Adjusted EBITDA of $2.7 million up significantly from $1.1 million in 2012 due to strong Towers and Weldments segment results
  • Sale of idle tower facility for $12 million closed on April 22, 2013
  • Strengthened balance sheet as of June 30: Cash and equivalents totaled $17.6 million, operating line of credit undrawn; Debt balance of $3.1 million outstanding

CICERO, Ill., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc. (Nasdaq:BWEN) today reported sales of $51.4 million for the second quarter of 2013, a 9% decrease compared to $56.3 million in the second quarter of 2012. The decline reflected weaker activity in the Gearing and Services segments, partly offset by stronger revenue in the Towers and Weldments segment due in part to a 42% increase in industrial weldments revenue compared to the prior-year second quarter.

The Company reported a net loss from continuing operations of $.2 million or $.01 per share in the second quarter of 2013, compared to a loss of $4.2 million or $.30 per share during the second quarter of 2012. The improvement was due to stronger operating results in the Towers and Weldments segment as well as the gain on the sale of the Company's idle tower facility during the current-year quarter. The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $2.7 million during the second quarter of 2013, compared to $1.1 million during the second quarter of 2012.

Peter C. Duprey, president and chief executive officer, stated, "Our second-quarter results showed the strength of our Towers and Weldments segment in which we booked $52 million of new orders during the period, and announced another $70 million after quarter-end. We have sold out our 2013 capacity, and are now booking orders well into 2014. We expect 2014 production to reach or exceed our design capacity of 500 towers. During the second quarter, we demonstrated a dramatic improvement in productivity and tower through-put compared with last year when we were experiencing production issues associated with manufacturing multiple tower types at the same time. Process improvements that we initiated in 2012 and a generally better mix of towers resulted in strong EBITDA in the quarter.

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