Highlights:
  • 2016 orders total $275 million, nearly triple 2015 orders of $94 million
  • Revenue of $181 million for 2016, down 9% from 2015 as expected - lower steel prices and continued weak demand from Gearing customers
  • Gross profit margin rises to 10% in 2016, more than double 2015
  • Income from continuing operations of $1.3 million ($.09 per share) for 2016, compared to a loss from continuing operations of $12.2 million ($.83 per share) for 2015
  • Cost reductions exceed plan — $9.2 million reduction in manufacturing overhead and operating expenses in 2016
  • Cash and short-term investments totaled $21.9 million, credit line remained undrawn at year end

CICERO, Ill., Feb. 23, 2017 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc. (NASDAQ:BWEN) reported sales of $48.2 million in Q4 2016, up 28% compared to $37.6 million in Q4 2015 as a result of significantly improved production at the Company's Abilene, Texas tower facility.

The Company reported income from continuing operations of $.4 million, or $.03 per share, in Q4 2016, compared to a net loss from continuing operations of $10.7 million, or $.73 per share, in Q4 2015. The $.76 per share improvement was due to significant operational improvements in the Towers and Weldments segment and successful cost management actions across the Company, notably in the Gearing segment.

The Company reported a net loss from discontinued operations of $.1 million, or $.01 per share, in Q4 2016, unchanged from the prior year quarter. The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $2.5 million in Q4 2016, compared to a non-GAAP adjusted EBITDA loss of $8.1 million in Q4 2015 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release). The $10.6 million improvement was mainly attributable to the factors described above.

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