Juhl Energy, Inc. Announces Revenue Growth of 77% for Six-Month Period Ended June 30th, 2013
Company Delivers Record Growth in First Half of 2013 Due to Energy Sector Diversification & Acquisitions
PIPESTONE, Minn., Aug. 15, 2013 /PRNewswire/ -- Juhl Energy, Inc. (OTCBB: JUHL, the "Company"), a leading provider of Clean Energy Solutions and the Leader in Community Wind Power, today announced financial results for the second quarter ended June 30th, 2013.
"We are very pleased with the results of our second quarter and the first six months of 2013," stated Dan Juhl, Chairman and CEO of Juhl Energy, Inc. "While we will always have our roots in wind power, our financial performance was a direct result of the steps we have taken to diversify from primarily wind development into growing our energy services and recurring revenue subsidiaries."
John Mitola, President of Juhl, added, "Our first half results are the first that demonstrate the impact of wrapping our development business with a strong foundation of recurring revenue and cash flow that comes from energy asset ownership and operation in our Juhl Renewable Assets subsidiary. 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. This includes our overriding goal of stabilizing our operations and providing diversified revenue and profit streams to offset, or minimize, the fluctuations in our wind farm development and construction operating activities. The $2.5 million increase in revenue we posted in the first six months as compared to this time last year includes zero development revenue and shows the beneficial financial impact of this diversification with strong growth in recurring revenues and base business operations."
Results for the Six-Month Period Ended June 30, 2013:
- Diversification strategy to deliver sustainable revenue growth outside of wind farm development and construction fee revenue is progressing:
- The Clean Energy Asset Ownership segment revenue is driving nearly $3.1 million of revenue on an annualized basis.
- Engineering Consulting services segment contributed approximately $6.2 million in revenue since the April 2012 acquisition and 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.
- Maintenance and management services revenues in the three months ended June 30, 2013 increased 71% quarter-over-quarter primarily related to our expansion to cellular tower maintenance services.
- Total revenue increased by approximately $1,057,000, or 56.3%, from approximately $1,879,000 for the quarter ended June 30, 2012, to approximately $2,936,000 for the quarter ended June 30, 2013.
- Total revenue increased $2,382,000 to $5,467,000 or 77.2% for the six months ended June 30th, 2013 as compared to approximately $3,085,000 for the six months ended June 30th, 2012. The increases in revenue are primarily attributable to the increased revenues from the effects of the acquisition of Power Engineers Collaborative in 2012 along with the expansion of maintenance services into the cellular tower industry.
- Operating expenses, as a percentage of our revenue, are 51% of revenue for the six month period ended June 30, 2013 as compared to 79% for the six months ended June 30, 2012, indicating that we have controlled our indirect overhead expenses while simultaneously achieving the revenue growth which we expect to trend in this direction.
- Operating loss increased approximately $466,000, from an operating loss of $1,138,000 for the six months ended June 30, 2012 to an operating loss of approximately $1,604,000 for the six months ended June 30, 2013, which is primarily attributable to the start-up expenses and difficult startup operating margins in establishing the tower services capability of Juhl Tower Services – a subsidiary of our Juhl Energy Services.
- Net loss decreased by approximately $20,000 or 1.3% from a net loss of approximately $1,520,000 for the six months ended June 30, 2012 to a net loss of approximately $1,500,000 for the six months ended June 30, 2013, which is primarily attributable to a $704,000 swing in the fair value adjustments of the interest rate swap arrangement, net of the operating loss incurred in the Juhl Tower Services activities as noted above and a $267,000 income tax benefit shown in 2012 whereas there is no such tax benefit recorded in 2013.
- Basic and diluted net loss per share of $0.08 per common share for the six months ended June 30, 2012 compares to the $0.09 net loss per common share for six months ended June 30, 2013.
A full analysis of results for the period ended June 30th, 2013 is available in the Company's Form 10-Q, which is available on the Company's website at www.juhlenergy.com or through the Securities and Exchange Commission's Edgar database.
About Juhl Energy, Inc.
Juhl Energy is an established leader in the renewable energy industry with a focus on Community-Based Wind Power development, ownership and management throughout the United States and Canada. Juhl Energy pioneered Community-Based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 22 wind farm projects and provides operations management and oversight across the portfolio. Juhl Energy services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its consolidation of the Valley View, Winona County and Woodstock Hills wind farms, the Company has now invested in and operates 21.7 MWs of wind power through its independent power producer ("IPP") subsidiary, Juhl Renewable Assets, Inc. Through its subsidiary, Juhl Renewable Energy Systems, Inc. ("JRES"), the Company also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. With its acquisition of Power Engineers Collaborative, Juhl provides a full range of engineering services to the energy industry, building systems markets and heavy industry. Juhl Energy is based in Pipestone, Minnesota and has offices in Chicago, Minneapolis, Madison and Milwaukee. Juhl is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlenergy.com or by calling (507) 562-8090.
Juhl Energy Investor Relations
Phone: (888) 438-JUHL (5845)
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Energy's current expectations about its future results, performance, prospects and opportunities. Juhl Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Energy and are subject to a number of risks, uncertainties and other factors that could cause Juhl Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects, prospective acquisitions and wind farm assets mentioned herein. These risks are referenced in Juhl Energy's current 10K or as may be described from time to time in Juhl Energy's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Energy, Inc.
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