Juhl Wind, Inc. Announces Second Quarter 2012 Financial Results Company's Energy Sector Diversification & Acquisitions Begin to Show Significant Traction
PIPESTONE, Minn., Aug. 16, 2012 /PRNewswire/ -- Juhl Wind, Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, announced today financial results for the Second Quarter ended June 30, 2012.
Second Quarter Highlights:
- Diversification strategy to deliver sustainable growth gaining traction;
- Wind Farm Ownership segment revenue increased by $1.55 million from only $98,000 a year ago.
- Engineering Consulting segment contributed revenue of $770,000 in the Second Quarter, the initial quarter of operations.
- Acquisition of Power Engineers Collaborative ("PEC") in April 2012 offers 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.
- Focus on maintaining strong liquidity position as the Company reported holding approximately $4.0 million in the form of cash accounts and short term investments, which includes approximately $383,000 in balances that are restricted by a debt covenant.
Total revenue increased by approximately $792,000, or 72.9%, from approximately $1,087,000 for the quarter ended June 30, 2011, to approximately $1,879,000 for the quarter ended June 30, 2012. The increase is primarily attributable to the increased revenues from the effects of the acquisition of PEC in 2012 and three wind farm facilities in 2011. Total revenue decreased by approximately $4,593,000, or 59.8%, from approximately $7,678,000 for the six months ended June 30, 2011, to approximately $3,085,000 for the six months ended June 30, 2012 as the Company achieved high levels of development fee income in the prior year on project closings.
Operating loss decreased in the Second Quarter by approximately $293,000, from an operating loss of approximately $1,005,000 for the quarter ended June 30, 2011 compared to operating loss of approximately $712,000 for the quarter ended June 30, 2012, primarily attributable to the effects of the additional revenues and operating profit margins obtained from the Company's acquisition activity.
For the quarter ended June 30, 2012, the Company incurred a net loss attributable to common stockholders of approximately $1,203,000, or $(0.05) per basic and diluted share, compared to net loss attributable to common stockholders of approximately $740,000, or $(0.03) per basic and diluted share in the year-ago period. For the six month period ended June 30, 2012, the Company incurred a net loss attributable to common stockholders of approximately $1,756,000, or $(0.08) per basic and diluted share, compared to net income attributable to common stockholders of approximately $1,966,000, or $0.09 per basic and diluted share in the year-ago period.
John Mitola, President of Juhl, commented, "Our second 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 core development skills while we move into other clean energy assets. We plan to take similar steps in the latter half of 2012."
A full analysis of results for the period ended June 30, 2012 is available in the Company's Form 10-Q, which is available on the Company's website at www.juhlwind.com or through the Securities and Exchange Commission's Edgar database.
About Juhl Wind, Inc.
Juhl Wind 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 Wind 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 21 wind farm projects and provides operations management and oversight across the portfolio. Juhl Wind 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 Wind is based in Pipestone, Minnesota and has offices in Chicago, Minneapolis, Madison, Milwaukee and Red Lake Falls, MN. Juhl is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
Juhl Wind Investor Relations
Phone: (888) 438-JUHL (888-438-5845)
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 Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plans," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind'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 the projects and acquisitions mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. These risks are referenced in Juhl Wind's current 10K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference
SOURCE Juhl Wind, Inc.