WOODSTOCK, Minn., May 12, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL), the Leader in Community Wind Power, today announced its results for the first quarter of 2011 – a quarter in which Juhl reported over $6.5 million in revenue, its first positive operating income in the Company's history and generation of over $3.3 million in cash.
"We are obviously, very pleased to file our 10Q for the first quarter of 2011 where we accomplished so much and delivered such solid financial results," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "As we have been reporting to the market, the first part of this year saw us wrapping up construction on key wind farms as well as pulling together the permanent, take-out financing on others. These efforts produced over $6.5 million in revenue for the quarter and brought in $3.3 million in cash within the quarter followed by another $1.8 million in April. We ended the quarter with $2.8 million in positive net income and over $5 million in cash on our balance sheet. All in all, we are very proud of those results."
"We believe that our financial performance in the first quarter really underscores just how much our team has accomplished in the past couple of years," added John Mitola, President of Juhl Wind Inc. "With over $6 million in cash on our balance sheet today, we know we enjoy one of the most solid balance sheets in the wind industry amongst independent developers, owners and operators. This cash puts us in a position of strength to implement the growth initiatives we laid out in our recent Outlook Conference Call."
"As John pointed out, we are now in a unique position in this industry," continued Dan Juhl. "We have already utilized this strength by implementing our recent acquisition of the Woodstock Hills wind farm – a transaction that is expected to result in approximately $1.0 million per year in additional, annual revenue. We expect to continue to take steps with similar acquisitions alongside our ongoing development, construction and operations business throughout the remainder of 2011."
Results for the three-month period ended March 31, 2011:
- Total Revenue increased by approximately $4,956,000, or 303.2%, from approximately $1,635,000 for the quarter ended March 31, 2010, to approximately $6,591,000 for the quarter ended March 31, 2011. The increase in revenue is primarily attributable to approximately $4,988,000 of wind farm development fee revenue earned from three wind farm construction projects that completed financing arrangements during the first quarter of 2011.
- Our Operating Income of approximately $4,779,000 for the quarter ended March 31, 2011 is primarily attributable to the increased wind farm development fee revenue together with our ability to control operating expenses such that the earned revenue in large part falls to our operating income.
- Our Net Income of $2,802,000 for the quarter ended March 31, 2011 represents a $3,366,000 improvement in the bottom-line from the comparative quarter a year ago.
- Basic and fully diluted earnings per share of $0.13 income per common share for the quarter ended March 31, 2011 compares to the $0.03 loss per common share for the comparative quarter a year ago.
- As of March 31, 2011, the Company reported it held approximately $5,054,000 in the form of cash accounts and short term investments, which includes approximately $419,000 in balances that are restricted by a debt covenant. The cash amounts do not include approximately $1,800,000 of additional cash received in April 2011 for development fees earned in the first quarter.
A full analysis of results for the period ended March 31, 2011 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 Community Based Wind Power development and management, focused on wind farm projects 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 18 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 and system operations and maintenance. With its acquisition of Next Generation Power Systems, Juhl Wind now provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. Juhl Wind is based in Woodstock, Minnesota and is traded on the OTCBB under the symbol JUHL.OB. 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 (5845)
Email: [email protected]
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," "plan," "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 in the remainder of 2011 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. 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.