WOODSTOCK, Minn., Aug. 16, 2011 /PRNewswire/ -- Juhl Wind Inc.
(OTCBB: JUHL, the "Company"), the Leader in Community Wind Power,
today announced its results for the second quarter of 2011 –
wrapping up the first six months of 2011 with over $7.5 million in revenue and its first positive
operating income for the first half of any given operating year
since becoming a public company. Juhl Wind also reported
continued growth in its cash position due to development fees,
ending the first six months of 2011 with over $5 million in cash.
"We are obviously, very pleased to file our 10Q for the second
quarter of 2011 where we continued to build upon our success from
the first quarter, again delivering strong financial results,"
stated Dan Juhl, Chairman and CEO of
Juhl Wind Inc. "As we have been reporting to the market, the
first half 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 $7.5 million in revenue for the six months and
brought in a net $3.6 million in cash
within the six months followed by another $1.25 million in August. As a result, today
we ended the quarter with 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 half of
2011 continues to underscore just how much our team has
accomplished in the past couple of years, with the successful
ongoing development and construction of seven wind farm projects,"
added John Mitola, President of Juhl
Wind Inc. "With over $5.7
million in cash on our balance sheet as of today's press
release, 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 first quarter
outlook conference call."
"We plan to use our balance sheet strength to push forward on
new wind farm projects along with those already in our pipeline,"
continued Mitola. "While we have seen the value of our
development business in the first half of this year, we also plan
to continue to build our residual, steady revenue generating
businesses through additional acquisitions of existing wind farms,
like Woodstock Hills, growing our wind farm operations and
maintenance business and growing our consulting services operation.
We have shown results in this area already with our
acquisition of the existing Woodstock Hills, 10MW wind farm and
with our planned acquisition of a medium sized, engineering
consulting business. We plan to pursue important steps within
these areas through the remainder of 2011."
Results for the six-month period ended June 30, 2011:
* Revenue for the first six months of 2011 was $7,678,000 compared to $2,303,000 for 2010, or an increase of
$5,375,000, or 233%. Revenue
for the second quarter 2011 was $1,087,000 compared to $668,000 in the second quarter of 2010, or an
increase of 63%. The increase in revenue over the six months ended
June 30, 2011 is primarily
attributable to approximately $4.9
million of wind farm development fee revenue from three wind
farm projects that completed financing arrangements during 2011 and
approximately $98,000 in revenue from
the recently acquired Woodstock Hills wind farm.
* Our Operating Income of approximately $3,774,000 for the six months ended June 30, 2011 is primarily attributable to the
increased wind farm development fee revenue which provides high
margin of profitability upon revenue recognition. Our
operating loss for the second quarter increased by approximately
$156,000, or 18.4%, from an operating
loss of approximately $849,000 for
the quarter ended June 30, 2010 to
operating loss of approximately $1,005,000 for the quarter ended June 30, 2011. The increase in operating
loss resulted from the increases in investor relations expenses to
heighten exposure of Juhl Wind's
stock, growth in payroll and employee benefit costs, and operating
results associated with the take-over of the Woodstock wind farm during its lower wind
production months.
* Our Net Income of $2,160,000 for
the six months ended June 30, 2011
represents a $3,544,000 improvement
in the bottom-line from the comparative quarter a year ago. The
increase in net income over the six-month period is largely
attributable to the increased revenue sources noted under revenue
and operating income sections above. The net loss of $642,000 in the three months ended June 30, 2011 as compared to our net income of
$2,801,000 for the three months ended
March 31, 2011 is indicative of the
inconsistent revenue patterns of our wind farm development services
business as revenue recognition is significantly impacted by the
timing of the completion and financing of wind farm projects.
* Basic and fully diluted earnings per share of $0.09 income per common share for the six months
ended June 30, 2011 compares to the
$0.07 loss per common share for the
comparative six months ended in 2010.
* As of June 30, 2011, the Company
reported it held approximately $5.3
million in the form of cash and short term investments,
which includes approximately $421,000
in balances that are restricted by a debt covenant. The cash
balances do not include the $1.25
million in cash received from the closing of the sale of our
development work performed to-date and development rights of a
Nebraska project.
Juhl Wind management will be
hosting a teleconference and web cast on Thursday, August 18th, 2011 at 4:30 pm ET to discuss the Company's second
quarter 2011 financial results, project updates and corporate
outlook.
Time: 4:30 p.m. Eastern Time
Date: Thursday, August 18th,
2011
Investor Dial-in (Toll Free): (877) 407-9210
Investor Dial-In (International): (201) 689-8049
Live Web Cast:
http://www.investorcalendar.com/IC/CEPage.asp?ID=165626
A full analysis of results for the period ended June 30, 2011 is available in the Company's Form
10-Q, which is available on the Company's website at
www.juhlwind.com.
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 management and system operations and
maintenance. With its acquisition of the Woodstock Hills wind
farm in April of 2011, the Company now owns and operates a 10.2 MW
wind farm. Through its Next Generation Power Systems
subsidiary ("NextGen'), Juhl Wind
also 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.
Additional information is available at the Company's website
at www.juhlwind.com or by calling 877-584-5946 (or
877-JUHLWIN).
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For more information, contact:
Juhl Wind Investor Relations
Jody Janson
Phone: (888) 438-JUHL (or 888-438-5845)
Email: jody@istockdaily.com
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 and specifically those statements
referring to any specific projects, prospective acquisitions and
wind farm assets 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. While new wind farms noted
from time to time are large-scale construction projects,
Juhl Wind may not be the primary
contractor for the provision of certain services, as it is in
certain of its other projects. These risks are referenced in
Juhl Wind's current 8K 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.