Broadwind Energy to Present at Stifel Nicolaus 2014 Industrials Conference
February 25 2014 - 7:00AM
Broadwind Energy, Inc. (Nasdaq:BWEN) today announced that Peter
Duprey, president and CEO, and Stephanie Kushner, executive vice
president and CFO, will present at the Stifel Nicolaus 2014
Industrials Conference in New York City on Thursday, February 27 at
2:45 p.m. local time. The presentation slides and a link to the
webcast will be available on the investor page of
http://www.bwen.com/content/events-conferences. Management will
also be available for one-on-one meetings with investors attending
the conference on Thursday, February 27th.
In anticipation of management's participation in this
conference, Broadwind today announced preliminary fourth quarter
and full-year 2013 results. The Company expects fourth-quarter 2013
total revenue to be approximately $56-57 million, operating loss to
be within the range of $3.5-4.0 million, and a net loss per share
of $.21-.24 including a non-cash asset write-down. The Company
expects non-GAAP adjusted EBITDA (earnings before interest, taxes,
depreciation, amortization, share-based payments and restructuring)
to be within the range of $2.5-3.0 million.
The Company expects full-year 2013 revenue to be approximately
$215-216 million, operating loss to be within the range of
$13.0-13.5 million, and a net loss per share of $.68-.72. The
Company expects non-GAAP adjusted EBITDA to be within the range of
$10.0-10.5 million.
The Company booked $201 million in net new orders during the
fourth quarter of 2013. At December 31, 2013, the ending
backlog of $311 million was more than double the prior-year ending
backlog of $123 million and was the highest backlog in Company
history.
Peter C. Duprey, president and chief executive officer, stated,
"Our preliminary fourth-quarter results are in-line with the
overall expectations we shared during our third-quarter conference
call and significantly ahead of prior-year results. Our order
intake during the quarter was very strong and our backlog is at an
all-time high."
The Company will announce the timing and details of its
fourth-quarter conference call at a later date.
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However, the
Company's management believes that certain non-GAAP financial
measures may provide users of this financial information with
meaningful comparisons between current results and results in prior
operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of
underlying trends of the business because they provide a comparison
of historical information that excludes certain infrequently
occurring or non-operational items that impact the overall
comparability. See the table below for supplemental financial data
and corresponding reconciliations to GAAP financial measures for
the three and twelve months ended December 31, 2013 and 2012.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company's reported results prepared
in accordance with GAAP. All amounts shown in the table below
are approximate.
|
Three Months Ended December
31, 2013 (In thousands) |
Twelve Months Ended December
31, 2013 (In thousands) |
Operating loss |
$(3,500-4,000) |
$(13,000-13,500) |
Depreciation and amortization |
3,000 |
14,000 |
Share-based compensation and other stock
payments |
500 |
2,500 |
Other income |
500 |
1,000 |
Restructuring |
2,500 |
6,000 |
Adjusted EBITDA |
$2,500-3,000 |
$10,000-10,500 |
About Broadwind Energy, Inc.
Broadwind Energy (Nasdaq:BWEN) applies decades of deep
industrial expertise to innovate integrated solutions for customers
in the energy and infrastructure markets. From gears and gearing
systems for wind, oil and gas and mining applications, to wind
towers, to comprehensive remanufacturing of gearboxes and blades,
to operations and maintenance services and industrial weldments, we
have solutions for the energy needs of the future. With facilities
throughout the U.S., Broadwind Energy's talented team of nearly 800
employees is committed to helping customers maximize performance of
their investments—quicker, easier and smarter. Find out more at
www.bwen.com.
CONTACT: INVESTOR CONTACT: Joni Konstantelos
708.780.4819
joni.konstantelos@bwen.com
LHA CONTACT - Jody Burfening/Carolyn Capaccio
212.838.3777
ccapaccio@lhai.com
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