Q4 Highlights:
- Order intake of $201 million; year-end backlog of $311
million is highest on record
- Sales of $56.4 million, up 26% from weak prior-year
fourth quarter
- Gross profit margin (ex. restructuring) of 7.8%, up 600
bp from Q4 2012
- Adjusted EBITDA increased to $2.8 million, bringing
full-year adjusted EBITDA to $10.3 million, in line with
forecast
- Cash assets rose to $26.2 million, operating line of
credit undrawn, debt and capital lease balance dropped to $5.1
million
Broadwind Energy, Inc. (Nasdaq:BWEN) reported sales of $56.4
million for the fourth quarter of 2013, a 26% increase compared to
$44.9 million in the fourth quarter of 2012. The increase reflects
the continued strength in the Company's Towers and Weldments
segment, partly offset by weaker results in the Gearing and
Services segments.
The Company reported a net loss from continuing operations of
$3.7 million or $.26 per share in the fourth quarter of 2013,
compared to a loss of $5.9 million or $.41 per share in the fourth
quarter of 2012. The improvement was due to stronger results in the
Towers and Weldments segment, somewhat offset by weaker results in
the other business segments and $1.7 million of higher
restructuring expenses as the Company nears completion on its
restructuring initiatives. The Company reported non-GAAP adjusted
EBITDA (earnings before interest, taxes, depreciation,
amortization, share-based payments and restructuring) of $2.8
million in the fourth quarter of 2013, compared to $.7 million in
the fourth quarter of 2012. The progress reflects the 61% increase
in tower volume in the current-year fourth quarter, somewhat offset
by weaker results in the other business segments.
Full-year 2013 sales of $215.7 million exceeded full-year 2012
sales by 2%, reflecting growth in the Towers and Weldments segment,
somewhat offset by lower volumes in the Gearing and Services
segments. For the full-year 2013, the loss from continuing
operations narrowed to $10.4 million from a $17.9 million loss
reported in 2012, and the loss per share narrowed to ($.72) from
($1.27) in 2012. The Company reported non-GAAP adjusted EBITDA of
$10.3 million in 2013, up sharply from $5.5 million in 2012 due
primarily to improved operating results in the Towers and Weldments
segment.
Peter C. Duprey, president and chief executive officer, stated,
"Broadwind completed another solid quarter, finishing the year
in-line with our forecast and markedly stronger than the prior
year. Our Towers and Weldments segment had another record-breaking
quarter and continues to drive us toward overall profitability. We
booked $190 million in new tower orders in the quarter. In this
segment, we are sold out for 2014 and over 50% booked for
2015."
"Our full-year results highlighted the significant achievements
we made in 2013. Our gross margins excluding restructuring improved
by 400 basis points, our cash position improved by $25 million, we
generated over $10 million of EBITDA which was an 88% improvement
over last year, and our backlog is over $300 million with great
visibility into 2015. Additionally, we completed the sale of our
idle tower facility, settled the outstanding shareholder litigation
and resolved the outstanding environmental investigation."
Mr. Duprey concluded, "The record results in our towers business
continue to drive the Company toward profitability, affording us
the leeway to turnaround and grow our other operating segments.
With the restructuring behind us, the strength in our towers
backlog and our continuous improvement efforts resonating within
the organization, we are confident that we will generate positive
EPS in 2014."
Orders and Backlog
The Company booked $201 million in net new orders in the fourth
quarter, a record high and nearly triple the prior-year fourth
quarter. Towers and Weldments orders, which vary considerably from
quarter-to-quarter, totaled $193 million, the highest on record for
this segment. Fourth-quarter Gearing orders totaled $5.1 million, a
23% decrease from the prior-year fourth quarter due to weaker
orders from industrial customers. Services orders totaled $2.4
million, down sharply from the prior-year fourth quarter which
included a large drivetrain project with an industrial customer,
which was subsequently cancelled.
At December 31, 2013, total backlog of $311 million was more
than double the prior-year end backlog of $123 million and was the
highest backlog in Company history.
Segment Results
Towers and Weldments
Broadwind Energy produces fabrications for wind, oil and gas,
mining and other industrial applications, specializing in the
production of wind turbine towers.
Towers and Weldments segment sales totaled $43.4 million in the
fourth quarter of 2013, compared to $25.6 million in the fourth
quarter of 2012. The sharp increase is due to a 61% increase in
tower volume as the fourth quarter of 2012 was negatively impacted
by the impending expiration of the Production Tax Credit, which
accelerated 2012 tower deliveries into earlier months. Non-GAAP
adjusted EBITDA for the segment totaled $7.4 million in the current
year period, up sharply from $1.2 million in the same period last
year. The significant improvement was the result of higher volumes,
improved operating efficiencies and a less variable and more
profitable mix of towers compared to the fourth quarter of 2012.
Towers and Weldments segment operating income for the fourth
quarter of 2013 was $5.8 million (13% of sales), up $6.3 million
from the fourth quarter of 2012 due to the factors described
above.
Towers and Weldments sales for 2013 totaled $159.5 million, an
18% increase over 2012 reported sales. The increase was due
primarily to a 28% increase in tower volumes in the current year as
well as a $.6 million increase in industrial weldment sales
compared to the prior year. Non-GAAP adjusted EBITDA totaled $24.8
million in 2013, up dramatically from $8.3 million in the prior
year. The significant improvement was the result of higher volumes,
improved margins over material costs and better productivity than
in the prior year due to a simplified production mix. Towers and
Weldments segment operating income for 2013 was $19.6 million (12%
of sales), up significantly from $2.8 million in 2012, due to the
factors described above.
Gearing
Broadwind Energy engineers, builds and remanufactures precision
gears and gearboxes for oil and gas, mining, steel and wind
applications.
Gearing sales totaled $11.6 million in the fourth quarter of
2013, compared to $14.3 million in the fourth quarter of 2012. The
decrease was due primarily to lower sales to industrial, mining and
steel customers, partly offset by higher sales for replacement wind
gearing and oil and gas customers. Non-GAAP adjusted EBITDA for the
fourth quarter of 2013 was a loss of $1.2 million, compared to
non-GAAP adjusted EBITDA of $1.0 million in the prior-year fourth
quarter. The decrease was due to lower volumes and margins and
adverse manufacturing variances in the current-year period. Gearing
segment operating loss for the fourth quarter of 2013 was $5.6
million, compared to an operating loss of $2.2 million in the
prior-year fourth quarter. The deterioration was due in part to an
additional $2.0 million of restructuring expense associated with
the plant consolidation project that is nearly complete as well as
the unfavorable factors described above, partly offset by lower
non-cash charges in the current-year period.
Gearing sales for 2013 totaled $43.2 million, down 22% from
$55.7 million in 2012. The decrease was attributable to
manufacturing delays associated with the plant consolidation and
the production of a new line of industrial gearboxes as well as
weak demand from mining and oil and gas customers. Non-GAAP
adjusted EBITDA for 2013 was a loss of $3.6 million compared to
non-GAAP adjusted EBITDA of $5.0 million in 2012. The decrease was
due in part to lower volumes and margins as well as a charge of
$1.5 million in 2013 related to the resolution of a long-standing
environmental investigation. Gearing segment operating loss for
2013 totaled $17.9 million, compared to an operating loss of $7.6
million in 2012. The 2013 operating loss included an additional
$3.3 million of restructuring expense associated with the nearly
complete plant consolidation, partly offset by lower non-cash
charges, as well as the unfavorable factors described above.
Services
Broadwind Energy specializes in non-routine drivetrain and blade
maintenance services and offers comprehensive field services to the
wind industry.
Revenue from the Services segment was $2.0 million in the fourth
quarter of 2013, compared to $6.1 million in the fourth quarter of
2012. The 67% decrease was related to lower industrial drivetrain
assembly work compared to the prior-year fourth quarter and
depressed field service activity during a period of extremely low
wind turbine installations across the United States. Non-GAAP
adjusted EBITDA loss totaled $1.1 million in the fourth quarter of
2013, compared to near break-even in the fourth quarter of 2012.
The decrease was due primarily to lower volume and margins and
higher inventory charges, partly offset by lower salary expense and
other SG&A cost savings. The Services operating loss increased
in the fourth quarter of 2013 to $1.5 million, compared to a loss
of $.9 million in the fourth quarter of 2012, reflecting the
factors described above, partly offset by lower depreciation and
restructuring expenses.
Services sales for 2013 totaled $17.2 million, compared to $22.1
million for 2012. The 22% decrease was due to depressed field
service activity as a result of an extremely low volume of wind
turbine installations across the U.S., partly offset by higher
industrial drivetrain assembly revenue in the first half of 2013.
Non-GAAP adjusted EBITDA losses totaled $2.6 million in 2013,
compared to $1.4 million in 2012. The deterioration was due
primarily to lower volumes and margins and higher inventory
charges, somewhat offset by lower salary expense and other SG&A
cost savings as well as higher industrial margins in the first half
of 2013. Operating loss for 2013 totaled $4.7 million, compared to
a loss of $4.2 million in 2012 due to the factors described above,
partly offset by lower non-cash expenses.
Corporate and Other
Corporate and other expenses totaled $2.7 million in the fourth
quarter of 2013, compared to $2.0 million in the fourth quarter of
2012. The increase was due primarily to severance expense, and
higher professional fees incurred in the fourth quarter of
2013.
Corporate and other expenses totaled $10.1 million for 2013
compared to $8.3 million for 2012. The 23% increase was primarily
due to increased employee compensation expense as well as the
factors described above.
Company-wide restructuring capital and expense totaled $5.6
million for 2013, net of the $3.6 million gain on the sale of the
idle tower facility in the second quarter of 2013. The project was
88% complete as of December 31, 2013.
The future income tax benefits associated with the 2013 loss
were offset by an increase in the valuation allowance; therefore
the effective federal tax rate is zero. As of year-end, cumulative
federal net operating loss carry-forwards totaled $167 million.
Cash and Liquidity
During the quarter, operating working capital (accounts
receivables and inventory, net of accounts payable and customer
deposits) increased $.3 million to $5.3 million or 2% of annualized
fourth-quarter 2013 sales.
Cash assets rose to $26.2 million at December 31, 2013, an
increase of $2.1 million from September 30, 2013. At December 31,
2013, the Company's $20 million line of credit was undrawn.
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, steel, 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.
Forward-Looking Statements
This release includes various forward-looking statements related
to future, not past, events. Statements in this release that are
not historical are forward-looking statements. These statements are
based on current expectations, and we undertake no obligation to
update these statements to reflect events or circumstances
occurring after this release. Such statements are subject to
various risks and uncertainties that could cause actual results to
vary materially from those stated. Such risks and uncertainties
include, but are not limited to: expectations regarding our
business, end-markets, relationships with customers and our ability
to diversify our customer base; the impact of competition and
economic volatility on the industries in which we compete; our
ability to realize revenue from customer orders and backlog; the
impact of regulation on our end-markets, including the wind energy
industry in particular; the sufficiency of our liquidity and
working capital; our restructuring plans and the associated cost
savings; our ability to preserve and utilize our tax net operating
loss carry-forwards; and other risks and uncertainties described in
our filings with the Securities and Exchange Commission, including
those contained in Part I, Item 1A "Risk Factors" of our Annual
Reports on Form 10-K.
|
BROADWIND ENERGY, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
(IN THOUSANDS) |
(UNAUDITED) |
|
|
As of December
31, |
|
2013 |
2012 |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 24,936 |
$ 516 |
Short-term investments |
1,143 |
-- |
Restricted cash |
83 |
330 |
Accounts receivable, net |
18,735 |
20,039 |
Inventories, net |
37,143 |
21,988 |
Prepaid expenses and other
current assets |
2,325 |
3,836 |
Assets held for sale |
1,970 |
8,042 |
Total current assets |
86,335 |
54,751 |
LONG-TERM ASSETS: |
|
|
Property and equipment,
net |
69,077 |
79,889 |
Intangible assets, net |
5,903 |
7,454 |
Other assets |
2,379 |
816 |
TOTAL ASSETS |
$ 163,694 |
$ 142,910 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Lines of credit and notes
payable |
$ -- |
$ 955 |
Current maturities of long-term
debt |
201 |
352 |
Current portions of capital
lease obligations |
933 |
2,217 |
Accounts payable |
27,537 |
16,377 |
Accrued liabilities |
8,115 |
6,012 |
Customer deposits |
22,993 |
4,063 |
Liabilities held for sale |
749 |
3,860 |
Total current liabilities |
60,528 |
33,836 |
|
|
|
LONG-TERM LIABILITIES: |
|
|
Long-term debt, net of current
maturities |
2,755 |
2,956 |
Long-term capital lease
obligations, net of current portions |
1,193 |
641 |
Other |
3,888 |
2,169 |
Total long-term
liabilities |
7,836 |
5,766 |
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, $0.001 par
value; 10,000,000 shares authorized; no shares issued or
outstanding |
-- |
-- |
Common stock, $0.001 par value;
30,000,000 shares authorized; 14,627,990 and 14,197,792 shares
issued and outstanding as of December 31, 2013 and 2012,
respectively |
15 |
14 |
Additional paid-in capital |
376,125 |
373,605 |
Accumulated deficit |
(280,810) |
(270,311) |
Total stockholders' equity |
95,330 |
103,308 |
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$ 163,694 |
$ 142,910 |
|
BROADWIND ENERGY, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(IN THOUSANDS, EXCEPT PER SHARE
DATA) |
(UNAUDITED) |
|
|
Three Months
Ended December 31, |
For the Years
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|
|
Revenues |
$ 56,397 |
$ 44,908 |
$ 215,710 |
$ 210,707 |
Cost of sales |
52,012 |
44,102 |
198,379 |
202,257 |
Restructuring |
2,229 |
576 |
4,986 |
1,614 |
Gross profit |
2,156 |
230 |
12,345 |
6,836 |
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
Selling, general and
administrative |
5,693 |
4,976 |
21,414 |
21,634 |
Intangible amortization |
111 |
665 |
1,552 |
1,759 |
Regulatory settlement |
-- |
-- |
1,500 |
-- |
Restructuring |
302 |
259 |
1,089 |
740 |
Total operating expenses |
6,106 |
5,900 |
25,555 |
24,133 |
Operating loss |
(3,950) |
(5,670) |
(13,210) |
(17,297) |
|
|
|
|
|
OTHER INCOME (EXPENSE),
NET: |
|
|
|
|
Interest expense, net |
(190) |
(658) |
(985) |
(1,711) |
Other income, net |
489 |
513 |
1,000 |
1,271 |
Gain (loss) on sale of assets
and restructuring |
(87) |
(58) |
2,878 |
(144) |
Total other (expense) income,
net |
212 |
(203) |
2,893 |
(584) |
|
|
|
|
|
Net loss from continuing operations before
(benefit) provision for income taxes |
(3,738) |
(5,873) |
(10,317) |
(17,881) |
(Benefit) provision for income taxes |
8 |
5 |
72 |
26 |
LOSS FROM CONTINUING
OPERATIONS |
(3,746) |
(5,878) |
(10,389) |
(17,907) |
LOSS FROM DISCONTINUED OPERATIONS,
NET OF TAX |
-- |
-- |
(110) |
-- |
NET LOSS |
$ (3,746) |
$ (5,878) |
$ (10,499) |
$ (17,907) |
|
|
|
|
|
NET LOSS PER COMMON SHARE - BASIC AND
DILUTED: |
|
|
|
|
Loss from continuing operations |
$ (0.26) |
$ (0.41) |
$ (0.72) |
$ (1.27) |
Loss from discontinued operations |
-- |
-- |
(0.01) |
-- |
Net Loss |
$ (0.26) |
$ (0.41) |
$ (0.73) |
$ (1.27) |
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - Basic and diluted |
14,605 |
14,166 |
14,457 |
14,058 |
|
BROADWIND ENERGY, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(IN THOUSANDS) |
(UNAUDITED) |
|
|
For the Years
Ended December 31, |
|
2013 |
2012 |
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
Net loss |
$ (10,499) |
$ (17,907) |
Loss from discontinued
operations |
110 |
-- |
Loss from continuing
operations |
(10,389) |
(17,907) |
|
|
|
Adjustments to reconcile net cash
used in operating activities: |
|
|
Depreciation and amortization
expense |
14,856 |
16,537 |
Impairment charges |
2,365 |
-- |
Stock-based compensation |
1,821 |
2,833 |
(Recovery of) allowance for
doubtful accounts |
(436) |
15 |
Common stock issued under
defined contribution 401(k) plan |
681 |
523 |
(Gain) loss on disposal of
assets |
(3,503) |
548 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
1,808 |
5,257 |
Inventories |
(15,155) |
1,367 |
Prepaid expenses and other
current assets |
1,411 |
519 |
Accounts payable |
11,671 |
(1,165) |
Accrued liabilities |
2,208 |
170 |
Customer deposits |
18,930 |
(13,256) |
Other non-current assets and
liabilities |
(14) |
1,677 |
Net cash provided by (used in) operating
activities of continued operations |
26,254 |
(2,882) |
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
Proceeds from the sale of
logistics business and related note receivable |
250 |
375 |
Purchases of available for sale
securities |
(2,116) |
-- |
Maturities of available for
sale securities |
973 |
-- |
Purchases of property and
equipment |
(6,950) |
(5,738) |
Proceeds from disposals of
property and equipment |
13,249 |
113 |
Decrease (increase) in
restricted cash |
248 |
546 |
Net cash provided by (used in) investing
activities of continued operations |
5,654 |
(4,704) |
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
Net proceeds from issuance of
stock |
18 |
-- |
Payments on lines of credit and
notes payable |
(80,376) |
(78,785) |
Payments on related party notes
payable |
-- |
(2,791) |
Proceeds from lines of credit
and notes payable |
75,208 |
77,620 |
Payments for debt issuance
costs |
-- |
(638) |
Principal payments on capital
leases |
(2,338) |
(644) |
Net cash (used in) provided by financing
activities of continued operations |
(7,488) |
(5,238) |
|
|
|
DISCONTINUED
OPERATIONS: |
|
|
Operating cash flows |
-- |
-- |
Investing cash flows |
-- |
-- |
Financing cash flows |
-- |
-- |
Net cash used in discontinued operations |
-- |
-- |
|
|
|
Add: Cash balance of discontinued operations,
beginning of period |
-- |
-- |
|
|
|
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS |
24,420 |
(12,824) |
CASH AND CASH EQUIVALENTS, beginning
of the year |
516 |
13,340 |
CASH AND CASH EQUIVALENTS, end of the
year |
$ 24,936 |
$ 516 |
|
|
|
Supplemental cash flow
information: |
|
|
Interest paid |
$ 789 |
$ 1,503 |
Income taxes paid |
$ 22 |
$ 26 |
Non-cash investing and financing
activities: |
|
|
Issuance of restricted stock
grants |
$ 1,328 |
$ 1,815 |
Equipment addition via capital
lease |
$ 1,485 |
$ -- |
|
BROADWIND ENERGY, INC. AND
SUBSIDIARIES |
SELECTED SEGMENT FINANCIAL
INFORMATION |
(IN THOUSANDS) |
|
|
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
REVENUES: |
(unaudited) |
(unaudited) |
Towers and Weldments |
$ 43,433 |
$ 25,634 |
$ 159,478 |
$ 135,221 |
Gearing |
11,597 |
14,308 |
43,150 |
55,660 |
Services |
1,991 |
6,069 |
17,244 |
22,106 |
Corporate and Other |
(624) |
(1,103) |
(4,162) |
(2,280) |
Total revenues |
$ 56,397 |
$ 44,908 |
$ 215,710 |
$ 210,707 |
|
|
|
|
|
OPERATING (LOSS)
PROFIT: |
|
|
|
|
Towers and Weldments |
$ 5,771 |
$ (540) |
$ 19,550 |
$ 2,766 |
Gearing |
(5,588) |
(2,236) |
(17,915) |
(7,626) |
Services |
(1,483) |
(854) |
(4,721) |
(4,185) |
Corporate and Other |
(2,650) |
(2,040) |
(10,124) |
(8,252) |
Total operating loss |
$ (3,950) |
$ (5,670) |
$ (13,210) |
$ (17,297) |
|
BROADWIND ENERGY, INC. AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES |
(IN THOUSANDS) |
|
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. |
|
Consolidated |
Three Months
Ended |
Twelve Months
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
(unaudited) |
Operating loss |
$ (3,950) |
$ (5,670) |
$ (13,210) |
$ (17,297) |
Depreciation and amortization |
3,136 |
4,088 |
13,962 |
15,678 |
Share-based compensation and other stock
payments |
548 |
886 |
2,519 |
3,505 |
Other income |
489 |
513 |
1,000 |
1,271 |
Restructuring |
2,531 |
835 |
6,075 |
2,354 |
Adjusted EBITDA |
$ 2,754 |
$ 652 |
$ 10,346 |
$ 5,511 |
|
Towers and Weldments
Segment |
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
(unaudited) |
|
|
|
Operating Profit |
$ 5,771 |
$ (540) |
$ 19,550 |
$ 2,766 |
Depreciation |
1,031 |
954 |
3,872 |
3,676 |
Share-based compensation and other stock
payments |
112 |
145 |
464 |
720 |
Other Income |
487 |
463 |
753 |
992 |
Restructuring Expense |
11 |
130 |
176 |
130 |
Total Adjusted EBITDA
(Non-GAAP) |
$ 7,412 |
$ 1,152 |
$ 24,815 |
$ 8,284 |
|
|
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
Gearing Segment |
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
(unaudited) |
Operating Loss |
$ (5,588) |
$ (2,236) |
$ (17,915) |
$ (7,626) |
Depreciation |
1,648 |
1,893 |
7,089 |
8,378 |
Amortization |
111 |
665 |
1,552 |
1,759 |
Share-based compensation and other stock
payments |
136 |
147 |
469 |
602 |
Other Income (Expense) |
10 |
(1) |
4 |
16 |
Restructuring Expense |
2,520 |
548 |
5,203 |
1,910 |
Total Adjusted EBITDA
(Non-GAAP) |
$ (1,163) |
$ 1,016 |
$ (3,598) |
$ 5,039 |
|
Services Segment |
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
(unaudited) |
Operating Loss |
$ (1,483) |
$ (854) |
$ (4,721) |
$ (4,185) |
Depreciation |
333 |
563 |
1,398 |
1,800 |
Share-based compensation and other stock
payments |
52 |
65 |
279 |
405 |
Other Income (Expense) |
(8) |
58 |
243 |
267 |
Restructuring Expense |
-- |
119 |
234 |
265 |
Total Adjusted EBITDA
(Non-GAAP) |
$ (1,106) |
$ (49) |
$ (2,567) |
$ (1,448) |
|
Corporate and Other |
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(unaudited) |
(unaudited) |
Operating Loss |
$ (2,650) |
$ (2,040) |
$ (10,124) |
$ (8,252) |
Depreciation |
13 |
13 |
51 |
65 |
Share-based compensation and other stock
payments |
248 |
529 |
1,307 |
1,778 |
Other Income (Expense) |
-- |
(7) |
-- |
(4) |
Restructuring Expense |
-- |
38 |
462 |
49 |
Total Adjusted EBITDA
(Non-GAAP) |
$ (2,389) |
$ (1,467) |
$ (8,304) |
$ (6,364) |
|
CONTACT: BWEN 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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