Broadwind Energy Lowers Fourth-Quarter Outlook
January 08 2015 - 7:00AM
Broadwind Energy, Inc. (Nasdaq:BWEN) today announced that its
revenue and loss per share for the quarter ending December 31, 2014
are expected to be below the company's previous outlook as a result
of continued operational challenges in the Abilene tower facility.
Based on preliminary financial results, the company now expects
consolidated fourth-quarter revenue to be $53 - $54 million. The
approximately $5 million shortfall is due to delayed production
associated with the implementation of a new tower design in the
Abilene facility. Tower earnings for the quarter are expected to be
approximately $3 million lower as a result. These preliminary
results are subject to revision until the company reports its
fourth-quarter and full-year results on February 26, 2015.
Broadwind Energy CEO Peter C. Duprey stated, "The tower
qualification issues in the Abilene tower facility which arose in
the third quarter have taken longer than expected to rectify,
resulting in lower revenue and additional labor and logistics
costs. We are working closely with the customer to ensure the end
product meets their standards, and expect final approval before the
end of this quarter. The issues are isolated to the Abilene
facility and a single customer. Our Manitowoc plant continues to
meet and/or exceed its production goals. We and our dedicated
employees are confident we have taken the necessary steps to remedy
the situation in Abilene."
About Broadwind Energy
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 and specialty weldments, to comprehensive remanufacturing of
gearboxes and blades, to operations and maintenance services, we
have solutions for the energy needs of the future. With facilities
throughout the U.S., Broadwind Energy's talented team of nearly 900
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 contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that
involve risks, uncertainties and assumptions, such as statements
regarding our future financial condition or results of operations,
cash flows, performance and business prospects, and opportunities,
as well as assumptions made by, and information currently available
to, our management and our prospects and strategies for future
growth, including with respect to estimated 2014 guidance.
Forward-looking statements include any statement that does not
directly relate to a current or historical fact. We have tried to
identify forward-looking statements by using words such as
"anticipate," "believe," "expect," "intend," "will," "should,"
"may," "plan" and similar expressions, but these words are not the
exclusive means of identifying 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 and our plans to evaluate alternative
sources of funding if necessary; our restructuring plans and the
associated cost savings; our ability to preserve and utilize our
tax net operating loss carry-forwards; our plans to continue to
grow our business through organic growth; our plans with respect to
the use of proceeds from financing activities and our ability to
operate our business efficiently, manage capital expenditures and
costs effectively, and generate cash flow; 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.
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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