Broadwind Energy Announces Preliminary Q3 2015 Results
September 21 2015 - 8:46PM
Broadwind Energy, Inc. (NASDAQ:BWEN) today announced that its
revenue and loss per share for the quarter ending September 30,
2015 are expected to be below the Company’s previous estimates as a
result of production difficulties and supplier quality issues in
the Manitowoc tower facility.
Based on preliminary financial results, the Company now expects
consolidated third-quarter revenue to be in the range of $52-53
million. The approximately $11 million shortfall from the previous
estimate is due primarily to wind tower production difficulties in
its Manitowoc, WI facility related to paint production challenges
and steel supplier quality issues. The Company now expects
consolidated third-quarter operating loss to be within the range of
$3-4 million, and consolidated net loss per share of $.20-.27.
Peter C. Duprey, president and chief executive officer, stated,
“We lowered our third-quarter estimates as a result of production
issues in our Manitowoc, WI facility. We experienced paint quality
issues that required significant rework to correct. In addition, we
experienced steel quality issues from a long-standing, domestic
steel supplier which impacted production. This is a disappointing
setback for the Manitowoc plant which has been running ahead of
production goals all year. We are working closely with the supplier
to expedite the delivery of replacement steel to our plant to avoid
a further disruption to our production schedule. We are also
working closely with our customer to mitigate the impacts on their
production schedule.”
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 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 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 third-quarter outlook, as well as assumptions made
by, and information currently available to, our management.
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, including, but not limited to, the oil and gas and mining
markets; 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 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 Report on
Form 10-K for the year ended December 31, 2014.
INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com
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