Highlights:
Broadwind Energy, Inc. (NASDAQ:BWEN) reported sales of $46.8
million in Q1 2016, down 5% compared to $49.2 million in Q1 2015
mainly due to lower steel prices and reduced demand for gearing
from oil & gas and mining customers.
The Company reported a net loss from continuing operations of
$.4 million, or $.02 per share, in Q1 2016, compared to a net loss
from continuing operations of $2.5 million, or $.17 per share, in
Q1 2015. The $.15 per share improvement was due primarily to
significantly improved operating efficiencies in the Company’s
Abilene, TX tower facility compared to a weak prior-year quarter
associated with production challenges faced in Q1 2015, a $.7
million reduction in depreciation expense, and a $.9 million
reduction in operating expense attributable to cost management
initiatives.
The Company reported break-even results for discontinued
operations in Q1 2016, compared to a net loss from discontinued
operations of $2.5 million, or $.17 per share, in Q1 2015.
The Company reported non-GAAP adjusted EBITDA (earnings before
interest, taxes, depreciation, amortization, share-based payments
and restructuring costs) of $1.7 million in Q1 2016, compared to
$.2 million in Q1 2015 (see attached reconciliation of non-GAAP
financial measure). The $1.5 million increase was mainly
attributable to the operating improvements in the Abilene, TX tower
facility and $.9 million lower operating expense, as discussed
above.
Broadwind Interim CEO Stephanie Kushner stated, “Broadwind is
off to a solid start in 2016, nearly doubling our order intake
compared to Q1 2015 and generating $3 million of free cash flow
during the quarter. Our Towers and Weldments segment has recovered
soundly from the production challenges we faced predominantly in
the Abilene facility for most of last year, and tower production is
once again flowing at plant designed rates. In the Gearing segment,
we continue to manage our costs judiciously amidst significantly
lower sales to oil & gas and mining customers. Due in part to
our stringent cost management across the Company, the consolidated
operating loss for the quarter was reduced by $2 million compared
to Q1 2015. We remain on track to reduce fixed overhead and SGA
expenses by $8 million in 2016, compared to 2015.”
Ms. Kushner continued, “We continue to be focused on improving
production and tightly managing costs across the Company. For Q2,
we expect $42-44 million in revenue and a small operating loss,
consistent with Q1 2016.”
Orders and Backlog
The Company booked $39 million of net new orders in Q1 2016,
nearly double the $21.7 million of orders booked in Q1 2015, due
primarily to the timing of large tower orders. Towers and Weldments
orders, which vary considerably from quarter to quarter, totaled
$35.4 million in Q1 2016, up substantially from $11.8 million in Q1
2015. Gearing orders totaled $3.5 million in Q1 2016, down from
$9.9 million in Q1 2015 mainly due to weaker demand from oil &
gas and mining customers.
At March 31, 2016, total backlog was $86.0 million, representing
about six months of projected 2016 shipments. This is down
significantly from backlog of $174.1 million at March 31, 2015 due
in part to a general reduction in order lead times, the impact of
reduced steel costs on orders in backlog and reduced orders for oil
& gas and mining customers.
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 $42.0 million in Q1
2016, compared to $41.0 million in Q1 2015. Q1 2016 tower unit
sales increased 15% compared to Q1 2015, due to improved production
flow, partially offset by lower steel material costs which are
generally passed through to the customer. Additionally, weldments
revenue decreased $1.1 million in Q1 2016 compared to Q1 2015, due
to weak demand from oil & gas and mining customers, partially
offset by sales to compressed natural gas customers in Q1 2016.
Towers and Weldments segment operating income in Q1 2016 totaled
$3.2 million compared to $1.1 million in Q1 2015, reflecting
increased tower sales volume compared to Q1 2015 when $5.0 million
of towers produced were held in inventory at quarter-end pending
customer acceptance. In addition, improved material margins and
significantly improved operating efficiencies in the Abilene, TX
tower facility also contributed to the increase in operating income
compared to Q1 2015. Non-GAAP adjusted EBITDA totaled $4.3 million
in Q1 2016, compared to non-GAAP adjusted EBITDA of $2.2 million in
Q1 2015, as a result of the factors described above. (see attached
reconciliation of non-GAAP financial measure).
GearingBroadwind Energy engineers, builds and
remanufactures precision gears and gearboxes for oil and gas,
mining, steel and wind applications.
Gearing segment sales totaled $4.8 million in Q1 2016, compared
to $8.6 million in Q1 2015. The reduction in sales was due to lower
production volumes associated with weaker demand from oil & gas
and mining customers.
Despite the significant decline in revenue, Gearing segment
operating loss in Q1 2016 of $1.2 million was essentially unchanged
compared to Q1 2015. The impact of the decrease in revenue was
offset primarily by lower salaried headcount and incentive
compensation, $.7 million lower depreciation due to a change in the
accounting estimate for equipment salvage value, and a $.2 million
gain on the sale of excess equipment. Non-GAAP adjusted EBITDA loss
for Q1 2016 was $.5 million, compared to non-GAAP adjusted EBITDA
of $.1 million in Q1 2015. (see attached reconciliation of non-GAAP
financial measure). The decrease was primarily due to lower
volumes, offset by strong cost control efforts in response to
sharply lower revenues.
CorporateCorporate and other expenses totaled
$2.3 million in Q1 2016, essentially unchanged as compared to Q1
2015. Lower employee compensation costs and other cost savings
initiatives were offset by increased company-wide self-insurance
costs in Q1 2016.
Cash and LiquidityDuring Q1 2016, operating
working capital (accounts receivable and inventory, net of accounts
payable and customer deposits) decreased by $2.5 million to $7.8
million, or 4% of Q1 2016 annualized sales, mainly due to a $5.3
million decrease in raw materials inventory due in part to
increased operating productivity. This was partially offset by a
$2.7 million increase in receivables during Q1 2016.
Capital expenditures in Q1 2016 totaled $1.0 million, up from
$.7 million in Q1 2015.
Cash assets (cash and short-term investments) totaled $15.4
million at March 31, 2016, compared to $12.8 million at December
31, 2015, and the Company’s credit line was undrawn at March 31,
2016.
At March 31, 2016, debt and capital lease obligations totaled
$5.5 million, down from $5.9 million at December 31, 2015.
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 and industrial
weldments, we have solutions for the energy needs of the future.
With facilities throughout the central U.S., Broadwind Energy's
talented team 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”—that is,
statements related to future, not past, events—as defined in
Section 21E of the Securities Exchange Act of 1934, as
amended, that reflect our current expectations regarding our future
growth, results of operations, financial condition, cash flows,
performance, business prospects and opportunities, 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. Our
forward‑looking statements may include or relate to the following:
(i) our expectations relating to state, local and federal
regulatory frameworks affecting the industries in which we compete,
including the wind energy industry, and the related extension,
continuation or renewal of federal tax incentives and grants and
state renewable portfolio standards; (ii) our expectations with
respect to our customer relationships and efforts to diversify our
customer base and sector focus and leverage customer relationships
across business units; (iii) our plans to continue to grow our
business organically; (iv) our beliefs with respect to the
sufficiency of our liquidity and our plans to evaluate alternate
sources of funding if necessary; (v) our plans and
assumptions, including estimated costs and saving opportunities,
regarding our restructuring efforts; (vi) our beliefs
regarding our ability to realize revenue from customer orders and
backlog; (vii) our beliefs regarding our ability to operate
our business efficiently, manage capital expenditures and costs
effectively, and generate cash flow; (viii) our beliefs and
expectations relating to the economy and the potential impact it
may have on our business, including our customers; (ix) our
beliefs regarding the state of the wind energy market and other
energy and industrial markets generally and the impact of
competition and economic volatility in those markets; (x) our
beliefs and expectations relating to the effects of market
disruptions and regular market volatility, including fluctuations
in the price of oil, gas and other commodities; and (xi) our
beliefs regarding the potential loss of tax benefits if we
experience an “ownership change” under Section 382 of the
Internal Revenue Code of 1986, as amended. These statements are
based on information currently available to us and are subject to
various risks, uncertainties and other factors that could cause our
actual growth, results of operations, financial condition, cash
flows, performance, business prospects and opportunities to differ
materially from those expressed in, or implied by, these
statements. We are under no duty to update any of these
forward-looking statements after the date of this release to
conform such statements to actual results. You should not consider
any list of such factors to be an exhaustive statement of all of
the risks, uncertainties or potentially inaccurate assumptions that
could cause our current expectations or beliefs to change.
|
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES |
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
(IN THOUSANDS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December
31, |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
9,711 |
|
|
$ |
6,436 |
|
|
|
|
|
|
|
|
Short-term
investments |
|
|
5,696 |
|
|
|
6,179 |
|
|
|
|
|
|
|
|
Restricted
cash |
|
|
39 |
|
|
|
83 |
|
|
|
|
|
|
|
|
Accounts
receivable, net of allowance for doubtful accounts of $164 |
|
|
|
|
|
|
|
|
|
|
|
and $84 as of March 31,
2016 and December 31, 2015, respectively |
|
|
12,459 |
|
|
|
9,784 |
|
|
|
|
|
|
|
|
Inventories, net |
|
|
18,870 |
|
|
|
24,219 |
|
|
|
|
|
|
|
|
Prepaid
expenses and other current assets |
|
|
1,565 |
|
|
|
1,530 |
|
|
|
|
|
|
|
|
Current
assets held for sale |
|
|
2,662 |
|
|
|
4,403 |
|
|
|
|
|
|
|
|
|
Total
current assets |
|
|
51,002 |
|
|
|
52,634 |
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
51,451 |
|
|
|
51,906 |
|
|
|
|
|
|
|
|
Intangible
assets, net |
|
|
4,905 |
|
|
|
5,016 |
|
|
|
|
|
|
|
|
Other
assets |
|
|
357 |
|
|
|
351 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
107,715 |
|
|
$ |
109,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt |
|
|
2,620 |
|
|
|
2,799 |
|
|
|
|
|
|
|
|
Current
portions of capital lease obligations |
|
|
300 |
|
|
|
447 |
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
15,790 |
|
|
|
13,822 |
|
|
|
|
|
|
|
|
Accrued
liabilities |
|
|
8,005 |
|
|
|
8,134 |
|
|
|
|
|
|
|
|
Customer
deposits |
|
|
7,777 |
|
|
|
9,940 |
|
|
|
|
|
|
|
|
Current
liabilities held for sale |
|
|
700 |
|
|
|
1,613 |
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
35,192 |
|
|
|
36,755 |
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt, net of current maturities |
|
|
2,600 |
|
|
|
2,600 |
|
|
|
|
|
|
|
|
Other |
|
|
2,549 |
|
|
|
3,060 |
|
|
|
|
|
|
|
|
|
Total
long-term liabilities |
|
|
5,149 |
|
|
|
5,660 |
|
|
|
|
|
|
|
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;
15,076,588 |
|
|
|
|
|
|
|
|
|
|
|
and
15,012,789 shares issued as of March 31, 2016 and |
|
|
|
|
|
|
|
|
|
|
|
December
31, 2015, respectively |
|
|
15 |
|
|
|
15 |
|
|
|
|
|
|
|
|
Treasury
stock, at cost, 273,937 shares as of March 31, 2016 and December
31, 2015, |
|
|
|
|
|
|
|
|
|
|
|
respectively |
|
(1,842 |
) |
|
|
(1,842 |
) |
|
|
|
|
|
|
|
Additional
paid-in capital |
|
|
378,363 |
|
|
|
378,104 |
|
|
|
|
|
|
|
|
Accumulated
deficit |
|
|
(309,162 |
) |
|
|
(308,785 |
) |
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
67,374 |
|
|
|
67,492 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
107,715 |
|
|
$ |
109,907 |
|
|
|
|
|
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
Revenues |
|
$ |
46,757 |
|
|
$ |
49,229 |
|
|
|
|
Cost of
sales |
|
|
42,795 |
|
|
|
46,484 |
|
|
|
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
|
Gross
profit |
|
|
3,962 |
|
|
|
2,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Selling,
general and administrative |
|
|
4,075 |
|
|
|
5,015 |
|
|
|
|
Intangible
amortization |
|
|
111 |
|
|
|
111 |
|
|
|
|
Restructuring |
|
|
- |
|
|
|
(17 |
) |
|
|
|
|
Total
operating expenses |
|
|
4,186 |
|
|
|
5,109 |
|
|
|
|
Operating
loss |
|
|
(224 |
) |
|
|
(2,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
(EXPENSE) INCOME, net: |
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(154 |
) |
|
|
(154 |
) |
|
|
|
Other,
net |
|
|
12 |
|
|
|
110 |
|
|
|
|
Gain on sale
of assets and restructuring |
|
|
- |
|
|
|
(38 |
) |
|
|
|
|
Total other
(expense), net |
|
|
(142 |
) |
|
|
(82 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
before (benefit) provision for income taxes |
|
|
(366 |
) |
|
|
(2,446 |
) |
|
|
|
(Benefit)
provision for income taxes |
|
|
(8 |
) |
|
|
77 |
|
|
|
|
LOSS
FROM CONTINUING OPERATIONS |
|
|
(358 |
) |
|
|
(2,523 |
) |
|
|
|
LOSS FROM DISCONTINUED OPERATIONS, NET OF
TAX |
|
|
(19 |
) |
|
|
(2,492 |
) |
|
|
|
NET
LOSS |
|
$ |
(377 |
) |
|
$ |
(5,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS PER COMMON SHARE - BASIC AND DILUTED: |
|
|
|
|
|
|
|
Loss from
continuing operations |
|
$ |
(0.02 |
) |
|
$ |
(0.17 |
) |
|
|
|
Loss from
discontinued operations |
|
$ |
(0.00 |
) |
|
|
(0.17 |
) |
|
|
|
Net loss |
|
$ |
(0.03 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND
DILUTED |
|
|
14,758 |
|
|
|
14,597 |
|
|
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(IN THOUSANDS) |
(UNAUDITED) |
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2016 |
|
|
2015 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
|
$ |
(377 |
) |
$ |
(5,015 |
) |
|
Loss from
discontinued operations |
|
|
(19 |
) |
|
(2,492 |
) |
|
Loss from
continuing operations |
|
|
(358 |
) |
|
(2,523 |
) |
|
|
|
|
|
|
|
Adjustments to reconcile net cash used in operating
activities: |
|
|
|
Depreciation
and amortization expense |
|
|
1,657 |
|
|
2,256 |
|
|
Impairment
charges |
|
|
- |
|
|
38 |
|
|
Stock-based
compensation |
|
|
259 |
|
|
255 |
|
|
Allowance for
doubtful accounts |
|
|
80 |
|
|
1 |
|
|
Gain on
disposal of assets |
|
|
(138 |
) |
|
- |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
Accounts
receivable |
|
|
(2,753 |
) |
|
(3,895 |
) |
|
|
Inventories |
|
|
5,348 |
|
|
(11,077 |
) |
|
|
Prepaid
expenses and other current assets |
|
|
(55 |
) |
|
64 |
|
|
|
Accounts
payable |
|
|
1,848 |
|
|
3,792 |
|
|
|
Accrued
liabilities |
|
|
(129 |
) |
|
(1,729 |
) |
|
|
Customer
deposits |
|
|
(2,163 |
) |
|
(6,553 |
) |
|
|
Other
non-current assets and liabilities |
|
|
(535 |
) |
|
(501 |
) |
Net cash
provided by (used in) operating activities of continuing
operations |
|
|
3,061 |
|
|
(19,872 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases
of available for sale securities |
|
|
(1,978 |
) |
|
(1,884 |
) |
|
Sales of
available for sale securities |
|
|
36 |
|
|
5,083 |
|
|
Maturities
of available for sale securities |
|
|
2,425 |
|
|
4,825 |
|
|
Purchases
of property and equipment |
|
|
(950 |
) |
|
(668 |
) |
|
Decrease in
restricted cash |
|
|
44 |
|
|
- |
|
Net
cash (used in) provided by investing activities of continuing
operations |
|
|
(423 |
) |
|
7,356 |
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Payments on
lines of credit and notes payable |
|
|
(18,400 |
) |
|
(17,162 |
) |
|
Proceeds from
lines of credit and notes payable |
|
|
18,400 |
|
|
18,400 |
|
|
Payments on
long-term debt |
|
|
(179 |
) |
|
- |
|
|
Principal
payments on capital leases |
|
|
(147 |
) |
|
(241 |
) |
Net cash
(used in) provided by financing activities of continuing
operations |
|
|
(326 |
) |
|
997 |
|
|
|
|
|
|
|
|
DISCONTINUED OPERATIONS: |
|
|
|
|
Operating
cash flows |
|
|
826 |
|
|
(169 |
) |
|
Investing
cash flows |
|
|
151 |
|
|
(171 |
) |
|
Financing
cash flows |
|
|
(12 |
) |
|
(142 |
) |
Net cash
provided by (used in) discontinued operations |
|
|
965 |
|
|
(482 |
) |
|
|
|
|
|
|
|
Add: Cash
balance of discontinued operations, beginning of period |
|
|
- |
|
|
93 |
|
Less: Cash
balance of discontinued operations, end of period |
|
|
2 |
|
|
10 |
|
|
|
|
|
|
|
|
NET
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
|
|
3,275 |
|
|
(11,918 |
) |
CASH AND CASH EQUIVALENTS, beginning of the
period |
|
|
6,436 |
|
|
12,057 |
|
CASH AND CASH EQUIVALENTS, end of the
period |
|
$ |
9,711 |
|
$ |
139 |
|
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES |
|
|
|
SELECTED SEGMENT FINANCIAL INFORMATION |
|
|
|
(IN THOUSANDS) |
|
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
ORDERS: |
|
|
|
|
|
|
Towers and Weldments |
$ |
35,436 |
|
|
$ |
11,770 |
|
|
|
|
Gearing |
|
3,540 |
|
|
|
9,918 |
|
|
|
|
Total orders |
$ |
38,976 |
|
|
$ |
21,688 |
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
Towers
and Weldments |
|
|
$ |
42,015 |
|
|
$ |
41,028 |
|
|
|
|
Gearing |
|
|
|
4,760 |
|
|
|
8,608 |
|
|
|
|
Corporate
and Other |
|
|
|
(18 |
) |
|
|
(407 |
) |
|
|
|
Total
revenues |
|
|
$ |
46,757 |
|
|
$ |
49,229 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING (LOSS) PROFIT: |
|
|
|
|
|
|
Towers
and Weldments |
|
|
$ |
3,241 |
|
|
$ |
1,135 |
|
|
|
|
Gearing |
|
|
|
(1,202 |
) |
|
|
(1,211 |
) |
|
|
|
Corporate
and Other |
|
|
|
(2,263 |
) |
|
|
(2,288 |
) |
|
|
|
Total
operating (loss) profit |
|
|
$ |
(224 |
) |
|
$ |
(2,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure The Company provides
non-GAAP adjusted EBITDA (earnings before interest, income taxes,
depreciation, amortization, and stock compensation) as supplemental
information regarding the Company’s business performance. The
Company’s management uses adjusted EBITDA when it internally
evaluates the performance of the Company’s business, reviews
financial trends and makes operating and strategic decisions. The
Company believes that this non-GAAP financial measure is useful to
investors because it provides investors with a better understanding
of the Company’s past financial performance and future results
allows investors to evaluate the Company’s performance using the
same methodology and information as used by the Company’s
management. The Company's definition of adjusted EBITDA may be
different from similar non-GAAP financial measures used by other
companies and/or analysts.
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES |
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
|
(IN THOUSANDS) |
|
|
|
(UNAUDITED) |
|
|
|
|
|
|
Consolidated |
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Operating
(Loss) |
|
$ |
(224 |
) |
|
$ |
(2,364 |
) |
|
|
Depreciation and Amortization |
|
|
1,657 |
|
|
|
2,256 |
|
|
|
Share-based
Compensation and Other Stock Payments |
|
|
259 |
|
|
|
255 |
|
|
|
Other
Income |
|
|
12 |
|
|
|
110 |
|
|
|
Restructuring Expense |
|
|
- |
|
|
|
(17 |
) |
|
|
Adjusted EBITDA
(Non-GAAP) |
|
$ |
1,704 |
|
|
$ |
240 |
|
|
|
Towers and
Weldments Segment |
Three Months Ended March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Operating
Profit |
$ |
3,241 |
|
|
$ |
1,135 |
|
|
Depreciation |
|
966 |
|
|
|
914 |
|
|
Share-based
Compensation and Other Stock Payments |
|
38 |
|
|
|
15 |
|
|
Other Income |
|
12 |
|
|
|
110 |
|
|
Restructuring
Expense |
|
|
|
(17 |
) |
|
Adjusted EBITDA (Non-GAAP) |
$ |
4,257 |
|
|
$ |
2,157 |
|
|
|
|
Three Months Ended March 31, |
|
Gearing
Segment |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Operating
(Loss) |
|
$ |
(1,202 |
) |
|
$ |
(1,211 |
) |
|
Depreciation |
|
|
528 |
|
|
|
1,185 |
|
|
Amortization |
|
|
111 |
|
|
|
111 |
|
|
Share-based
Compensation and Other Stock Payments |
|
|
48 |
|
|
|
62 |
|
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
(515 |
) |
|
$ |
147 |
|
|
Corporate and
Other |
Three Months Ended March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Operating (Loss) |
$ |
(2,263 |
) |
|
$ |
(2,288 |
) |
|
Depreciation |
|
52 |
|
|
|
46 |
|
|
Share-based
Compensation and Other Stock Payments |
|
173 |
|
|
|
178 |
|
|
Adjusted EBITDA (Non-GAAP) |
$ |
(2,038 |
) |
|
$ |
(2,064 |
) |
|
BWEN INVESTOR CONTACT:
Joni Konstantelos
708.780.4819
joni.konstantelos@bwen.com
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