The Company reported a net loss of $7.2 million, or ($0.07) per basic and diluted share, in the first quarter of 2009, compared to a net loss of $3.4 million, or $(0.04) per basic and diluted share, in the first quarter of 2008. The Company generated Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (EBITDAS) of $381,000 for the first quarter of 2009. For a summary of financial results and an explanation and reconciliation of EBITDAS to net loss, please see the table below.

"While this quarter's results reflected the challenging global economic slowdown and tightened credit markets, as well as higher costs to ramp up operations, the period was also marked by the launch of production at our new Abilene, Texas tower plant and continued market share increase," said Broadwind CEO, J. Cameron Drecoll. "From a pure numbers perspective, we are not satisfied with the first quarter's loss. However, we expect wind industry demand to rebound over the next six to twelve months, and we continue to take a long-term view with our actions and investments to ensure we're growing the value of our enterprise."

"The company continues to focus on cash management through improvements in working capital, capital spending controls and improving liquidity through additional financing arrangements," said Broadwind CFO, Stephen Graham. "Recent highlights include entering into two financing arrangements by certain of the company's subsidiaries which may provide up to $13 million for equipment and construction financing."

Last week, Broadwind Energy attended AWEA's 2009 WINDPOWER Conference and Exhibition in Chicago which hosted over 20,000 wind energy professionals and industry-leading decision makers, as well as 1,200 exhibiting companies. Broadwind had the opportunity to showcase a variety of its capabilities and to meet with many current and potential customers, in addition to several investors.

"With recently announced Government legislation extending the production tax credits and the furthering of tax incentives to developers, as well as the advances in technology of wind development, the tone from this year's conference was very positive," added Drecoll. "We plan to use this momentum to further expand our services and strategic partnerships. We are committed to continuing our strategy of providing an integrated and cost-efficient supply chain solution to America's growing wind power industry."

   Segment Results    Products  

Broadwind's Products segment includes wind tower and precision gear manufacturing and heavy steel fabrication. For the first quarter of 2009, Broadwind's Products segment posted revenues of $43.1 million, compared to $30.2 million in revenues reported in the first quarter of 2008 due to the production of two new wind tower designs for customers, start-up of the Abilene, Texas wind tower manufacturing facility and increased production of custom gearing systems. The Company experienced integration and production ramp-up costs, as well as costs related to the tower plant expansion, which negatively impacted profitability during the quarter.