PIPESTONE, Minn., Nov. 15, 2012 /PRNewswire/ -- Juhl Wind Inc. (OTCQB: JUHL), the Leader in Community Wind Power, announced today their financial results for the third quarter ended September 30, 2012.
John Mitola, President of Juhl, commented, "Our third quarter results are the first to demonstrate the impact of wrapping our development business with a strong foundation of wind farm ownership and operation. In addition, the expansion of our advisory business with our acquisition of PEC underscores the strength of our strategy to become a more diversified clean energy company."
"While our core business will always center upon wind power development, ownership and operation, we have made great progress toward making a very natural progression into all forms of complementary clean energy. We are confident that all of our operating divisions can work extremely well together by drawing from our fundamental development skills while we move into other clean energy assets. While the entire wind industry has spent the first three quarters of the year fretting over the future of the PTC, it was more evident than ever that we had to diversify our business and that is exactly what we have done. We plan to take similar steps in the last part of 2012 and the beginning of 2013."
Financial Highlights for the Third Quarter Ended September 30, 2012
- Diversification strategy to deliver sustainable growth outside of development fee revenue is gaining traction:
- Wind Farm Ownership segment revenue increased by $4.25 million to $4.4 million as compared to $169,000 for the same period 2011.
- Engineering Consulting Services segment contributed $2.2 million in additional revenue since the April 2012 acquisition.
- Gross margins earned from our engineering consulting services and wind farm acquisitions increased $1.4 million from a year ago
- The acquisition of Power Engineers Collaborative in April 2012 is now providing the Company with increased capabilities beyond wind and into the full range of clean energy sectors including natural gas, biomass, waste-to-energy, medium-to-large on-site solar, and support to larger wind farm construction.
- We have increased our wind and solar development pipeline to over 420 MW, including acquiring the rights to develop a 4MW wind project for a municipal utility in Ohio, the advancement of a 10 to 20 MW project for a multi-national corporate off-taker (electricity purchaser), and were successful in signing a power purchase contract with another large, multi-national corporation for an on-site, wind project.
Total revenue decreased by approximately $995,000, or 30.5%, from approximately $3,259,000 for the quarter ended September 30, 2011, to approximately $2,264,000 for the quarter ended September 30, 2012. The decrease is primarily attributable to large development fee revenue recognized a year ago from the sale of a project, offset by approximately a $1,900,000 increase in engineering consulting and electricity sales from the effects of the acquisition of PEC in 2012 and three wind farm facilities in 2011. Total revenue decreased by approximately $5,588,000, or 51.1%, from approximately $10,937,000 for the nine months ended September 30, 2011, to approximately $5,349,000 for the nine months ended September 30, 2012 as we achieved high levels of development fee income in the prior year on project closings.
We decreased our operating loss in the third quarter by approximately $880,000, from an operating income of approximately $490,000 for the quarter ended September 30, 2011 compared to operating loss of approximately $390,000 for the quarter ended September 30, 2012, primarily attributable to the effects of the high margin development fee income recognized a year ago, offset by additional revenues and operating profit margins obtained from our acquisition activity.
For the quarter ended September 30, 2012, we incurred a net loss attributable to common stockholders of approximately $710,000, or $(0.03) per basic and diluted share, compared to net income attributable to common stockholders of approximately $156,000, or $0.01 per basic and diluted share in the year-ago period. For the nine month period ended September 30, 2012, we incurred a net loss attributable to common stockholders of approximately $2,465,000, or $(0.11) per basic and diluted share, compared to net income attributable to common stockholders of approximately $2,124,000, or $0.10 per basic and diluted share in the year-ago period.
A full analysis of results for the period ended September 30, 2012 is available in the Company's Form 10-Q, which is available on the Company's website at www.juhlwind.com or through the Securities and Exchange Commission's Edgar database.
About Juhl Wind, Inc.
Juhl Wind is an established leader in the renewable energy industry with a focus on Community Based Wind Power development, ownership and management throughout the United States and Canada. Juhl Wind pioneered Community-Based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 21 wind farm projects and provides operations management and oversight across the portfolio. Juhl Wind services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its consolidation of the Valley View, Winona County and Woodstock Hills wind farms, the Company has now invested in and operates 21.7 MWs of wind power through its independent power producer ("IPP") subsidiary, Juhl Renewable Assets, Inc. Through its subsidiary, Juhl Renewable Energy Systems, Inc. ("JRES"), the Company also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. With its acquisition of Power Engineers Collaborative, Juhl provides a full range of engineering services to the energy industry, building systems markets and heavy industry. Juhl Wind is based in Pipestone, Minnesota and has offices in Chicago, Minneapolis, Madison, Milwaukee and Red Lake Falls, MN. Juhl is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
Juhl Wind Investor Relations
Phone: (888) 438-JUHL (888-438-5845)
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plans," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to the projects and acquisitions mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. These risks are referenced in Juhl Wind's current 10K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Wind, Inc.