— Total revenue increased 148.5% — Operating income increased 278% — Net income increased 269%
PIPESTONE, Minn., April 3, 2012 /PRNewswire/ — Juhl Wind, Inc. (OTCBB: JUHL, the “Company”), the Leader in Community Wind Power, today announced its results for the year ended December 31, 2011. The Company posted record revenue and net income results for fiscal year 2011 driven by their continued success in the development and construction of community wind farms. Total revenue for the year increased 148% to $15,578,000 and net income increased 269% to approximately $3,042,000, catapulting the Company to its first ever, full-year positive income results.
“We are obviously very proud of our results for 2011, a year that was truly historic for our company,” stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. “Our financial performance was a direct result of our ability to fully develop, arrange financing for and complete construction on seven major wind projects during a very difficult time in our economy, and for the wind industry. We believe these results underscore Juhl Wind’s leading position in the renewable energy industry. The completed energy projects include Adams, Danielson, Grant County, Gundersen Lutheran, Valley View, Winona County and Woodstock Municipal. In addition to the completion and startup of these projects, we also retained ownership of Winona and Valley View increasing our position as an owner/operator of wind power and significantly strengthening the asset base of our balance sheet.”
“During 2011, we purchased the existing Woodstock Hills wind farm and took ownership of our newly developed Winona County and Valley View projects,” added John Mitola, President of Juhl Wind, Inc. “Through these acquisitions, we have added $20.7 million of wind farm fixed assets. Our decision to become the owner and operator of these three wind farms is consistent with our stated plan that we will continue to add renewable assets to our balance sheet on an ongoing basis. We hope to make additional progress in this area in 2012 through our attempted acquisition of additional existing wind farms, or new projects that we plan to develop in the second half of the year. We wrapped up 2011 with excellent results represented by a combination of increased revenue and earnings, higher balance sheet cash and significantly greater assets.”
Results for the twelve-month period ended December 31, 2011:
- Total revenue increased by approximately $9,310,000, or 148.5%, from approximately $6,268,000 for the year ended December 31, 2010, to approximately $15,578,000, for the year ended December 31, 2011. The increase in revenue over the year ended December 31, 2010 is primarily attributable to wind farm development fee revenue earned from five wind farm projects that completed construction and financing arrangements during 2011.
- Our operating income increased by approximately $7,634,000, or 278.0%, from an operating loss of approximately $2,746,000 for the year ended December 31, 2010 to operating income of approximately $4,888,000 for the year ended December 31, 2011. The increase in operating income for the year ended December 31, 2011 is primarily attributable to the increase in development fee revenue of $8,033,000 earned from the completion of five wind farm developments.
- Net income increased by approximately $4,842,000, or 269.0%, from a net loss of approximately $1,800,000 for the year ended December 31, 2010 to approximately $3,042,000 for the year ended December 31, 2011. The increase in net income over the period ended December 31, 2011 is largely attributable to the increase in revenue sources noted under revenue and operating income sections above.
- Basic and diluted net income per share of $0.12 per common share for 2011 compares to the ($0.10) loss per common share for 2010.
- As of December 31, 2011, the Company reported it held approximately $6.2 million in the form of cash accounts and short term investments, which includes approximately $382,000 in balances that are restricted by a debt covenant. Our liquidity position was significantly enhanced through generating $5.5 million in Cash flow from Operating Activities.
- During 2011, we made equity investments in three wind farms totaling 21.7 MW for a combined investment of approximately $2.3 million. We had not previously owned any wind farms prior to 2011.
A full analysis of results for the period ended December 31, 2011 is available in the Company’s Form 10-K, which is available on the Company’s website at www.juhlwind.com or through the Securities and Exchange Commission’s Edgar database at www.sec.gov.
About Juhl Wind, Inc.
Juhl Wind is an established leader in Community Based Wind Power development and management, focused on wind farm projects 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 totaling 195 MW 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 Juhl Renewable Energy Systems, Inc. (“JRES”) and Next Generation Power Systems subsidiaries (“NextGen”), Juhl Wind also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. Juhl Wind is based in Pipestone, Minnesota and 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 (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 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.
Source: PR Newswire (April 3, 2012 – 7:30 AM EDT)