Juhl Wraps Up the First Six Months of 2011 with Historic Revenue and Cash Flow
WOODSTOCK, Minn., Aug. 16, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB:JUHL.ob - News), the Leader in Community Wind Power, today announced its results for the second quarter of 2011 – wrapping up the first six months of 2011 with over $7.5 million in revenue and its first positive operating income for the first half of any given operating year since becoming a public company. Juhl Wind also reported continued growth in its cash position due to development fees, ending the first six months of 2011 with over $5 million in cash.
"We are obviously, very pleased to file our 10Q for the second quarter of 2011 where we continued to build upon our success from the first quarter, again delivering strong financial results," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "As we have been reporting to the market, the first half of this year saw us wrapping up construction on key wind farms as well as pulling together the permanent, take-out financing on others. These efforts produced over $7.5 million in revenue for the six months and brought in a net $3.6 million in cash within the six months followed by another $1.25 million in August. As a result, today we ended the quarter with over $5 million in cash on our balance sheet. All in all, we are very proud of those results."
"We believe that our financial performance in the first half of 2011 continues to underscore just how much our team has accomplished in the past couple of years, with the successful ongoing development and construction of seven wind farm projects," added John Mitola, President of Juhl Wind Inc. "With over $5.7 million in cash on our balance sheet as of today's press release, we know we enjoy one of the most solid balance sheets in the wind industry amongst independent developers, owners and operators. This cash puts us in a position of strength to implement the growth initiatives we laid out in our first quarter outlook conference call."
"We plan to use our balance sheet strength to push forward on new wind farm projects along with those already in our pipeline," continued Mitola. "While we have seen the value of our development business in the first half of this year, we also plan to continue to build our residual, steady revenue generating businesses through additional acquisitions of existing wind farms, like Woodstock Hills, growing our wind farm operations and maintenance business and growing our consulting services operation. We have shown results in this area already with our acquisition of the existing Woodstock Hills, 10MW wind farm and with our planned acquisition of a medium sized, engineering consulting business. We plan to pursue important steps within these areas through the remainder of 2011."
Results for the six-month period ended June 30, 2011:
* Revenue for the first six months of 2011 was $7,678,000 compared to $2,303,000 for 2010, or an increase of $5,375,000, or 233%. Revenue for the second quarter 2011 was $1,087,000 compared to $668,000 in the second quarter of 2010, or an increase of 63%. The increase in revenue over the six months ended June 30, 2011 is primarily attributable to approximately $4.9 million of wind farm development fee revenue from three wind farm projects that completed financing arrangements during 2011 and approximately $98,000 in revenue from the recently acquired Woodstock Hills wind farm.
* Our Operating Income of approximately $3,774,000 for the six months ended June 30, 2011 is primarily attributable to the increased wind farm development fee revenue which provides high margin of profitability upon revenue recognition. Our operating loss for the second quarter increased by approximately $156,000, or 18.4%, from an operating loss of approximately $849,000 for the quarter ended June 30, 2010 to operating loss of approximately $1,005,000 for the quarter ended June 30, 2011. The increase in operating loss resulted from the increases in investor relations expenses to heighten exposure of Juhl Wind's stock, growth in payroll and employee benefit costs, and operating results associated with the take-over of the Woodstock wind farm during its lower wind production months.
* Our Net Income of $2,160,000 for the six months ended June 30, 2011 represents a $3,544,000 improvement in the bottom-line from the comparative quarter a year ago. The increase in net income over the six-month period is largely attributable to the increased revenue sources noted under revenue and operating income sections above. The net loss of $642,000 in the three months ended June 30, 2011 as compared to our net income of $2,801,000 for the three months ended March 31, 2011 is indicative of the inconsistent revenue patterns of our wind farm development services business as revenue recognition is significantly impacted by the timing of the completion and financing of wind farm projects.
* Basic and fully diluted earnings per share of $0.09 income per common share for the six months ended June 30, 2011 compares to the $0.07 loss per common share for the comparative six months ended in 2010.
* As of June 30, 2011, the Company reported it held approximately $5.3 million in the form of cash and short term investments, which includes approximately $421,000 in balances that are restricted by a debt covenant. The cash balances do not include the $1.25 million in cash received from the closing of the sale of our development work performed to-date and development rights of a Nebraska project.
Juhl Wind management will be hosting a teleconference and web cast on Thursday, August 18th, 2011 at 4:30 pm ET to discuss the Company's second quarter 2011 financial results, project updates and corporate outlook.
Time: 4:30 p.m. Eastern Time
Date: Thursday, August 18th, 2011
Investor Dial-in (Toll Free): (877) 407-9210
Investor Dial-In (International): (201) 689-8049
Live Web Cast: http://www.investorcalendar.com/IC/CEPage.asp?ID=165626
A full analysis of results for the period ended June 30, 2011 is available in the Company's Form 10-Q, which is available on the Company's website at www.juhlwind.com.
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