Juhl Wind, Inc. Reports Results for Third Quarter and Nine Months Ended September 30th, 2010 Released: 11/16/10 12:03 PM ESTRevenues increase 197% for Nine months ended September 30th over same period 2009
WOODSTOCK, Minn., Nov. 16, 2010 /PRNewswire-FirstCall/ -- Juhl Wind, Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power, today announced its results for the third quarter and Nine months of 2010 which ended on September 30, 2010.
"We continue to be very satisfied with our performance in the first three quarters of 2010," stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. "Our results continue to demonstrate strong year-over-year revenue growth. We expect even more robust growth in the fourth quarter of this year as we continue construction on our Adams, Danielson, Valley View and Winona wind farms."
"Our most significant accomplishment thus far in 2010 and in the third quarter was our completion of the construction and permanent financing agreements for the $86 million build out of the Adams and Danielson wind farms," added John Mitola, President. "That structure coupled with other financings will allow us to post strong growth in the fourth quarter. As a result we are confident that Juhl Wind is one of the few independent developers of wind power that has been able to put together the project financing necessary to build new wind farms and the construction of those projects has driven our growth in 2009 and thus far in 2010. We will provide additional details on these projects in the coming weeks."
Results for the Quarter and Nine Months ended September 30, 2010:
Revenue for the first Nine months of 2010 was $3,170,000 compared to $1,067,000 for 2009, or an increase of 197%. Revenue for the third quarter 2010 was $867,000 compared to $399,000 in the third quarter of 2009, or an increase of 117%. The large increase in revenue for the Nine month period is primarily attributable to approximately $1,353,000 of construction contract revenue from three wind farm construction projects during the first nine months of 2010, and approximately $455,000 from turbine sales and service, and $170,000 from the installation of meteorological towers.
Net Loss increased by approximately $1,509,000, from net loss of approximately $400,000 for the Nine months ended September 30, 2009 to a net loss of approximately $1,909,000 for the Nine months ended September 30, 2010. However, investors should note that our net income in 2009 was significantly impacted by the fair value accounting over warrant derivatives and a related non-cash gain of approximately $2,199,000 reported for the Nine months ended September 30, 2009. Net Loss in the three months ended September 30, 2010 decreased by $412,000 over the same period 2009 as a result of improved gross margins of $144,000 from construction and turbine sales and services activities combined with a reduction of $278,000 in overall operating expenses.
Operating Expenses decreased by approximately $389,000, or 12.3%, from $3,158,000 for the Nine months ended September 30, 2009 to $2,769,000 for the Nine months ended September 30, 2010. We are managing our operating expenses closely as we look to conserve our cash resources to assist in the construction and management of four wind projects.
Net Loss per share amounts were $0.17 per share for the Nine months ended September 30, 2009 as compared to $0.10 loss per share for the Nine months ended September 30, 2010. The income per share calculation in 2009 was significantly impacted by the fair value accounting over warrant derivatives.
As of September 30, 2010, the Company reported it held approximately $2,831,000 in the form of cash accounts and short term investments, which includes approximately $417,000 in balances that are restricted by a debt covenant.
A full analysis of results for the quarter ended September 30, 2010 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, www.sec.gov.
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