"We continue to be very satisfied with our performance in the first half of 2010," stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. "Our results reflect strong growth year-over-year consistent with the revenue projections we provided investors in our long-term financial plan. We expect our wind energy business to continue growing with similar revenue strength in the second half of 2010 as we begin construction on a minimum of two new wind farm projects slated for this year."
"We have been able to post strong revenue growth by proceeding with our basic business plan and making our way through what continues to be a pretty tough wind industry," added John Mitola, President.
"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 expect to begin construction of at least two more wind farms in the latter half of 2010 and we believe those projects will drive our revenue for the remainder of the year. We will provide additional details on these projects in the coming weeks and remain confident we will exhibit very strong growth trajectory for the full year, 2010."
Results for the Quarter and Six Months ended June 30, 2010:
* Revenue for the first six months of 2010 was $2,303,000 compared to $668,000 for 2009, or an increase of 245%. Revenue for the second quarter 2010 was $668,000 compared to $320,000 in the second quarter of 2009, or an increase of 109%. The large increase in revenue for the six month period is primarily attributable to approximately $1,100,000 of revenue from two wind farm construction projects, both of which have now been fully constructed, and approximately $257,000 increase in small wind turbines sales.
* Net Loss increased by approximately $1,922,000, from net income of approximately $538,000 for the six months ended June 30, 2009 to a net loss of approximately $1,384,000 for the six months ended June 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 $2,198,000 reported for the six months ended June 30, 2009.
* Operating Expenses decreased by approximately $110,000, or 5.3%, from $2,071,000 for the six months ended June 30, 2009 to $1,961,000 for the six months ended June 30, 2010. We are managing our operating expenses closely as we look to wrap-up the permanent financing of two constructed projects. General and Administrative expenses increased in the second quarter as we incurred legal and advisory services in connection with our intentions to raise additional capital that will assist us in the financing of our wind farm projects.
* Net Loss per share amounts were $0.12 per share for the six months ended June 30, 2009 as compared to $0.07 loss per share for the six months ended June 30, 2010. The income per share calculation in the first half of 2009 was significantly impacted by the fair value accounting over warrant derivatives.
* As of June 30, 2010, the Company reported it held approximately $3,690,000 in the form of cash accounts and short term investments, which includes approximately $414,000 in balances that are restricted by a debt covenant.
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 developed 15 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 and system operations and maintenance. With its acquisition of Next Generation Power Systems, Juhl Wind now 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 Woodstock, Minnesota and is traded on the OTCBB under the symbol "JUHL".
