JUHL Stock: Juhl Wind, Inc. Reports Third Quarter 2008 Results
Juhl Wind Inc. (OTCBB: JUHL stock), the Leader in Community Wind Power, today
announced its results for the three month period ending on September 30,
2008. The Company reported revenue of $149,405 for the three months
ended September, 2008, a decrease of $61,990 or 29.32% compared to
revenue of $211,395 for the three months ended September 30, 2007.
Revenue for the first nine months of 2008 was $464,043 compared to
$508,296 for the same period in 2007, a decrease of 8.71%. The variance
in revenue was primarily due to the timing of specific services provided
to existing wind farms compared to a year earlier and due to slight
delays in new projects under development. The net loss reported for the
third quarter of 2008 was $383,311 as compared to net income of $110,883
for the same period in 2007. The net loss available to common
shareholders for the quarter ended September 30, 2008 was $0.02 per
share after accounting for non-cash, preferred stock dividends of
$103,200. The net loss reported for the first nine months of 2008 was
$568,869 as compared to net income of $238,500 for the same period in
2007. The net loss available to common shareholders for the nine-months
ended September 30, 2008 was $0.04 per share after accounting for
non-cash, preferred stock dividends of $110,080. The variance in net
income was due to significant one-time charges associated with the
initial costs of going public including higher professional service fees
and investor relation expense that the Company believes will steadily
decrease in future quarters. The Company reported that it had total cash
on hand as of September 30, 2008 of $4,011,996 including $318,715 of
restricted cash and $3,693,281 of unrestricted cash.
“During the quarter, we continued to advance
our new wind farm projects under development while much of our attention
was also focused on the acquisition of Next Gen which we recently
announced,” stated Dan Juhl, Chairman and CEO
of Juhl Wind Inc. “Now that we have the
acquisition of Next Gen under our belts, all of our activity is focused
on advancing the group of 19 wind farm projects we have in various
stages and getting construction underway on our first couple of wind
farms in early 2009. We have also placed a great deal of effort in
ensuring the strength of existing Next Gen sales and future growth.”
“The results for our second quarter were right
in line with our expectations given our ongoing efforts to launch Juhl
Wind as a public company and to increase our visibility in the public
market,” added John Mitola, President. “Given
our public merger transaction and initial efforts as a public company,
we have previously stated that we didn’t
expect much growth in the second half of 2008. We also projected some
increase loss due to those initiatives but we have properly funded our
balance sheet for these expenses. However, while we have been getting
ourselves established as a public company, we have also continued to
build our project backlog to prepare for our expected growth in 2009 and
beyond. During the third quarter and subsequent to its close, we
announced new projects including Abilene Christian University as well as
our successful acquisition of Next Gen. All of this activity points to
strong growth in 2009.”
A full analysis of the results from the three-month period ending on
September 30, 2008 are 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 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 11 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 acquisition of Next
Generation Power Systems, Juhl Wind now provides full sales and service
to smaller, on-site wind and solar projects. Juhl Wind is based in
Woodstock, Minnesota and is traded on the OTCBB under the symbol
JUHL.OB. Additional information is available at the Company’s
website at www.juhlwind.com
or by calling 877-584-5946 (or 877-JUHLWIN).
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,”
“plan,” “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 in the remainder
of 2008 and beyond to differ materially from those expressed in, or
implied by, these forward-looking statements. These risks are referenced
in Juhl Wind’s current 8K or as may be
described from time to time in Juhl Wind’s
subsequent SEC filings; and such factors as incorporated by reference.
For Juhl Wind Investor Relations iStockDaily, Inc. Jody
Janson, 888-438-JUHL (5845) Fax: 585-232-5457 Email: jody@istockdaily.com
