Juhl Wind Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, announced its results for the third quarter of 2011. Revenue for the third quarter 2011 was $3,259,000 compared to $867,000 in the third quarter of 2010, or an increase of 276%. In addition, for the nine months ended September 30, 2011, the Company posted a record $10.9 million in revenue and $2.4 million in net income. Juhl Wind also reported continued growth in its cash position due to development fees, ending the first nine months of 2011 with approximately $6 million in cash.
"We are very proud of our results through the third quarter of 2011 as we continue a historic year for our company," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "Our financial results are a direct result of our work on six major wind projects during a very difficult time in our economy – which we believe is direct evidence of Juhl Wind's leading position in the energy industry. These projects include Adams, Danielson, Grant County, Valley View, Winona County and Woodstock Municipal. We have fully developed, managed construction and brought most of these projects into full service over the past two years and will be wrapping up work on all of them in the last quarter of this year."
"When combined with our previous experience, these projects bring our total project count to 20 wind farms – a level reached by few independent firms in this sector," added John Mitola, President of Juhl Wind. "Our performance in the face of such a difficult environment speaks for itself and we are confident that these results create a very strong base for our future growth."
Results for the nine-month period ended September 30, 2011:
* Revenue for the first nine months of 2011 was $10,937,000 compared to $3,170,000 for 2010, or an increase of $7,767,000, or 245%. Revenue for the third quarter 2011 was $3,259,000 compared to $867,000 in the third quarter of 2010, or an increase of 276%. The increase in revenue for the nine months ended September 30, 2011 is primarily attributable to approximately $5.0 million of wind farm development fee revenue from three wind farm projects that completed financing arrangements during 2011 and approximately $1.7 million in revenue from the sale of our development rights in the Crofton Hills project.
* Our Operating Income of approximately $4,264,000 for the nine months ended September 30, 2011 is primarily attributable to the increased wind farm development fee revenue which provides high margin of profitability upon revenue recognition. Our operating income for the third quarter increased by approximately $1,019,000, or 193%, from an operating loss of approximately $529,000 for the quarter ended September 30, 2010 to operating income of approximately $490,000 for the quarter ended September 30, 2011. The increase in operating income for the quarter is primarily related to the sale of our development rights on the Crofton Hills project although we did see increases in investor relations expenses to heighten exposure of Juhl Wind's stock and operating expenses associated with the take-over of the Woodstock wind farm during its lower wind production months.
* Our Net Income of $2,419,000 for the nine months ended September 30, 2011 represents a $4,328,000 improvement in the bottom-line from the comparative quarter a year ago. The increase in net income over the nine-month period is largely attributable to the increased revenue sources noted under revenue and operating income sections above. Our net income is impacted by 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 $0.10 income per common share for the nine months ended September 30, 2011 compares to the $0.10 loss per common share for the comparative nine months ended in 2010.
* As of September 30, 2011, the Company reported it held approximately $6.0 million in the form of cash and short term investments, which includes approximately $422,000 in balances that are restricted by a debt covenant.