Welcome!

News Feed Item

Juhl Energy, Inc. Announces Financial Results for Fiscal Year 2013

Company's 2013 Revenue Surges 85.7% Over 2012 to $15.1 million

PIPESTONE, Minn., April 7, 2014 /PRNewswire/ -- Juhl Energy, Inc. (OTCBB: JUHL, the "Company"), a leading provider of Clean Energy Solutions and the Leader in Community Wind Power, today announced financial results for the twelve months ended December 31st, 2013.   

"We are extremely proud of our significant revenue growth in 2013," stated Dan Juhl, Chairman and CEO of Juhl Energy, Inc.  "Our long-term strategy of providing diversified renewable energy solutions to communities, industrial and agricultural customers across North America is proving successful, as demonstrated by the revenue increases we recorded across a majority of our primary business segments.  This diversification is resulting in a growing base business that delivers reliable year-over-year revenue."

"We are very pleased with the ongoing growth of our family of companies," added John Mitola, President of Juhl Energy, Inc.  "While we continue to develop wind projects throughout North America, our diversification with wind farm ownership, engineering and field services has resulted in a strong and steady growth curve since 2008, and just as important as our top-line growth, we have been building a very solid base of recurring revenue." 

"Our marquee project in 2013 was the wind project we built for the Honda Transmission plant in Russells Point, Ohio – a first of its kind wind system serving a major industrial customer," continued Mitola.  "Yet again, we were able to build a multi-million dollar project on time and under budget, in the middle of winter, and within a matter of months.  This type of outcome represents the capabilities and expertise of the deep team we have built at Juhl."

"One of the most important steps we took in 2013 was our continued 'democratization' of capital in the renewable asset class," added Mitola.  "This effort started long ago with Dan Juhl's creation of the 'Community Wind' financing model, and our expansion of the Juhl Renewable Assets' preferred stock instrument has taken it to a whole new level.  In the latter half of 2013, we completed what we believe is the first-of-a-kind raise of our investment pool for our Juhl Renewable Assets, Inc. subsidiary.  This raise was extremely well received, and what we found is strong evidence that individual investors want to make renewable investments alongside a proven player like Juhl.  We remain committed to democratizing the renewable energy asset class and allowing individual investors to participate in an attractive market that has for too long been controlled by just a handful of institutions.  We are currently in the process of expanding this investment pool to enable us to acquire two new projects in the Midwest."

Results for the Year Ended December 31, 2013

  • Total revenue increased by approximately $6,970,000, or 85.7%, from approximately $8,131,000 for the year ended December 31, 2012, to approximately $15,101,000, for the year ended December 31, 2013.  The increase in revenue is primarily attributable to the increased revenues from the effects of the acquisition of Power Engineers Collaborative in 2012 along with the expansion of maintenance services into the cellular tower industry and the revenue associated with the development and construction of the 3.4 MgW wind energy facility in Russells Point, Ohio.
  • Juhl's diversification strategy to deliver sustainable revenue growth outside of wind farm development and construction continues to advance:
    • Recurring revenue from our Energy & Telecom Services and Power Plant Ownership segments exceeded $11 million in 2013 as a result of adding these operations at various times since late 2011,
    • The start-up of our cellular tower maintenance services division in 2013 is expected to grow our revenues in excess of $4 million annually, but we acknowledge that our 2013 net loss significantly impacted our operating results through initial start-up costs and inefficiencies related to launching this new service capability.
  • Gross margins declined to approximately 18% of revenue as we have expensed the start-up costs of launching the cellular tower upgrade and maintenance services and the associated productivity inefficiencies with this added capability, together with lower than average year wind conditions in the Upper Midwest which attributed to lower electricity sales and an inventory valuation adjustment.
  • Operating expenses, as a percentage of our revenue, are 37% of revenue for the year ended December 31, 2013 as compared to 57% for year ended December 31, 2012, indicating that we have controlled our indirect overhead expenses while simultaneously achieving significant revenue growth.
  • Operating loss increased by approximately $1,341,000, from an operating loss of approximately $1,541,000 for the year ended December 31, 2012 to an operating loss of approximately $2,882,000 for the year ended December 31, 2013. The increase in operating loss is primarily attributable to the start-up expenses and challenging startup operating margins in establishing the tower services capability of Juhl Tower Services – a division of our Juhl Energy Services subsidiary—together with unusual charges related to inventory adjustments, non-cash acquisition-related amortization charges and stock issuance costs, offset by the positive impact of development fee and construction income in the fourth quarter.   The total of unusual charges included in our operating loss approximated $750,000, and in additional non-cash depreciation charges were approximately $1,275,000.
  • Net loss increased by approximately $100,000, from a net loss of approximately $2,946,000 for the year ended December 31, 2012 to a net loss of approximately $3,046,000 for the year ended December 31, 2013.   The increase is primarily attributable to the start-up, operating loss incurred in the Juhl Tower Services division as noted above, combined with the inventory adjustment and write-off of issuance fees, offset by a full year of margin associated with our engineering consulting business and the margins obtained from the development and construction of the Honda Transmission wind farm project in Ohio.
  • Basic and diluted net loss per share of $0.17 per common share for 2013 compares to the $0.16 net loss per common share for 2012.

A full analysis of results for the period ended December 31, 2013 is available in the Company's Form 10-K, which is available on the Company's website at www.juhlenergy.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.

ABOUT JUHL ENERGY, INC.
Juhl Energy is an established leader in the renewable energy industry with a focus on competitive, clean energy solutions and community-based wind power development, ownership and management throughout the United States and Canada.  Juhl Energy pioneered community-based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms in rural America.  To date, the Company has completed 24 wind farm projects totaling 240 MW and provides operations management and oversight across the portfolio. Juhl Energy services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance.  Juhl Energy also provides a broad range of clean energy solutions. 

Juhl Energy operates three primary business segments: renewable energy development, renewable power plant ownership, and energy and telecommunications services.  Through its Juhl Energy Development Inc. (JEDI) subsidiary, the Company provides medium and large-scale wind, solar, and cogeneration energy development services.  With its acquisitions of the Valley View, Winona County and Woodstock Hills wind farms; the Company now owns and operates 21.7 MWs of wind power through its renewable power subsidiary, Juhl Renewable Assets, Inc. (JRAI).  Through its third subsidiary, Juhl Energy Services, Inc. (JESI), and its acquisition of Power Engineers Collaborative, Inc., the Company provides a full range of engineering services to the energy industry, building systems markets, and heavy industry.  JESI also provides full sales and service to smaller, on-site wind and solar projects through its Juhl Renewable Energy Systems division.  JESI leverages the Company's deep experience with wind towers to also provide cell and radio tower services through its Juhl Tower Services division.  Juhl Energy is based in Pipestone, Minnesota and has offices in Chicago, Minneapolis, Madison and Milwaukee. Juhl Energy is traded on the OTCQB under the symbol 'JUHL'.  Additional information is available at the Company's website at www.juhlenergy.com or by calling (507) 562-8090.

For Juhl Energy news as it happens, Follow Us on Twitter and Like Us on Facebook!

Juhl Energy Investor Relations
Jody Janson
Phone: (888) 438-JUHL (888-438-5845)
Fax: (585) 486-1611
Email: [email protected]

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 Energy's current expectations about its future results, performance, prospects and opportunities. Juhl Energy 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 Energy and are subject to a number of risks, uncertainties and other factors that could cause Juhl Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects, prospective acquisitions and wind farm assets mentioned herein.  These risks are referenced in Juhl Energy's current 10K or as may be described from time to time in Juhl Energy's subsequent SEC filings; and such factors as incorporated by reference.

SOURCE Juhl Energy, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
Connecting to major cloud service providers is becoming central to doing business. But your cloud provider’s performance is only as good as your connectivity solution. Massive Networks will place you in the driver's seat by exposing how you can extend your LAN from any location to include any cloud platform through an advanced high-performance connection that is secure and dedicated to your business-critical data. In his session at 21st Cloud Expo, Paul Mako, CEO & CIO of Massive Networks, wil...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.