QualityStocks would like to highlight Juhl Wind (OTCBB: JUHL), 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 21 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 consolidation of the Valley View, Winona County and Woodstock Hills wind farms, the company has now invested in and operates 21.7 MWs of wind power through its independent power producer ("IPP") subsidiary, Juhl Renewable Assets, Inc. Through its Juhl Renewable Energy, Inc. ("JRES") and Next Generation Power Systems subsidiaries ("NextGen"), Juhl Wind also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms.
In the company’s news yesterday,
Juhl Wind announced its financial results for the year ended December 31, 2011.
Total revenue increased 148.5 percent to $15.5 million compared to $6.2 million reported for the year ended December 31, 2010.
Operating income for full year 2011 increased 278.0 percent to $4.8 million compared to an operating loss of approximately $2.7 million reported for the year ended December 31, 2010.
Net income increased 269.0 percent to $3.0 million, or $0.12 per common share, for the 12 months ended December 31, 2011, compared to a net loss of approximately $1.8 million, or a loss of $(0.10), for the year prior.
As of December 31, 2011, Juhl Wind reported cash accounts and short-term investments of approximately $6.2 million.
“We are obviously very proud of our results for 2011, a year that was truly historic for our company,” Dan Juhl, chairman and CEO of Juhl Wind stated in the press release. “Our financial performance was a direct result of our ability to fully develop, arrange financing for and complete construction on seven major wind projects during a very difficult time in our economy, and for the wind industry. We believe these results underscore Juhl Wind’s leading position in the renewable energy industry.”
The company also highlighted a significant operational achievement for 2011, as it made equity investments of $2.3 million for three wind farms totaling 21.7 MW. Prior to this investment, the company did not own any wind farms.
Juhl Wind purchased the existing Woodstock Hills wind farm and acquired the newly developed Winona County and Valley View projects, which contributed to the company $20.7 million of wind farm fixed assets.
John Mitola, president of Juhl Wind, said the decision to acquire these wind farms was based on the company’s strategy to add renewable assets to its balance sheet on an ongoing basis.
“We hope to make additional progress in this area in 2012 through our attempted acquisition of additional existing wind farms, or new projects that we plan to develop in the second half of the year. We wrapped up 2011 with excellent results represented by a combination of increased revenue and earnings, higher balance sheet cash and significantly greater assets,” Mitola stated.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.