Juhl Wind Inc., a leader in community-based wind power development in the United States and Canada, Friday announced its results for the first quarter of 2011, marking the company’s first positive operating income in its operating history.
Dan Juhl, chairman and CEO of Juhl, praised the company’s performance and its operational success.
“We are obviously, very pleased to file our 10Q for the first quarter of 2011 where we accomplished so much and delivered such solid financial results,” Juhl stated in the press release. “As we have been reporting to the market, the first part of this year saw us wrapping up construction on key wind farms as well as pulling together the permanent, take-out financing on others.”
Revenue increased a stunning 303.2 percent to roughly $4.95 million compared to approximately $1.63 million for the same quarter ended March 31, 2010.The company attributes the increase primarily to approximately $4.98 million of wind farm development fee revenue earned from three wind farm construction projects.
The company reported net income of $2.80 million, or $0.13 basic and diluted earnings per share, compared to a loss of $(0.03) per common share for the comparable quarter of 2010.
“We believe that our financial performance in the first quarter really underscores just how much our team has accomplished in the past couple of years,” John Mitola, president of Juhl stated in the press release. “With over $6 million in cash on our balance sheet today, we know we enjoy one of the most solid balance sheets in the wind industry amongst independent developers, owners and operators. This cash puts us in a position of strength to implement the growth initiatives we laid out in our recent Outlook Conference Call.”
For more information visit www.juhlwind.com