Juhl Wind Inc., the national leader in community based wind power development and management, today announced annual financial results for the year ended December 31, 2009, showing substantial growth in its project base and revenue.
The high point of the results was a huge 777% increase in revenue, to $11,676,000 from the $1,331,000 reported for the year ended December 31, 2008. The large increase was due primarily to nearly $8 million in construction contract revenue from two wind farm construction projects during the fourth quarter of 2009. The projects were roughly 80% to 90% completed at the time of reporting, and are expected to be finished during the first and second quarters of 2010 with remaining revenue recognized at that time.
In 2008, the company had experienced a net annual loss of approximately $1,201,000, which the jump in 2009 revenue almost completely eliminated. The 2009 net loss of $131,000 represented a reduction of over 89%. The net loss figure was significantly impacted by the fair value accounting over warrant derivatives and subsequent gain reported in 2009. In addition, the figure includes one-time costs for services associated with registration statements and other public filings, plus a one-time charge of $228,000 for goodwill impairment.
The results also revealed that Juhl held approximately $4,555,000 in the form of cash accounts and short term investments, including approximately $718,000 in balances that are restricted by a debt covenant.
Company chairman and CEO, Dan Juhl, commented on the results. “We are extremely pleased to report our results for the 2009 fiscal year. By adding the full-scale construction of just one of our larger wind farms and a smaller wind system to our base wind farm operations revenue, we enjoyed a significant increase in our top line to over $11 million. That increase in top line revenue also resulted in a dramatic improvement to our bottom line. We ended 2009 and have begun 2010 with a growing list of 28 projects and over $4,000,000 in cash on our balance sheet to fund our efforts to fully develop those wind farms.”