Juhl Wind Inc. today announced its results for the year ended December 31, 2008. Revenue for the year totaled $1,331,497, which exceeded the company’s projected revenue of $700,000. Net loss for 2008 was $1,201,229 as compared to a net loss of $46,255 for 2007. As of December 31, 2008, Juhl Wind held unrestricted cash of $2,610,789 in the form of cash accounts and short term investments in addition to $264,557 of restricted cash.
“We are extremely pleased to report our results for the 2008 fiscal year,” stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. “With our base wind farm operations revenue plus the acquisition of Next Generation Power Systems (“NextGen”) we were able to exceed our revenue estimate for the year that we provided at the end of the 3rd Quarter while continuing to grow our project pipeline. We achieved all of this while successfully completing our transition in becoming a public company and the raising of preferred equity to fund our growth plan. We ended 2008 and have begun 2009 with a growing list of 24 projects and over $3,000,000 in cash on our balance sheet to fund our efforts to fully develop those wind farms.”
“In the midst of one of the most difficult economic environments in history, Juhl Wind wrapped up 2008 in the strongest shape in our corporate history,” commented John Mitola, President. “While we maintained our focus on our key wind farm projects for 2009, we also successfully expanded our offerings through the acquisition of NextGen into smaller on-site wind and solar projects. At the same time, we expanded our customer base by providing wind farms services directly to institutions like colleges, universities and medical campuses – as well as diary farms and other local farm operations. We are confident we have ended 2008 and started 2009 as the preeminent leader in the development of Community Wind Farms and on-site wind systems.”
“As an established leader in the wind industry, we believe Juhl is uniquely positioned to take advantage of the incentives provided by the American Recovery and Reinvestment Act of 2009,” Mitola continued. “We are seeing increased activity across all of our projects due to some of the more unique aspects of the U.S. Stimulus Bill. The elements we expect will boost our business include the 30% grant on wind farm projects, bonus depreciation and the extension of the Production Tax Credit until the end of 2012. In our NextGen business unit, customers can take advantage of the removal of any cap on the small wind tax credit, which now allows taxpayers to take a full, 30% tax credit on any small wind system installed by us. If the U.S. government moves forward with a carbon tax program, we would expect an even greater boost to the value of renewable projects.”
Let us hear your thoughts below:
