Juhl Wind, a company focused on community-based wind farm projects throughout the United States and Canada, today 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.
For more information visit juhlwind.com
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