broadwind energy inc (BWEN) Snapshot

Broadwind Energy, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's revenues were $45,664,000 against $54,443,000 for the same period a year ago. Operating loss was $4,496,000 against $3,941,000 for the same period a year ago. Net loss from continuing operations before provision for income taxes was $4,827,000 against $3,840,000 for the same period a year ago. Loss from continuing operations was $4,849,000 against $3,860,000 for the same period a year ago, the increased loss was primarily due to accelerated amortization expense associated with a customer intangible, and higher restructuring costs. Net loss was $5,059,000 against $3,860,000 for the same period a year ago. Diluted loss per share from continuing operations was $0.34 against $0.28 for the same period a year ago. Diluted net loss per share was $0.35 against $0.28 for the same period a year ago. Net cash used in operating activities of continuing operations was $2,840,000 against $1,399,000 for the same period a year ago. Purchases of property and equipment were $1,375,000 against $715,000 for the same period a year ago. Total adjusted EBITDA (non-GAAP) was $1,325,000 against $1,392,000 for the same period a year ago. Net-to-debt balance rose to $14.3 million at March 31, 2013. The company announced impairment charges of $288,000 for the first quarter of 2013. The company provided earnings guidance for the second quarter, full year 2013 and 2014. For the second quarter, the company expects its revenue should accelerate to $54 million to $56 million and adjusted EBITDA should exceed $2 million, a healthy increase from prior year level. With the improvement in the EBITDA and the gain on the Brandon sale, the company should record a slightly positive net income of approximately $0.01 to $0.03 per share. For the full year 2013, the company projected revenue in the $215 million to $225 million range, third year of significant top line growth. And adjusted EBITDA is $9 million to $12 million. Due to the $2.4 million gain on the sale of Brandon, which will be reported in the second quarter, the company has raised full year EPS guidance to a loss of between $0.30 and $0.50. For the 2014, the company targeted a 9% to 11% gross profit margin. With some leverage on operating expenses, they should average 9% to 10% of sales and the company should be at or above breakeven profitability in 2014. In terms of tower production, the company expects to produce approximately 500 towers in 2014, which is close to full capacity.

On May 2, 2013, Robert Rogowski, Vice President and Corporate Controller of Broadwind Energy, Inc. was designated as Principal Accounting Officer of the company, effective immediately. Mr. Rogowski joined the company in April 2011.

Broadwind Energy, Inc. a $34 million order for towers from a U.S. wind turbine manufacturer. Broadwind will produce these towers in its Abilene, Texas facility with delivery scheduled to begin in fourth-quarter 2013 and extend into 2014.