United States

United States

Juhl suffers net loss in H1 results

UNITED STATES: Community wind developer Juhl Wind has announced net losses in the first six months of 2010 of more than double the company's net income for the same period last year.

Juhl Wind chairman Dan Juhl
Juhl Wind chairman Dan Juhl

The net loss for the six months ended June 30, 2010 was about $1,384,000 from a net income of $538,000 for the six months ended June 30, 2009.

But the developer’s revenue between the two time periods rose 245%, from $668,000 to $2,303,000.

Speaking about the loss, the company said: "Investors should note that our net income in 2009 was significantly impacted by the fair value accounting over warrant derivatives and a related non-cash gain of approximately $2,198,000 reported for the six months ended June 30, 2009."

The revenue increase was largely due to income from two wind farm projects that have now been fully constructed, as well as a $257,000 increase in small turbine sales, Juhl said.

Operating expenses fell by 5.3% between the two periods, and net loss per share fell from $0.12 to $0.07 per share.

Juhl Wind has also announced that it is to build a $10million, 5MW wind project for Gundersen Lutheran Hospital in southeast Minnesota. It plans to begin construction on that project in the fourth quarter of 2010.

Company founder Dan Juhl has said he expects the developer to complete five community-owned projects totalling over 70MW this year.

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