Broadwind Energy to Present at Stifel Nicolaus 2014 Industrials Conference
Announces Record Backlog and Preliminary 2013 Results
CICERO, Ill., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc.
(Nasdaq:BWEN) today announced that Peter Duprey, president and CEO, and
Stephanie Kushner, executive vice president and CFO, will present at the
Stifel Nicolaus 2014 Industrials Conference in New York City on Thursday,
February 27 at 2:45 p.m. local time. The presentation slides and a link to the
webcast will be available on the investor page of
http://www.bwen.com/content/events-conferences. Management will also be
available for one-on-one meetings with investors attending the conference on
Thursday, February 27^th.
In anticipation of management's participation in this conference, Broadwind
today announced preliminary fourth quarter and full-year 2013 results. The
Company expects fourth-quarter 2013 total revenue to be approximately $56-57
million, operating loss to be within the range of $3.5-4.0 million, and a net
loss per share of $.21-.24 including a non-cash asset write-down. The Company
expects non-GAAP adjusted EBITDA (earnings before interest, taxes,
depreciation, amortization, share-based payments and restructuring) to be
within the range of $2.5-3.0 million.
The Company expects full-year 2013 revenue to be approximately $215-216
million, operating loss to be within the range of $13.0-13.5 million, and a
net loss per share of $.68-.72. The Company expects non-GAAP adjusted EBITDA
to be within the range of $10.0-10.5 million.
The Company booked $201 million in net new orders during the fourth quarter of
2013.At December 31, 2013, the ending backlog of $311 million was more than
double the prior-year ending backlog of $123 million and was the highest
backlog in Company history.
Peter C. Duprey, president and chief executive officer, stated, "Our
preliminary fourth-quarter results are in-line with the overall expectations
we shared during our third-quarter conference call and significantly ahead of
prior-year results.Our order intake during the quarter was very strong and
our backlog is at an all-time high."
The Company will announce the timing and details of its fourth-quarter
conference call at a later date.
The Company reports its financial results in accordance with U.S. generally
accepted accounting principles (GAAP). However, the Company's management
believes that certain non-GAAP financial measures may provide users of this
financial information with meaningful comparisons between current results and
results in prior operating periods. Management believes that these non-GAAP
financial measures can provide additional meaningful reflection of underlying
trends of the business because they provide a comparison of historical
information that excludes certain infrequently occurring or non-operational
items that impact the overall comparability. See the table below for
supplemental financial data and corresponding reconciliations to GAAP
financial measures for the three and twelve months ended December 31, 2013 and
2012. Non-GAAP financial measures should be viewed in addition to, and not as
an alternative for, the Company's reported results prepared in accordance with
GAAP.All amounts shown in the table below are approximate.
Three Months Ended Twelve Months Ended
December 31, 2013 December 31, 2013
(In thousands) (Inthousands)
Operating loss $(3,500-4,000) $(13,000-13,500)
Depreciation and amortization 3,000 14,000
Share-based compensation and other 500 2,500
Other income 500 1,000
Restructuring 2,500 6,000
Adjusted EBITDA $2,500-3,000 $10,000-10,500
About Broadwind Energy, Inc.
Broadwind Energy (Nasdaq:BWEN) applies decades of deep industrial expertise to
innovate integrated solutions for customers in the energy and infrastructure
markets. From gears and gearing systems for wind, oil and gas and mining
applications, to wind towers, to comprehensive remanufacturing of gearboxes
and blades, to operations and maintenance services and industrial weldments,
we have solutions for the energy needs of the future. With facilities
throughout the U.S., Broadwind Energy's talented team of nearly 800 employees
is committed to helping customers maximize performance of their
investments—quicker, easier and smarter. Find out more at www.bwen.com.
CONTACT: INVESTOR CONTACT: Joni Konstantelos
LHA CONTACT - Jody Burfening/Carolyn Capaccio
Broadwind Energy, Inc. Logo
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