Broadwind Energy Announces Significant Gearing Orders
Company Transformation Progresses as Labor Negotiations Conclude
CICERO, Ill., July 1, 2014 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc.
(Nasdaq:BWEN) announced an $8 million gearing order to be produced by its Brad
Foote Gear Works, Inc. subsidiary for 2015 delivery.
Broadwind President and CEO Peter Duprey stated, "I am encouraged to see our
transformation efforts in this business segment starting to bear fruit. With
this order, our second quarter Gearing orders totaled nearly $19 million, the
highest quarterly order rate in over four years, including a mix of wind and
industrial orders. Industrial orders have strengthened in recent weeks due to
increased demand for gears used in natural gas production equipment and growth
in demand from steel customers. In addition, we recently concluded our Gearing
plant labor union negotiation, and with our plant consolidation essentially
complete, we are seeing visible incremental improvement in our production
flow. Together, these factors indicate to us that our turnaround of the
Gearing business is gaining traction."
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, steel, 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 over 800
employees is committed to helping customers maximize performance of their
investments – quicker, easier and smarter. Find out more at www.bwen.com
This release includes various forward-looking statements related to future,
not past, events.
Statements in this release that are not historical are forward-looking
statements. These statements are based on current expectations, and we
undertake no obligation to update these statements to reflect events or
circumstances occurring after this release. Such statements are subject to
various risks and uncertainties that could cause actual results to vary
materially from those stated. Such risks and uncertainties include, but are
not limited to: expectations regarding our business, end-markets,
relationships with customers and our ability to diversify our customer base;
the impact of competition and economic volatility on the industries in which
we compete; our ability to realize revenue from customer orders and backlog;
the impact of regulation on our end-markets, including the wind energy
industry in particular; the sufficiency of our liquidity and working capital;
our restructuring plans and the associated cost savings; our ability to
preserve and utilize our tax net operating loss carry-forwards; and other
risks and uncertainties described in our filings with the Securities and
Exchange Commission, including those contained in Part I, Item 1A "Risk
Factors" of our Annual Reports on Form 10-K.
CONTACT: BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 email@example.com
LHA CONTACT: Jody Burfening/Carolyn Capaccio, 212.838.3777 firstname.lastname@example.org
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