Citing fluctuations in its wind farm development business, Pipestone, Minn.-based Juhl Energy leveraged sales from the Power Engineers Collaborative (PEC) acquisition – as well as maintenance services – to higher quarterly sales and a slightly improved bottom line.
According to Juhl's quarterly filing, the company has sought to establish a diversified revenue stream to ‘offset or minimize’ the fluctuations in its wind farm development and construction operating businesses.
Total revenue increased 56.3% to approximately $2.9 million for the quarter ended June 30, compared to approximately $1.9 million for the same period last year. The increases in revenue are attributable to its acquisition of PEC, which provides engineering services to clients in the energy, industry and building systems markets, and an expansion into maintenance services to the cellular tower industry.Â
The company's net loss improved slightly to $917,000 for the quarter ended June 30, compared to a $1.1 million net loss last year.
‘Our first half results are the first that demonstrate the impact of wrapping our development business with a strong foundation of recurring revenue and cash flow that comes from energy asset ownership and operation in our Juhl Renewable Assets subsidiary,’ explains John Mitola, president. ‘In addition, the expansion of our advisory business with our acquisition of PEC underscores the strength of our strategy to become a more diversified clean energy company.’