Juhl Energy Inc., a Minnesota-based services provider and community renewable energy developer, has recorded a rise in total revenue but also an increase in net losses during the first half of this year (H1'14).
In H1'14, total revenue increased by about 23.2% year over year (YOY) to approximately $6.74 million. The company attributes its first-half rise mostly to development and construction activities relating to the completion of the 3.4 MW wind energy facility in Russells Point, Ohio, in the first quarter, combined with revenue increases from electricity sales of its consolidated wind farms due to better-than-average wind conditions. There was also growth in the company's engineering consulting services to the utility industry.
Dan Juhl, chairman and CEO of Juhl Energy, says the company's financial results "continue to show ongoing year-over-year growth due to the strength of our base businesses and our diversification strategy.’
‘We saw solid operating results from our wind farms and their associated electricity sales," he explains. "The strong foundation provided by our Juhl Renewable Assets wind farm ownership and operations is precisely why we are so focused on growing our portfolio of wind farms and is supported by our recent acquisition of two existing projects in Iowa."
However, the company also reports that its net loss increased to about $2.75 million in the first half of this year, up from a net loss of $1.25 million in H1'13. The company says this is due primarily to losses from its tower maintenance business, which was significantly impacted by production inefficiencies, winter weather issues and a work slowdown earlier this year regarding antenna supply delays by a major cellular carrier. The company also cites stock compensation expenses and professional fees for the increase in net loss.
