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Article Excerpt
M2 PRESSWIRE-19 March 2009-Stockwire.com: Broadwind Energy, Inc. (OTCBB: BWEN) just released some important news.(C)1994-2009 M2 COMMUNICATIONS LTD
RDATE:19032009
Broadwind Energy, Inc. (OTCBB: BWEN), just announced Broadwind Energy Reports Fourth Quarter and Fiscal Year 2008 Results.
A dedicated Chat Room for Broadwind, has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
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NAPERVILLE, Ill. -- Broadwind Energy, Inc. (OTCBB: BWEN), a leading provider of components, logistics and services to the wind power and broader energy markets, today announced results for its fourth quarter and fiscal year ended December 31, 2008. The Company announced full-year revenues of $217.3 million, up from revenues of $29.8 million in 2007. For the 2008 fourth quarter, revenues grew to $77.6 million, compared to $21.8 million in revenues for the same period in 2007.
Broadwind said the increased revenues resulted from a combination of acquisitions and strong organic growth at its Tower Tech Systems, Inc. wind tower manufacturing business and the Brad Foote Gear Works, Inc. wind gear production facilities. With respect to acquisitions, the Company benefited in 2008 from a full year of revenues at its Brad Foote Gear Works subsidiary, the January 2008 acquisition of Energy Maintenance Service, LLC (EMS), its wind energy operations, maintenance, and services unit, and the June 2008 acquisition of Badger Transport, Inc., a leading provider of logistics and transportation to the wind energy industry.
On a pro-forma basis (assuming the acquisitions of Brad Foote Gear Works, EMS and Badger Transport had occurred as of January 1, 2007), Broadwind's revenues grew $98 million in 2008 versus the prior-year period, driven primarily by higher production volumes of wind towers, as well as higher gear production volumes. Revenues on a pro forma basis were $223 million in 2008, up from $125 million in 2007.
"In 2008, we executed on our goal of becoming the most diverse component and service supplier to the wind industry through strategic acquisitions and investments in facilities and equipment," said Broadwind CEO J. Cameron Drecoll. "We...
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