UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 26, 2015
BROADWIND ENERGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
1-34278 |
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88-0409160 |
(State or Other Jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
Incorporation) |
|
|
|
|
3240 South Central Avenue, Cicero, Illinois 60804
(Address of Principal Executive Offices) (Zip Code)
Registrants Telephone Number, Including Area Code: (708) 780-4800
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 26, 2015, Broadwind Energy, Inc. (the Company) issued a press release announcing its financial results as of and for the year ended December 31, 2014. The press release is incorporated herein by reference and is attached hereto as Exhibit 99.1.
The information contained in, or incorporated into, this Item 2.02 of this Current Report on Form 8-K (this Report), including Exhibit 99.1, is furnished under Item 2.02 of Form 8-K and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the Securities Act) or the Exchange Act regardless of any general incorporation language in such filings.
Item 7.01. Regulation FD Disclosure.
An Investor Presentation dated February 26, 2015 is incorporated herein by reference and attached hereto as Exhibit 99.2.
The information contained in, or incorporated into, this Item 7.01 of this Report, including Exhibit 99.2 attached hereto, is furnished under Item 7.01 of Form 8-K and shall not be deemed filed for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.
This Report shall not be deemed an admission as to the materiality of any information in this Report that is being disclosed pursuant to Regulation FD.
Please refer to Exhibit 99.2 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT |
|
DESCRIPTION |
99.1 |
|
Press Release dated February 26, 2015 |
99.2 |
|
Investor Presentation dated February 26, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BROADWIND ENERGY, INC. | |
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|
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February 26, 2015 |
By: |
/s/ Stephanie K. Kushner |
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Stephanie K. Kushner |
|
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Executive Vice President, Chief Financial Officer and Treasurer (Principal Accounting Officer) |
Exhibit 99.1
Broadwind Energy Announces Q4 and Full Year 2014 Results
Q4 Highlights:
· Booked $30 million in new orders; ending backlog totaled $202 million
· Revenue of $53.8 million down 5% from Q4 2013 due to short-term production issues in Abilene tower facility
· SGA expenses declined 12% to $5.0 million from Q4 2013
· Gearing and Services operating losses reduced dramatically compared to Q4 2013
Full-Year Highlights:
· Revenue of $241.3 million, up 12% compared to 2013
· Operating loss reduced from $13.2 million in 2013 to $5.9 million in 2014
· Gearing showed $2.7 million improvement in non-GAAP Adjusted EBITDA compared to 2013; operating loss reduced by 47% compared to 2013
· Three-year $13.7 million restructuring investment completed
Cicero, Ill., February 26, 2015 Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $53.8 million for the fourth quarter of 2014, down 5% compared to $56.4 million in the fourth quarter of 2013, reflecting lower tower production partly offset by increased activity in the Services segment.
The Company reported a net loss of $5.2 million or $.35 per share in the fourth quarter of 2014, compared to a net loss of $3.7 million or $.26 per share in the fourth quarter of 2013. The $.09 per share reduction was due to weaker Towers and Weldments segment results largely offset by improvements in the Companys other business segments, mainly Gearing. Towers and Weldments segment operating income was down $5.2 million from the prior-year period due to delayed production associated with a new customer and new tower design qualification in the Companys Abilene, TX tower facility. The Company reported a non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) loss of $1.8 million in the fourth quarter of 2014, compared to non-GAAP adjusted EBITDA of $2.8 million in the fourth quarter of 2013. The $4.6 million decrease was due mainly to the operational issues in Towers and Weldments.
Full-year 2014 sales totaled $241.3 million, which exceeded full-year 2013 sales by $25.6 million, or 12%, reflecting an 11% increase in tower production volume. For the full-year 2014, the Companys net loss narrowed to $6.2 million, or $.42 per share, compared to a net loss of $10.5 million, or $.73 per share, reported in 2013. The sharp improvement was due mainly to $5.0 million lower restructuring charges in the current year due to the conclusion of the plant consolidation and improved results in the Gearing segment partly offset by weaker Towers and
Weldments results in the second half of the year, and by the absence of a $3.6 million gain from the 2013 sale of an idle tower facility located in South Dakota. The Company reported non-GAAP adjusted EBITDA of $8.9 million for the full-year 2014 down from $10.3 million in 2013 due to the production issues in Towers and Weldments, somewhat offset by improvements in the Gearing and Services segments.
Peter Duprey, President and Chief Executive Officer, stated, The fourth quarter and full-year results were significantly affected by the production issues in the Abilene tower facility. The entire team in our towers business has worked tirelessly to resolve these short-term production issues and move beyond them. The customer has certified the Abilene facility for normal production going forward and through-put has improved significantly from the fourth quarter. We are implementing a robust advanced product quality process (APQP) to ensure that future product introduction risks are addressed well in advance of production.
Mr. Duprey continued, Our performance in 2014 was not what it should have been, and this was an expensive learning experience for the business. Even with the temporary set-back at our Abilene facility, Broadwind continued to show year-over-year improvement; 2014 total revenue increased 12% compared to the prior year and our loss per share was reduced significantly. Our Gearing segment cut its operating loss by nearly half and its near break-even EBITDA was an improvement of 74% compared to the prior year.
Mr. Duprey concluded, With the tower qualification process behind us and production resuming to more typical levels, we expect to fulfill our 2015 order book of approximately 500 towers. Our three-year plant consolidation investment is complete, and we believe our Gearing and Services businesses will continue to make progress, contributing solid improvements to the top and bottom lines. We are confident in our ability to continue our improving trends and are therefore expecting to report 2015 sales of $255-$260 million and positive EPS.
Orders and Backlog
The Company booked $29.7 million in net new orders in the fourth quarter of 2014, down from a record $200.7 million in the fourth quarter of 2013. Towers and Weldments orders, which vary considerably from quarter to quarter, totaled $21.1 million, down from $193.2 million in the fourth quarter of 2013. Gearing orders totaled $6.3 million, up 22% from the fourth quarter of 2013. Services orders totaled $2.3 million, in line with orders from the prior-year fourth quarter.
Full-year orders totaled $135.1 million, down from a record $404.4 million in 2013. Towers and Weldments 2014 orders totaled $77.6 million, down from $361.5 million in 2013. Gearing orders totaled $41.9 million, a 21% increase over full year 2013 Gearing orders. Services orders totaled $15.7 million, a sharp improvement over $8.5 million in 2013.
At December 31, 2014, total backlog was $202.4 million, down 35% from the record-high backlog at December 31, 2013.
Segment Results
Towers and Weldments
Broadwind Energy produces fabrications for wind, oil and gas, mining and other industrial applications, specializing in the production of wind turbine towers.
Towers and Weldments segment sales totaled $38.6 million for the fourth quarter of 2014, down 11% from fourth quarter 2013 sales of $43.4 million. Tower volume decreased 9% due primarily to production issues in the Abilene, TX tower plant carried over from the third quarter related to a new customer qualification on a new tower design. Towers and Weldments operating income for the fourth quarter of 2014 totaled $.5 million or 1% of sales, down sharply from $5.8 million, or 13% of sales, in the prior year fourth quarter related to lower volumes, higher labor costs and a customer accommodation charge associated with the tower model changeover as well as unplanned warranty work and maintenance expense. Non-GAAP adjusted EBITDA in the fourth quarter of 2014 was $1.6 million, compared to $7.4 million in the fourth quarter of 2013 due to the factors described above.
Towers and Weldments sales for the full year 2014 totaled $184.9 million, an increase of 16% over 2013 reported sales. The increase was due primarily to an 11% increase in tower volume in the current year, partially offset by a $3.3 million decrease in weldments revenue. Operating income for 2014 totaled $18.1 million, or 10% of sales, down 8% from 2013, due primarily to the operational issues experienced in the second half of 2014. Non-GAAP adjusted EBITDA totaled $22.3 million in 2014, down 10% from 2013, due to the operational factors described above.
Gearing
Broadwind Energy engineers, builds and remanufactures precision gears and gearboxes for oil and gas, mining, steel and wind applications.
Gearing segment sales totaled $10.7 million in the fourth quarter of 2014, down $.9 million compared to the fourth quarter of 2013. Sales to oil and gas customers increased but were offset by lower sales of wind turbine replacement gearing and sales to other industrial customers. The Gearing segment operating loss narrowed to $2.4 million in the fourth quarter of 2014, compared to $5.6 million in the fourth quarter of 2013, due mainly to lower restructuring and other non-cash charges in the fourth quarter of 2014. The current quarter improvement also reflected favorable production variances and a higher margin production mix mainly for oil and gas customers compared to the fourth quarter of 2013. Gearing non-GAAP adjusted EBITDA loss was $.7 million in the fourth quarter of 2014, compared to a non-GAAP adjusted EBITDA loss of $1.2 million in the fourth quarter of 2013, due to the factors described above.
Gearing revenue for 2014 totaled $42.3 million, compared to $43.2 million in 2013. Despite higher orders, the 2% decrease was due to production delays attributable to the plant consolidation and inventory reduction projects and the transition to more complex gearbox production. Gearing operating loss totaled $9.4 million in 2014, a 47% reduction from the $17.9 million operating loss reported in 2013. The significant improvement was due to $3.8 million lower restructuring expense due to the completion of the plant consolidation in the second half of the year and improved margins, mainly for sales to oil and gas customers. Also contributing were lower non-cash charges due to the aging capital base, and the absence of a $1.5 million regulatory charge in 2013. Non-GAAP adjusted EBITDA loss totaled $.9 million in 2014,
compared to a non-GAAP adjusted EBITDA loss of $3.6 million in 2013. The 74% non-GAAP adjusted EBITDA improvement was due to the factors described above.
Services
Broadwind Energy specializes in non-routine drivetrain and blade maintenance services and offers comprehensive field services to the wind industry.
Fourth quarter Services segment revenue was $4.6 million, more than double the prior year fourth quarter sales of $2.0 million, due to strong demand for blade service and other technician fieldwork. Services operating loss for the fourth quarter of 2014 was $1.1 million, compared to an operating loss of $1.5 million in the fourth quarter 2013. The 20% improvement was due to increased sales and better utilization of technicians and lower operating expenses, partially offset by higher fixed costs. Services non-GAAP adjusted EBITDA loss for the fourth quarter of 2014 totaled $.8 million, compared to a non-GAAP adjusted EBITDA loss of $1.1 million in the fourth quarter of 2013, due to the factors described above.
Services revenue for the full year 2014 totaled $15.6 million, down 10% from the full year 2013 due to the absence of a large drivetrain assembly project completed in the first half of 2013, partially offset by an increase in blade services revenue. Operating loss for 2014 totaled $4.5 million, compared to an operating loss of $4.7 million in 2013. The $.2 million improvement was due mainly to the absence of restructuring expense in 2014 and lower operating expenses in the current year, partly offset by lower volumes. Non-GAAP adjusted EBITDA loss for 2014 totaled $3.1 million, compared to a non-GAAP adjusted EBITDA loss of $2.6 million for 2013. The $.5 million increased loss was due to the factors described above.
Corporate and Other
Corporate and other expenses totaled $2.3 million in the fourth quarter of 2014, down 13% from $2.7 million in the fourth quarter of 2013 due primarily to lower incentive compensation and insurance expense.
For the full year 2014, corporate and other expenses totaled $10.1 million, essentially flat compared to the full year 2013.
Cash and Liquidity
During the quarter, operating working capital (accounts receivable and inventory, net of accounts payable and customer deposits) increased $2.4 million to $13.9 million or 6% of annualized fourth-quarter sales, due to a reduction in trade payables and increased inventory.
Full-year capital spending, net of asset sales, totaled $5.4 million or 2.3% of sales.
Cash assets (cash and short-term investments) totaled $20.2 million at December 31, 2014, a decrease of $7.7 million from September 30, 2014. At December 31, 2014, the Companys $20 million credit line was undrawn and debt and capital leases totaled $4.1 million.
During the quarter, the Company repurchased 273,937 shares of equity securities at a weighted average price per share of $6.73.
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 Energys talented team of nearly 900 employees is committed to helping customers maximize performance of their investments quicker, easier and smarter. Find out more at www.bwen.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding our future financial condition or results of operations, cash flows, performance, business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management, and our prospects and strategies for future growth, including with respect to estimated 2015 guidance. Forward-looking statements include any statement that does not directly relate to a current or historical fact. We have tried to identify forward-looking statements by using words such as anticipate, believe, expect, intend, will, should, may, plan and similar expressions, but these words are not the exclusive means of identifying 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 and our plans to evaluate alternative sources of funding if necessary; our restructuring plans and the associated cost savings; our ability to preserve and utilize our tax net operating loss carry-forwards; our plans to continue to grow our business through organic growth; our plans with respect to the use of proceeds from financing activities and our ability to operate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; 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.
BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com
BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
|
|
As of December 31, |
| ||||
|
|
2014 |
|
2013 |
| ||
ASSETS |
|
|
|
|
| ||
CURRENT ASSETS: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
12,149 |
|
$ |
24,936 |
|
Short-term investments |
|
8,024 |
|
1,143 |
| ||
Restricted cash |
|
83 |
|
83 |
| ||
Accounts receivable, net |
|
20,012 |
|
18,735 |
| ||
Inventories, net |
|
34,921 |
|
37,143 |
| ||
Prepaid expenses and other current assets |
|
1,815 |
|
2,325 |
| ||
Assets held for sale |
|
738 |
|
1,970 |
| ||
Total current assets |
|
77,742 |
|
86,335 |
| ||
LONG-TERM ASSETS: |
|
|
|
|
| ||
Property and equipment, net |
|
62,952 |
|
69,077 |
| ||
Intangible assets, net |
|
5,459 |
|
5,903 |
| ||
Other assets |
|
464 |
|
2,379 |
| ||
TOTAL ASSETS |
|
$ |
146,617 |
|
$ |
163,694 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
CURRENT LIABILITIES: |
|
|
|
|
| ||
Current maturities of long-term debt |
|
$ |
268 |
|
$ |
201 |
|
Current portions of capital lease obligations |
|
766 |
|
933 |
| ||
Accounts payable |
|
18,461 |
|
27,537 |
| ||
Accrued liabilities |
|
9,553 |
|
8,115 |
| ||
Customer deposits |
|
22,619 |
|
22,993 |
| ||
Liabilities held for sale |
|
|
|
749 |
| ||
Total current liabilities |
|
51,667 |
|
60,528 |
| ||
|
|
|
|
|
| ||
LONG-TERM LIABILITIES: |
|
|
|
|
| ||
Long-term debt, net of current maturities |
|
2,650 |
|
2,755 |
| ||
Long-term capital lease obligations, net of current portions |
|
427 |
|
1,193 |
| ||
Other |
|
3,493 |
|
3,888 |
| ||
Total long-term liabilities |
|
6,570 |
|
7,836 |
| ||
|
|
|
|
|
| ||
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
| ||
|
|
|
|
|
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STOCKHOLDERS EQUITY: |
|
|
|
|
| ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding |
|
|
|
|
| ||
Common stock, $0.001 par value; 30,000,000 shares authorized; 14,844,307 and 14,627,990 shares issued as of December 31, 2014 and 2013, respectively |
|
15 |
|
15 |
| ||
Treasury stock, at cost, 273,937 shares and 0 shares at December 31, 2014 and 2013, respectively |
|
(1,842 |
) |
|
| ||
Additional paid-in capital |
|
377,185 |
|
376,125 |
| ||
Accumulated deficit |
|
(286,978 |
) |
(280,810 |
) | ||
Total stockholders equity |
|
88,380 |
|
95,330 |
| ||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
|
$ |
146,617 |
|
$ |
163,694 |
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
Three Months Ended December 31, |
|
For the Years Ended December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues |
|
$ |
53,798 |
|
$ |
56,397 |
|
$ |
241,268 |
|
$ |
215,710 |
|
Cost of sales |
|
53,561 |
|
52,012 |
|
222,497 |
|
198,379 |
| ||||
Restructuring |
|
329 |
|
2,229 |
|
1,281 |
|
4,986 |
| ||||
Gross profit |
|
(92 |
) |
2,156 |
|
17,490 |
|
12,345 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
| ||||
Selling, general and administrative |
|
5,015 |
|
5,693 |
|
21,181 |
|
21,414 |
| ||||
Impairment charges |
|
|
|
|
|
|
|
|
| ||||
Intangible amortization |
|
111 |
|
111 |
|
444 |
|
1,552 |
| ||||
Regulatory settlement |
|
|
|
|
|
1,566 |
|
1,500 |
| ||||
Restructuring |
|
11 |
|
302 |
|
233 |
|
1,089 |
| ||||
Total operating expenses |
|
5,137 |
|
6,106 |
|
23,424 |
|
25,555 |
| ||||
Operating loss |
|
(5,229 |
) |
(3,950 |
) |
(5,934 |
) |
(13,210 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
OTHER INCOME (EXPENSE), net: |
|
|
|
|
|
|
|
|
| ||||
Interest expense, net |
|
(207 |
) |
(190 |
) |
(728 |
) |
(985 |
) | ||||
Other income, net |
|
77 |
|
489 |
|
226 |
|
1,000 |
| ||||
Gain (loss) on sale of assets and restructuring |
|
(83 |
) |
(87 |
) |
36 |
|
2,878 |
| ||||
Total other (expense) income, net |
|
(213 |
) |
212 |
|
(466 |
) |
2,893 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss from continuing operations before (benefit) provision for income taxes |
|
(5,442 |
) |
(3,738 |
) |
(6,400 |
) |
(10,317 |
) | ||||
(Benefit) provision for income taxes |
|
(271 |
) |
8 |
|
(232 |
) |
72 |
| ||||
LOSS FROM CONTINUING OPERATIONS |
|
(5,171 |
) |
(3,746 |
) |
(6,168 |
) |
(10,389 |
) | ||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |
|
|
|
|
|
|
|
(110 |
) | ||||
NET LOSS |
|
$ |
(5,171 |
) |
$ |
(3,746 |
) |
$ |
(6,168 |
) |
$ |
(10,499 |
) |
|
|
|
|
|
|
|
|
|
| ||||
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: |
|
|
|
|
|
|
|
|
| ||||
Loss from continuing operations |
|
$ |
(0.35 |
) |
$ |
(0.26 |
) |
$ |
(0.42 |
) |
$ |
(0.72 |
) |
Loss from discontinued operations |
|
|
|
|
|
|
|
(0.01 |
) | ||||
Net Loss |
|
$ |
(0.35 |
) |
$ |
(0.26 |
) |
$ |
(0.42 |
) |
$ |
(0.73 |
) |
|
|
|
|
|
|
|
|
|
| ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Basic and diluted |
|
14,677 |
|
14,605 |
|
14,715 |
|
14,457 |
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
|
|
For the Years Ended December 31, |
| ||||
|
|
2014 |
|
2013 |
| ||
|
|
|
|
|
| ||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
| ||
Net loss |
|
$ |
(6,168 |
) |
$ |
(10,499 |
) |
Loss from discontinued operations |
|
|
|
110 |
| ||
Loss from continuing operations |
|
(6,168 |
) |
(10,389 |
) | ||
|
|
|
|
|
| ||
Adjustments to reconcile net cash used in operating activities: |
|
|
|
|
| ||
Depreciation and amortization expense |
|
12,183 |
|
14,856 |
| ||
Impairment charges |
|
84 |
|
2,365 |
| ||
Stock-based compensation |
|
886 |
|
1,821 |
| ||
(Recovery of) allowance for doubtful accounts |
|
65 |
|
(436 |
) | ||
Common stock issued under defined contribution 401(k) plan |
|
163 |
|
681 |
| ||
(Gain) loss on disposal of assets |
|
(154 |
) |
(3,503 |
) | ||
Changes in operating assets and liabilities: |
|
|
|
|
| ||
Accounts receivable |
|
(1,266 |
) |
1,808 |
| ||
Inventories |
|
2,222 |
|
(15,155 |
) | ||
Prepaid expenses and other current assets |
|
2,228 |
|
1,411 |
| ||
Accounts payable |
|
(8,578 |
) |
11,671 |
| ||
Accrued liabilities |
|
1,438 |
|
2,208 |
| ||
Customer deposits |
|
(323 |
) |
18,930 |
| ||
Other non-current assets and liabilities |
|
(279 |
) |
(14 |
) | ||
Net cash provided by (used in) operating activities of continued operations |
|
2,501 |
|
26,254 |
| ||
|
|
|
|
|
| ||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
| ||
Proceeds from the sale of logistics business and related note receivable |
|
|
|
250 |
| ||
Purchases of available for sale securities |
|
(15,088 |
) |
(1,983 |
) | ||
Sales of available for sale securities |
|
1,101 |
|
60 |
| ||
Maturities of available for sale securities |
|
7,106 |
|
780 |
| ||
Purchases of property and equipment |
|
(6,504 |
) |
(6,950 |
) | ||
Proceeds from disposals of property and equipment |
|
1,065 |
|
13,249 |
| ||
Decrease (increase) in restricted cash |
|
|
|
248 |
| ||
Net cash provided by (used in) investing activities of continued operations |
|
(12,320 |
) |
5,654 |
| ||
|
|
|
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
| ||
Net proceeds from issuance of stock |
|
9 |
|
18 |
| ||
Net proceeds from repurchases of common stock |
|
(1,842 |
) |
|
| ||
Payments on lines of credit and notes payable |
|
(16,051 |
) |
(80,376 |
) | ||
Payments on related party notes payable |
|
|
|
|
| ||
Proceeds from lines of credit and notes payable |
|
15,850 |
|
75,208 |
| ||
Payments for debt issuance costs |
|
|
|
|
| ||
Principal payments on capital leases |
|
(934 |
) |
(2,338 |
) | ||
Net cash (used in) provided by financing activities of continued operations |
|
(2,968 |
) |
(7,488 |
) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(12,787 |
) |
24,420 |
| ||
CASH AND CASH EQUIVALENTS, beginning of the year |
|
24,936 |
|
516 |
| ||
CASH AND CASH EQUIVALENTS, end of the year |
|
$ |
12,149 |
|
$ |
24,936 |
|
|
|
|
|
|
| ||
Supplemental cash flow information: |
|
|
|
|
| ||
Interest paid |
|
$ |
601 |
|
$ |
789 |
|
Income taxes paid |
|
$ |
62 |
|
$ |
22 |
|
Non-cash investing and financing activities: |
|
|
|
|
| ||
Issuance of restricted stock grants |
|
$ |
661 |
|
$ |
1,328 |
|
Equipment addition via capital lease |
|
$ |
|
|
$ |
1,485 |
|
BROADWIND ENERGY, INC. AND SUBSIDIARIES
SELECTED SEGMENT FINANCIAL INFORMATION
(IN THOUSANDS)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
ORDERS: |
|
|
|
|
|
|
|
|
| ||||
Towers and Weldments |
|
$ |
21,051 |
|
$ |
193,168 |
|
$ |
77,557 |
|
$ |
361,451 |
|
Gearing |
|
6,265 |
|
5,133 |
|
41,857 |
|
34,451 |
| ||||
Services |
|
2,338 |
|
2,385 |
|
15,680 |
|
8,511 |
| ||||
Total revenues |
|
$ |
29,654 |
|
$ |
200,686 |
|
$ |
135,094 |
|
$ |
404,413 |
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
REVENUES: |
|
|
|
|
|
|
|
|
| ||||
Towers and Weldments |
|
$ |
38,620 |
|
$ |
43,433 |
|
$ |
184,904 |
|
$ |
159,478 |
|
Gearing |
|
10,720 |
|
11,597 |
|
42,253 |
|
43,150 |
| ||||
Services |
|
4,615 |
|
1,991 |
|
15,560 |
|
17,244 |
| ||||
Corporate and Other |
|
(157 |
) |
(624 |
) |
(1,449 |
) |
(4,162 |
) | ||||
Total revenues |
|
$ |
53,798 |
|
$ |
56,397 |
|
$ |
241,268 |
|
$ |
215,710 |
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
OPERATING (LOSS) PROFIT: |
|
|
|
|
|
|
|
|
| ||||
Towers and Weldments |
|
$ |
542 |
|
$ |
5,771 |
|
$ |
18,065 |
|
$ |
19,550 |
|
Gearing |
|
(2,363 |
) |
(5,588 |
) |
(9,423 |
) |
(17,915 |
) | ||||
Services |
|
(1,103 |
) |
(1,483 |
) |
(4,493 |
) |
(4,721 |
) | ||||
Corporate and Other |
|
(2,305 |
) |
(2,650 |
) |
(10,083 |
) |
(10,124 |
) | ||||
Total operating loss |
|
$ |
(5,229 |
) |
$ |
(3,950 |
) |
$ |
(5,934 |
) |
$ |
(13,210 |
) |
BROADWIND ENERGY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS)
Consolidated
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
Operating loss |
|
$ |
(5,229 |
) |
$ |
(3,950 |
) |
$ |
(5,934 |
) |
$ |
(13,210 |
) |
Impairment charges |
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization |
|
2,607 |
|
3,136 |
|
12,183 |
|
13,962 |
| ||||
Share-based compensation and other stock payments |
|
372 |
|
548 |
|
888 |
|
2,519 |
| ||||
Other income |
|
77 |
|
489 |
|
226 |
|
1,000 |
| ||||
Restructuring |
|
340 |
|
2,531 |
|
1,514 |
|
6,075 |
| ||||
Adjusted EBITDA |
|
$ |
(1,833 |
) |
$ |
2,754 |
|
$ |
8,877 |
|
$ |
10,346 |
|
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, the Companys 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, 2014 and 2013. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Companys reported results prepared in accordance with GAAP.
Towers and Weldments Segment
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Profit |
|
$ |
542 |
|
$ |
5,771 |
|
$ |
18,065 |
|
$ |
19,550 |
|
Depreciation |
|
941 |
|
1,031 |
|
3,993 |
|
3,872 |
| ||||
Share-based compensation and other stock payments |
|
54 |
|
112 |
|
99 |
|
464 |
| ||||
Other Income |
|
84 |
|
487 |
|
71 |
|
753 |
| ||||
Restructuring Expense |
|
7 |
|
11 |
|
47 |
|
176 |
| ||||
Total Adjusted EBITDA (Non-GAAP) |
|
$ |
1,628 |
|
$ |
7,412 |
|
$ |
22,275 |
|
$ |
24,815 |
|
Gearing Segment
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
Operating Loss |
|
$ |
(2,363 |
) |
$ |
(5,588 |
) |
$ |
(9,423 |
) |
$ |
(17,915 |
) |
Depreciation |
|
1,193 |
|
1,648 |
|
6,372 |
|
7,089 |
| ||||
Amortization |
|
111 |
|
111 |
|
444 |
|
1,552 |
| ||||
Share-based compensation and other stock payments |
|
62 |
|
136 |
|
191 |
|
469 |
| ||||
Other Income (Expense) |
|
|
|
10 |
|
3 |
|
4 |
| ||||
Restructuring Expense |
|
333 |
|
2,520 |
|
1,466 |
|
5,203 |
| ||||
Total Adjusted EBITDA (Non-GAAP) |
|
$ |
(664 |
) |
$ |
(1,163 |
) |
$ |
(947 |
) |
$ |
(3,598 |
) |
Services Segment
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
Operating Loss |
|
$ |
(1,103 |
) |
$ |
(1,483 |
) |
$ |
(4,493 |
) |
$ |
(4,721 |
) |
Depreciation |
|
307 |
|
333 |
|
1,239 |
|
1,398 |
| ||||
Share-based compensation and other stock payments |
|
18 |
|
52 |
|
36 |
|
279 |
| ||||
Other Income (Expense) |
|
(7 |
) |
(8 |
) |
153 |
|
243 |
| ||||
Restructuring Expense |
|
|
|
|
|
|
|
234 |
| ||||
Total Adjusted EBITDA (Non-GAAP) |
|
$ |
(785 |
) |
$ |
(1,106 |
) |
$ |
(3,065 |
) |
$ |
(2,567 |
) |
Corporate and Other
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
| ||||||||
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
Operating Loss |
|
$ |
(2,305 |
) |
$ |
(2,650 |
) |
$ |
(10,083 |
) |
$ |
(10,124 |
) |
Depreciation |
|
55 |
|
13 |
|
135 |
|
51 |
| ||||
Share-based compensation and other stock payments |
|
238 |
|
248 |
|
562 |
|
1,307 |
| ||||
Other Income (Expense) |
|
|
|
|
|
|
|
|
| ||||
Restructuring Expense |
|
|
|
|
|
|
|
462 |
| ||||
Total Adjusted EBITDA (Non-GAAP) |
|
$ |
(2,012 |
) |
$ |
(2,389 |
) |
$ |
(9,386 |
) |
$ |
(8,304 |
) |
Exhibit 99.2
2014 Earnings Conference Call February 26, 2015 |
Industry Data and Forward-Looking Statements Disclaimer Broadwind obtained the industry and market data used throughout this presentation from our own research, internal surveys and studies conducted by third parties, independent industry associations or general publications and other publicly available information. Independent industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods of time. We are not aware of any misstatements in the industry data we have presented herein, but estimates involve risks and uncertainties and are subject to change based on various factors beyond our control. This presentation includes various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding our future financial condition or results of operations or prospects and strategies for future growth, including with respect to estimated 2015 guidance. Statements in this presentation 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 presentation. 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 end-markets, including the wind energy industry in particular; the sufficiency of our liquidity and working capital; the 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 A Risk Factors of our Annual Reports on Form 10-K. This presentation contains non-GAAP financial information. We believe that certain non-GAAP financial measures may provide users of this financial information meaningful comparisons between current results and results in prior operating periods. We believe 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. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP. Please see our earnings release dated February 26, 2015 for a reconciliation of certain non-GAAP measures presented in this presentation. 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 2 |
2014 Continued Steady Improvement, Despite Some Headwinds CAGR 15% Full-Year Highlights Tower capacity positioned well for 2015; Gears and Services orders well ahead of PY Completed 3-year, $13.7M restructuring investment Good expense management; SG&A reduced to 9% of sales, down 11 percentage points since 2010 Operating loss narrowed to $5.9M (1) 2010 excludes $41M Intangible impairment +$23M recovery Q4 Highlights New orders of $30M; ending backlog of $202M Revenue of $53.8M, down 5% from Q4 13 due to short-term production issues at Abilene tower facility Margins negatively impacted by shortfall in towers SG&A expense reduced to 9% of sales, from 10% in Q4 13 Cash and related assets totaled $20M; debt reduced to $4M 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 3 |
Towers Recovery UpdateAbilene Production Avg. Sections Per ProgressWeek Passed customer site qualification milestone10 Improvements in weld and paint quality8 Strengthened supervision via internal transfers to 6 Abilene4 Production yield becoming more predictable2 Still ramping up to target production of 10 sections 0 per week Q2 Q3 Q4 Jan Feb WK1 Feb Wk2 Feb 2015 running 2 tower types in Abilene vs. 1 in 2014West Coast Port Delays Managing day to day regarding foreign sourced components Redirecting components to other ports Accelerated tower production where components were more readily available $5M revenue recognition delayed to Q2-Q32/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 4 |
Orders and Backlog Orders $M $78M in Towers & Weldments orders in 2014 vs. PY record high 2014 Gearing orders well ahead of PY . . . oil and gas weakness may delay the timing of some deliveries Services orders up 85% over PY; strong demand for blade repair Order Backlog $M Strong 2014 ending backlog of $202M ~80% of 2015 revenue was in backlog at year end 2013 2014 % Change Book : Bill Towers & Weldments $361.5 $77.6 -79% .42 Gearing 34.5 41.9 21% .99 Services 8.5 15.7 85% 1.01 Total $404.4 $135.1 -67% .56 Record-high backlog; Tower orders placed ahead of PTC expiration 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 5 |
Wind Market Update Industry Update PTC passed late in December, retroactive to 1/1/14 6 GW purchased in last 2 weeks of 2014 ~13GW under construction at 12/31/14 7.6 GW in TX, 2.4 GW in Midwest, 1.2 GW in Plains >3.3GW of PPAs signed in 2014 and merchant hedge market rebounding EPA Clean Power Plan should result in additional demand for wind Industry lobbying for more consistent, stable policy; multiple opportunities to get an extension passed in 2015 Major corporations continue to buy wind direct 2014 buys: IKEA 98 MW, Microsoft 235 MW, Google 240 MW, Wal-Mart 116 MW Yieldcos enhancing growth prospects with stronger balance sheets Source: MAKE Consulting 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 6 |
Gearing - Outlook Backlog - $20M O&G Delay of ~ $2M of orders into Q3 and Q4 Q1 impact estimated near $3M due to production loss Some offset to market conditions by gaining share Steel Major Cap Ex spending going on in steel segment Increase in both quotes and dollar values Wind Aftermarket business firm and likely to rise as aging fleets require more work Mining Market beginning to improve, albeit slowly Increase in orders coming from new customers 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 7 |
2015 Priorities Grow top line by 6-8% Achieve profitability Sell 2016 tower capacity Continue to diversify industry and customer base Implement robust new product introduction process 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 8 |
Key Focus: Margin Improvement BWEN Margins % of Sales Gross Margin *Excl restructuring ** Excl 2010 impairment Adj. EBITDA* Operating Margin** Q4 Results Revenue, profit, EPS declines all due to low Abilene tower production and $3M of one-time expenses to address customer issues 2014 Results Revenue growth due to producing 11% more towers Margins lower due to 2H Abilene tower production challenges Gearing loss improved significantly $9.4M vs. $17.9M in 2013 Q4 2013 Q4 2014 2013 FY 2014 FY Revenue ($M) $56.4 $53.8 $215.7 $241.3 Gross Profit ($M) 2.2 -0.1 12.3 17.5 -% of Sales 3.8 -0.2 5.7 7.2 Operating Exp ($M) 6.1 5.1 25.6 23.4 -% of Sales 10.8 9.5 11.8 9.7 Operating Loss ($M) -4.0 -5.2 -13.2 -5.9 - % of Sales -7.0 -9.7 -6.1 -2.5 EPS (Continuing) -.26 -.35 -.72 -.42 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 9 |
Towers and Weldments Immediate Focus Restore Abilene production to full capacity Consolidate Abilene weldments production into single plant Standardize new product introduction process Q4 2013 Q4 2014 2013 FY 2014 FY Orders ($M) $193.2 $21.1 $361.5 $77.6 Towers Sold (#) 111 101 392 435 Revenue ($M) 43.4 38.6 159.5 184.9 Operating Inc ($M) 5.8 .5 19.6 18.1 -% of Sales 13.3 1.4 12.3 9.8 Adj. EBITDA ($M) 7.4 1.6 24.8 22.3 - % of Sales 17.1 4.2 15.6 12.0 Q4 Results Abilene production problems resulted in $3M in higher labor costs, warranty and delivery penalties Manitowoc plant ran exceptionally well Volume effect of lower production -- $1M 2014 Results Increased production 11% First half 2014 momentum impacted by production issues in Abilene 2015 Objectives Build weldments backlog Sell 2016 tower capacity Reduce production cost through increased welding and paint productivity Expand ERP system utilization 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 10 |
Gearing Immediate Focus Build backlog to respond to weakening oil and gas market Manage cost structure to reduce break-even point Q4 2013 Q4 2014 2013 FY 2014 FY Orders ($M) $5.1 $6.3 $34.5 $41.9 Revenue ($M) 11.6 10.7 43.2 42.3 Operating Loss ($M) -5.6 -2.4 -17.9 -9.4 -% of Sales -48.2 -22.0 -41.5 -22.3 Adj. EBITDA ($M) -1.2 -.7 -3.6 -.9 - % of Sales -10.0 -6.2 -8.3 -2.2 Q4 Results Plant consolidation project complete Orders up 24% from Q4 2013 Improved operational parameters Operating loss down sharply 2014 Results Orders up 21% from 2013 Revenue down from 2013; production delays in first half of year 2014 benefitted from lower restructuring costs and non-cash charges, higher margins and absence of regulatory charge 2015 Objectives Continue cross-training to improve labor productivity Close control of working capital 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 11 |
Services Q4 2013 Q4 2014 2013 FY 2014 FY Orders ($M) $2.4 $2.3 $8.5 $15.7 Revenue ($M) 2.0 4.6 17.2 15.6 Operating Loss ($M) -1.5 -1.1 -4.7 -4.5 -% of Sales -74.5% -23.9% -27.4% -28.9% Adj. EBITDA ($M) -1.1 -.8 -2.6 -3.1 - % of Sales -55.5% -17.0% -14.9% -19.7% Q4 Results Revenue more than double Q4 2013; strong blade repair and technician fieldwork Operating loss narrowed increased volume, better utilization and lower operating expenses 2014 Results Orders up 85% from 2013 Revenue down due to absence of large drivetrain assembly project in 2013 Operating loss down due to less restructuring and lower operating expenses, partly offset by lower volumes 2015 Objectives Increase gearbox rebuild throughput Improve margins Immediate Focus Increase order rate Maintain/improve productivity Secure multi-year service agreements 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 12 |
Key Focus: Liquidity Management 2013 2014 Adj. EBITDA $10,346 $8,877 Op. Working Cap (Inc)/Dec 16,239 -8,505 Other Operating Cash -331 2,129 Operating Cash Flow 26,254 2,501 Capital Expenditures -6,950 -6,504 Asset Sales 13,249 1,065 Debt Incr/(Decr) -7,506 -1,135 Stock Proceeds/(Repurchases) 18 -1,833 Summary Cash Flow selected items Operating Working Capital Capital Spending vs Asset Sales Capital Spending Asset Sales Asset sales have funded 60% of capital investment 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 13 |
Balance Sheet YE 2012 YE 2013 YE 2014 Cash Assets 846 26,162 20,256 Op Working Capital 21,587 5,348 13,853 Net PPE 78,889 69,077 62,952 Other Assets 21,148 12,577 8,476 (Debt and Cap Leases) -7,121 (5,082) (4,111) (Other Liabilities) -12,001 (12,752) (13,046) Equity 103,348 95,330 88,380 Cash assets have declined with increased working capital requirement to support Abilene production issuesshould recover in second half of 2015 Investment in Property, Plant and Equipment is decreasing as capital spending trails depreciation despite restructuring capital outlay Book value = $5.95/share 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 14 |
Other Highlights SEC investigation resolved Successfully passed first SOX 404 audit since filing status reverted to accelerated Restructuring project outlays initiated in 2011 are now complete total investment of $13.7M YE 2014 Net Operating Loss carry-forward estimated at $174M 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 15 |
portsAccelerated tower production where components were more readily available $5M revenue recognition delayed to Q2-Q3 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 4 Financial Outlook BWEN Margins % of Sales 15 10 Gross Margin Adj. EBITDA* 5 0 2010 2011 2012 2013 2014 2015 -5 Operating Margin** -10 -15 -20 -25 *Excl restructuring ** Excl2010 impairment 2015 Sales projected to rise 6-8% higher FY tower production (+$12-14M) offset by weaker oil and gas markets for GearingCapital spending projected at $5-6 millionQ1 Revenue $48-51M impacted by West Coast port delays; ~$5M to be recognized in Q2-Q3Q1 operating loss $3-5M due to the delay of $1M into Q2 associated with port delaysWorking capital will rise sharply in 1H due to West Coast port delays impacting the supply chain but should recover in 2H 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 16 |
Click to edit Master title style Click to edit Master text styles Second level Third level Fourth level Fifth level Broadwind Energy is committed to helping customers maximize performance of their energy and infrastructure investments quicker, easier and smarter. 2/26/15 © 2015 Broadwind Energy, Inc. All rights reserved. 17 |
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