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Investor PresentationUBS Gas & Utilities
ConferenceFebruary 28, 2017
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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 or 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 contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) our customer relationships and efforts to diversify our customer base and sector focus and leverage customer relationships across business units; (iii) our ability to continue to grow our business organically and through acquisitions; (iv) the sufficiency of our liquidity and alternate sources of funding, if necessary; (v) our ability to realize revenue from customer orders and backlog; (vi) our ability to operate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economy and the potential impact it may have on our business, including our customers; (viii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets; (ix) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (x) the effects of the recent change of administrations in the U.S. federal government; (xi) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquisitions; and (xii) the potential loss of tax benefits if we experience an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. This presentation contains non-GAAP financial information. We believe 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. 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 23, 2017 for a reconciliation of certain non-GAAP measures presented in this presentation.
February 2017 2017 Broadwind Energy, Inc. All rights reserved. 2
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Introduction
February 2017 2017 Broadwind Energy, Inc. All rights reserved. 3
Towers 86%
Weldments2% Gears
12%
2016 Sales - $181M Towers and Weldments Leading wind tower manufacturer Capacity 500 towers, expanding to 550 Have produced towers for every major
OEM in industry Leveraging welding competencies in
broader energy markets
Gearing 90-year history Precision gearing manufacturer (1 meter
and larger in diameter) Gearbox and loose gearing expertiseWind replacement gearing, oil & gas,
mining, other industrial applications
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2016 Highlights
February 2017 2017 Broadwind Energy, Inc. All rights reserved. 4
2016 was 1st profitable year in Company history
Orders of $275M nearly triple 2015 orders of $94M
More than doubled gross profit margin
Cost reductions of $9M exceeded plan by $1M
Strong cash balance of $22M at year end
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>90% of BWEN 2016 revenue from Wind energy
February 2017 2017 Broadwind Energy, Inc. All rights reserved. 5
0
20
40
60
80
100
GW
Cumulative Installations U.S.
Source: AWEA Q4 Market Report
82 GW
Wind Power Capacity Under Construction/Advanced Development
Over 82 GW currently installed in the U.S. 8.2 GW added in 2016 wind now provides 5.5% of electrical power in the U.S. >18 GW under construction or in advanced development at end of 2016 Commercial/Industrial customers signed 39% of power purchase agreements in
2016, including GM, Amazon, Microsoft, Avery Dennison and others.
Source: AWEA Q4 Market Report
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-
50
100
150
200
250
300
350
Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16
Mill
ions
Orders and Backlog
Orders $M
$29M of new Towers & Weldments orders in Q416, up sharply from Q415Q4 16 Gearing orders up vs. PY orders from mining and steel customers increased. Oil & Gas quotes are accelerating.
Order Backlog $M
Year-end backlog $189M$137M tower order booked in Q2 2016 extends backlog into 2019Strong industry dynamics and customer relationships leading to increased orders
Q4 2015
Q42016
Book : Bill
Ratio
FY 2015
FY 2016
Book : Bill
Ratio
Towers &Weldments
2.8 29.4 .55 69.1 260.8 1.64
Gearing 2.1 2.9 .49 24.9 14.2 .69
Total 4.9 32.3 .55 94.0 275.0 1.53
2017 Broadwind Energy, Inc. All rights reserved. 6February 2017
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Towers and Weldments
2017 Broadwind Energy, Inc. All rights reserved. 7
Leading wind tower manufacturer in U.S.Have produced ~3000 >1MW towers
for all major OEMs in U.S.Manitowoc, WI plant capacity ~350
towersAbilene, TX plant capacity ~150
towers, expanding to 200 towers 2015 operational problems behind us $7 Million investment underway to
improve flow and increase capacity
February 2017
2013 2014 2015 2016Towers Sold 392 435 450 458Revenue 159.5$ 184.9$ 170.9$ 160.2$ OI 19.6 18.1 4.7 12.8 EBITDA 24.8 22.3 9.5 17.2
Q4 Results by BU
xxxx
Q4 2011Q4 2011Q4 2010201120112010Q4 2010Q4 2010 Q4 2010Q4 2009
RevenueActualBM FCActualActualBudgetActualActualBM FcstBudgetActual
Towers29,68422,73917,2941.305404146282,35079,40045,8541.7959181039RevLogistics2,2993,9206,000896
Gears12,63416,04113,1400.9638,69645,74735,1331.1014154082Op IncomeLogistics(1,346)(92)493(2,021)
Service6,6157,0653,6310.936372000810,81017,1378,5461.2649670705EBITDALogistics(711)5181,219(1,341)
Corporate/Elims(1,034)(43)ERROR:#DIV/0!(1,095)(187)5.8431786892
Total47,89945,84434,022130,761142,28389,345
Operating Income
Towers(35)1,186(284)0.125,1596,916(2,157)0.745951417
Gearing(3,281)(752)(3,511)0.93(8,523)(3,161)(11,461)2.6962986397
Service(413)(700)(2,128)0.19(3,862)(2,927)(11,053)1.3194396994
Corporate/Elims(2,515)(2,399)(1,875)1.34(7,302)(7,547)(7,391)0.9675367696
Total(6,244)(2,666)(7,798)(14,528)(6,719)(32,062)
EBITDA*Q1 EBITDA Add Backs
Towers1,1492,2768101.428,83310,1771,1660.867937506136
Gearing(675)1,797(924)0.73(901)4,486(4,289)-0.200847079846
Service(108)343(993)0.11(2,968)53(3,466)-5617
Corporate/Elims(1,882)(2,110)(1,739)1.08(6,121)(6,730)(6,556)0.909509658219
Total(1,516)2,308(2,846)(1,157)7,988(13,145)1748 prior to restructure with 401k add backs
* adjusted for 401K stock match and Restructure Costs in Q3EBITDA Rec:
Restructure CostsQ2 per 10QQ3 EBITDA x RestruTotal YTD
towersT7,6841,1498,833
Gears29189K direct labor severance, 202K other expense for loss on equipment saleG(226)(675)(901)
ServiceS(2,860)(108)(2,968)
Corp300EU severance- SG&AC(4,239)(1,882)(6,121)
Total359(1,516)(1,157)
Vs Analyst
MacquarieJPMorganRaymond JamesLazardAverageActual
Revenue47.1056.0060.0047.9052.7556.31
EBITDA1.901.001.760.401.271.06
EPS(0.02)(0.02)(0.02)(0.03)(0.02)(0.03)
At or Above Analyst Expecations
Below Analyst Expectations
Have to include Badger Revenue in this analysis
Continuing Ops Revenue47,899
Discontinued Ops Revenue2,274
Total50,173
Cont OpsDisc OpsTotal
Revenue 4789947,899
EBITDA-1516(1,516)
EPS(0.03)
EPS Calc
NI($3,860,524)
Shares139795666
(0.028)
Towers New
Q3YTD September 30,
20132014%20132014%
Orders80,46580,465
MW
TowersERROR:#REF!ERROR:#REF!282334
SectionsERROR:#REF!ERROR:#REF!9381066
Revenue-$M$ 47.1$ 45.1$ 116.0$ 146.3
Towers35,849.550,390.661,846.497,124.6
Weldments3,240.02,499.97,114.54,060.0
EBITDA-$M7.74.40.217.420.6
Op. Income-$M6.63.40.113.817.5
Op. Margin13.9%7.4%11.9%12.0%
Gears
Q3YTD September 30,
20132014%20132014
Revenue-$M$ 10.4$ 10.3$ 31.6$ 31.5
EBITDA-$M(2.3)(0.1)(2.4)(0.3)
Op. Loss-$M(5.4)(2.3)(12.3)(7.1)
Op. Margin-51.7%-22.2%-39.1%-22.4%
Q3YTD September 30,
20132014%20132014
Revenue-$M$ 3.7$ 5.0$ 15.3$ 10.9
EBITDA-$M(0.8)(0.4)ERROR:#DIV/0!(1.5)(2.3)
Op. Loss-$M(1.3)(0.7)ERROR:#DIV/0!(3.2)(3.4)
Op. Margin-34.4%-14.6%-21.2%-31.0%
Towers Q (2)
Q3 2014Q1 2015
Actual%BMFC%Budget%PY%Actual%Budget%PY%Towers Break Even201220132014
Orders11,770138,8503,929Fixed - Cash13,59615,88022,287
MWRevenue
TowersSGA - Cash3,9004,1955,931
SectionsSubtotal17,49620,07528,218
Revenue41,02948,32348,294Non-Cash4,5264,5114,015
Contribution MarginERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!9,26023%12,94627%13,85429%Total22,02224,58632,233
FOHERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!6,79917%7,06415%6,11913%
Gross ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,4616%5,88245%7,73516%Avg. CM%18.3%27.6%27.3%
SG&AERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,4374%1,5183%2,1234%
Operating ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,0242%4,3659%5,61212%
EBITDAERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,0465%5,40011%6,66014%
Q2 15 Op Income VS BMFC
Towers
BaseEndDownUpStart
Q1 145,6125612
Tower Volume4,793819-8194793
Heavy Vol/Cost4,227566-5664227
Siemens Bison (mix)3,0421,185-11853042
From 20142,442600-6002442
Higher VOH1,542900-9001542
Higher FOH862680-680862
Lower SGA and Other8622732731135
Q1 15 A1,13611361024
- 0
18 GE sections
23 Siemens sections
SectionsCM%
2014Bud2014Bud
Siemens91381729.1%
GE45669025.6%
1,3691,507
Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A479342273042244215428628621136Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A
(819)
(566)
(1,185)
(600)
(900)
(680)
Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A8195661185600900680Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A273Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A5612
Towers Q (3)
Sections Produced
Q3 2014Q3 2015YTD 20152015Q1Q2Q3Q4 FC
Actual%BMFC%Budget%PY%Actual%BM FC%PY%Vs. BM FCVs. PYActual%Budget%PY%Vs. BudgetVs. PYTowers Break Even201220132014Manitowoc2832952262101014
Orders3,16631,64651,732(28,480)(48,566)66,329243,70056520(177,371)9,809Fixed - Cash13,59615,88022,287Abilene6196106129392
MW0Revenue
Towers Sold139(139)- 0245387227(142)18SGA - Cash3,9004,1955,931468.6666666667
Sections Sold336416334(80)210721,1601,066(88)6Subtotal17,49620,07528,218
Revenue42,94352,53145,100(9,588)(2,157)139,004156,579146,284(17,575)(7,280)Non-Cash4,5264,5114,015
Contribution MarginERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!11,19226%13,81426%11,80126%(2,622)(609)35,71126%41,43226%42,10129%(5,721)(6,390)Total22,02224,58632,233
FOHERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!7,52718%6,36712%6,95015%(1,160)(577)20,79215%21,08613%19,70713%294(1,085)
Gross ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!3,6659%7,44814%4,85211%(3,783)(1,187)14,91911%20,34613%22,39415%(5,427)(7,475)Avg. CM%18.3%27.6%27.3%
SG&AERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,4303%1,3863%1,5003%(44)704,3933%4,5943%4,8713%201478
Operating ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,2355.2%6,06212%3,3527.4%(3,827)(1,117)10,5267.6%15,75210%17,52312.0%(5,226)(6,997)
EBITDAERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!3,4518.0%7,07813%4,4319.8%(3,627)(980)13,7089.9%18,84112%20,64814.1%(5,133)(6,940)
Variances F/(U)
2015 Op Income VS Budget
Towers
BaseEndDownUpStart
2015 Budget18,08218082
Reduced Tower Production11,8413911-391114171
Lower Price11,2642907-290711264
Material Overruns6,0645200-52006064
Labor Overruns4,6981366-13664698
Customer Penalties3,6981,000-10003698
Heavy Variance- 0( 2,563 )1,368-3931-233
- 0
2015A2,235
- 0
18 GE sections
23 Siemens sections
SectionsCM%
2014Bud2014Bud
Siemens91381729.1%
GE45669025.6%
1,3691,507
2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A
(3,911)
(2,907)
(5,200)
(1,366)
( 3,931 )
2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A39112907520013661000-25632015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A13682015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A18082
Manitowoc Quarterly Section Production
ManitowocQ1Q2Q3Q4 FC283295226210
Abilene Quarterly Section Production
AbileneQ1Q2Q3Q4 FC6196106129
# of Sections
ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC61961061292015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A
(3,911)
(2,907)
(5,200)
(1,366)
( 3,931 )
2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A39112907520013661000-25632015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A13682015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A18082
Manitowoc Quarterly Section Production
ManitowocQ1Q2Q3Q4 FC283295226210
Abilene Quarterly Section Production
AbileneQ1Q2Q3Q4 FC6196106129
# of Sections
ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC61961061292015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A
(3,911)
(2,907)
(5,200)
(1,366)
( 3,931 )
2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A39112907520013661000-25632015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A13682015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A18082
Manitowoc Quarterly Section Production
ManitowocQ1Q2Q3Q4 FC283295226210
Abilene Quarterly Section Production
AbileneQ1Q2Q3Q4 FC6196106129
# of Sections
ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC61961061292015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A
(3,911)
(2,907)
(5,200)
(1,366)
( 3,931 )
2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A39112907520013661000-25632015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A13682015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A18082
Manitowoc Quarterly Section Production
ManitowocQ1Q2Q3Q4 FC283295226210
Abilene Quarterly Section Production
AbileneQ1Q2Q3Q4 FC6196106129
# of Sections
ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC6196106129
Break Even
Towers Break EvenGearsServices
Cash Fixed Costs2012201320142015Q1 2016*2016BCash Fixed Costs2012201320142015Q1 2016*2016BCash Fixed Costs2012201320142015B
Cash Fixed OH13,59615,88022,28724,28523,21222,745Cash Fixed OH9,8179,3668,7877,5095,8805,787Cash Fixed OH4,0524,17644864249
Cash SG&A3,9004,1955,9315,3815,5805,994Cash SG&A4,9625,8364,1313,6441,8122,326Cash SG&A2,8812,13622472710
Total 17,49620,07528,21829,66628,79228,739Total 14,77915,20212,91811,1537,6928,113Total 6,9336,3126,7336,959
Contribution Margin18.30%27.60%27.30%22.70%27.20%28.50%Contribution Margin35.10%26.50%28.20%30.40%29.40%33.10%Contribution Margin23.60%20.50%22.40%27.70%
EBITDA Break Even Revenue95,60772,736103,363130,687105,853100,839EBITDA Break Even Revenue42,10557,36645,80936,68826,16324,511EBITDA Break Even Revenue29,37730,79030,05825,123
Non Cash ExpensesNon Cash ExpensesNon Cash Expenses
Depreciation3,6763,8723,9933,9543,8644,108Depreciation8,3787,0896,3724,5882,1122,139Depreciation1,8001,39812391239
Stock Compensation72046322112152244Amortization1,7591,552444444444444Stock Compensation4052793636
Restructuring130176- 0186- 0Stock Compensation602469191228192216Restructuring266234- 0- 0
Total 4,5264,5114,0154,2524,0164,352Restructuring1,9095,2031,466874- 0- 0Total 2,4711,9111,2751,275
Total 12,64814,3138,4736,1342,7482,799
Operating Income Break Even Revenue120,33989,080118,070149,419120,618116,109
* AnnualizedOperating Income Break Even Revenue78,140111,37775,85556,86535,51032,967Operating Income Break Even Revenue39,84740,11235,75029,726
2012201320142015Q1 2016*2016B2012201320142015Q1 2016*2016B2012201320142015B
Fixed - Cash13,59615,88022,28724,28523,21222,745- 0Fixed - Cash9,8179,3668,7877,5095,8805,787Fixed - Cash4,0524,1764,4864,249
SGA - Cash3,9004,1955,9315,3815,5805,994- 0SGA - Cash4,9625,8364,1313,6441,8122,326SGA - Cash2,8812,1362,2472,710
Subtotal17,49620,07528,21829,66628,79228,739- 0 Subtotal14,77915,20212,91811,1537,6928,113 Subtotal6,9336,3126,7336,959
Non-Cash4,5264,5114,0154,2524,0164,352- 0Non-Cash12,64814,3138,4736,1342,7482,799Non-Cash2,4711,9111,2751,275
Total22,02224,58632,23333,91832,80833,091- 0Total27,42729,51521,39117,28710,44010,912Total9,4048,2238,0088,234
Avg. CM%18.30%27.60%27.30%22.70%27.20%28.50%Avg. CM%35.10%26.50%28.20%30.40%29.40%33.10%Avg. CM%23.60%20.50%22.40%27.70%
* Annualized* Annualized
Break-even Trend Towers
EBITDA2012201320142015Q1 2016*2016B95606.55737704917672735.507246376801103362.63736263735130687.22466960351105852.94117647059100838.59649122808Operating Income2012201320142015Q1 2016*2016B120338.7978142076589079.710144927536118069.59706959706149418.50220264317120617.64705882352116108.77192982456EBITDA2012201320142015Q1 2016*2016B42105.41310541310757366.03773584905145808.51063829787736687.526163.26530612245224510.574018126888Op Income2012201320142015Q1 2016*2016B78139.601139601145111377.3584905660475854.60992907802656865.13157894736735510.20408163265532966.767371601207
'$ 000
EBITDA2012201320142015B29377.11864406779930790.24390243902630058.03571428571425122.743682310465Op Income2012201320142015B39847.45762711864540112.1951219512193575029725.631768953066
Break-even Trend Towers
EBITDA2012201320142015Q1 2016*2016B95606.55737704917672735.507246376801103362.63736263735130687.22466960351105852.94117647059100838.59649122808Operating Income2012201320142015Q1 2016*2016B120338.7978142076589079.710144927536118069.59706959706149418.50220264317120617.64705882352116108.77192982456EBITDA2012201320142015Q1 2016*2016B42105.41310541310757366.03773584905145808.51063829787736687.526163.26530612245224510.574018126888Op Income2012201320142015Q1 2016*2016B78139.601139601145111377.3584905660475854.60992907802656865.13157894736735510.20408163265532966.767371601207
'$ 000
EBITDA2012201320142015B29377.11864406779930790.24390243902630058.03571428571425122.743682310465Op Income2012201320142015B39847.45762711864540112.1951219512193575029725.631768953066
Break-even Trend Towers
EBITDA2012201320142015Q1 2016*2016B95606.55737704917672735.507246376801103362.63736263735130687.22466960351105852.94117647059100838.59649122808Operating Income2012201320142015Q1 2016*2016B120338.7978142076589079.710144927536118069.59706959706149418.50220264317120617.64705882352116108.77192982456EBITDA2012201320142015Q1 2016*2016B42105.41310541310757366.03773584905145808.51063829787736687.526163.26530612245224510.574018126888Op Income2012201320142015Q1 2016*2016B78139.601139601145111377.3584905660475854.60992907802656865.13157894736735510.20408163265532966.767371601207
'$ 000
EBITDA2012201320142015B29377.11864406779930790.24390243902630058.03571428571425122.743682310465Op Income2012201320142015B39847.45762711864540112.1951219512193575029725.631768953066
Profit by Customer
Towers
2012201320142015Q1 2016
Sales CM%CM$/ SectionSales CM%CM$/ SectionSales CM$CM%CM$/ SectionSales CM$CM%CM$/ SectionSales CM$CM%CM$/ Section
Siemens28,61819.1%25.3181,30931.1%41.06124,02035,31928.5%38.68121,78434,41028.3%35.8423,1395,87625.4%
GE22,92818.1%18.8664,63324.7%27.1553,08913,57425.6%29.7745,2138,17018.1%20.9517,8785,66931.7%
Clipper10,65425.9%11,43023.9%8,1381,59019.5%4,784771.6%1,40392565.9%
Arcelor Mittal66,71016.1%15.172,02534.7%10.65- 0- 0- 066428442.8%
First Wind Energy6,31226.2%82(343)(86)(483)-357750835670.1%
CAT45220445.1%
CNG33761.8%
NREL29719866.7%
Metso29617358.4%
NLMK Indiana25612749.6%
Subtotal Top 10135,22218.3%159,47927.7%184,90450,39727.3%171,29839,08022.8%45,23013,81830.6%
BWEN Total46,75712,82527.4%
% of Top 1096.7%
Gears
20122013201420152014
Sales CM%Sales CM%Sales CM$CM%Sales CM%CM%CustomerSales CM$CM%
Clipper11,16140.5%10,74543.8%7,2303,78052.3%8,48350.1%Siemens128,33737,32129.1%
Gardner Denver11,39342.2%4,62827.1%15,0136,29942.0%4,15832.8%GE53,08913,57425.6%
Cameron22557.3%3,65521.2%4,75458912.4%3,19528.0%Gardner Denver15,0136,29942.0%
Metso6,24348.2%5,10748.8%3,1291,40344.8%1,60930.3%CAT8,1381,59019.5%
NA Bull Industry- 00.0%- 00.0%1,37354639.8%1,54028.5%Cameron4,75458912.4%
Others27,29639.2%30,02631.3%18,3447,50640.9%10,71632.6%Clipper7,2303,78052.3%
Discounts/Mfg Var.(659)(265)(360)(4,419)(97)Metso3,1291,40344.8%
Total44,49835.1%43,15126.5%42,25311,92428.2%29,60430.4%Invenergy2,11365831.1%
ServicesNext Era1,61171244.2%
201220132014NA Bull Industry1,37354639.8%
CustomerSalesCM%SalesCM%SalesCM$CM%Top 10 Total224,78766,47229.6%
Siemens Energy, Inc5,37444.8%2,05647.4%4,3172,00246.4%
Invenergy13241.7%67039.9%2,11365831.2%BWEN Total241,26865,82327.3%
Next Era6,05939.7%3,95125.2%1,61171244.2%% of Top 1093.2%101.0%
Noble Wind 37349.3%54843.2%1,06940738.1%
Basin Electric5271.6%1,02645244.0%
NRG99-1.1%63923536.8%
Other Customers10,16941.5%10,35733.4%4,7831,94840.7%
Other (Bene, taxes, PTO)-10.0%-6.4%(1,096)-7.0%
Variances-8.3%-6.9%(1,877)-12.1%
Total22,10723.7%17,73320.3%15,5583,44122.1%
2015
CustomerSales CM$CM%
Siemens121,78434,41028.3%
GE45,2138,17018.1%
Clipper8,4834,25050.1%
CAT4,784771.6%
Gardner Denver4,1581,36432.8%
Cameron3,19589528.0%
Metso1,60948830.3%
NA Bull Industry1,54043928.5%
NOV1,15447641.2%
Arcelor Mittal92127529.9%
Top 10 Total192,84150,84326.4%
BWEN Total199,15647,73124.0%
% of Top 1096.8%106.5%
Q1 2016 CM Concentration
SiemensGEClipperArcelor MittalFirst Wind EnergyCATCNGNRELMetsoNLMK Indiana587656699252843562046198173127
Gears Q
Q3 15 OP Inc Vs BMFC
BaseEndDownUpStart
2015 OP Loss (Budget)(3,651)-3651-3651
Lower Volume( 3,651 )( 6,330 )-6331-9982
Lower Margins( 9,982 )( 1,455 )-1455-11437
Mfg. Variances( 10,631 )( 806 )806-10631
FOH/SGA( 7,677 )( 2,396 )2396-8235
2015 Op. Loss (Actual)( 8,235 )
Base
2014 A
Q3 14 Op Loss
( 2,338 )
2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-3651-9982-10631-7677-8235End2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)Down
2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-6330-1455-806-2396Up2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)Start
2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-3651
Op Income/(Loss) $
Corporate Q4
Corporate
2011 Actual2011 Budget2010 Actual
Total Opearting Income(2,515)(2,399)(1,875)
EBITDA(1,882)(2,110)(1,739)
Tom preparing
BS
ActualBudget Actual
9/30/119/30/1112/31/10Pull from Exec Summary
Cash & Cash Equivalents14,42213,50015,501
Accounts Receivable23,44723,39221,427
Prepaids4,5824,9033,476
Inventory31,28318,76217,739
Other Current Assets
PPE90,599119,461106,317
Intangibles and Goodwill9,42926,41810,073
Assets Held for Sale8,0007,0766,847
Non-Current Assets5,4036,1392,126
Total Assets187,165219,651183,506
Accounts Payable23,19321,83622,342
Current Liabilities 5,3587,1006,515
Debt14,59411,65714,016
Customer Deposits15,7056248,881
Liabilities Held for Sale- 012,6794,221
Other Non-Current Liabilities5,20214,0381,335
Total Liabilities64,05267,93357,310
Equity123,113151,718126,196
Total Liabilities and Equity187,165219,651183,506
Memo: Operating Working Capital15,83219,6947,943ERROR:#REF!
Memo: Total Debt, Net of Cash172(1,843)(1,485)
Summary Outlook
RevenueEBITDA
Predicted ChangeActual ChangePredicted ChangeActual Change
Budget47.947.91.81.8
Towers(1.2-2.4)-1.4(0-0.4)-0.4
Gearing(0.8-1.3)-1.0(0.5-0.7)-1.0
Services(1.0-1.5)-2.0(0.5-0.7)-0.7
Corporate00(0-0.2)0.0
Bonus Adj0.3-0.70.20
Total42.7-44.943.50.5-1.1-0.1
SCOF
ActualBudgetActual
Sep-11Sep-11Q3 BM FCQ3 BudgetSep-10
Cash from Operating Activities
Consolidated Net Income(Loss) from Continuing Operations(65,051)(107,026)(6,515)1,139
Depreciation13,51113,1713,8143,950
Amortization4,0199,5241,0751,359
Stock Compensation1,6682,805645743
Interest (Inc)/Exp. External and Taxes1,0111,226354(559)
Interest-Intercompany- 0716
Taxes32- 0
Goodwill Impairment35,68482,211
EBITDA- Continuing Operations(1,157)7,988(595)7,348(13,570)
Changes in Operating Working Capital(7,889)(2,689)710(8,455)(5,891)
Other (2,595)
Joni Konstantelos: Joni Konstantelos:adjusted to tie to Q1,954(691)(999)(562)
Total Cash Provided by (Used in) Operating Activities(11,641)7,253(576)(2,106)(20,023)
Investing Activities
Purchases of Available-for-Sale Investments- 0(922)
Cash Received from Divestitures761- 0
Decrease in Restricted Cash(1,276)2,010
Net Change in Property, Plant & Equipment(2,284)(7,685)(3,456)(3,490)(5,412)
Total Cash Provided by (Used in) Investing Activities(2,799)(7,685)(3,456)(3,490)(4,324)
Subtotal Before Financing(14,439)(431)(4,032)(5,596)(24,346)
Financing Activities
Net Proceeds from issuance of stock11,73953,347
Common Stock issued under defined contribution 401k plan150499
Proceeds(Payments) on long term debt and capital leases578(1,671)190(906)(21,422)bti Q3 Budget (from flat file in budget)
Total Cash Provided by (Used in) Financing Activities12,467(1,671)190(906)32,424op-wc233
op other-1205
Discontinued Operationsinv0
Net Cash Provided by (used in) Discontinued Operations(912)(2,213)(3,480)fin-954
Add: Cash Balance of Discontinued Operations, Beginning of Period530(50)127-1926
Less: Cash Balance of Discontinued Operations, End of Period0(2,264)(60)
Net Change in Cash Calculated(2,354)(2,101)(3,842)(6,502)4,785
Cash and Cash Equivalents, beginning of period15,33115,600(3,843)(6,502)4,701
Cash and Cash Equivalents, end of period12,97513,4991- 09,486
Difference(2,356)(2,100)3,8446,5024,785
(2)1- 0
13,500
(1)
Services Product Line Profit
2011 YTD
Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&ASummary All
Sales7,2744,7553,494773(5)16,291
Direct Materials1201,715109747- 02,691
Direct Labor3,2071,4221,576251- 06,456
VOH1,893830856112- 03,691
Contribution Margin2,054788953(337)(5)3,453
% of Sales28.2%16.6%27.3%-43.6%21.2%
FOH1,5161,1581,1271,9842666,051
Gross Profit538(370)(174)(2,321)(271)(2,598)
Gross Margin7%-8%-5%-300%N/M-16%
Services 2010 EBITDA by Segment
Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A1
Services 2010 Contribution Margin by Segment
Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A2054788953-337-5
Services 2010 EBITDA by Segment
Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A1
Services 2010 Contribution Margin by Segment
Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A2054788953-337-5
Sheet3
Broadwind Services, LLC
Income Statement by Business Segment
For the Nine Months Ending September 30, 2011
September 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTD
AccountAmountAmountAmountAmountAmountAmount
Field ServicesHoward DrivetrainBlade ServicesMW GearboxG&ASummary All
SALES:
Net Sales to 3rd Parties$4,283,622$3,360,579$2,670,793$461,624($1,986)$10,774,631
Intercompany Sales15,81919,61935,438
------
Total Sales4,283,6223,360,5792,686,612481,243(1,986)10,810,069
COST OF SALES:
Direct Materials84,7201,028,11494,482439,3321,646,648
Direct Labor1,947,2621,120,5691,158,549124,5384,350,917
Variable OH1,098,935637,476579,69088,4812,404,580
Period Costs4501,4624,6241,7358,271
------
Total Variable COS3,131,3672,787,6211,837,345654,0868,410,416
------
Contribution Margin1,152,255572,958849,267(172,843)(1,986)2,399,653
Contribution Margin %26.90%17.05%31.61%-35.92%100.00%22.20%
------
Fixed Overhead:
Indirect Labor & Benefits572,490400,732369,312233,8061,576,340
Insurance207,605207,605
Property Taxes8,0093,19123,44334,642
Depreciation58,37758,0742,783455,812575,046
Rent & Utilities92,71140,851157,959607,184898,705
Safety & Training79,42420,53054,6416,450161,045
Other Fixed OH276,881363,203108,972185,752934,809
------
Total Fixed Overhead1,079,883891,399696,8581,512,447207,6054,388,192
------
Total Cost of Sales4,211,2503,679,0202,534,2032,166,533207,60512,798,608
------
GROSS PROFIT72,372(318,441)152,409(1,685,290)(209,591)(1,988,539)
Gross Margin1.69%-9.48%5.67%-350.20%10553.42%-18.40%
OPERATING COSTS:
Wages & Benefits(15,981)(5,183)(2,850)(9,900)654,614620,700
Shared Base Compensation93,37693,376
Other Employee Costs10,363930201,052212,346
Professional Services1,00072,41273,412
Legal(10,709)(10,709)
Rent & Utilities (SG&A)1,30831,57932,887
Telephone & Communication15635,28535,441
Insurance (D&O)1,6081,608
Depreciation (SG&A)70,55170,551
I/C SG&A107,044107,044
Sales & Marketing52,13352,133
Bad Debt50,32250,322
Other Operating Costs504133,22610,749389,673534,151
------
Total Operating Costs(5,114)130,129(2,850)2,1571,748,9401,873,262
------
Income (Loss) from Operations77,486(448,570)155,259(1,687,447)(1,958,531)(3,861,801)
Other Income (Expense)
Interest (Expense), Net(57,697)(57,697)
Other Income (Expense), Net5,9691,950144,400(13,478)138,841
------
Pre Tax Income83,455(446,620)155,259(1,543,047)(2,029,706)(3,780,657)
Tax Provision (Benefit), Current(1,244)(1,244)
------
Total Tax Provision (Benefit)(1,244)(1,244)
======
NET INCOME (LOSS)83,455(446,620)155,259(1,543,047)(2,028,462)(3,779,413)
======
EBITDA
Operating Income77,486(448,570)155,259(1,687,447)(1,958,531)(3,861,801)
Depreciation58,37758,0742,783455,81270,551645,597
Stock Compensation93,37593,375
Other Income (expense)5,9691,950144,400(13,478)138,841
------
Total EBITDA141,832(388,546)158,042(1,087,235)(1,808,083)(2,983,988)
Difference21(4)
WC
Broadwind Energy, Inc.
Working Capital Summary - $'s in thousands except as indicated
Broadwind Energy, Inc
Working Capital & Net Debt
Actual 12/31/10ActualActualActualActualActual
3/31/116/30/119/30/1112/31/113/31/12
Accounts Receivable
A/R21,42722,47727,24023,47225,31123,199
Sales (Quarter Annualized)190,204174,120157,328191,596220,372217,768
# of Days365365365365365365
Days Sales Outstanding414763454239
Inventory
Inventory, Net17,73916,75522,44331,28323,35532,368
Days in Inventory383756603957
Accounts Payable
Accounts Payable (trade)22,34219,53118,38323,19317,35824,945
COS's (Quarter Annualized)168,408163,804145,604188,744216,516208,840
# of Days365365365365365365
Days Payable Outstanding484446452944
Customer Deposits8,88121,12821,03815,70517,32814,600
Operating Working Capital (AR + Inv-AP-Cust Dep)7,943(1,427)10,26215,85713,98116,022
Days in Operating Working Capital15(3)24302327
% of Sales4%-1%7%8%6%7%
Gears Q (2)
Q3 20152015
Actual%BM FC%PY%Vs. BM FCVs. PYActual%Budget%PY%Vs. BudgetVs. PY
Orders*8,9966,9829,1022,014(106)22,79239,56036,052(16,768)(13,260)
Orders-Internal
Revenue7,1848,04610,334(862)(3,150)23,75835,10931,533(11,351)(7,775)
Contribution Margin2,03828%2,7132,89728%(675)(859)8,04434%11,79134%9,14329%(3,747)(1,099)
FOH2,89740%2,9644,02839%671,1319,16239%10,45130%12,53140%1,2893,369
Gross Profit(859)-12%(251)(1,131)-11%(608)272(1,117)-5%1,3414%(3,388)-11%(2,458)2,271
SG&A1,78725%1,2251,16311%(562)(624)4,26318%4,26112%3,67012%(2)(593)
Operating Profit(2,645)-36.8%(1,476)(2,294)-22.2%(1,169)(351)(5,380)-23%(2,920)-8%(7,059)-22%(2,460)1,679
EBITDA (509)-7.1%(127)(128)-1.2%(382)(381)(565)-2%1,2544%(281)-1%(1,819)(284)
* Includes IC Orders
Variances F/(U)
updated
EBITDA adjusted for 401K and restructure add backs
2011 Actual%2011 Forecast%2010 Actual%
- 0- 0
MW52,200n/a22,410
Revenue54,29653,39648,996
Contribution Margin17,94433%17,01732%(1,860)-4%
Gross Profit(1,355)-2%(789)-1%(5,963)-12%Q3 15 OP Inc Vs PY
SG&A937817%929417%771516% BaseEndDownUpStart
Operating Profit(10,733)-20%(10,083)-19%(13,678)-28%Q3 14 Op Inc(2,294)-2294-2294
EBITDA (465)-1%670%(3,977)-8%Lower Volume( 2,294 )( 1,122 )-1122-3416
Lower Margins( 3,416 )( 447 )-447-3863
Environmental Reserve( 3,863 )( 874 )-874-4737
MFG Variances( 4,056 )( 681 )681-4056
FOH/SGA( 2,645 )( 1,411 )1411-2645
Q3 15 A( 2,645 )
Q1 13Q2 13Q3 13
Revenue107201044510389
OM $-2860-3882-5652
Operating Margin-27%-37%-54%
Depreciation1,8661,8741,702
True Depr17%18%16%
Normalized Depr (4.2%) Add Back13%14%12%
Depr Add back1,4161,4351,266
New OM $(1,444)(2,447)(4,386)
OM Restated(0.13)(0.23)(0.42)
Q1 13Q2 13Q3 13
BFGW Operating Margin-27%-37%-54%
BFGW OM with "normalized" depr.-13%-23%-42%
AGMA Average Top 25%9.90%9.90%9.90%
20122013
CustomerSalesCM$CM%SalesCM$CM%
Clipper11,1614,51640.5%10,7454,70444%
Metso6,2433,01248.2%5,1072,49448.8%
Gardner Denver11,3934,80942.2%4,6281,25527.1%
BWS1,98864732.5%3,9381,39835.5%
Cameron22512957.3%3,65577621.2%
Arcelor Mittal1,03249648.1%1,62458235.8%
Konecranes99135135.4%1,56642427.1%
NOV1,9321,18261.2%1,21561050.2%
Braner769688.8%93220421.9%
Simpson88924827.9%91517819.5%
Other19,6957,72739.2%9,0902,55928.2%
Discounts(659)(659)-1.2%(265)(265)100.0%
PPV(153)-0.3%4171.0%
Other Manuf. Var(2,812)-5.1(3,916)-9.1%
Total55,65919,56135.1%43,15011,42026.5%
Base
2014 A
Q3 14 Op Loss
( 2,338 )
Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294-3416-3863-4056-2645-2645EndQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 ADown
(1,122)
(447)
(874)
Q3 14 OP loss (2,433)
Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-1122-447-874-681-1411UpQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 AStartQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294
Op Income/(Loss) $
BFGW Operating MarginQ1 13Q2 13Q3 13-0.26679104477611942-0.37166108185734803-0.54403696217152753BFGW OM with "normalized" depr.Q1 13Q2 13Q3 13-0.13472388059701493-0.23424509334609861-0.42220983732794298AGMA Average Top 25%Q1 13Q2 13Q3 139.9000000000000005E-29.9000000000000005E-29.9000000000000005E-2Base
2014 A
Q3 14 Op Loss
( 2,338 )
Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294-3416-3863-4056-2645-2645EndQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 ADown
(1,122)
(447)
(874)
Q3 14 OP loss (2,433)
Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-1122-447-874-681-1411UpQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 AStartQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294
Op Income/(Loss) $
BFGW Operating MarginQ1 13Q2 13Q3 13-0.26679104477611942-0.37166108185734803-0.54403696217152753BFGW OM with "normalized" depr.Q1 13Q2 13Q3 13-0.13472388059701493-0.23424509334609861-0.42220983732794298AGMA Average Top 25%Q1 13Q2 13Q3 139.9000000000000005E-29.9000000000000005E-29.9000000000000005E-2
Services
Q3 20152015
Actual%BM FC%BM FC%PY%Vs. BM FCVS. PYActual%BM FC%Budget%PY%Vs. BudgetVS. PY
F/(U)F/(U)F/(U)F/(U)
Orders2,5813,5003,5005,317(919)(2,736)9,18918,30013,342(9,111)(4,153)ERROR:#REF!ERROR:#REF!
Revenue3,0114,0515,025(1,040)(2,014)7,63415,67910,945(8,045)(3,311)-0.2567267341
Contribution Margin77626%ERROR:#DIV/0!1,04826%1,34627%(272)(570)821%4,35828%2,61724%(4,276)(2,535)-0.4007960199
FOH1,15138%ERROR:#DIV/0!1,122107%1,49930%(29)3483,7284546%4,07526%4,23639%347508
Gross Profit(374)-12%ERROR:#DIV/0!(74)-7%(154)-3%(300)(220)(3,646)-98%2822%(1,619)-15%(3,928)(2,027)Q3 15 Op Inc vs BM FC
SG&A41414%ERROR:#DIV/0!399-539%57912%(15)1651,530-42%2,21214%1,77116%682241 BaseEndDownUpStart
Operating Profit(788)-26.2%ERROR:#DIV/0!(473)-119%(733)-14.6%(315)(55)(5,176)-338%(1,930)-12%(3,391)-31%(3,246)(1,785)Q3 15 BMFC(473)-473-473
EBITDA(464)-15.4%ERROR:#DIV/0!(160)34%(395)-7.9%(304)(69)(4,056)78%(791)-5%(2,281)-21%(3,265)(1,775)Lower Volume( 473 )( 229 )-229-702
Variance F/(U)Lower Margins( 702 )( 44 )-44-746
Higher FOH/SGA( 746 )( 42 )-42-788
Q3 15 A( 788 )-788
-788
Base
2014 A
Q3 14 Op Loss
( 2,338 )
Q3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-473-702-746-788EndQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 ADown
Q3 14 OP loss (2,433)
Q3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-229-44-42UpQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 AStartQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-473
Services (2)
Q1 2015
Actual%BM FC%Budget%PY%
Orders1,8913,7003,595ERROR:#REF!ERROR:#REF!
Revenue1,9372,7292,438
Contribution Margin(657)100%ERROR:#DIV/0!471100%480100%
FOH1,349-205%ERROR:#DIV/0!1,323281%1,271265%
Gross Profit(2,006)305%ERROR:#DIV/0!(852)-181%(791)-165%Q1 15 OP Inc Vs PY
SG&A618-94%ERROR:#DIV/0!835177%548114% BaseEndDownUpStart
Operating Profit(2,624)399%ERROR:#DIV/0!(1,687)-358%(1,339)-279%Q1 14(1,339)-1339-1339
EBITDA(2,152)328%ERROR:#DIV/0!(1,226)-260%(878)-183%Lower Volume( 1,339 )( 242 )-242-1581
Negative Margins( 1,581 )( 143 )-143-1724
Inventory Write Down( 1,724 )( 750 )-750-2474
Higher FOH/SGA( 2,474 )( 150 )-150-2624
Q1 15 A( 2,624 )
-2624
Base
2014 A
Q3 14 Op Loss
( 2,338 )
Q1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-1339-1581-1724-2474-2624EndQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 ADown
Q3 14 OP loss (2,433)
Q1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-242-143-750-150UpQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 AStartQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-1339
Services (3)
Q3 20152015
Actual%BM FC%BM FC%PY%Vs. BM FCVS. PYActual%BM FC%Budget%PY%Vs. BudgetVS. PY
Orders2,5813,5003,5005,317(919)(2,736)9,18918,30013,342(9,111)(4,153)ERROR:#REF!ERROR:#REF!
Revenue3,0114,0515,025(1,040)(2,014)7,63415,67910,945(8,045)(3,311)-0.2567267341
Contribution Margin77626%ERROR:#DIV/0!1,04826%1,34627%(272)(570)821%4,35828%2,61724%(4,276)(2,535)-0.4007960199
FOH1,15138%ERROR:#DIV/0!1,122107%1,49930%(29)3483,7284546%4,07526%4,23639%347508
Gross Profit(374)-12%ERROR:#DIV/0!(74)-7%(154)-3%(300)(220)(3,646)-98%2822%(1,619)-15%(3,928)(2,027)Q3 15 Op Inc vs BM FC
SG&A41414%ERROR:#DIV/0!399-539%57912%(15)1651,530-42%2,21214%1,77116%682241 BaseEndDownUpStart
Operating Profit(788)-26.2%ERROR:#DIV/0!(473)-119%(733)-14.6%(315)(55)(5,176)-338%(1,930)-12%(3,391)-31%(3,246)(1,785)Q3 14(733)-733-733
EBITDA(464)-15.4%ERROR:#DIV/0!(160)34%(395)-7.9%(304)(69)(4,056)78%(791)-5%(2,281)-21%(3,265)(1,775)Lower Volume( 733 )( 421 )-421-1154
Variance F/(U)Lower Margins( 1,154 )( 148 )-148-1302
Lower FOH/SGA( 788 )( 514 )514-788
Q3 15 A( 788 )-788
-788
Base
2014 A
Q3 14 Op Loss
( 2,338 )
Q3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-733-1154-788-788EndQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 ADown
Q3 14 OP loss (2,433)
Q3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-421-148-514UpQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 AStartQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-733
WC trend
Working Capital Slide
look at board reportExc SvsExc SvsExc SvsExc SvsExc SvsExc SvsExc SvsExc Svs
Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 201131-Mar6/30/129/30/1212/31/123/31/136/30/139/30/1312/31/133/31/146/30/149/30/1412/31/143/31/156/30/157/31/158/31/159/30/1510/31/15 E11/31/15E12/31/153/31/166/30/169/30/1612/31/1620082009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011
Working Capital16,45120,36625,86026,73330,25719,25615,4847,68010,43617,67814,8377,943(1,427)10,26215,85713,98116,02219,65239,25221,58723,38510,3234,941(499)14,13020,3084,9278,50525,92733,64436,79939,23427,59432,94225,67810,2417,76210,794(1,398)(839)Working Capital26,7337,68010,43617,67814,8377,943(1,427)
Sales(t3m)140,656163,320254,756310,556212,248209,252238,028131,79288,682146,512152,788190,204174,120157,328191,596220,372217,768225,244220,180179,632182,656205,452249,740224,353232,997270,195236,161215,615202,267250,156247,804222,032199,168219,940220,744150,292187,028173,520170,400192,604Sales(t3m)217,321197,83088,682146,512152,788190,204174,120
WC cents/Sales dollar0.090.080.100.090.140.090.070.060.120.120.100.04(0.01)0.070.080.060.0740.0870.1780.1200.1280.0500.020(0.002)0.0610.0750.0210.0390.1280.1340.1490.1770.1390.1500.1160.0680.0420.062(0.008)(0.004)WC cents/dollar12.300.260.080.080.100.24(1.22)
9149761212104(1)7867918121352(0)682413131518141512746(1)(0)
143,032
559
Working Capital Cents per Dollar
416394172941820419124200442094421854221642247422774236942460425514264342735-0.222417351227752726.06445576552487797.51605322082199832.0862885912576593.9445307608468812.81820563908101813.44920769439869614.8500427757421217.67042588455717913.854635282776356.81406861309983294.15018072160318236.2206085753803597-0.82042253521126762-0.43560881393948203
FOrecast Update
Broadwind Energy, Inc
STRAP10th working day
Q1 2011Q2 2011Q3 2011Q4 2011TotalTotal
RevenueActualPYActualPYActualForecastPYBudgetForecastPY2011PY
Towers28,17012,04624,49516,51429,68436,83617,29424,41532,22130,296114,57076,150
Gearing13,5537,71712,50914,27612,63412,94413,14016,88314,70013,86353,39648,996
Services1,8282,0222,3672,8936,6155,8003,6316,8635,0003,54415,81012,090
Corporate(21)(41)(39)(103)(1,034)62(43)(152)(1,094)(339)
Total43,53021,74439,33233,58047,89955,64234,02248,16151,92147,551182,682136,897
Operating Income
Towers2,420822,773(595)(35)440(284)970897(9,279)6,055(10,076)
Gearing(2,397)(3,201)(2,847)(2,823)(3,281)(2,465)(3,511)(923)(1,559)(2,217)(10,084)(11,752)
Services(1,354)(359)(2,094)(6,474)(413)80(2,128)(761)(445)(23,694)(4,306)(32,655)
Corporate(2,642)(18)(2,143)(2,306)(2,515)(2,746)(1,875)(2,412)(2,371)(1,974)(9,671)(6,173)
Total(3,973)(3,496)(4,311)(12,198)(6,244)(4,691)(7,798)(3,126)(3,478)(37,164)(18,006)(60,656)
EBITDA Ex Restr.
Towers3,588(205)4,0964871,1491,5678102,3112,1355,56010,9686,652
Gearing153(2,633)(380)(833)(675)(130)(924)1,6261,735246833(4,144)
Services(1,120)(1,598)(1,741)(925)(108)347(993)303(163)(371)(3,132)(3,887)
Corporate(2,396)(2,773)(1,841)(2,104)(1,882)(2,486)(1,739)(2,122)(2,110)(1,698)(8,229)(8,314)
Total225(7,209)134(3,375)(1,516)(702)(2,846)2,1181,5973,737440(9,693)
EPS(0.04)(0.14)(0.04)(0.13)(0.06)(0.04)(0.08)(0.03)(0.04)(0.45)(0.18)(0.80)
Q1 updated to reflect the addition of 401K match added back to EBITDA.
SCOF-forecast
Strap
201120112010
ForecastBudgetActual
Net Income(11,642)(12,901)(69,753)
Depreciation13,86014,02113,470
Amortization8593,4192,992
Stock Compensation1,6101,7261,668
Income Tax1,9461,060(160)
Interest (Inc)/Expense1,0512,7811,172
Impairment Expense40,777
EBITDA86010,106(9,833)
Changes in Operating Working Capital(4,306)(1,039)(1,464)
Changes in Other Operating Assets/Liabilities(1,807)4,077490
Total Cash Provided by (Used in) Operating Activities(5,253)13,143(10,807)
Investing Activities
Change in Restricted Cash1,840
Cash Received from Divestitures871871
Purchases of PPE(4,792)(8,490)(6,855)
Sale of Building and Equipment1,400BFGW grinders
Total Cash Provided by (Used in) Investing Activities(2,521)(8,490)(5,015)
Subtotal Before Financing(7,774)4,654(15,822)
Financing Activities
Net Proceeds from Issuance of Stock53,347
Common Stock issued under defined contribution 401k plan150684150
Proceeds(Payments) on long term debt and capital leases(295)(2,420)(21,394)debt pmts, netted with sales lease back and NMTC
Intercompany Financing to discontinued operations0
Total Cash Provided by (Used in) Financing Activities(145)(2,420)32,637
Net cash provided by (used in) continuing operations(7,919)2,23416,815
Discontinued Operations:
Net cash provided by (used in) discontinued operations(912)(2,538)(5,782)
Add: Cash balance of discontinued operations, beginning of period530(50)127
Less: Cash balance of discontinued operations, end of period- 0(2,688)530
Net Increase (Decrease) in cash - calculated(8,301)2,33410,630
Cash and Cash Equivalents, beginning of period15,33115,5014,701
Cash and Cash Equivalents, end of period7,22017,83515,331
Difference1900- 0
7,22017,835
- 0
Forecast BS
201120112010 Full Year
ForecastBudget
Cash and Cash Equivalents7,22017,83515,501
Accounts Receivable16,96124,94121,427
Prepaids and Other Current Assets5,1005,5443,476Plugged
Inventory21,79319,67617,739
Intercompany Receivables- 0- 0- 0
PPE95,458116,703106,317
Assets of Discontinued Operations- 06,6756,847
Other Non Current Assets
Joni Konstantelos: Joni Konstantelos:Includes Def tax asset, intangibles, other non current assets11,33527,88012,199
Total Assets157,867219,254183,506
Accounts Payable21,55022,13022,342
Accrued Liabilities3,4132,0006,515Plugged
Customer Deposits5,0118,7998,881
Debt13,91110,90814,016
Intercompany Payables(0)- 0
Liabilities of Discontinued Operations- 012,3884,221
Other Liabilities5,34314,8291,335ties to 6/30 balane
Total Liabilities49,22871,05457,310
Equity108,639148,200126,196
Total Liabilities + Equity157,867219,254183,506
Working Capital12,19313,6887,943
% of Sales7.4%7.2%4.2%
P&L Forecast
Strap
ForecastBudgetPYTowersGearsServicesCorpELIMS
Total Revenue192,950190,443136,89676,15048,99612090-340
Cost of Sales:
Direct Materials0%79,51342%58,48943%38,21918,5591711
Direct Labor0%32,13917%25,72419%10,65911,0394363-337
Other Variable0%20,00411%17,37613%5,3378,704
Joni Konstantelos: Joni Konstantelos:reclass to adjust for standard foh to be in comformity with current year presentation3335
Total Variable Cost of Sales- 00%131,65669%101,58974%54,21538,3029,409(337)
Contribution Margin50,34426%58,78731%35,30726%21,93510,6942,681(3)
Fixed Overhead
Indirect Labor and Benefits13,5967%15,1608%10,6128%4,8935,178541
Depreciation13,7157%13,3227%12,2589%3,3068,88270
Other FOH11,4956%11,4606%10,4918%6,0292,608
Joni Konstantelos: Joni Konstantelos:reclass to adjust for standard foh to be in comformity with current year presentation1866
Total Fixed Overhead38,80620%39,94221%33,36124%14,22816,6682,477
Cost of Goods Sold179,78793%171,59890%134,95099%68,44354,97011,886(337)
Gross Profit11,5386%18,84510%1,9461%7,707(5,974)204(3)
Operating Costs
SG&A Cash24,82113%22,84612%25,15518%
SG&A-Depreciation5390%6990%5820%
SG&A-Amortization8640%3,4192%43,76932%
SG&A-Stock Compensation1,6551%1,7261%1,6671%
Total Operating Costs27,87914%28,69015%71,17352%
Salaries and Benefits12,8907%13,7047%13,97510%2,7112,67235565036
Legal2,2881%7580%1,0041%66123306509
Professional Services1,4091%1,1271%1,4541%28528888793
Depreciation-SG&A5540%6990%5820%11022975168
Amortization8590%3,4192%2,9922%- 085921330
Share Based Compensation1,6101%1,7261%1,6671%389173242863
Other SG&A7,0604%6,2943%49,50036%15,5833,360285512006
Total Operating Costs27,40014%28,69015%71,17352%19,1447,70434,9519,375
Income from Operations( 16,341 )-8%( 9,845 )-5%( 69,227 )-51%(11,437)(13,678)(34,747)(9,375)
EBITDA8600%10,1065%( 9,837 )-7%6,616(4,197)-3915-8347-79
EPS(0.17)(0.15)(0.80)
BOOk to Bill (2)
OrdersGross Revenue
Q1Q2Q39 monthsbook:bill
Tower Tech6.5511.2612.24
Joni Konstantelos: Joni Konstantelos:5.99 is an adjustment for increased price for Gamesa Framework Agreement30.0545.820.66You can get this data from the file below which is used for audit support and needed for the earnings release
Brad Foote9.6413.4911.834.9336.550.96backlog and orders Q3 Rollforward.xlsx
EMS1.943.562.177.678.450.91
Badger0.617.630.799.037.651.18
Total18.7435.9427.0081.6898.470.83
Updated for Q3
OrdersQ2 Revenuebook:bill
Q2 Actual
Towers1,71324,4950.07
Gearing16,56012,5091.32
Services3,5492,3671.50
Total21,82239,3710.55
Q2 Budget
Tower Tech20,00027,1330.74
Brad Foote17,00015,1441.12
EMS8,0006,2761.27
Total45,00048,5530.93
BudgetActual
Towers0.740.07
Gearing1.121.32
Services1.271.50
OrdersYTD Revenuebook:bill
YTD Actual
Towers35,11352,6650.67
Gearing26,04829,7030.88gross revenue
Services5,7004,1941.36
Total66,86186,5620.77
YTD Budget
Tower Tech25,00056,6610.44
Brad Foote27,00029,7030.91
EMS13,50010,0731.34
Total65,50096,4370.68
BudgetActual
Towers0.440.67
Gearing0.910.88
Services1.341.36
Q2 Book:Bill
BudgetTowersGearingServices0.737109792503593431.12255678816693071.2746972594008923ActualTowersGearingServices6.9932639314145742E-21.32384683028219691.4993662864385298
YTD 6/30 Book:Bill
BudgetTowersGearingServices0.441220592647500020.908999091000909031.3402164201330289ActualTowersGearingServices0.66672363049463590.876948456384876951.3590844062947067
Q2 Book:Bill
BudgetTowersGearingServices0.737109792503593431.12255678816693071.2746972594008923ActualTowersGearingServices6.9932639314145742E-21.32384683028219691.4993662864385298
YTD 6/30 Book:Bill
BudgetTowersGearingServices0.441220592647500020.908999091000909031.3402164201330289ActualTowersGearingServices0.66672363049463590.876948456384876951.3590844062947067
file:///C:/Users/joni.konsta/AppData/Roaming/2012/Q3%202011/backlog%20and%20orders%20Q3%20Rollforward.xlsx
Bridge Charts
Gearing BridgesServicesTowersYTD through Q3
Corporate
RevenueEBITDAQ2 Forecast
RevenueBudgetRevenueBudgetBudget108,788(2,940)
46,843Budget18,4334% fewer tower sections (969 vs 1013)(4,700)
Industrial sales less than plan (mainly Lufkin)(5,548)MW Drivetrain revenue growing more slowly than budgeted(2,923)Higher average price ($113k vs.$107k)5,500
Lower Oil customer sales(2,516)Lower Midwest Revenue--delayed Siemens construction (268)Other price/volume variance706Legal Expense Timing334
Clipper 982Higher Southwest Revenue551Heavy Industries(707)
GE OHV 1,683Higher Blade Services Revenue243
Other(92)YTD Actual Revenue110,294Bonus Expense553
Actual Revenue41,35241352Actual Revenue16,036Other96
EBITDA
EBITDAYTD BudgetBudget8,821Actual(1,957)
4,764EBITDABudgetLower Manitiwoc Productivity(1,000)
Volume Variacne(1,053)Budget648Weldment margins running 12-15% below plan(852)
Rate Variance(275)Lower margins, esp. midwest (-$818k) and drivetrain ($582k)(1,894)Volume Variance-fewer sections but higher CM(218)
Other SG&A expenses less than budget 587Volume Variance(541)Other(107)
Other period costs(11)Steel scrap sales (not budgeted)488
Reductions in SGA and rent savings, offset by higher legal399YTD Actual EBITDA7,132
2012 Actual EBITDA4,0234023
2012 Actual EBITDA(1,399)
2012 Actual EBITDA8,046
3,314
YTD Actual EBITDA14,264
1835
Note: Fixed costs were under budget by $1.7M, but that was due to $1M of restructuring favorability. This is an addback for ebitda, so I netted the two.
436
7,610
Cash Flow
For the Years Ended December 31,
Q1 112011201012 Months endingcapex
201012/31/11Q2 11Q3 11Q4 11201112/31/1212/31/13YTD 6/30/12
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$ (5,180)$ (21,948)$ (85,175)
Loss from discontinued operations.1,1271,20615,422Net Loss from Continuing Operations(69,753)(20,742)(4,401)(6,586)(5,702)(20,742)(17,907)(10,133)AmountBM FCBudget
Loss from continuing operations(4,053)(20,742)(69,753)- 0Depreciation/Amortization1453416,53714,856
Changes in Operating Assets/Liabilities61,0942,9696,2854,444Towers1,9026251,492
Adjustments to reconcile net cash (used in) provided by operating activities:Changes in Operating Working Capital(1,464)(7,065)(11,526)(5,595)1,876(6,038)(7,797)16,417Gears1,2101,3193,990
Depreciation and amortization expense.3,50114,53016,463Net Cash (Used in) Provided by Operating Activities(10,123)(10,304)(15,927)(12,181)(3,826)(26,780)(2,882)25,584Services900462947
Impairment charges.- 0- 040,777Corporate76
Proceeds from the sale of logistics business and related note receivable952375250
Purchase of available for sale securities(1,143)
Purchases of property and equipment(4,708)(5,738)(5,915)
Proceeds from disposals of property and equipment1,87411312,884
Decrease (increase) in restricted cash(706)546248
Change in fair value of interest rate swap agreements.- 0- 0(253)Cash Flows from Investing Activities(5,015)(2,588)(177)(1,011)211(2,588)(4,704)6,324Total4,0882,4066,429
Deferred income taxes.- 01,338
Stock-based compensation..3691,9061,745Cash Flows from Financing Activities31,95311,305(241)13,408(1,162)11,305(5,238)(7,488)
Allowance for doubtful accounts.1631,004(1,142)
Common stock issued under defined contribution 401(k) plan.150684Discontinued Operations(5,782)(860)(52)- 0(22)(934)- 0
Loss on disposal of assets.8247470
Changes in operating assets and liabilities:8,960Add Cash Balance of Disc Op, beginning of period127530- 0- 0- 0530- 0
Accounts receivable..(4,888)1,202Add Cash Balance of Disc Op, beginning of period530530- 0- 0- 0- 0- 0
Inventories (5,616)(8,914)Disc Op(934)
Prepaid expenses and other current assets..(6)1,072
Accounts payable .(5,008)7,565Net Increase (Decrease) in Cash and Equivalents10,630(1,991)(16,397)216(4,799)(18,467)(12,824)24,420
Accrued liabilities(648)(332)Cash and Equivalents, Beginning of PeriodERROR:#REF!15,33113,340(3,057)(2,841)ERROR:#REF!13,340516
Customer deposits.13,280(1,317)Cash and Equivalents, End of PeriodERROR:#REF!13,340(3,057)(2,841)(7,640)ERROR:#REF!51624,936
Other non-current assets and liabilities.93672
Net cash (used in) provided by operating activities of continued operations9,022(5,471)(10,123)
CASH FLOWS FROM INVESTING ACTIVITIES:YTDYTDYTDYTD
Proceeds from the sale of logistics business761952- 0Q1 11Q2 11Q3 11Q4 112011
Purchases of property and equipment.(2,380)(4,708)(6,893)Year Ending December 31,Year Ending December 31,
Proceeds from disposals of property and equipment1101,8743820162015Towers*GearsCorpOtherTotal
(Increase) decrease in restricted cash..(102)(706)1,840Net Loss from Continuing Operations(4,053)-8454-15040(20,742)Net Loss (6,129)(7,593)
Loss from Discontinued Operations- 0(110)
Income/(Loss) from Continuing Operations1,335(12,246)11,771
BWEN Employee: BWEN Employee:fed tax put back in from elims(3,257)(7,778)5991,335
Net cash used in investing activities of continued operations(1,611)(2,588)(5,015)Changes in Operating Assets/Liabilities401787571131216,476Depreciation/Amortization6,9149,1794,1662,545203- 06,914
Changes in Working Capital9207-2319-7914(6,038)Changes in Operating Assets/Liabilities(945)(511)343(718)568(1,138)(945)
CASH FLOWS FROM FINANCING ACTIVITIES:Net Cash (Used in) Provided by Operating Activities9,171(2,016)(11,642)(10,304)Changes in Operating Working Capital9,996(1,934)7,7042,341(49)- 09,996
Net proceeds from issuance of stock.14911,69753,347Cash Flows from Operating Activities17,300(5,512)23,984911(7,056)(539)17,300
Payments on lines of credit and notes payable(467)(6,350)(21,231)Cash Flows from Investing Activities(1,611)-1788-2799(2,588)
Capital Expenditures(6,642)(2,789)(6,161)(386)(95)- 0(6,642)
Asset Sales4521,156566(114)452
Subtotal 11,110(7,145)18,389411(7,151)(539)11,110
Other Investing Activities3,0261,8453,0263,026
Proceeds from lines of credit and notes payable..- 02,311700Cash Flows from Financing Activities(700)-9411246711,305
Cash Flows Before Financing Activities14,136(5,300)18,389411(7,151)2,48714,136
Proceeds from sale-leaseback transactions..- 0- 0- 0Cash Flows from Financing Activities(3,319)2,052(183)(414)(2,722)- 0(3,319)- 0
Proceeds from deposits on equipment..- 0- 0Discontinued Operations(860)-912-912(934)* Adjusted for Federal Taxes
Principal payments on capital leases..(233)(977)(863)Discontinued Operations1,414(2,466)68
Issuance of restricted stock grants- 0- 0Add Cash Balance of Disc Op, beginning of period530530530530
Transfers (to) from discontinued operations- 0- 0Less Cash Balance of Disc Op, end of period0- 0Add Cash Balance of Disc Op, beginning of period(12)93
Net cash provided by (used in) financing activities of continued operations(551)6,68131,953Less: Cash Balance of Disc Op, end of period- 0- 0
Effect of foreign exchange rates- 0- 0Cash and Equivalents, Beginning of Period15,331153311533115,331- 0
(551)Cash and Equivalents, End of PeriodERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!Net Inc/(Dec) in Cash and Equivalents12,219(5,621)- 0
DISCONTINUED OPERATIONS:Cash and Equivalents, Beginning of Period6,51912,140ActualBudget
Operating cash flows..(777)(851)(2,666)Cash and Equivalents, End of Period18,7386,519- 08,336
Investing cash flows..- 0- 0(113)12,219(5,621)
TowersGearsServicesOtherTotal
Financing cash flows..(83)(83)(3,003)ActualBudgetActualBudgetActualBudgetActualBudgetActualBudget
Net cash used in discontinued operations(860)(934)(5,782)Income/(Loss) from Continuing Operations10,63611,119(2,759)(2,253)(4,356)(2,032)(4,658)(5,303)(1,137)1,531
Depreciation/Amortization2,9612,0502,5412,59763665891756,2295,380
CASH AND CASH EQUIVALENTS, beginning of the year.1533115,3314,701Changes in Operating Assets/Liabilities1,0581,000(1,404)- 034529(378)(135)(379)894
Add: Cash balance of discontinued operations, beginning of period$ 530530127Changes in Operating Working Capital(25,424)(11,163)(116)(1,432)994(716)193(494)(24,353)(13,805)-7322(6,483)
Less: Cash balance of discontinued operations, end of period0- 0530Net Cash (Used in) Provided by Operating Activities(10,769)3,006(1,738)(1,088)(2,381)(2,061)(4,752)(5,857)(19,640)(6,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS6530(1,782)10,630Capital Expenditures, net of disposals(733)(2,276)(374)(1,050)(293)(553)(61)(186)(1,461)(4,065)
Purchases of Available for Sale Securities8,0248,0248,0248,024
Cash Flows from Investing Activities(733)(2,276)(374)(1,050)(293)(553)7,9637,8386,5633,959
CASH AND CASH EQUIVALENTS, end of the year..21861ERROR:#REF!ERROR:#REF!Cash Flows Before Financing(11,502)730(2,112)(2,138)(2,674)(2,614)3,2111,981(13,077)(2,041)
*****Take Tax effect out of Towers column.
Capital Employed by BU
Op W.C.Net PPECapital Employed
Towers13532,45032,585
Gears9,10325,38634,489
Services6,2314,42310,654
Other(1,051)694(357)
BWEN14,41862,95377,371
2014Q3
AR1099219469
Inv2383121000
AP1252518291
Dep2210213596
Op WC1968582
other assets2041
Other liab
Debt225
Debt
($ in thousands)3/31/1112/31/116/30/123/31/1212/31/123/31/13
Lines of credit, notes payable3,1401,5669261,586
Long-term debt7,6415,4334,8655,20220092010201120123/31/13
Liabilities held for sale - 04,8334,3334,583Net Debt35.22.7-0.4410.114.3
Capital leases2,5351,9403,8751,751
Debt and capital lease13,31613,77213,122
Cash and related assets22,13314,21611,261
Net debt(8,817)(444)1,861
Memo: available line of credit9,4777,083
Column112/31/20113/31/20126/30/20129/30/201212/31/20123/31/2013
Lines of credit, notes payable1,5661,58692617,5859556,172
Long-term debt2,3535,2021,925190168146
Assets Held for Sale4,8334,5834,3334,0833,8603,609
Capital leases1,9401,7513,8753,3582,8592,289
Subtotal: debt ex. grants10,69213,12211,05925,2167,84212,216Q4 11Q1 12Q2 12Q3 12Q4 12Q1 13
Grants/tax credits3,0802,9402,9402,9403,1403,000-0.4444.822.3625.110.114.3
Total Debt13,77216,06213,99928,15610,98215,216
Less: Cash and related assets(14,216)(11,261)8,366(3,051)(868)
Net Debt(444)4,80122,36525,10514,348
Memo: Available line of credit7,0832,7162,71613,828
Column14/30/133/31/201312/31/20123/31/20129/30/143/31/14$M
Lines of credit, notes payable6,1729551,586AloStar line of credit- 0- 0
Long-term debt1461685,202Long-term debt- 0
Brandon Mortgage3,6093,8604,583Capital leases$ 1.4
Capital leases2,2892,8591,751Subtotal: debt ex. grants1.4
Subtotal: debt ex. grants12,2167,84213,122Grants/tax credits2.8
Grants/tax credits3,0003,1402,940Total Debt4.2
Total Debt15,21610,98216,062Less: Cash and related assets27.9
Less: Cash and related assets(868)(847)(11,261)Net Debt$ (23.7)
Net Debt14,34810,1354,801
Memo: Available line of credit13,82819,0452,716
-4634
20092010201120122013Q1 2014Q2 20142014Q1 2015Q1 2015
debt and capital leases364161250758594,18222001,7891,6931,3722,1262,126
low or 0 interest rate debt30802,9402,900
Joni Konstantelos: Joni Konstantelos:from jasons debt sched2,9002,740
Joni Konstantelos: Joni Konstantelos:from jasons debt sched2,7402,7402,740
Brandon, SD mtg5503575048333,860
Total Debt419191825710,9825,1004,6894,4334,11248664866
30-Apr
Towers2,174,873
Services10,450,663
Corp194000
Elims-7400000
Total5,419,536
Q3 14 AQ4 14 AQ1 15 BQ2 15 BQ3 15 BQ4 15 B
TTM Ebitda
Covenant6.56.56.56.56.56.5
Act/Bud13.58.98.58.310.513.6
FC Coverage
Covenant1.01.01.01.01.01.0
Act/Bud6.11.81.92.02.94.1
Cap Ex Max
Covenant10.010.04.04.04.04.0
Act/Bud4.95.92.34.16.17.8
Total Debt and Capital Leases
debt and capital leases2013201422001372low or 0 interest rate debt2013201429002740Brandon, SD mtg20132014Net Debt2010201120123/31/20132.7-0.4410.114.3debt and capital leases200920102011201220132014Q1 2015364161250758594182220013722126low or 0 interest rate debt200920102011201220132014Q1 201530802940290027402740Brandon, SD mtg200920102011201220132014Q1 20155503575048333860
Total Debt and Capital Leases
debt and capital leases2013201422001372low or 0 interest rate debt2013201429002740Brandon, SD mtg20132014Net Debt2010201120123/31/20132.7-0.4410.114.3debt and capital leases200920102011201220132014Q1 2015364161250758594182220013722126low or 0 interest rate debt200920102011201220132014Q1 201530802940290027402740Brandon, SD mtg200920102011201220132014Q1 20155503575048333860
Total Debt and Capital Leases
debt and capital leases2013201422001372low or 0 interest rate debt2013201429002740Brandon, SD mtg20132014Net Debt2010201120123/31/20132.7-0.4410.114.3debt and capital leases200920102011201220132014Q1 2015364161250758594182220013722126low or 0 interest rate debt200920102011201220132014Q1 201530802940290027402740Brandon, SD mtg200920102011201220132014Q1 20155503575048333860
Results by BU
Q1 15BudgetVs. BudgetQ1 14Vs. PY
Revenue
Towers41,02948,323(7,294)48,294(7,265)-15%-15%
Gearing8,66811,210(2,542)8,775(107)-23%-1%
Services1,9402,729(789)2,438(498)-29%-20%
Corporate & Other(523)(599)76(707)184-13%-26%
Contingency- 0- 00- 00ERROR:#DIV/0!ERROR:#DIV/0!
Total Revenue51,11461,663(10,549)58,800(7,686)
Gross Profit
Towers2,5735,882(3,309)7,735(5,162)-56%-67%
Gearing35(5)40(1,801)1,836-800%-102%
Services(2,006)(852)(1,154)(791)(1,215)135%154%
Corporate & Other1370137(49)186ERROR:#DIV/0!-380%
Contingency- 0- 00- 00
Total Gross Profit7395,025(4,286)5,094(4,355)
Operating Income
Towers1,1364,365(3,229)5,612(4,476)-74%-80%
Gearing(1,211)(1,315)104(2,965)1,754-8%-59%
Services(2,624)(1,687)(937)(1,339)(1,285)56%96%
Corporate & Other(2,280)(2,842)562(2,304)24-20%-1%
Contingency0450(450)00
Total Operating Inc(4,979)(1,029)(3,950)(996)(3,983)
Consol Fin New
Q1Full Year
2015201620142015
Revenue-$M$ 49.2$ 46.8
Gross Profit-$M2.74.0
-% (ex. Restructuring)5.6%8.5%
Operating Expense-$M5.14.2
-% (ex. Restructuring)10.4%9.0%
Operating Income(Loss)-$M(2.4)(0.2)
Net (Loss), Continuing-$M
Adj. EBITDA-$M0.21.7
EPS, Continuing Operations(0.17)(0.02)
Memo: NI including Disc. Operations(5.0)(0.4)
Full Year
201320142015
Revenue-$ Millions$ 198.5$ 225.8$ 199.2
Gross Profit-$ Millions14.619.77.9
-% (ex. Restructuring)9.7%8.7%4.0%
Operating Expense-$ Millions23.121.219.8
-% (ex. Restructuring)11.1%9.3%9.4%
Operating Income(Loss)-$ Millions(8.5)(1.5)(11.9)
Net (Loss), Continuing-$M(5.9)
Non-GAAP Adj. EBITDA-$ Millions12.911.9(0.4)
EPS, Continuing Operations(0.41)(0.12)(0.83)
Memo: NI including Disc. Operations(10.5)(6.2)(21.8)
Consol financials
201020111H 2012Q4YTD
Sales-$M1371861112012201320122013
Gross Margin1.40%3.90%3.50%44.956.4Revenue - $M210.7215.7
Operating Exp. - $M30.427.612.00.22.2Gross Profit - $M6.812.3
Impairment Exp. - $M40.8- 0- 01.8%7.8%% (ex. Restructuring)4.0%8.0%
5.05.7SG&A - $M21.621.5
0.90.4Other Operating Expense - $M2.54.1
Oper Loss - $M(69.2)(20.4)(8.1)5.96.2Operating Expense - $M24.125.7
Adj. EBITDA - $M(9.2)(2.1)2.412.6%10.3%Total Op Exp % (ex. Restructuring)11.1%11.3%
**excluding restructuring(5.7)(4.0)Operating Loss - $M(17.3)(13.2)
0.72.8Adj. EBITDA - $M5.510.3
(0.41)(0.26)EPS Continuing - $(1.27)(0.72)
FY 2010FY 2011FY 20122013 EQ4 20121H 2013Q4 2013
Revenue-$M137.0186.0210.7215-21844.997.055-58Q4 2013Q1
Gross Profit-$M1.97.26.80.24.8$M, except per share dataActualBudgetPY2013Budget2014
-% (ex. Restructuring)1.4%3.9%4.0%1.8%6.7%Revenue56,73552,18044,90845.558.8
Operating Expense-$M30.427.624.15.912.6Gross Profit2,3533,5112302.25.0
-% (ex. Restructuring)22.2%14.6%11.1%12.6%12.3% -% (ex. Restructuring)8.1%7.3%1.8%5.8%9.0%
Impairment Exp. -$M40.8- 0Operating Expense6,2115,5635,9006.76.2
Operating Income-$M(69.2)(20.4)(17.3)(5.7)(7.8) -% (ex. Restructuring)10.4%10.6%12.6%13.3%10.3%
Adj. EBITDA-$M(9.2)(2.1)5.59-100.74.0>2Operating Loss(3,858)(2,052)(5,670)(4.5)(1.2)
EPS, Continuing(6.56)(1.79)(1.27)(.67-.69)(0.41)(0.36)(.14-.16)Net Income (loss), Continuing(3,372)(1,878)(5,878)(4.5)(1.1)
Adj. EBITDA2,8462,4106521.32.6
Brandon SaleEPS, Continuing(0.23)(0.13)(0.41)(0.32)(0.08)
Gain3700
Shares out14590
EPS0.253598355
FY 2010FY 2011FY 2012201320141H 201320152016Q2 15Q2 16E
Revenue-$M$ 137.0$ 169.6$ 188.8$ 198.5$ 225.897.0$ 199.2$ 180.8$ 62.6$42-44
Gross Profit-$M1.99.87.714.619.74.87.918.18.5RevenueLowHigh
-% (ex. Restructuring)1.4%5.9%4.8%5.0%9.3%6.7%4.0%10.0%11.1%Towers5557
Operating Expense-$M30.425.020.823.121.212.619.816.24.8Gears894,5005,000
-% (ex. Restructuring)22.2%14.5%10.7%11.1%9.3%12.3%9.4%9.0%8.1%Services34270270
Impairment Exp. -$M40.8- 066703,3423,342
Operating Income/(Loss)-$M(69.2)(15.2)(13.1)(8.5)(1.5)(7.8)(11.9)1.93.6(0.2)396396
Non-GAAP Adj. EBITDA-$M(9.2)1.86.912.911.94.0(0.4)9.66.11.5-2.0
EPS, Continuing - $(6.56)(1.34)(0.99)(0.41)(0.12)(0.36)(0.83)0.090.23492992
*estimates as of 9.18.15Op Inc189189
weighted shares out11617140581445714715Towers5.55.7303803
FY 2010FY 2011FY 2012FY 2013YTD 9/30/14Gears-2-10.020.06
Revenue-$M$ 137.0$ 186.0$ 210.7$ 215.7$ 187.5Services-0.7-0.5
Gross Profit-$M1.97.26.812.317.6Corp-2-2.5
-% (ex. Restructuring)1.4%3.9%4.0%8.0%9.9%0.81.7
Operating Expense-$M30.427.624.125.618.3
-% (ex. Restructuring)22.2%14.6%11.1%11.3%9.6%14597
Impairment Exp. -$M40.80.0548057820.1164622868
Operating Profit (Loss)-$M(69.2)(20.4)(17.3)(13.2)(0.7)
Adj. EBITDA-$M(9.2)(2.1)5.510.310.7
EPS, Continuing - $(6.56)(1.79)(1.27)(0.72)(0.07)
Sheet5
Q2 2011Q2 2012
Weldments8452,276
Tower Sales23,65034,719
Customer Provided Steel10,503
Q2 11Q2 12
Blades1101,8461,736
Midwest 1,7792,067
Southwest3611,552
Non-routine Maintenance2,1403,6191,479
Gearbox114229115
Total2,3645,694
WeldmentsQ2 2011Q2 2012844.640999999999962275.8780000000002Tower SalesQ2 2011Q2 201223650.35934719.122000000003Customer Provided SteelQ2 2011Q2 201210503
Millions
BladesQ2 11Q2 121101846Non-routine MaintenanceQ2 11Q2 1221403619GearboxQ2 11Q2 12114229WeldmentsQ2 2011Q2 2012844.640999999999962275.8780000000002Tower SalesQ2 2011Q2 201223650.35934719.122000000003Customer Provided SteelQ2 2011Q2 201210503
Millions
BladesQ2 11Q2 121101846Non-routine MaintenanceQ2 11Q2 1221403619GearboxQ2 11Q2 12114229
GM
20102011201220132013 Target2014 Target2014
GM% ex Restr.3.9%4.0%8.0%7.7%
Restructuring GM%0.1%0.8%2.2%0.5%
True GM %1.4%3.8%3.2%5.7%7%10%7.2%
2.5%
6.6%
0.014
0.08
0.066
Operating Expenses20102011201220132013 Target2014 Target2014
SGA27,40426,31621,63421,41321,00921181
Intangible Amortization2,9928541,7591,5521,5521,552444
Restructuring04417401,089858- 0233
Regulatory Settlement1,5001566
Total Operating Expenses30,39627,61124,13325,55423,41923,424
Sales136,896185854210707216049216235241268
SGA % of Sales20%14%10.3%9.9%11%9.5%8.8%
Intangible Amortization2.2%0.5%0.8%0.7%0.0%0.2%
Restructuring0.0%0.2%0.4%0.5%0.0%0.1%
Regulatory Settlement0.7%0.6%
201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2
Q1 top 10 customers
CustomerBURevenueCM$CM%Memo: 2012 FY
1SiemensTowers/Services57,33217,42630%21%
2GETowers49,02811,56824%18%
3CaterpillarServices/Towers13,1603,10524%28%
4NextEraServices/Gears7,1642,11630%30%
5ClipperGears6,9772,87241%42%
6MetsoGears3,9051,93850%50%
7Gardner DenverGears3,35481624%33%
8GamesaTowers2,02574937%16%
9Arcelor MittalGears1,28244034%50%
10KonecranesGears1,130337.0030%34%
Top 10 Total145,35741,36728%24%
BWEN Total159,37543,40627%
% of Top 1091%95%
SiemensGECaterpillarNextEraClipperMetsoGardner DenverGamesaArcelor MittalKonecranes17426115683105211628721938816749440337
Q2 top 10 customers
CustomerBUQ2 RevenueQ2 CM$Q2 CM%YTD RevenueCM$CM%Memo: 2012 FY
1SiemensT/S23,1356,44228%29,6658,32328%21%NEESiemens
2GET/S11,5062,81925%33,3138,15025%18%Services3,52180822.9%
3CaterpillarT/S4,37994622%11,0812,57623%28%Gears3,2041,21137.8
4ClipperG 2,37985539%3,5861,39839%40%CAT
5MetsoG 1,40567849%2,9921,45249%48%Services3,9661,00925%
6Gardner DenverG 1,26824522%2,10946022%42%Towers7,1151,56722%
7CameronG 98822823%98822823%28%
8KonecranesG 86827231%86827231%38%
9NextEraG/S62649779%3,5212,01957%30%
10Edison MissionS54423443%96641543%46%
Top 10 Total47,09813,21528%89,08925,29328%24%
BWEN Total51,36314,48926%ERROR:#DIV/0!24%
% of Top 1092%91%ERROR:#DIV/0!ERROR:#DIV/0!
5GamesaTowers2,02574937%16%Services3,9661,00925%
12,049Q1 Top 1014,127Q2 top 10
14,127Q2 Top 1014,489Q2 Actual
26,176YTD Top 10(362)remaining CM not top 10
27,337YTD Actual
(1,161)remaining CM not top 10
SiemensGECaterpillarClipperMetsoGardner DenverCameronKonecranesNextEraEdison Mission6441.52818.97946855678245228272497233.92
Restructuring Update
2011-122013Total IncurredTotal Projected% Incurred
Capital Spending2.62.45.05.885%
Cash Expenses1.83.55.36.286%
Total Outlays4.45.910.312.086%
Gain on Sale of Brandon0-3.6-3.6-3.6100%
Non Cash Expenses1.53.34.84.8100%
Total 5.95.611.513.288%
Analyst Estimtes
Macquarie*Sidoti**FirstCall ConsensusQ2 ActualQ2 Guidance
Revenue$ 42.40$ 49.98$ 43.38$42-44
Operating Loss(3-5)
Operating Loss$ (1.9)$ 0.18$ (0.20)
EPS$ (0.01)$ (0.34)0.00-0.01
RatingNeutralBuyNeutral
Target Price$ 4.508.007.00
$ M, except EPS
Sheet2
Revenue2010201120122013
Budget218.00190.40212.44222.80
Actual136.90185.85210.70216.00
Budget11.9810.106.4011.08
Actual(9.83)(2.10)5.5010.04
Revenue in Millions
Budget2010201120122013218190.4212.44222.8Actual2010201120122013136.89599999999999185.85400000000001210.7216
EBITDA in Millions
Budget201020112012201311.97899999999999910.16.411.077Actual2010201120122013-9.8320000000000007-2.15.510.035
Revenue in Millions
Budget2010201120122013218190.4212.44222.8Actual2010201120122013136.89599999999999185.85400000000001210.7216
EBITDA in Millions
Budget201020112012201311.97899999999999910.16.411.077Actual2010201120122013-9.8320000000000007-2.15.510.035
Top Cust
CustomerSales Q1Sales Q2YTDCM$ Q1CM%CM$ YTDCustomerSales Q1 14Q2 14YTD SalesCM$ Q1CM%CM Q2CM% Q2CM YTDCM% YTDFY 2013ACustomerYTD SalesYTD CM$CM% YTDFY 2013A
1Siemens36,23675,62811,51731.8%23,4091Siemens36,23639,39275,62811,51731.8%11,89230.2%23,40931.0%31.2%1Siemens108,78932,70330.1%31.2%
2GE11,44023,1412,72623.8%6,3722GE11,44011,70123,1412,72623.8%3,64631.2%6,37227.5%23.8%2GE36,4279,63626.5%23.8%
3Clipper10,7455,2734,70443.8%2,8323Clipper2,0663,2075,2731,06151.4%1,77155.2%2,83253.7%43.8%3Gardner Denver9,6864,00241.3%27.1%
4CAT1,5604,06120513.1%8844Gardner Denver1,9232,9634,88680742.0%1,27443.0%2,08142.6%27.1%4Clipper5,9843,19253.3%43.8%
5Metso5,1071,8182,49448.8%8465CAT1,5602,5014,06120513.1%67927.1%88421.8%23.9%5CAT5,7491,21821.2%23.9%
6Gardner Denver4,6284,8861,25527.1%2,0816Cameron1,6391,3512,9901489.0%725.3%2207.4%21.2%6Cameron3,73347812.8%21.2%
7Next Era3,95180999625.2%3647Metso5131,3051,81815830.8%68852.7%84646.5%48.8%7Metso2,6571,19645.0%48.8%
8Cameron3,6552,99077621.2%2208Invenergy2348161,05011348.3%29736.4%41039.0%39.8%8NextEra1,48862742.1%25.2%
9Gamesa2,02574937.0%9Next Era1846258098948.4%27544.0%36445.0%25.2%9Invenergy1,37054339.6%39.8%
10NOV1,21561050.2%10NRG36236212835.4%12835.4%-1.1%10NA Bull Inudstry 1,20848139.8%n/a
Arcelor Mittal1,62458235.8%11Iberdrola3173177624.0%76
Edison Mission3088226.6%12Noble Wind1502564065738.0%10741.8%16443.2%
Konecranes1,56642427.1%Basin Electric253933467027.7%3840.9%10871.6%
Other Services3,1331,14136.4%Edison Mission308(13)2958226.6%(12)92.3%7041.7%
BWS3,9381,39835.5%8Sandvik236(236)6427.1%(64)27.1%41.9%
5Other Gears9,0912,55928.1%NA Bull276(276)11842.8%(118)42.8%0.0%
Braner93220421.9%BWS499(499)9719.4%(97)19.4%
Simpson91517819.5%
Invenergy6701,05026739.9%410Top 10 Total55,79564,223120,01816,82430.2%20,72232.3%37,54631.3%29.2%Top 10 Total177,09154,07630.5%29.2%- 00.0%- 00.0%29.2%
Public Service Comp. of CO62622035.1%BWEN Total58,80068,381127,18116,69028.4%30.9%29.8%27.3%BWEN Total189,01653,84828.5%27.3%
Alstom Power59631653.0%% of Top 1095%94%94%101%% of Top 1094%
Noble Wind 54823743.2%0.780.77
Iberdrola 34012937.9%
AES3299729.5%
Other827490.2%
Total5,0381,72234.2%
Top 10 Total80,56226,03232.3%
BWEN Total216,04958,93127.3%
% of Top 1037.3%44.2%
SiemensGEClipperGardner DenverCATCameronMetsoInvenergyNext EraNRG7562823141527348864061299018181050809362SiemensGEGardner DenverClipperCATCameronMetsoNextEraInvenergyNA Bull Inudstry 1087893642796865984574937332657148813701208SiemensGEClipperGardner DenverCATCameronMetsoInvenergyNext EraNRG7562823141527348864061299018181050809362SiemensGEGardner DenverClipperCATCameronMetsoNextEraInvenergyNA Bull Inudstry 1087893642796865984574937332657148813701208
Sheet6
Broadwind Energy Inc.Russell 2000 Index
DateBWEN-US CloseRUT-US CloseBWEN-US Volume
2/7/148.251116.55005105707
2/6/148.421103.93005181623
2/5/148.181093.58997128151
2/4/148.381102.83997189512
2/3/148.631094.57996227232
1/31/149.241130.88115838
1/30/149.091139.3599965816
1/29/149.081122.4499583237
1/28/149.021138.23999102436
1/27/149.221127.72998159693
1/24/1491144.13288009
1/23/1410.061172.40002264000
1/22/1410.491181.29004151436
1/21/1410.241175.71997211838
1/20/14
1/17/1410.311168.43005151427
1/16/1410.791173.13173547
1/15/1411.021171.34998245421
1/14/1410.21163.43005151844
1/13/1410.211148.08997276474
1/10/1410.781164.53003443830
1/9/1411.71158.34998715999
1/8/1410.551157.45996320337
1/7/149.961157.63293394
1/6/149.931147.16003406693
1/3/1410.381156.08997688666
1/2/149.91150.71997296166
1/1/14
12/31/139.441163.64001167533
12/30/139.81160.58997333560
12/27/139.521161.08997146901
12/26/139.71162.65002194198
12/25/13
12/24/139.451161.80005231580
12/23/139.621157.21997643114
12/20/1391146.46997405681
12/19/138.711125.44995481851
12/18/138.431133.719971447428
12/17/137.541118.89001512690
12/16/136.561119.84998696978
12/13/136.251107.05005214287
12/12/135.561103.2700292692
12/11/135.691101.5226004
12/10/135.131119.68994252557
12/9/135.431129.45996294049
12/6/135.881131.38208494
12/5/136.061122.46997128720
12/4/136.291121.38121190
12/3/136.171123.78003109791
12/2/136.231129.12110707
11/29/136.61142.8900186339
11/28/13
11/27/136.571141.3299697474
11/26/136.761134.53003150710
11/25/136.611124.71997159597
11/22/136.811124.92004124271
11/21/136.931119.62118080
11/20/136.831099.7900488258
11/19/136.861101.38184208
11/18/137.291107.29004134710
11/15/137.611116.19995102650
11/14/137.381111.4399474891
11/13/137.441112.1800574122
11/12/137.271101.4699771808
11/11/137.531101.5101454
11/8/137.481099.96997113268
11/7/137.31079.08997159016
11/6/137.561098.63247587
11/5/137.271103.58997183581
11/4/137.541108.28003311563
11/1/137.141095.67004225048
10/31/137.31100.15002507761
10/30/137.61105.5172530
10/29/137.841121.06995222184
10/28/137.761117.96997429656
10/25/138.161118.33997244521
10/24/137.991118.84998400865
10/23/138.621110.93005220988
10/22/138.791115.63768759
10/21/139.261112.47998373218
10/18/139.931114.77002154049
10/17/13101102.27002254951
10/16/1310.121092.42004263352
10/15/139.61079.62427578
10/14/139.771090.30005357410
10/11/139.451084.31006333539
10/10/138.841069.5225120
10/9/138.451043.45996144482
10/8/138.231047.26001243171
10/7/138.551065.79004347591
10/4/138.161078.25119147
10/3/138.181070.90002156259
10/2/137.961082.55005101804
10/1/137.651087.43005166638
9/30/137.851073.7900494494
9/27/137.821074.18994143876
9/2
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