SOURCE: WindPower Innovations, Inc.

WindPower Innovations, Inc.

January 07, 2014 09:30 ET

WindPower Innovations Reports Results of Operations for the Year and Quarter Ended September 30th, 2013 With Record Annual Revenues of Over $3 Million Dollars

WindPower Reports That Bookings Are Up 72%, Revenue Up 9%, Margins Up 16.9%, Debt Reduced 42% and Net Income Increased 21.4%, Quarter Over Quarter

QUEEN CREEK, AZ--(Marketwired - Jan 7, 2014) - WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced its consolidated results of operations for the year ending September 30th, 2013. During the quarter ended September 30th, 2013 WindPower maximized the operations of its newly acquired company, R.I.G. Construction, which contributed virtually all of the Company's income by cutting expenses, increasing revenues and retiring debt to strengthen its balance sheet.

For the year ended September 30th, 2013 the Company reported consolidated revenue of $ 3,078,000 dollars vs no revenue in the same period a year earlier. However, all of this revenue came in the two quarters since R.I.G. Construction was acquired and does not represent a full year's revenue. Gross margin was $ 622,000 or 20.2% for the year ended September 30th, 2013. On this revenue, the company earned $53,000 as opposed to a loss of $211,000 in the year ended September 30th 2012.

During the quarter ended September 30th, 2013 compared to the quarter ended June 30th, 2013 the Company posted revenue of $1,603,000 vs $ 1,475,000, an increase of $128,000 or 8.7%. In the same quarter to quarter comparison, gross margin increased from 11.5% or $ 171,000 to 28.05% or $451,001. The Company had net income of $192,000 or 12% in the quarter ended September 30th. 2013 vs a loss of $139,000 or 9.4% in the quarter ended June 30th, 2013. This improvement is directly attributable to the cost controls and new sales tools installed by the Company since R.I.G Construction was acquired on April 19, 2013.

During the quarter, the Company improved its balance sheet by reducing its debt by $938,000 or 42% from the $2,258,000 in total liabilities as of June 30th, 2013 to $1,320,000 as of September 30th, 2013 exclusive of related party payables through the issuance of WindPower stock. The majority of this improvement came from the Company's accounts payable which declined from $1,460,000 as of June 30th, 2013 to $561,000 as of September 30th, 2013 which represents a little over 1 month's revenue.

When comparing bookings for R.I.G. Construction for the quarter ended September 30th, 2013 vs the same period in 2012, bookings increased by $661,415 from $929,000 in 2012 to $1,590,415 in 2013 which represents a 72% increase. Bookings are sales contacts that are sold and represent sales that will be recognized later when the swimming pools are constructed.

"I am very pleased with the progress our Company has made during this last year and especially in this quarter, " stated John Myers the Company's CEO, "consistent with our business plan, we have increased revenue, margins, net income and reduced debt quickly after our acquisition."

Steve Vollaro, Director and COO of R.I.G. Construction, said, "Even with the seasonality of our business where every year our best quarter is the quarter ending in June, our team was able to beat those numbers in the subsequent quarter ended September 30, 2013. I'm excited about what we can accomplish in the next 12 months."

About WindPower Innovations, Inc.

WindPower Innovations, Inc. is a public holding company that is an acquirer and operator of fundamentally sound subsidiaries that are market accepted, scalable and demonstrate a quantifiable value proposition. To enhance shareholder value our focus is on establishing a foot print in a specific industry through the acquisition of a subsidiary that has strong market presence, brand awareness, talented and dedicated management teams with the potential to achieve exceptional performance over time. Once acquired these companies can expand through additional acquisitions, aggressive marketing and access to our operational support, management approach, and ability to access financial markets for operational and growth capital to build a market leader. WindPower Innovations Inc. currently has two subsidiaries: WindPower Solutions, Inc. which repairs and remanufactures wind power turbines and solar power plants for operators across the U.S., and R.I.G. Construction, Inc., which under the Cameo brand name, (Cameo Pools, Cameo Landscaping and Cameo Solar) builds and renovates swimming pools and markets outdoor products to consumers in the Phoenix, Arizona Metropolitan Area. -- For more information go to our websites at: www.wpienergy.com, www.cameopools.com

Forward-Looking Statements Disclaimer:

This press 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, including those regarding Capital Group Holdings, Inc.'s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to Capital Group Holdings, Inc.'s management as of this date. The business and operations of the Company are subject to substantial risks which increase the uncertainty that forward-looking results will be achieved and actual events or results may vary materially as a result of various important factors including those which management has little or no control. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

Contact Information

  • Investor Relations Information:
    Contact:
    Tom Nelson
    Phone Number: 480-326-8577