PHOENIX, AZ — (Marketwired) — 08/20/13 — WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced its consolidated results of operations for the quarter ending June 30, 2013, which includes the results of operations for its newly acquired subsidiary, R.I.G. Construction, Inc., for the 10 weeks beginning on April 20, 2013 (acquisition date).
The Company reported revenue of $1.475 million dollars in the three months ended June 30, 2013 versus no revenue in the same period in 2012. WindPower reported a net loss of ($139,000) for the three months ended June 30, 2013 versus a net loss of ($38,000) for the same period of the prior year. This decrease is primarily attributable to the increased ongoing professional fees needed for the Company–s public filings as well as those costs associated with the acquisition of R.I.G. Construction.
The Company–s recent acquisition, R.I.G. Construction, Inc. D/B/A Cameo Pool–s gross revenue increased by 25% over the same pro-rated period of the prior year and was primarily responsible for the gross revenue reported by the Company. On a net income (loss) basis, Cameo was virtually break-even during the reporting period versus a net loss of ($180,000) for the 29 weeks prior to being acquired and a net loss of ($439,000) for R.I.G.–s pre-acquisition fiscal year ended September 30, 2012. Cameo results showed considerable improvement both in gross revenue and net income since being acquired by WindPower.
John Myers, WindPower–s CEO commented, “The results of operations for our recent acquisition are consistent with our business plan whereby we bring management expertise and resources to improve the companies we acquire. This we believe will enhance shareholder value over time.”
Larry Duffy, Cameo–s President stated, “I am very pleased with the level of attention and assistance the WindPower team has provided to Cameo and the changes are already evident in our operations and our results.”
Kelly Anderson, WindPower–s Chief Financial Officer added, “Now that we have assimilated our acquisition, we plan to focus on providing capital to Cameo to reduce its debt and use the leverage to negotiate more favorable terms from our vendors. Over time, this should improve margins, earnings and cash flows, as well as enable us to pursue additional acquisitions.”
is a public holding company with the bulk of its operating activity included in its wholly-owned subsidiaries. WindPower Innovations, Inc. is an acquirer and operator of fundamentally sound companies with a focus on renewable and sustainable green technology companies or companies that benefit from “going green” that are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is on organizations that have strong market presence, brand awareness and talented and dedicated management teams with the potential to achieve exceptional performance over time. As subsidiaries of WindPower Innovations, these companies can gain access to our operational support, management approach, and ability to access financial markets for operational and growth capital. By focusing on sustainable companies with wind, solar, and other alternative energy technologies, as well as companies utilizing green technologies to make consumer products more affordable and convenient that lower the carbon footprint, we believe that we will be able to create value for humanity at large and enhance shareholder value. WindPower Innovations has two subsidiaries: WindPower Solutions, Inc., which repairs and remanufactures wind power turbines for operators across the U.S., and R.I.G. Construction, Inc., which under the Cameo brand name, builds and renovates swimming pools and markets sustainable outdoor products to consumers in the southwestern United States. For more information go to our websites at: , .
. – On April 19, 2013, R.I.G. Construction became a wholly owned subsidiary of the Company. It has two subsidiaries, Cameo Pools and Cameo Landscaping, and operates one division of Cameo Pools by the name of Cameo Solar. Cameo Pools is one of the oldest pool companies in Mesa, Arizona, whose quality brand is over 35 years old. Cameo focuses on the overall quality of their operation, including their ability to provide quality products and services that their customers appreciate and at a price they can afford. Cameo also provides solar options that reduce annual operating costs and reduce carbon emissions. Cameo Pools repairs, maintains, designs and installs pools, water features, and landscaping with solar options and is looking to make acquisitions in other high growth regions. R.I.G. Construction has generated the preponderance of the Company–s revenue since it was acquired. This report will contain actual financial information about R.I.G. construction from April 19, 2013 through June 30, 2013 as well as pro-forma information for the period from October 1, 2012 through April 19, 2013 (acquisition date) and the nine months ended June 30, 2012.
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 WindPower Innovations, Inc. expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. All statements contained herein are based upon current information available to WindPower Innovations, 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.
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