Broadwind Energy has reported their results for the quarter and nine-month periods ended September 30, 2008.
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Quarterly revenues were US$ 64.5 million, up from US$ 40.8 million in the second quarter of fiscal 2008 and up from US$ 3.1 million in the third quarter of 2007. The Company reported a net loss of US$ 3.4 million, or (US$ 0.04) per diluted share, in the third quarter of 2008, compared with net income of US$ 683,000, or US$ 0.01 per diluted share, in the same period in 2007. For the nine-month period ended September 30, 2008, the Company reported a net loss of US$ 8.9 million, or (US$ 0.10) per diluted share, compared to net income of US$ 1.3 million, or US$ 0.03 per diluted share, in the first nine months of 2007. Production ramp-up expenses, integration-related costs from acquisitions, and continued efforts to build the infrastructure necessary for public company and regulatory compliance, including Sarbanes-Oxley, contributed to the loss in the third quarter and year-to-date results. The Company generated Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (EBITDAS) of US$ 3.1 million for the third quarter 2008 and US$ 10.6 million for the first nine months of 2008.
