Business
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 Innovations Reports Results of Operations for the Year and Quarter Ended September 30th, 2013 With Record Annual Revenues of Over $3 Million Dollars.
About this update from Cyber Enviro-tech Inc.
[{"type":"text","content":"\n \n \n WindPower Innovations Reports Results of Operations for the Year and Quarter Ended September 30th, 2013 With Record Annual Revenues of Over $3 Million Dollars\n \n \nWindPower Innovations Reports Results of Operations for the Year and Quarter Ended September 30th, 2013 With Record Annual Revenues of Over $3 Million Dollars\n\nWindPower 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\n\n \n 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.\n 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.\n 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. \n 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 imp...