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Stock Market & Financial Investment News

News Breaks
February 13, 2013
07:10 EDTBWENBroadwind Energy adopts shareholder rights plan
Broadwind Energy announced that its Board of Directors has adopted a Net Operating Loss Shareholder Rights Plan designed to preserve its substantial tax assets associated with net operating loss carryforwards under Section 382 of the Internal Revenue Code. In general, an ownership change occurs if there is a cumulative change in Broadwind’s ownership by “5% shareholders” that increases by more than 50% over the lowest percentage owned by such shareholders at any time during the prior three years on a rolling basis. The company noted that the Rights Plan is designed to serve the interests of all shareholders by helping to protect the company’s ability to use its deferred tax assets to offset future tax liabilities and is similar to plans adopted by many other public companies with significant tax attributes. In connection with the adoption of the Rights Plan, the Board of Directors has declared a non-taxable dividend of one preferred share purchase right for each outstanding share of Broadwind common stock to the company’s shareholders of record as of the close of business on February 22.
News For BWEN From The Last 14 Days
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February 5, 2016
16:01 EDTBWENBroadwind Energy approves extension of Section 382 Rights Plan
Broadwind Energy announced that its Board of Directors has approved an amendment to the company's Section 382 Rights Plan designed to preserve Broadwind's substantial tax assets associated with net operating loss carryforwards under Section 382 of the Internal Revenue Code. The amendment extends the Rights Plan through February 22, 2019.
07:08 EDTBWENBroadwind Energy sees Q4 EPS to be below company guidance, one estimate (5c)
Reports preliminary Q4 revenue $38M, one estimate $44.11M. The company said that revenue and loss per share for Q4 and FY15 are expected to be below the company's previous estimates due to substantial production issues and one-time costs associated with an unprofitable contract in the company's Abilene tower facility. Based on preliminary financial results, the company now expects consolidated fourth-quarter revenue to be approximately $38M and the consolidated fourth-quarter operating loss to be approximately $11M, versus guidance of a $4M-$5M operating loss. This is primarily due to a $5M loss in the Towers and Heavy Weldments segment mainly due to low production in the company's Abilene tower facility, where labor overruns, inventory charges and other manufacturing inefficiencies were incurred, associated with a challenging order taken in 2014.

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