MILWAUKEE, April 21, 2023 (GLOBE NEWSWIRE) -- WM Argyle Fund, LLC (“WM Argyle” or the “Fund”), one of the largest investors in Broadwind, Inc. (NASDAQ: BWEN) (“Broadwind” or the “Company”), today responded to Broadwind’s pre-announcement of first quarter 2023 results and full-year revenue and adjusted EBITDA guidance.
Throughout its history, Broadwind has made a habit of producing revenue that never turns into profits. We believe Broadwind is repeating this pattern again. It announced a marginal increase in its guidance for full-year revenue and adjusted EBITDA but said nothing about net income. Revenue without profit is meaningless. If the Company is truly confident in its ability to execute and deliver value for shareholders, it should issue guidance for 2023 net income, as well.
Broadwind’s announcement reinforces our conviction that the execution risk under the current Board is simply too great. Shareholders should demand change and vote the GREEN proxy card to support WM Argyle’s director nominees.
About WM Argyle Fund
WM Argyle Fund, LLC, which owns 207,200 of the outstanding common shares of Broadwind, Inc., is an investment fund specifically created to invest in Broadwind. We believe the Company has been underperforming due to strategic errors, operational inefficiencies, and inattentive governance. We are looking to ensure the long-term performance of the Company by reconstituting the Broadwind Board with new members.
WM Argyle Fund, LLC, Jay Douglas Armburger, Ryan Bogenschneider, Christine M. Candela and James M. Robinson IV (collectively, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of GREEN universal proxy card to be used in connection with the solicitation of proxies from the stockholders of Broadwind, Inc. (the “Company”). Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC. All stockholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying GREEN universal proxy card will be furnished to some or all of the Company’s stockholders and are, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
John Glenn Grau, 203-972-9300
Richard Mahony, 917-257-6811
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