12.5.2007: Meldung: WorldWater & Solar Technologies Corp.: First Quarter Results
Thursday May 10, 7:30 am ET
Company on Track for Record-Setting Year
PENNINGTON, N.J.-- WorldWater & Solar Technologies Corp., developer and marketer of proprietary high-horsepower solar systems, today announced results for the first quarter ended March 31, 2007. Revenue for the first quarter was $0.9 million, with gross profit of $0.2 million.
"We continue to be very excited about prospects for 2007, even as the first quarter showed declines versus last year on a revenue and bottom line basis due to contract timing," said Quentin T. Kelly, Chairman of WorldWater & Solar Technologies Corp. "Gross margin improved to 21.0% from 6.7% in the first quarter of 2006, but revenue fell as WorldWater put in place a new strategy to pursue larger megawatt and multi-megawatt contracts - which take longer to bid and negotiate, with greater lead times for production and installation. However, as was recently announced, WorldWater won its largest project ever in the quarter - a $16 million, 2 megawatt system for Fresno Yosemite International Airport, which is now in pre-engineering and will result in substantial revenue for the company during the second half of 2007. In addition, we are actively bidding on numerous large projects and hope to announce additional contracts as soon as possible.
"We see sequential improvement in revenue every quarter this year, and the company is maintaining its full-year sales guidance of $30-$35 million - at least doubling our full year production to approximately 5 megawatts. Revenue will be concentrated in the third and fourth quarters, similar to last year, and we remain on track for profitability."
Mr. Kelly continued, "In line with our rapid growth, we recently announced that the company"s name had changed - which we view as appropriate given our increasing leadership in providing state-of-the-art adaptive technologies for renewable solar power. We are leveraging our expertise to build and install some of the largest, most advanced solar solutions worldwide. As the need for renewable energy shows no signs of abating, our cost-effective solutions are being very favorably received in the market.
"Lastly, let me just add that while WorldWater is well positioned for strong growth this year, our discussions with ENTECH continue. We will keep our shareholders informed as appropriate going forward. In closing, let me remind everyone that our Annual Meeting is May 24; we look forward to seeing you then."
Revenue for the first quarter was $0.9 million, compared with $2.0 million reported in the first quarter of 2006. Gross profit for the quarter was $0.2 million, versus $0.1 million in the prior-year period. The net loss for the first quarter of 2007 was $2.1 million, or $(0.01) per share, compared to a loss of $3.6 million, or $(0.03) per share, in the first quarter of 2006.
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world"s electricity and water supply problems. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
WorldWater & Solar Technologies
Jessie Sullivan, 609-818-0700 ext. 20
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Source: WorldWater & Solar Technologies Corp.