24.8.2004: Meldung: WorldWater Corp.: Record Revenue of $3.3 Million for Second Quarter 2004
Friday August 20, 4:12 pm ET
Revenues Soar to $4.1 Million for 6 Month Period Reflecting a Significant 262% Increase over Comparable Period of $1.14 Million
PENNINGTON, N.J.-- Aug. 20, 2004-- WorldWater Corp. (OTC BB: WWAT - News), one of the world"s leading providers of revolutionary patented high-volume solar powered technology for diverse commercial applications in a broad range of industries, today announced financial results for its second quarter and six months ended June 30, 2004. The results included an exceptional increase in revenue to $3,375,628 for the quarter ended June 30, 2004, compared to $48,916 in revenue for the quarter ended June 30, 2003. Revenue for the six-month period ended June 30, 2004 was $4,156,474, as compared to $1,147,261 for the six month period ended June 30, 2003, a significant increase of 262%. The Company sustained a net loss of $1,922,348 for the three month period and $1,108,899 for the three month period ended June 30, 2003. Included in the second quarter results were non-cash charges of $897,892. Loss per share for the three month period ended June 30, 2004 was $0.03 versus $0.02 for the comparable three month period. The announcement was made by Quentin T. Kelly, WorldWater chairman and CEO.
The significant increase in revenue is due to the Company"s realization of its objective of providing world-class, proprietary solar technology systems to the agricultural and institutional marketplaces. As proof of this fact, the Company recently completed supplying the massive one megawatt PV system installation at Cerro Coso Community College in Ridgecrest, CA. WorldWater, serving as exclusive PV equipment supplier, delivered several million dollars worth of components in the $8,963,053 project contracted to Contra Costa Electric, Inc. of Bakersfield, CA. The project represents the largest PV installation ever implemented on any community college campus.
"It should be self evident to any sophisticated investor that WorldWater has the potential for extraordinary growth in revenues, earnings and ultimately shareholder value," stated Mr. Kelly.
"It is the firm opinion of the management that WorldWater represents a company and technology capable of disrupting traditional energy markets with the economic benefits which can inure to companies with an early mover advantage. While we also sustained losses for the quarter and six month period, it is our belief that these losses are essentially an investment in positioning our business for breakthrough success on a long term basis."
"While many of the world"s finite energy sources are being depleted at a disquieting rate as evidenced by the current global oil crisis and national gas reports, WorldWater"s ability to harness the unlimited power of the sun with our proprietary AquaMax(TM) systems represents breakthrough technology," continued Mr. Kelly. "Our patented technology can deliver up to 600 horsepower - more than 100 times as powerful as the nearest competitors -- making ours the only solar products available anywhere in the world that can deliver the water-pumping horsepower required for large scale commercial applications. Our various Installations have validated how WorldWater has enabled solar power to achieve an unparalleled level of practicality and cost-effectiveness for a broad spectrum of commercial mainstream uses."
WorldWater"s proprietary and patented AquaMax(TM) systems can drive high powered engines creating some of the most powerful solar powered systems in the world. The Company"s projects represent a quantum leap forward in the deployment of large-scale solar power pumping technology and demonstrate the viability of solar power for broad applications in virtually all industries anywhere in the world.
WorldWater Corp., a full-service, international solar engineering and water management company with unique, high-powered and patented solar technology, provides solutions to a broad spectrum of the world"s water supply and energy problems. The Company"s recently patented AquaMax(TM) solar pumping system is capable of driving motors up to an unprecedented 600 horsepower. WorldWater is believed to be the first solar company in the world with the power to deliver mainstream pumping capability. The Company is also a pioneering provider of solar powered water systems in the Philippines and developing nations in Africa and Asia.
WorldWater seeks to achieve significant revenue growth and earnings leverage by marketing its proprietary solar technology through multiple channels to a broad spectrum of institutional and private parties anywhere in the world. Prior to the development of the AquaMax(TM) technology, conventional solar powered motors were limited in output to only 5 horsepower, and thus incapable of pumping the volume of water required for large scale systems. WorldWater"s proprietary AquaMax(TM) systems can drive motors up to a revolutionary 600 horsepower, generating significant commercial opportunities for exploitation by WorldWater and vastly expanding the range of applications for clean, renewable solar power in commercial, municipal and institutional mainstream applications. Each day, more solar energy bathes Earth than its 5.9 billion inhabitants consume in equivalent electric power in 27 years, according to the U.S. Department of Energy"s National Renewable Energy Laboratory in Golden, Colorado. With many international and domestic governmental agencies increasingly concerned about clean air and water conservation, WorldWater is well positioned to implement its patented AquaMax(TM) systems for the supply of all power needed for the largest irrigation and cooling systems in the world - with no pollution and no excess pumping to foul the air or excessively drain the natural water resource.
It is the opinion of WorldWater"s management that WorldWater is in the forefront of solar companies and solar technology. The management believes that few companies are better positioned to capitalize on the worldwide demand for next-generation solar technology, as represented by the Company"s patented technology. The energy generated by WorldWater is pollution-free, fully renewable, reliable, highly scalable and requires lower operating costs. WorldWater"s early-mover advantage, and its next generation solar technology, will enable the Company to exploit a broad range of high revenue and high profit opportunities in both the public and private sectors in multiple worldwide markets, facilitating additional contracts to increase revenues while concurrently lowering costs and increasing margins. For more information about WorldWater and its next-generation proprietary technology, visit the website at www.worldwater.com, or for investor-specific information at www.trilogy-capital.com.
Debra J. Grady, 609-818-0700, ext. 14
Michael Briola, 800-251-1770
Source: WorldWater Corp.