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WorldWater & Solar Technologies: Third Quarter Results
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WorldWater & Solar Technologies Corp., developer and marketer of proprietary large-scale solar systems, announced its financial results for the three and nine months ended September 30, 2008.
Financial Highlights:
* Revenue for the third quarter was $6.5 million, compared with $4.4 million reported in the third quarter of 2007. This 48% increase in revenue was driven by the Company’s 1.2 MW solar installation for the Valley Center Municipal Water District of Valley Center, California and the Denver International Airport project.
* The Company recorded a gross loss for the quarter of $2.3 million, versus a gross profit of $0.6 million in the prior-year quarter. The gross loss in 2008 was primarily the result of additional losses associated with the Valley Center project and loss provisions related to a solar project for the town of Windsor, CA that was terminated in late September. After many months of effort, securing financing for the Windsor project, with terms acceptable to the Company, was not achieved and the financing contingency of the agreement was invoked.
* The Company’s net loss attributable to common shareholders for the third quarter of 2008 was $7.4 million, or $(0.03) per share, compared with a loss of $3.8 million, or $(0.02) per share, in the third quarter of 2007.
* The Company’s balance sheet remains strong, with significant cash receipts expected from existing projects over the next few months. These receipts, along with the Company’s current cash balance of $10.4 million, will be sufficient to support our normal operating expenses, as well as our expansion plans at ENTECH, into 2009.
“WorldWater & Solar Technologies made considerable progress this quarter as we continue to re-position and transform our company behind ENTECH technology and know-how,” said Frank Smith, CEO. “We have put in place all of the necessary resources to complete our existing flat-plate projects, all of which should be substantially finished by late this year or early 2009. Concurrently, we have redeployed and hired significant resources behind our vertical integration strategy of manufacturing solar concentrator modules for both inclusion in ENTECH managed full scope EPC solar system projects, as well as for direct sale to third-party and strategically aligned installers. We are in the process of building the engineering, design, manufacturing, project management, project financing and administrative support infrastructure necessary to support our aggressive growth plans. We are placing significant emphasis on building a strong team that is technically competent, market focused, process oriented and highly disciplined.
“Our booth at the Solar Power 2008 Trade Show in San Diego – featuring our ENTECH technology – received a great deal of attention and dozens of sales leads. The show itself attracted roughly 23,000 people, and we were very pleased with our high visibility and the strong level of interest shown by attendees.
“We believe that our unique, patented technology offers the greatest opportunity for margin expansion and sustained top-line growth. As we’ve said in the past, ENTECH’s concentrator photovoltaic (CPV) and solar thermal (CPVT) solutions deliver reliable, efficient solar electricity and hot water simultaneously, yielding higher returns on investment for customers. This makes it attractive to a wide variety of potential customers both within the U.S. and overseas.
“The Board and I, along with all our senior staff, are committed to successfully commercializing ENTECH, leveraging its brand and technology, and moving the company in a new and profitable direction. This will take time, but we are confident we are on the right track.”
Conference Call
WorldWater has postponed its third quarter conference call, scheduled for today at 10:00 a.m. EST, due to the sudden illness of a member of CEO Frank Smith’s immediate family. The conference call will be held as soon as practicable. The company plans to file its form 10-Q with the SEC on Monday, November 10th, on schedule.
WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corp. is a full-service solar electric engineering, design and water management company with unique, high-powered and patented solar technology providing solutions to a broad spectrum of electricity and water supply problems. ENTECH, Inc., a subsidiary of WorldWater, is a high-technology solar energy company specializing in patented solar concentrating and PVT systems. ENTECH’s systems can produce electrical output, a combination of electricity and thermal energy or thermal energy alone. Commercial applications vary in size from one kilowatt remote power units to large, multi-megawatt utility power plants. For more information, go to www.worldwater.com or www.entechsolar.com.
Forward Looking Statements:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
WORLDWATER & SOLAR TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(UNAUDITED)
Three Months Nine Months
9/30/08 9/30/07 9/30/08 9/30/07
Revenues:
Contract $ 6,469,941 $ 4,368,640 $ 22,295,304 $ 7,555,981
Related Party - - 775,000 -
Total
6,469,941 4,368,640 23,070,304 7,555,981
Cost of Revenues:
Contract, including provision for loss on contracts $ 8,768,320 3,804,294 29,921,704 6,454,979
Related Party $ - - 673,433 -
Total 8,768,320 3,804,294 30,595,137 6,454,979
Gross Profit (Loss):
Contract $ (2,298,379 ) 564,346 (7,626,400 ) 1,101,002
Related Party $ -
-
101,567 -
Total (2,298,379 ) 564,346 (7,524,833 ) 1,101,002
Operating Expenses:
Marketing, general and administrative expenses $ 5,086,833 3,877,200 15,828,491 9,182,634
Research and development expense $ 42,766 552,377 140,535 669,878
Total Operating Expenses 5,129,599 4,429,577 15,969,026 9,852,512
Loss from Operations (7,427,978 ) (3,865,231 ) (23,493,859 ) (8,751,510 )
Other (Expense) Income
Beneficial Conversion and Warrant Amortization $ - (32,000 ) (50,338 ) (93,748 )
Interest Income/
(Expense), net
$ 29,631 144,274 392,760 124,931
Total Other Income (Expense), Net 29,631 112,274 342,422 31,183
Net Loss (7,398,347 ) (3,752,957 ) (23,151,437 ) (8,720,327 )
Accretion of preferred stock dividends - Series C $ (8,824 ) (8,359 ) (18,252 ) (30,859 )
Accretion of preferred stock dividends - Series F $ - - (15,512,226 ) -
Net Loss Attributable to Common Shareholders $ (7,407,172 ) $ (3,761,316 ) $ (38,681,915 ) $ (8,751,186 )
Net Loss applicable per Common Share (basic and diluted) $ (0.03 ) $ (0.02 ) $ (0.19 ) $ (0.05 )
Weighted Average Common Shares Outstanding used in Per Share Calculation (Basic and Diluted)
235,043,686 172,186,878 206,415,475 162,434,504
WORLDWATER & SOLAR TECHNOLOGIES CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
September 30, 2008 December 31, 2007
(UNAUDITED)
Assets
Current Assets:
Cash and cash equivalents $ 10,420,874 $ 6,873,448
Accounts receivable - trade, (net of allowance of $328,263 and $220,916 at September 30, 2008 and December 31, 2007)
2,532,269 10,155,589
Rebates receivable (net of allowance of $112,534 at September 30, 2008) - 1,153,800
Inventory 8,242,164 1,399,168
Costs and estimated earnings/losses in excess of billings 4,636,311 5,548,631
Letter of Credit 5,123,000 -
Prepaid expenses and deposits 1,309,845 973,795
Travel advances to employees 23,145 43,024
Total Current Assets
32,287,608 26,147,455
Advances on Machinery and Equipment 1,896,322 -
Property and Equipment, net 5,821,239 1,467,794
Intangible And Other Assets
Other intangible assets, net 23,683,323 26,667
Goodwill 23,837,201 -
Deferred costs on and advances to acquiree - ENTECH - 3,795,362
Other deposits 898,616 52,710
Total Assets $ 88,424,309 $ 31,489,988
Liabilities, Convertible Redeemable Preferred Stock, and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses $ 6,634,253 $ 9,396,944
Long-term debt and notes payable, current portion
-
298,092
Customer Deposits 19,502
-
Customer deposits - related party 1,023,000 775,000
REC guarantee liability, current portion 32,128 64,701
Series D Preferred Stock Warrants 1,393,827 1,393,827
Billings in excess of costs and estimated earnings/losses 850,519 2,900
Accrued losses on construction in progress 1,765,414 -
Total Current Liabilities 11,718,644 11,931,464
Long-term debt and notes payable - 38,456
REC guarantee liability, net of current portion 229,617 229,618
Total Liabilities 11,948,261 12,199,538
Convertible redeemable preferred stock
Series C convertible redeemable preferred stock 440,000 500,000
Series D convertible redeemable preferred stock 11,179,561 11,179,561
Total Convertible Redeemable Preferred Stock 11,619,561 11,679,561
Stockholders' Equity
Preferred Stock Convertible $.01 par value authorized 10,000,000; issued and outstanding: Series B 7%- 611,111 shares liquidation preference $550,000
6,111 6,111
Common Stock, $.001 par value; authorized 450,000,000 and 275,000,000; 235,625,604 and 189,352,674 issued at September 30, 2008 and December 31, 2007, respectively
235,654 189,353
Additional paid-in capital 167,306,244 71,425,032
Accumulated deficit (102,691,522 ) (64,009,607 )
Total Stockholders' Equity
64,856,487 7,610,889
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity $ 88,424,309
$
31,489,988
Contact:
Chris Witty, 646-438-9385
[email protected]
Source: WorldWater & Solar Technologies Corp.
WorldWater & Solar Technologies Corp., developer and marketer of proprietary large-scale solar systems, announced its financial results for the three and nine months ended September 30, 2008.
Financial Highlights:
* Revenue for the third quarter was $6.5 million, compared with $4.4 million reported in the third quarter of 2007. This 48% increase in revenue was driven by the Company’s 1.2 MW solar installation for the Valley Center Municipal Water District of Valley Center, California and the Denver International Airport project.
* The Company recorded a gross loss for the quarter of $2.3 million, versus a gross profit of $0.6 million in the prior-year quarter. The gross loss in 2008 was primarily the result of additional losses associated with the Valley Center project and loss provisions related to a solar project for the town of Windsor, CA that was terminated in late September. After many months of effort, securing financing for the Windsor project, with terms acceptable to the Company, was not achieved and the financing contingency of the agreement was invoked.
* The Company’s net loss attributable to common shareholders for the third quarter of 2008 was $7.4 million, or $(0.03) per share, compared with a loss of $3.8 million, or $(0.02) per share, in the third quarter of 2007.
* The Company’s balance sheet remains strong, with significant cash receipts expected from existing projects over the next few months. These receipts, along with the Company’s current cash balance of $10.4 million, will be sufficient to support our normal operating expenses, as well as our expansion plans at ENTECH, into 2009.
“WorldWater & Solar Technologies made considerable progress this quarter as we continue to re-position and transform our company behind ENTECH technology and know-how,” said Frank Smith, CEO. “We have put in place all of the necessary resources to complete our existing flat-plate projects, all of which should be substantially finished by late this year or early 2009. Concurrently, we have redeployed and hired significant resources behind our vertical integration strategy of manufacturing solar concentrator modules for both inclusion in ENTECH managed full scope EPC solar system projects, as well as for direct sale to third-party and strategically aligned installers. We are in the process of building the engineering, design, manufacturing, project management, project financing and administrative support infrastructure necessary to support our aggressive growth plans. We are placing significant emphasis on building a strong team that is technically competent, market focused, process oriented and highly disciplined.
“Our booth at the Solar Power 2008 Trade Show in San Diego – featuring our ENTECH technology – received a great deal of attention and dozens of sales leads. The show itself attracted roughly 23,000 people, and we were very pleased with our high visibility and the strong level of interest shown by attendees.
“We believe that our unique, patented technology offers the greatest opportunity for margin expansion and sustained top-line growth. As we’ve said in the past, ENTECH’s concentrator photovoltaic (CPV) and solar thermal (CPVT) solutions deliver reliable, efficient solar electricity and hot water simultaneously, yielding higher returns on investment for customers. This makes it attractive to a wide variety of potential customers both within the U.S. and overseas.
“The Board and I, along with all our senior staff, are committed to successfully commercializing ENTECH, leveraging its brand and technology, and moving the company in a new and profitable direction. This will take time, but we are confident we are on the right track.”
Conference Call
WorldWater has postponed its third quarter conference call, scheduled for today at 10:00 a.m. EST, due to the sudden illness of a member of CEO Frank Smith’s immediate family. The conference call will be held as soon as practicable. The company plans to file its form 10-Q with the SEC on Monday, November 10th, on schedule.
WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corp. is a full-service solar electric engineering, design and water management company with unique, high-powered and patented solar technology providing solutions to a broad spectrum of electricity and water supply problems. ENTECH, Inc., a subsidiary of WorldWater, is a high-technology solar energy company specializing in patented solar concentrating and PVT systems. ENTECH’s systems can produce electrical output, a combination of electricity and thermal energy or thermal energy alone. Commercial applications vary in size from one kilowatt remote power units to large, multi-megawatt utility power plants. For more information, go to www.worldwater.com or www.entechsolar.com.
Forward Looking Statements:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
WORLDWATER & SOLAR TECHNOLOGIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(UNAUDITED)
Three Months Nine Months
9/30/08 9/30/07 9/30/08 9/30/07
Revenues:
Contract $ 6,469,941 $ 4,368,640 $ 22,295,304 $ 7,555,981
Related Party - - 775,000 -
Total
6,469,941 4,368,640 23,070,304 7,555,981
Cost of Revenues:
Contract, including provision for loss on contracts $ 8,768,320 3,804,294 29,921,704 6,454,979
Related Party $ - - 673,433 -
Total 8,768,320 3,804,294 30,595,137 6,454,979
Gross Profit (Loss):
Contract $ (2,298,379 ) 564,346 (7,626,400 ) 1,101,002
Related Party $ -
-
101,567 -
Total (2,298,379 ) 564,346 (7,524,833 ) 1,101,002
Operating Expenses:
Marketing, general and administrative expenses $ 5,086,833 3,877,200 15,828,491 9,182,634
Research and development expense $ 42,766 552,377 140,535 669,878
Total Operating Expenses 5,129,599 4,429,577 15,969,026 9,852,512
Loss from Operations (7,427,978 ) (3,865,231 ) (23,493,859 ) (8,751,510 )
Other (Expense) Income
Beneficial Conversion and Warrant Amortization $ - (32,000 ) (50,338 ) (93,748 )
Interest Income/
(Expense), net
$ 29,631 144,274 392,760 124,931
Total Other Income (Expense), Net 29,631 112,274 342,422 31,183
Net Loss (7,398,347 ) (3,752,957 ) (23,151,437 ) (8,720,327 )
Accretion of preferred stock dividends - Series C $ (8,824 ) (8,359 ) (18,252 ) (30,859 )
Accretion of preferred stock dividends - Series F $ - - (15,512,226 ) -
Net Loss Attributable to Common Shareholders $ (7,407,172 ) $ (3,761,316 ) $ (38,681,915 ) $ (8,751,186 )
Net Loss applicable per Common Share (basic and diluted) $ (0.03 ) $ (0.02 ) $ (0.19 ) $ (0.05 )
Weighted Average Common Shares Outstanding used in Per Share Calculation (Basic and Diluted)
235,043,686 172,186,878 206,415,475 162,434,504
WORLDWATER & SOLAR TECHNOLOGIES CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2008 AND DECEMBER 31, 2007
September 30, 2008 December 31, 2007
(UNAUDITED)
Assets
Current Assets:
Cash and cash equivalents $ 10,420,874 $ 6,873,448
Accounts receivable - trade, (net of allowance of $328,263 and $220,916 at September 30, 2008 and December 31, 2007)
2,532,269 10,155,589
Rebates receivable (net of allowance of $112,534 at September 30, 2008) - 1,153,800
Inventory 8,242,164 1,399,168
Costs and estimated earnings/losses in excess of billings 4,636,311 5,548,631
Letter of Credit 5,123,000 -
Prepaid expenses and deposits 1,309,845 973,795
Travel advances to employees 23,145 43,024
Total Current Assets
32,287,608 26,147,455
Advances on Machinery and Equipment 1,896,322 -
Property and Equipment, net 5,821,239 1,467,794
Intangible And Other Assets
Other intangible assets, net 23,683,323 26,667
Goodwill 23,837,201 -
Deferred costs on and advances to acquiree - ENTECH - 3,795,362
Other deposits 898,616 52,710
Total Assets $ 88,424,309 $ 31,489,988
Liabilities, Convertible Redeemable Preferred Stock, and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses $ 6,634,253 $ 9,396,944
Long-term debt and notes payable, current portion
-
298,092
Customer Deposits 19,502
-
Customer deposits - related party 1,023,000 775,000
REC guarantee liability, current portion 32,128 64,701
Series D Preferred Stock Warrants 1,393,827 1,393,827
Billings in excess of costs and estimated earnings/losses 850,519 2,900
Accrued losses on construction in progress 1,765,414 -
Total Current Liabilities 11,718,644 11,931,464
Long-term debt and notes payable - 38,456
REC guarantee liability, net of current portion 229,617 229,618
Total Liabilities 11,948,261 12,199,538
Convertible redeemable preferred stock
Series C convertible redeemable preferred stock 440,000 500,000
Series D convertible redeemable preferred stock 11,179,561 11,179,561
Total Convertible Redeemable Preferred Stock 11,619,561 11,679,561
Stockholders' Equity
Preferred Stock Convertible $.01 par value authorized 10,000,000; issued and outstanding: Series B 7%- 611,111 shares liquidation preference $550,000
6,111 6,111
Common Stock, $.001 par value; authorized 450,000,000 and 275,000,000; 235,625,604 and 189,352,674 issued at September 30, 2008 and December 31, 2007, respectively
235,654 189,353
Additional paid-in capital 167,306,244 71,425,032
Accumulated deficit (102,691,522 ) (64,009,607 )
Total Stockholders' Equity
64,856,487 7,610,889
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity $ 88,424,309
$
31,489,988
Contact:
Chris Witty, 646-438-9385
[email protected]
Source: WorldWater & Solar Technologies Corp.