FOR YESTERDAY RELEASE* re WWAT!!!!!!!!!!!!!
2.7 Million Baby! BUY! Rev 8 X 2005!
Doubling production in 07' !
WorldWater & Power Announces Fourth Quarter and Full Year Results
BusinessWire - April 02, 2007 7:58 PM ET
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WorldWater & Power Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, today announced results for the fourth quarter and full year ended December 31, 2006. Revenue for the fourth quarter was a record $7.1 million, with gross profit of $0.9 million while, for the year, WorldWater reported revenue of $17.3 million, with gross profit of $2.7 million.
"We are extremely pleased to announce, as expected, our best revenue year in the Company's history," said Quentin T. Kelly, Chairman of WorldWater & Power Corp. "We set out to transform WorldWater & Power in 2006 and accomplished just that - with revenue nearly eight times what it was in 2005, as we executed to plan and completed such major installations as the $7.8 million Farm ACW avocado ranch. Not only did we significantly grow the Company and improve gross margins, but we entered into a strategic partnership with EMCORE, raised capital, and added seasoned talent to our executive staff. We have positioned the Company for continued expansion in 2007 and are off to a great start. In total, we installed 2.4 megawatts in 2006 versus 275 kilowatts in 2005, and we expect to at least double our production during 2007 to approximately 5 megawatts of electricity.
"WorldWater is actively bidding on a number of complex, multi-megawatt projects and recently won a $5.7 solar project with Bayshore Recycling, a 700 kilowatt system. We expect to announce additional large projects in the near future, some of which will leverage our expanding relationship with ENTECH. In that regard, we are continuing to finalize our merger discussions and anticipate providing further details in the near future. While this opportunity has always been considered strategically important for WorldWater & Power, we have diligently worked to construct a transaction that brings maximum value to our shareholders."
Mr. Kelly concluded, "I am excited by the growth prospects this year and stand behind the previously-announced goal of $30-$35 million in revenue, with profitability expected as production ramps up in the second half. The first quarter will be seasonally down from the fourth quarter, but the year continues to look strong. We have a record number of outstanding proposals and are taking the appropriate steps to fund our aggressive expansion. WorldWater & Power is clearly positioned for rapid growth this year - with the technology, talent, and partners in place to take advantage of the increasing demand for large, integrated solar power systems that can save energy and pave the way for a cleaner world."
Financial Results
Revenue for the fourth quarter was $7.1 million, compared with $1.2 million reported in the fourth quarter of 2005. Gross profit for the quarter was $0.9 million, versus a loss of $0.1 million in the prior-year period. Net loss for the fourth quarter of 2006 was $5.1 million, or $(0.03) per share, compared to a loss of $2.7 million, or $(0.03) per share, in the fourth quarter of 2005. The 2006 fourth quarter includes the non-cash impact of $3.2 million in beneficial conversions related to the Company's preferred stock dividend.
For fiscal 2006, WorldWater reported revenue of $17.3 million, versus $2.0 million in 2005. Gross profit was $2.7 million, as compared with a loss of $(0.5) million last year. Net loss for the period was $11.4 million, or $(0.08) per share, versus a net loss of $10.2 million, or $(0.11) per share, in 2005. Results include $1.6 million in non-cash warrant expense for 2006 and $3.1 million in 2005; 2006 also includes the non-cash impact of $3.2 million in beneficial conversions related to the Company's preferred stock dividend.
About WorldWater & Power Corp:
WorldWater & Power 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 & Power Corp., visit the website at
www.worldwater.com.
>> Clearly this is a company going the right direction, gave one of those annoying 1 st qtr is usually our weakest comments but still I have an eye to buy today for myself (sorry wifey & everyone else in it) Will be watching volume.
TopD> how did this earnings report escape your attention sir? ~ stoney
