WorldWater & Power Corp. (OTC BB:WWAT.OB) has reported financial results for the fourth quarter and full year ended December 31, 2005.
“2005 was a transformational year for the company,” declared Quentin T. Kelly, WorldWater & Power Corp. Chairman. “Demand accelerated in the second half, and we continue to build on this success, adding new customers while fully demonstrating our capabilities to existing clients in the agricultural, commercial, and industrial space, who have come to value our proprietary solar variable frequency technology and patented water pumping systems. Customers know that WorldWater offers these key differentiating features in choosing us over other potential suppliers for their solar and water needs.”
“We are executing a plan to achieve our 2006 project installation goals, and we anticipate rising revenues as the year progresses – driven by increasing demand, strong customer relationships, and the operational focus of our new interim CEO, Jim Farrin. We expect to start our largest project, a 1.2 MW avocado tree farm, during the second quarter of 2006, after it receives final California permits and approvals. It is an exciting time at WorldWater, and we look forward to the year ahead.”
Financial Results
Revenue for the fourth quarter was $1.2 million, as compared to the $1.6 million reported in the fourth quarter of 2004 due to the timing of certain projects. The company posted an operating loss of $(2.0) million compared to an operating loss of $(1.8) million in the fourth quarter of 2004. Net loss for the fourth quarter was $(2.7) million, or $(0.03) per share, compared to $(2.2) million, or $(0.02) per share, in the prior-year period.
For the full year, WorldWater & Power reported revenue of $2.0 million versus $5.8 million in 2004, reflecting the timing of several projects pushed into 2006. The company’s operating loss declined to $(5.5) million in 2005 from a loss of $(6.1) million in 2004. Including the impact of beneficial conversion interest expense of $3.0 million, a non-cash charge, WorldWater & Power reported a net loss for 2005 of $(10.2) million, or $(0.11) per share, versus $(8.1) million, or $(0.12) per share, last year.
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