WorldWater & Power Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, announced results for the fourth quarter and full year ended December 31, 2006.
Revenue for Q4 hit 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 Kelly, Chairman. “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.
“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.”
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