WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, reported results for the first quarter ended March 31, 2007.
Revenue for the first quarter was $0.9 million, with gross profit of $0.2 million. “We continue to be very excited about prospects for 2007, even as the first quarter showed declines versus last year on a revenue and bottom line basis due to contract timing,” said Quentin T. Kelly, Chairman of WorldWater & Solar Technologies Corp.
“Gross margin improved to 21.0% from 6.7% in the first quarter of 2006, but revenue fell as WorldWater put in place a new strategy to pursue larger megawatt and multi-megawatt contracts – which take longer to bid and negotiate, with greater lead times for production and installation.
However, as was recently announced, WorldWater won its largest project ever in the quarter – a $16 million, 2 megawatt system for Fresno Yosemite International Airport, which is now in pre-engineering and will result in substantial revenue for the company during the second half of 2007.
“We see sequential improvement in revenue every quarter this year, and the company is maintaining its full-year sales guidance of $30-$35 million – at least doubling our full year production to approximately 5 megawatts. Revenue will be concentrated in the third and fourth quarters, similar to last year, and we remain on track for profitability.”
Revenue for the first quarter was $0.9 million, compared with $2.0 million reported in the first quarter of 2006. Gross profit for the quarter was $0.2 million, versus $0.1 million in the prior-year period. The net loss for the first quarter of 2007 was $2.1 million, or $(0.01) per share, compared to a loss of $3.6 million, or $(0.03) per share, in the first quarter of 2006.
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