WorldWater & Solar Technologies Corp. (OTC BB:WWAT.OB), developer and marketer of proprietary high-horsepower solar systems, has announced results for the second quarter and six months ended June 30, 2007.
Revenue for the second quarter was $2.2 million, compared with $1.8 million reported in the second quarter of 2006. Gross profit for the quarter was $0.3 million in each of the two years. Net loss for the second quarter of 2007 was $2.8 million, or $(0.02) per share, compared to a loss of $2.0 million, or $(0.01) per share, in the second quarter of 2006. The 2007 second quarter reflects an increase in marketing and sales expense tied to the Company’s aggressive growth goals.
For the six months ended June 30, 2007, WorldWater reported revenue of $3.2 million, compared with $3.7 million for the first six months of 2006. Gross profit year to date was $0.5 million, versus $0.4 million in the prior-year period. Net loss for the first two quarters of 2007 was $4.9 million, or $(0.03) per share, compared to a loss of $5.5 million, or $(0.04) per share, last year.
“WorldWater remains positioned for strong growth in the coming quarters with major projects, and we expect the last half of 2007 to show double-digit revenue growth over last year. Our strategy of pursuing – and winning – large, complex solar power installations is succeeding, but we are seeing quarterly shifts as a result, with some business backing into later quarters than anticipated, from 2007 to 2008. This causes our earlier guidance for 2007 to be revised from $30 to $34 million to $25 to $30 million. The business is there but will be implemented over a longer schedule,’ said Quentin T. Kelly, Chairman and CEO.
“We have a $200 million pipeline of potential contracts plus additional large, pending projects. We believe WorldWater has the unique, proprietary technology and resources to offer the most cost-efficient solutions to a world demanding clean, renewable energy.’
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