WorldWater & Solar Technologies Corp. (OTC BB:WWAT.OB), developer of proprietary solar systems, announced lower revenues for Q307, citing start-up delays in large projects.
The company reported revenue for the quarter of $4.4 million, compared with $6.5 million reported in Q306.
The Company’s net loss for Q307 was $3.8 million, or $(0.02) per share, compared to a loss of $0.9 million, or $(0.01) per share, in the Q306.
The company says Q307 reflects investments in R&D, marketing, and operations to support WorldWater’s strategic growth initiatives, which include moving to fewer, multi-megawatt projects from higher volume smaller projects.
For the nine months ended September 30, 2007, WorldWater reported revenue of $7.6 million, compared with $10.3 million for the first nine months of 2006.
Net loss for the first three quarters of 2007 was $8.7 million, or $(0.05) per share, compared to a loss of $8.6 million, or $(0.07) per share, last year.
The company says large projects, which were scheduled for groundbreaking in the second and third quarters, are now starting installation in the fourth quarter.
Quentin T. Kelly, Chairman and CEO said, “We saw results somewhat lag expectations this quarter due to unavoidable delays regarding our $17 million project for Fresno Yosemite International Airport, our $13.3 million project at Denver International Airport, and our $7.2 million project at Valley Center Water District in California, such that our updated guidance for this year is revenue of $20 million to $22 million. The delays, mainly for permitting or contractual changes in the scope of work, are not unusual in our industry and have meant that certain revenue reporting has shifted from the third quarter into the fourth quarter of 2007 and the first quarter of 2008,”
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with patented solar technology able to drive 1000 horsepower motors and pumps, providing solutions to a broad spectrum of the world’s electricity and water supply problems.
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