sie sind zwar nicht wirklich berauschend, aber auch nicht schlecht und v.a.
offen und ehrlich.
Gute Umsätze, aber noch satte Verluste, die allerdings auch zu erwarten waren.
Ich hätte mehr erhoffe, aber der Markt scheint es recht gut aufzunehmen.
Um 10 Uhr ET ist die Conference, die auch über die WWAT-Seite zu verfolgen sein wird.
Das ist sicherlich etwas aufwändig für WWAT gewesen, daher denke ich, sie werden sich etwas davon versprechen bzw. auch was interessantes zu sagen haben.
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WorldWater & Solar Technologies Announces First Quarter Results
Monday May 19, 6:05 am ET
Posts Revenue of $9.0 Million; Company Focused on Path to Profitability
EWING, N.J.--(BUSINESS WIRE)--WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB - News), developer and marketer of proprietary high-horsepower solar systems, today announced results for the first quarter ended March 31, 2008.
Financial Highlights:
* Revenue for the first quarter was $9.0 million, compared with $0.9 million reported in the first quarter of 2007. The ten-fold increase in revenue was primarily due to several project awards, most notably the Fresno Yosemite Airport, now nearly complete, and Denver International Airport, which broke ground in February.
* The company recorded a gross loss for the quarter of $2.3 million, versus a gross profit of $0.2 million in the prior-year period; the 2008 loss was primarily due to the higher-than-anticipated complexity and thus cost overruns associated with several contracts in progress, including the aforementioned airports.
* The Company’s net loss for the first quarter of 2008 was $7.3 million, or $(0.04) per share, compared to a loss of $2.2 million, or $(0.01) per share, in the first quarter of 2007.
* On February 13, 2008 the Company announced that it had raised $35.6 million from the Quercus Trust in a private placement of WorldWater Series F Preferred Stock. The Company’s balance of cash and cash equivalents as of March 31, 2008 was $29.4 million, compared with $6.9 million as of December 31, 2007.
“This quarter, we saw tremendous revenue growth but disappointing bottom-line results, which, taken together, highlight where we will focus our energies this year,” said Frank Smith, CEO of WorldWater & Solar Technologies. “We have a number of excellent opportunities on our plate, but we have a lot of work to do as well.
“Since March, management has spent a great deal of time and energy reviewing the company’s operations, making necessary changes, and planning for the future. We are dedicated to improving our financial performance and paving a path to profitability, and, with this in mind, are currently undergoing a thorough assessment of our overhead, contract priorities, and capital spending plans through the introduction of an increasingly process-oriented business structure. We have already made some changes to right-size our operations, and we will take further measures as necessary to reduce our burn rate and focus on disciplined business execution. The company is also working to shorten project cycle times, to increase visibility, focus our sales efforts and improve WorldWater’s overall working capital utilization. In addition, we need to ensure that our contracts are properly priced – as the cost overruns evident this past quarter are simply unacceptable.
“We expect Spain to finalize its new incentive program this summer but, more importantly, see many attractive installation opportunities here in the U.S., including the two new solar contracts in California just announced. We are committed more than ever to leveraging our ENTECH operations, led by Scott Albertson, to provide the company with cutting-edge, dual-axis tracking solutions for photovoltaic and solar thermal applications worldwide. We are now in the process of building a facility that will start rolling out products for validation and qualification in the third quarter, positioning the company for continued expansion in 2009.
“Given recent trends in oil prices, demand for solar power will not, in our opinion, diminish anytime soon. Even as tax credits and incentives change – both here and overseas – the long-term attractiveness of the sun as a viable source of renewable, clean energy is without question. I remain optimistic about the outlook for WorldWater and will update our investors every quarter as to the steps we are taking to strengthen the company and maximize returns to shareholders. We are committed to providing better transparency of information and, with that in mind, are holding our first ever earnings conference call today. As I said, we have a lot of work to do, but we have the people, technology, and vision to take WorldWater & Solar Technologies to the next level and truly become a leader in the solar energy field.” ----------- |
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