WorldWater & Solar Technologies Corp. (OTCBB: WWAT) is expecting a huge 2007 with projected revenues of $30 to $35 million even after a lackluster first quarter with revenues of just under $1 million. The company blames “contract timing” for the low first quarter numbers.
WorldWater definitely has some ground to make up after the first quarter to reach these lofty projections. However, the company did land its largest project ever in the quarter with a $16 million contract to provide a 2-megawatt system for Fresno Yosemite International Airport that is now in pre-engineering and should result in substantial revenue during the second half of 2007, according to the company.
Last year offers some hope for achieving these lofty forecasts considering the strong second half. Revenues in the first and second quarters were $2 million and $1.8 million, respectively, but the company closed strong reporting revenues of $6.5 million and $7.1 million in the third and fourth quarters, respectively.
“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,” said Quentin T. Kelly – chairman of WorldWater – in a press release. “Revenue will be concentrated in the third and fourth quarters, similar to last year, and we remain on track for profitability.”
Other company news includes the signing of a strategic memorandum of understanding with Solargenix Energy LLC that is expected to lead to the expansion and increased efficiency of the marketing and sales forces of both companies. Solargenix is in the business of maximizing patented solar collection technology and other patents and the know-how to convert the sun’s light into a variety of temperature ranges for thermal heat, with worldwide experience in energy and environmental engineering, solar design and building construction.
WorldWater operates as a solar engineering and project management company in the U.S. and internationally. It provides water and power solutions using solar electric technology. The company offers AquaMax solar electric system, an alternative energy solution, which operates pumps and motors up to 1,000 horse power for irrigation, refrigeration and cooling, and water utilities.
Market News First attempted to contact WorldWater to comment on the lofty revenue projections, but calls were not immediately returned.