WorldWater & Solar Technologies Corp. (OTCBB: WWAT) today announced its financial results for the fourth quarter and 12 months ended Dec. 31, 2007, posting record revenues for both periods. The international solar electric engineering and water management company highlighted its achievements regarding projects, secured contracts and completed acquisitions.
Fourth-quarter revenue was $10.9 million, up from $7.1 million for the same period of 2006, and up from $4.4 million reported in the third quarter of 2007. WorldWater attributed the increase partially to its projects and contracts, including its contract with the Fresno Yosemite Airport.
For the 12 months ended December 31, 2007, the company achieved revenue of $18.5 million, an increase over the $17.3 million reported in 2006.
“2007 was, as expected, a pivotal year for WorldWater & Solar Technologies,” Quentin T. Kelly, chairman of WorldWater stated in the press release. “We recorded our highest revenue ever – $18.5 million – and won some very large contracts, including innovative solar installations for the Denver International Airport and Fresno Yosemite Airport. In addition, we expanded our offices, hired critical staff, and signed letters of intent for a number of next-generation solar farms in Europe.”
Kelly also noted the company’s acquisition of ENTECH, the success in raising $35 million in funds from Quercus Trust, and the addition of new members to the company’s board of directors – all of which are expected to boost the company’s long-term growth outlook. WorldWater has many plans for the near and long-term future, and intends to complete 50 MW production lines for ENTECH modules in Texas within the next few quarters.
“We are very excited about the future for the company, both in 2008 and beyond. We appreciate our shareholders’ commitment and patience. With our extensive pipeline of projects, cutting-edge technology, and dedicated staff, we expect the coming years to provide long-term, attractive returns for our investors,” Kelly stated.
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