WorldWater & Solar Technologies Corp. (WWAT.OB) Releases 3Q Results, Highlights Large Scale ProjectsTuesday, November 11th, 2008
Along with records revenues, WorldWater & Solar Technologies Corp (WWAT) also reported a gross loss in the third quarter, ending Sept. 30. WorldWater reported a $2.3 million gross loss for the quarter. Offsetting that news was a significant increase in revenues to $6.5 million compared with $4.4 million over the same time last year. Installations for the Valley Center Municipal Water District of Valley Center, California and a Denver International Airport project were the two biggest contributions of that revenue.
The gross loss in 2008 was primarily the result of a solar project for the town of Windsor, Calif. that was terminated in September. “After many months of effort, securing financing for the Windsor project with terms acceptable to the company, was not achieved and the financing contingency of the agreement was invoked,” a company news release said.
“We are in the process of building the engineering, design, manufacturing, project management, project financing and administrative support infrastructure necessary to support our aggressive growth plans,” said CEO Frank Smith. “We are placing significant emphasis on building a strong team that is technically competent, market focused, process oriented and highly disciplined.”
Worldwater also continues settling into its merger with ENTECH. It’s now a subsidiary of Worldwater. They recently exhibited at the Solar Power Trade Show in San Diego, highlighting ENTECH’s concentrator photovoltaic (CPV) and solar thermal products, which can deliver solar electricity and hot water simultaneously.
“The Board and I, along with all our senior staff, are committed to successfully commercializing ENTECH, leveraging its brand and technology, and moving the company in a new and profitable direction,” Smith said. “This will take time, but we are confident we are on the right track.”
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