Environmental Solutions Worldwide Second Quarter Profitable
18 8월 2010 - 10:00PM
Business Wire
Environmental Solutions Worldwide, Inc. (ESW) (OTCBB: ESWW) and
(Frankfurt Stock Exchange – FWB: EOW), a leading developer,
manufacturer and seller of technology solutions for the
environmental control and military markets, announced second
quarter 2010 revenues of $3.5 million, an increase of over 4,000
per cent, compared to $84,568 in the quarter ended June 30, 2009.
The increase primarily reflects sales of the company’s verified
Therma Cat™ Active Level III on- and off-road products that meet
new regulations, as well as sales of the Xtrm Cat™ locomotive and
marine product.
As a result, gross profit for the quarter was $1.3 million
compared to $48,627 in the 2009 second quarter and net income was
$152,067, compared to a net loss of $1.7 million (net comprehensive
income in the current quarter was $10,019, or $0.00 per share,
compared to a net comprehensive loss of $1.6 million or $0.02 per
share in the 2009 quarter). The net income resulted from improved
revenues and a gain from a mark to market adjustment on advanced
share subscriptions. Loss from operations reduced to $561,362 in
the second quarter of 2010 from $1.6 million in the 2009 quarter a
65% decrease. EBITDA for the 2010 second quarter was $485,657, a
turnaround of $1.7 million from the second quarter of 2009
(negative 1.26 million).
“Our quarterly performance validates the time and resources we
invested and continue to invest in gaining approvals for our new
products,” said David J. Johnson, ESW’s president and CEO. “Demand
is increasing for these solutions, as national, regional and local
regulations become more exacting and set firm deadlines. We
continue to expand our pipeline in the municipal and government
sectors, and are actively bidding on an increasing number of
significant opportunities. Accordingly, the second half of 2010
should be a period of solid top line growth, while we continue to
build our product portfolio and distribution network to meet the
demands of an exciting and expanding market.”
Revenues for the first six months of 2010 increased $5.3 million
to a total of $5.8 million compared to the $454,686 reported in the
same 2009 six month period, while gross profit was $2.0 million
compared to $212,727. The 2010 six month net loss was $4.8 million,
compared to a net loss of $3.4 million (net comprehensive loss in
the current six month period was $4.8 million or $0.05 per share,
compared to $3.3 million or $0.05 per share in the 2009 period).
The 2010 net loss reflects one time charges of approximately $2.9
million for an inducement premium (paid on convertible debentures),
long-term debt accretion and mark to market adjustment on advance
share subscriptions.
EBITDA for the 2010 six month period without these charges was
negative $907,886 compared to a negative $2.3 million in 2009 a
$1.4 million improvement over the prior year period. Additional
detailed financial information for the ESW’s second quarter can be
found the company’s 10-Q filed with the Securities and Exchange
Commission.
About Environmental Solutions
Worldwide Inc.
Headquartered in Concord, Ontario, Environmental Solutions
Worldwide, Inc. is a publicly traded Company engaged through its
wholly owned subsidiaries ESW Canada, Inc. and ESW America, Inc.
(the ESW Group of Companies) in the design, development, ISO
9001:2000 certified manufacturing and sales of technologies for
both the environmental control and military sectors. The ESW Group
of Companies currently manufacture and market a diversified line of
catalytic emission control products and support technologies for
diesel, gasoline and alternative fueled engines. The ESW Group of
Companies also operates a comprehensive EPA/CARB & MSHA
recognized emissions testing and verification laboratory.
For updated information, please visit the Company's Web site at:
www.cleanerfuture.com.
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased" "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, general
acceptance of the Company's products and technologies, competitive
factors, the ability to successfully complete additional financings
and other risks described in the Company's SEC reports and
filings.
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