Message #16 From:
corkypue Date: October 17, 2007 08:27:26 PM
First Quarter Sales Revenue
Environmental Solutions Worldwide Inc. Announces Record First Quarter Sales Revenue for the Period Ended March 31, 2007
15 May 2007, 5:36:21 PM
$3.3 Million Sales - 1,315% Increase over the Same Period Last Year
CONCORD, ON.--(BUSINESS WIRE)--Environmental Solutions Worldwide Inc. (ESW) (OTCBB:ESWW - News; FWB:EOW) announced record sales for the first quarter ended March 31st, 2007. Consolidated sales for the first quarter ended March 31, 2007 increased 1,315 % to $3,326,845, from $235,143, over the prior period. Net loss shrunk to $384,915 or $0.01 per share versus $1,372,211 or $0.02 per share for the prior period. On a cash basis the company had net income of $854,773. It is important to note that a non cash stock based expense of $776,271 contributed to the net loss this quarter. Companies must expense the fair value cost of option grants according to Statement of Financial Accounting Standards 123R (stock based compensation) in the period they vest.
Results showing the strongest quarterly gains in revenue in the Company's history include:
Q1 2007 revenues of $3.3 million, up 1,315% percent over the same period last year.
Q1 2007 gross margin of 59% percent, representing an overall increase of $2,084,524 over the same period last year.
Q1 2007 net loss of $384,915, or $0.01 per common share, down from 1.3 Million for the same period year.
On a cash basis the Company had net income of $854,773 for Q1 2007
Q1 2007 cash balance of $1.7 million
Additional financial information for the Company's first quarter can be found in the Company's Form 10-QSB filed with the Securities and Exchange Commission.
David J. Johnson, ESW's President and CEO commented, "We believe that ESW is on track to continue achieving record sales for fiscal 2007 with current orders slated for delivery in excess of $5.7 million. With these orders, 2007 annual sales will amount to a minimum of $9 million, not including other potential opportunities currently in process."
"I am very pleased with our quarterly sales revenues. We are off to a dynamic first quarter and plan to exceed sales expectations for the upcoming year. ESW has achieved record first quarter sales with net income of $854,000 on a cash basis." Mr. Johnson further remarked, "We will continue to pursue multiple growth opportunities in both domestic and international markets, as we build upon the company's infrastructure with our growing and diversified management, engineering and sales teams. We are on track to deliver or surpass our 2007 sales expectation of $9 million through the execution of our business plan."
A Summary of Recently Announced Business Highlights Include:
February 8, 2007 - Former Chairman of California Air Resources Board (CARB) Joins ESW Board of Directors
February 21, 2007 - Recat Inc. Signs Distribution Agreement for ESW's Off-road Catalysts in California Market
March 15, 2007 - Company's Common Stock to Commence Trading on the Frankfurt Stock Exchange
March 21, 2007 - Company Receives $7.4M Order For Scat-IR-Shield(TM) Exhaust Shielding System For U.S. Marine LAV'S
March 23, 2007 - Company Secures Revolving Bank Line From Royal Bank of Canada (RBC)
May 5, 2007 - Company's Particulate Reactor(TM) Reinstated by CARB as a Verified Standalone Level II
May 9, 2007 - ESW Catalyst Awarded $250,000 Grant for XTRM Cat(TM) Locomotive & Marine Catalyst
Additionally, a letter to Shareholders will be posted to the Investor Section of the corporate website.
As part of our continued effort to improve communication with our shareholders and the public, ESW plans to provide this letter on a quarterly basis.
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 environmental and support technologies. 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 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.
