Global Water Technologies, Inc. (GWT), a full-service cooling water treatment company utilizing advanced technologies and engineered solutions to provide process cooling water to power plants, process industries and municipalities worldwide, announced results for the third quarter ending Sept. 30, 2001.
Revenues for the third quarter were $18.1 million, as compared to revenues of $8.7 million in 2000. Operating income for the third quarter of 2001 improved by $1.5 million, resulting from implementation of management's cost controls and improving market conditions. Net income for the third quarter was $158,037 versus a net loss of $891,966 in 2000. EPS for the third quarter of 2001 was $0.026. Backlog, as of Sept. 30, 2001, increased 143 percent to $83.3 million, as compared to Dec. 31, 2000. Results for the nine months ended Sept. 30, 2001, reflect revenues of $55.3 million, a 49.8 percent increase over the prior period accompanied by a $2.6 million improvement in operating income.
Commenting on the results, George Kast, president and CEO, stated: "Third-quarter results reflect a significant improvement over last year. Based upon our current backlog, we anticipate substantial revenue growth and profit improvement in the coming quarters. New contract awards continued strong through the third quarter, further increasing backlog to record levels and enhancing our growth outlook. Fourth-quarter revenues are expected to exceed third quarter, and first-quarter 2002 revenues are projected to show a substantial increase over first-quarter 2001."