For
additional information, contact:
Investor
Relations
Jim
Parslow
World
Energy Solutions Inc.
(508)
459-8100
jparslow@worldenergy.com
|
§ |
Completed
initial public offering for net proceeds to the Company of approximately
$17.5 million
|
§ |
Revenue
increased 23% over the prior year to $5.8
million
|
§ |
Annualized
backlog* increased 44% to $5.2 million at December 31,
2006
|
§ |
Number
of channel partners grew to 29 from 16 at the end of 2005
|
§ |
Subsequent
to year end, appointed highly accomplished executive David Bat to
the
position of senior vice president of sales
|
Three
Months Ended
December
31,
|
Year
Ended December 31,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Revenue
|
$
|
1,596,000
|
$
|
1,266,000
|
$
|
5,763,000
|
$
|
4,674,000
|
|||||
Operating
income (loss)
|
(305,000
|
)
|
52,000
|
(493,000
|
)
|
380,000
|
|||||||
Interest
expense, net
|
(157,000
|
)
|
(44,000
|
)
|
(312,000
|
)
|
(87,000
|
)
|
|||||
Income
(loss) before income taxes
|
(462,000
|
)
|
8,000
|
(805,000
|
)
|
293,000
|
|||||||
Net
income (loss)
|
$
|
(294,000
|
)
|
$
|
762,000
|
$
|
(501,000
|
)
|
$
|
1,047,000
|
|||
Net
income (loss) available to common stockholders
|
$
|
(295,000
|
)
|
$
|
761,000
|
$
|
(507,000
|
)
|
$
|
1,040,000
|
|||
Earnings
(loss) per share:
|
|||||||||||||
Net
income (loss) per voting and non-voting common
share - basic
|
$
|
(
0.01
|
)
|
$
|
0.02
|
$
|
(0.01
|
)
|
$
|
0.02
|
|||
Net
income (loss) per share available to common stockholders
- diluted
|
$
|
(0.01
|
)
|
$
|
0.01
|
$
|
(0.01
|
)
|
$
|
0.02
|
|||
Weighted
average shares outstanding - basic
|
58,322,662
|
39,841,607
|
45,576,477
|
39,827,799
|
|||||||||
Weighted
average shares outstanding - diluted
|
58,322,662
|
54,676,404
|
45,576,477
|
54,506,566
|
December
31, 2006
|
||||
Assets
|
||||
Current
assets
|
$
|
19,398,000
|
||
Property
and equipment, net
|
226,000
|
|||
Other
assets
|
1,167,000
|
|||
Total
assets
|
$
|
20,791,000
|
||
Liabilities,
series A redeemable preferred stock and stockholders’
deficit
|
||||
Accrued
Commissions
|
$
|
1,021,000
|
||
Accounts
payable and accrued liabilities
|
1,385,000
|
|||
Other
current liabilities
|
352,000
|
|||
Total
current liabilities
|
2,758,000
|
|||
Total
long-term liabilities
|
88,000
|
|||
Series
A redeemable preferred stock
|
—
|
|||
Stockholders’
equity
|
17,945,000
|
|||
Total
liabilities, series A preferred and
stockholders’
equity
|
$
|
20,791,000
|