GOLDEN, Colo., April 9, 2002 -- Global Water Technologies Inc., 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 financial results for the fourth quarter and year ended December 31, 2001.
Revenues for 2001 grew to a record $85.6 million, as compared to revenues of $50.2 million in 2000. Operating income for 2001 improved by $4.7 million, resulting from implementation of management's cost controls and improving market conditions. Net income for 2001 was $260,064, or $0.043 per share, versus a net loss of $2,165,063, or $(0.372) per share, in 2000. Backlog, as of December 31, 2001, increased 61.3% to $55.3 million, as compared to December 31, 2000.
Results for the fourth quarter ended December 31, 2001, reflect record fourth-quarter revenues of $30.4 million, a 127.8% increase over the prior period. Net income was $236,990, or $0.039 per share, as compared to a net loss of $482,794, or $(0.08) per share, in the fourth quarter of 2000.
Commenting on the results, George Kast, Chairman and CEO, stated: "Our results for 2001 showed significant growth and improvement over 2000. Our backlog is at a record level entering 2002, which provides for a solid foundation for the coming year. Our core cooling tower business segment continues to generate strong revenue growth. In addition, we are also seeing significant interest in our proprietary non-chemical water treatment system and service, which we have been investing in, and should see favorable results in the coming year."
About Global Water Technologies
Global Water Technologies, Inc. is a water technology and services company with major installations in the areas of power, process and HVAC. The company utilizes its proprietary technologies to enhance a facility's production by providing cold, high-quality water to increase operating efficiencies, reduce water use and operating costs. GWTR's client base includes, but is not limited to, the following companies: Archer Daniels Midland, British Petroleum Amoco, Calpine (NYSE:CPN), Duke Fluor Daniel, General Electric (NYSE:GE), Kerr McGee, Mitsubishi, Mobil, Shaw Group (NYSE:SGR), Texaco (NYSE:TX), and YORK International.