GOLDEN, Colo., Aug. 16, 2001 —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, today announced results for the second quarter and six months ending June 30, 2001.
Revenues for the second quarter were $20.3 million, as compared to revenues of $13.9 million in 2000. Revenues for the first six months increased 32% to $37.2 million, as compared to $28.1 million for the same period in 2000. Operating income for the second quarter and the first six months of 2001 improved by $846,793 and $1,039,950 respectively, resulting from implementation of management's cost controls and improving market conditions. Backlog increased to $59.2 million, a 73% increase over December 31, 2000.
Commenting on the results, George Kast, President and CEO, stated: "Second-quarter results reflect a significant improvement over last year. Based upon our current backlog, we anticipate strong revenue growth and bottom line improvement in the coming quarters. New contracts continued strong through the second quarter and into the third quarter, further increasing backlog to record levels."
About Global Water Technologies
Global Water Technologies, Inc. is a company with major interests in the areas of power, energy and water. The company utilizes its proprietary technologies to enhance power production by providing cold, clean water to increase operating efficiencies, reduce water use and operating costs. Through this process, GWTR is able to increase their client's power output by up to 10% depending upon age, design and efficiency of the plant.
