Environmental Solutions Worldwide Announces Quarterly Results
TELFORD, Pa.--May 9, 2003--Environmental Solutions Worldwide, Inc. (ESW) (OTCBB:ESWW), a company that develops, manufactures, and sells environmental technologies, today announced the results for its first fiscal quarter ended March 31, 2003.
Revenue for the first quarter that ended March 31, 2003 was $547,446 compared to $393,318 for the same period ended March 31, 2002. Net loss from operations for the 3 months period ended March 31, 2003 was $114,916 compared to $485,225 for the 3 months period ended March 31, 2002, a decrease of $370,309 or greater than a 400% improvement.
Revenue for the first quarter ended March 31, 2003 was $547,446 compared to $364,493 for the last quarter of 2002 ended December 31, 2002. The loss for the three months period ended March 31, 2003 was $114,916 compared to $268,955 in Q4 2002, a decrease of $154,076 and greater than 200% improvement.
Mr. Donohoe, the Company's CEO, President and Chairman stated, "ESW continues to execute on its previous stated sales strategy in favor of high volume customers needing catalyzed substrates. We are pleased with our continued improvement in all of our comparative results, and feel that these results further demonstrate the company's commitment to its newest business disciplines and our march towards profitability. ESW continues to establish relationships with outside catalytic converter assemblers that manufacture and sell ready to install converters incorporating our proprietary diesel and gas/petrol catalyzed substrates. Our after-market and retrofit activities continue to increase as demand for our products increases, and individual customers tests continue to yield positive results. Our substrates and boutique products are gaining wider acceptance because our substrate component sizes are flexible and can be produced to the exact dimensions of existing products being used, and our products performance continues to produce better than required results."
Mr. Donohoe further remarked, "The Company continues to provide certification services and assist our customers in acquiring EPA/CARB certifications using the ESW technology. These same certification customers are now purchasing ESW products and for the first time, we are starting to gain a same-store sales dynamic, and the synergies that we had anticipated between certification customers and product consumers, are now starting to take place."
In accordance with the Chairman-CEO Letter of October 2002 and the Company's Shareholder-Awareness commitment, CEOcast will be interviewing John Donohoe on Wednesday May 14, 2003. This is the second such interview and this procedure will continue to take place quarterly, in lieu of an analyst/shareholder conference call that was discussed in that 2002 letter. The replay of this interview will be available on Thursday May 15th 2003 and can be accessed on the ESW website at www.cleanerfuture.com or by logging on to CEOcast at www.ceocast.com and clicking on Environmental Solutions Worldwide on the right side of the screen.
The Quarterly "Previous Press Release Updates" will be posted on the company's website at www.cleanerfuture.com under the "PR-UPDATE" button. For specific questions about any of our previous Press Releases please email your questions to inquires@cleanerfuture.com and if it can be answered the company will be happy to do so.
Tables Follow
ENVIRONMENTAL SOLUTIONS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(UNAUDITED)
2003 2002 (a)
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Revenue
Net sales $ 547,446 $ 393,318
Cost of sales 266,916 353,301
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Gross profit 280,530 40,017
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Operating expenses
Research and development 520 4,413
Professional fees 52,861 53,106
Consulting fees 7,007 46,358
Marketing, office & general costs 335,058 421,365
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395,446 525,242
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Net loss $ (114,916) $ (485,225)
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Loss per share information
Basic and diluted $ (0.002) $ (0.012)
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Weighted average number of
shares outstanding 47,804,220 39,467,374
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(a) Reclassified for comparative purposes
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Pennsylvania Environmental Solutions Worldwide is a publicly traded research and development company engaged through its subsidiaries in the design, development, manufacture and sale of environmental technologies currently focused on the international automotive and transportation industries. ESW manufactures and markets a line of catalytic emission control products and catalytic conversion technologies for a multitude of applications.
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.