Western Wind Energy Corp. reports record net earnings of ten cents ($0.10) per share for the second quarter on revenues of $2.1 million for the quarter ended June 30, 2008
VANCOUVER, Aug. 7 /PRNewswire-FirstCall/ - Western Wind Energy Corp. ("Western Wind") (TSX-V: WND) is pleased to announce record revenues of $2,145,874 and net earnings of $2,904,631 or ten cents($0.10) per share for the 2nd Quarter ending June 30, 2008.
This compares to revenues of $877,464 and a loss of $2,141,520 or a loss of ($0.07) per share for the previous quarter ending March 31, 2008. This further compares to revenues of $1,492,822 and a net loss of $137,756 or ($0.01) per share for the three months ended July 31, 2007.
Loss from continuing operations was $24,433 and down significantly from a loss of $2,141,521 for the previous quarter ending March 31, 2008. Income from continuing operations for the three months ended July 31, 2007 was $62,895.
Working capital also changed from negative $16.9 million as at March 31, 2008 to positive $4.3 million as at June 30, 2008. Over the same periods, shareholders' equity increased from $2.0 million to $22.6 million.
Western Wind is in the business of acquiring exceptional land sites, capital and technology for the production of electricity from renewable sources. Western Wind Energy conducts its operations in California, Arizona and Ontario through various wholly owned subsidiaries. Management of Western Wind Energy includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
Jeffrey J. Ciachurski
Chief Executive Officer
Cautionary Note on Forward Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Certain statements included herein are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statement. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.
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