17.08.10

Worldwide Energy and Manufacturing: Q2 2010 Results

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Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU - News) ("Worldwide" or the "Company"), a U.S.-based China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, announced financial results for its second fiscal quarter ended June 30, 2010.

Jimmy Wang, chairman and chief executive officer of Worldwide, stated: "We are excited to report another record revenue quarter, as well as strong financial results in our second fiscal quarter. Our success in penetrating the solar module market through our AmeriSolar brand is clearly showcased by the dramatic increase in solar revenues during the second quarter, and we also benefited from the effects of stabilizing market prices and a significant increase in demand over 2009 levels. Our manufacturing division experienced similarly strong growth this quarter, driven by an increase in order shipment volume. The Company enters the second half of 2010 with a record backlog, which currently stands in excess of $100 million. The brand new solar manufacturing and research facility in Nantong is completed, and we have high expectations for the plant's contribution to the Company's financial performance in the near future."

Highlights for the Second Quarter Ended June 30, 2010

    * Revenues for the second quarter of fiscal year 2010 totaled $39.8 million, an increase of $29.5 million, or 286.2%, from revenues of $10.3 million generated in the second quarter of 2009.
    * Net income attributable to Worldwide for the second quarter of fiscal 2010 totaled $1.3 million, up from a net loss of $1.1 million in the second quarter of 2009.
    * Basic and diluted net income for the quarter was $0.23 per share, up from $0.30 loss per share in the same period a year ago.
    * Gross profit increased to $2.8 million from $1.6 million, representing an increase of 75.7%, or $1.2 million, for the three months ended June 30, 2009.
    * Solar division revenue increased to $35.3 million from $7.5 million. This represents an increase of 371.3% or approximately $27.8 million compared to the same period a year ago.
    * Gross profit generated by Worldwide's solar division was $1.54 million for the three months ended June 30, 2010, compared to $0.81 million in the same period of 2009. This represents an increase of approximately 90.7%, or $0.73 million, in gross profit for the division.
    * Total assets increased to $52.8 million, up 52.3% or $18.1 million from $34.7 million at December 31, 2009.
    * Cash and cash equivalents totaled $13.5 million, up 47.0% or $4.3 million from $9.2 million at December 31, 2009.

Highlights for the Six Months Ended June 30, 2010

    * Revenues for the six months ended June 30, 2010 were $70.2 million, up 240.7% or $49.6 million from $20.6 million in the first six months of fiscal 2009.
    * Net income attributable to Worldwide for the six months ended June 30, 2010 was $3.2 million, up from a net loss attributable to Worldwide of $410,805 in the six months ended June 30, 2009.
    * Basic and diluted GAAP net income for the six months ended June 30, 2010 was $0.61 per share, up from a net loss of $0.12 per share in the first six months of fiscal 2009.

Worldwide's President Jeff Watson, commenting on the quarter, stated: "Our growth strategy is coming to fruition as our run rate for the first two quarters indicates, particularly for our Solar Division. Not only did we maintain the high run rate from the first quarter, but second quarter revenue increased more than 30% sequentially and close to 300% year-over-year. In addition to our PV module offerings, we have formed a new business unit in China to provide System Integration services to the local market. This service provides more value-add to customers and opens new channels for Worldwide and our AmeriSolar brand of modules. We anticipate continued growth over 2009 sales levels as we move into the second half of 2010."

Conference Call and Webcast

The Company will hold a conference call to discuss its second quarter 2010 financial results on Tuesday, August 17, 2010 at 11:00 a.m. Eastern time (8:00 a.m. Pacific).

To participate in the call please dial (877) 941-1427, or (480) 629-9664 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.wwmusa.com or alternately at http://viavid.net.

A replay of the call will be available for two weeks from 2:00 p.m. on August 17, 2010, EDT until 11:59 p.m. EDT on August 31, 2010. The number for the replay is (877) 870-5176 or (858) 384-5517 for international calls; the pin number for the replay is 4351720. In addition, a recording of the call will be available via the company's website at http://www.wwmusa.com for one year.

About Worldwide Energy and Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 16-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.

Forward-looking statements:

The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

    
    

    June 30, 2010     December 31, 2009
ASSETS     (Unaudited)     

    
    
Current assets:     
    
Cash and cash equivalents     $13,493,574     $9,180,974
Restricted cash     1,211,397     2,456,040
Accounts receivable, net of allowances of $126,000 and $312,000, at June 30, 2010 and December 31, 2009, respectively     22,730,718     11,858,568
Notes receivable     --     40,680
Inventories     6,997,734     4,567,343
VAT tax receivable     176,816     570,615
Advances to suppliers     1,519,786     488,395
Deferred tax asset     100,000     100,000
Note receivable from officer     --     50,000
Prepaid and other current assets     372,598     363,309
Total current assets     46,602,623     29,675,924

    
    
Property and equipment, net     4,188,714     2,968,958
Intangible assets     1,101,000     1,101,000
Goodwill     285,714     285,714
Long term receivable -- related party     598,578     618,527
Total assets     $52,776,629     $34,650,123
LIABILITIES AND EQUITY     
    
Current liabilities:     
    
Accounts payable     $24,783,008     $13,981,881
Accrued expenses     1,688,552     1,895,127
Lines of credit     1,758,333     2,679,167
Warrant derivative liability     3,578,554     1,626,586
Tax payable     645,266     768,289
Due to related parties     1,467,154     1,841,803
Customer deposits     1,040,326     1,254,558
Total liabilities     34,961,193     24,047,411

    
    

    
    
Commitments and contingencies (Note 3)     

    
    
Stockholders' equity     
    
Common stock (No Par Value; 100,000,000 shares authorized; 5,649,623 and 3,671,611 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively; including 1,620,954 shares held in escrow subject to contingent future events as of June 30, 2010)     6,427,198     2,920,372
Retained earnings     9,343,639     6,104,586
Accumulated other comprehensive income     658,817     551,943
Total equity attributable to Worldwide     16,429,654     9,576,901
Non-controlling interest     1,385,782     1,025,811
Total stockholders' equity     17,815,436     10,602,712
Total liabilities and stockholders' equity     $52,776,629     $34,650,123



WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    
    
    
    

    For the Six Months Ended     For the Three Months Ended

    June 30,     June 30,

    2010     2009     2010     2009
Revenue     
    
    
    
Sales     $70,177,903     $20,598,780     $39,846,332     $10,316,913
Cost of goods sold     63,537,182     17,258,638     36,997,309     8,695,838
Gross profit     6,640,721     3,340,142     2,849,023     1,621,075

    
    
    
    
Operating Expenses     
    
    
    
Selling, general and administrative expenses     3,829,825     1,843,997     1,895,129     1,017,842
Management and professional fees paid to stockholders     180,000     180,000     90,000     90,000
Stock based compensation     45,992     115,220     33,492     83,100
Depreciation     239,677     162,881     85,138     89,708
Loss on disposal of fixed assets     143,477     --     143,477     --
Total operating expenses     4,438,971     2,302,098     2,247,236     1,280,650
Net operating income     2,201,750     1,038,044     601,787     340,425

    
    
    
    
Other Income (expenses)     
    
    
    
Interest income     13,885     11,157     8,442     44
Interest expense     (41,317)     (20,809)     (16,776)     (13,207)
Other income (expense)     2,793,924     (1,079,388)     1,533,451     (1,098,793)
Exchange gain (loss)     (830,544)     5,425     (343,331)     1,460
Total other income (expenses)     1,935,948     (1,083,615)     1,181,786     (1,110,496)

    
    
    
    
Income (loss) before income taxes     4,137,698     (45,571)     1,783,573     (770,071)
Income taxes     (543,504)     (242,624)     (250,130)     (204,078)
Net income (loss)     3,594,194     (288,195)     1,533,443     (974,149)
Less: net income attributable to non-controlling interest     (355,141)     (122,610)     (245,125)     (97,453)
Net income (loss) attributable to Worldwide     $3,239,053     $(410,805)     $1,288,318     $(1,071,602)

    
    
    
    
Earnings(loss) per share attributable to Worldwide stockholders:     
Basic and diluted earnings (loss) per share     $0.61     $(0.12)     $0.23     $(0.30)
Basic and diluted weighted average shares outstanding     5,345,557     3,555,855     5,644,661     3,617,512



WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

    
    
    
    
    
    

    
    
    
    
    
    

    WEMU Shareholders     Non-controlling Interest     Total

    Six months ended June 30,

    2010     2,009     2010     2009     2010     2009

    
    
    
    
    
    
Net income (loss)     $3,239,053     (410,805)     355,141     $122,610     $3,594,194     $(288,195)
Foreign currency translation, net of tax     106,874     107,656     --     --     106,874     107,656
Comprehensive income attributable to non-controlling interest     --     --     4,830     (13,571)     4,830     (13,571)
Total comprehensive income (loss)     $3,345,927     $(303,149)     $359,971     $109,039     $3,705,898     $(194,110)

    
    
    
    
    
    

    
    
    
    
    
    

    
    
    
    
    
    

    
    
    
    
    
    

    
    
    
    
    
    

    WEMU Shareholders     
    Non-controlling Interest     
    Total     

    Three months ended June 30,     
    
    
    
    

    2010     2009     2010     2009     2010     2009

    
    
    
    
    
    
Net income (loss)     $1,288,318     $(1,071,602)     $245,125     $97,453     $1,533,443     $(974,149)
Foreign currency translation, net of tax     114,096     86,621     --     --     114,096     86,621
Comprehensive income attributable to non-controlling interest     --     --     (4,679)     (19)     (4,679)     (19)
Total comprehensive income (loss)     $1,402,414     $(984,981)     $240,446     $97,434     $1,642,860     $(887,547)




WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    
    

    For the Six Months Ended

    June 30,

    2010     2009
Cash flows from operating activities:     
Net income (loss)     $3,594,194     $(288,195)
Adjustments to reconcile net income (loss) to net cash used in operating activities:     
    
Depreciation     239,677     162,881
Allowance for bad debts -- accounts receivable     (186,507)     226,796
Allowance for bad debts -- note receivable     39,680     
Stock based compensation expense     45,992     115,220
Change in warrant derivative liability     (2,698,781)     1,072,396
Provision for warranty     14,350     --
Loss on disposal of fixed assets     143,477     --
Changes in operating assets and liabilities:
Accounts receivable     (10,685,643)     (4,352,836)
Notes receivable     1,000     165,476
Inventories     (2,412,685)     (1,085,510)
VAT tax receivable     394,681     (338,190)
Advance to suppliers     (1,025,403)     (355,272)
Loan receivable - affiliate     --     6,497
Prepaid and other current assets     195,996     116,897
Accounts payable     10,762,273     5,096,026
Accrued expense and acquisition cost payable     (231,575)     (641,487)
Tax payable     (123,377)     117,220
Customer deposits     (214,232)     (176,385)
Net cash used in operating activities     (2,146,883)     (158,466)

    
    
Cash flows from investing activities:     
Capital expenditures     (1,602,910)     (847,124)
Deposits paid for investment in subsidiaries     --     (1,120,193)
Restricted cash     1,244,643     --
Net cash used in investing activities     (358,267)     (1,967,317)

    
    
Cash flows from financing activities:     
Net proceeds from issuance of common stock and warrants     8,136,583     --
Repayment of loans payable to shareholders     --     (60,024)
Proceeds of borrowing from related parties     50,000     --
Repayment of loans payable to shareholders     (400,000)     --
Net proceeds from lines of credit     100,000     1,300,000
Repayment of bank loans     (1,020,833)     (88,373)
Net cash flows provided by financing activities:     6,865,750     1,151,603

    
    
Effect of exchange rate changes on cash and cash equivalents     (48,000)     (6,359)
Net increase (decrease) in cash and cash equivalents     4,312,600     (980,539)
Cash and cash equivalents- beginning of period     9,180,974     5,092,476
Cash and cash equivalents- end of period     $13,493,574     $4,111,937

    
    
Supplemental disclosure of non cash activities:
Cash paid during the period for:     
Interest     $44,564     $20,809
Income tax     $242,000     $47,850

    
    
Non-cash investing and financing activities:
During the period ended June 30, 2010, the Company accounted for $6,094,876 of warrants issued in its 2010 Financing as a warrant derivative liability.
During the period ended June 30, 2010, the Company reclassified $1,444,127 from warrant derivative liability to equity related to the warrants issued in its 2008 Financing.

Contact:
Worldwide Energy and Manufacturing USA, Inc.
Jeff Watson
650-794-9888, Ext.223
jeffw@wwmusa.com
http://www.wwmusa.com
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