Worldwide Energy and Manufacturing: Third Quarter 2009 Preliminary Financial Results
Worldwide Energy and Manufacturing USA, Inc., announced preliminary, unaudited financial results for the third quarter ended September 30, 2009. The following financial information is preliminary and is subject to adjustments in connection with the final closing of the financial statements and in preparation and filing of the Company's audited consolidated financial statements in its Annual Report on Form 10-K.
For the three months ended September 30, 2009, the Company estimates:
-- Revenues increased approximately 74% sequentially to $18 million.
-- Net income from continuing operations is $800,000, or approximately
$0.22 per share, a 46.3% increase over the same period of last year.
-- EBITDA is estimated at approximately $1.2 million or $0.33 per share
for the three-month period.
-- Approximately 80% of the revenues and profit was obtained from the
Company's solar division, AmeriSolar.
-- Nine Months Net Income $0.35 per share, or $1.26 million
"We are encouraged by our progress and strong sales performance in the third quarter," said Jimmy Wang, chief executive officer of Worldwide Energy and Manufacturing. "We continue to see increasing sales and profit growth from our efforts to ramp up production at our solar manufacturing facility. We look forward to providing a more detailed outlook and analysis of our financial performance when we report our comprehensive third quarter financial results in mid November."
All statements relating to the Company's third-quarter financial performance contained in this release are preliminary and unaudited and may change based on the completion by the Company's independent auditors.
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 16-year-old engineering-oriented firm specializing in photovoltaic (PV) panel, 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: Worldwide Energy and Manufacturing Ningbo (Solar factory) Co., Ltd, Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd., Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd. And Shanghai Intech Electric and Electronics Co., Ltd., located in Shanghai and Ningbo, China.
For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com.
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.
650-794-9888, Ext. 221