Wednesday April 16, 11:57 am ET
Revenue Up 6.3%, Net Income of $.28 per Share, Gross Profit Margins Remain Steady, Record Revenue and Earnings Expected in 2008
SAN BRUNO, CA and SHANGHAI, CHINA--(MARKET WIRE)--Apr 16, 2008 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB: WEMU.OB), a U.S.-based China manufacturing company for customers in the industries of aerospace, wireless telecommunications, medical equipment, automobiles and solar energy, today announced that the company has filed its annual Form 10-K for the fiscal year ended December 31, 2007, including final operating results for the fourth quarter and full year 2007.
The company reported revenue of $12.136 million for the fiscal year ended December 31, 2007 compared to revenue of $11.409 million for the fiscal year ended December 31, 2006, representing an increase of 6.3%, year-over-year.
The company reported net income of $575,674, or $0.28 per share, for the fiscal year ended December 31, 2007 compared to net income of $969,429 or $.48 per share, for the prior-year period.
The year-over-year decrease in net profit was primarily due to the result of acquisition costs and the establishment of the company's solar energy division, which recently announced a $4.8 million contract. The Company expects the energy division to add significant revenue and net profit in 2008.
Gross profit increased by $395,664 to $3,782,089 (31% of sales) in 2007 compared to $3,386,426 (30% of sales) in 2006. The profit margin improved by 1% reflecting continued strong demand for the company's services.
The Company reported cash and cash equivalents of $2,111,825 for the period ended December 31, 2007 compared to $1,439,801 for the prior-year period.
Jimmy Wang, CEO and Chairman of Worldwide Energy and Manufacturing, stated: "This is our 10th consecutive year of profitability, which has been achieved strictly through organic growth. Though we did not increase earnings year-over-year, revenue was up 6.3% and we reached several important milestones, including the investment in our solar division and our recent solar module order valued at $4.8 million. I expect to generate record revenue and earnings in 2008 with substantial growth in our contract manufacturing business and our solar division."
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About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in San Bruno, California, is a 14-year-old engineering-oriented firm specializing in international contract manufacturing for solar modules, electronics, mechanical and fiber optic products. Worldwide is also a direct manufacturer of automobile air-conditioning units, die-casting and electronics components. The company's worldwide customer base includes the industries of wireless telecommunications, aerospace, automobiles and medical equipment. Worldwide also manufactures components for the following industries: instrumentation, machinery, tools, home electrical solutions and electronic parts (such as electronic toys) and energy. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Chengde Science & Technology Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai and Changchun City, China.
For further information on Worldwide Energy and Manufacturing USA, Inc., please visit www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases or request to be added to the Company's distribution list by contacting John Ballard.
Forward-looking statements:
The above news release contains forward-looking statements. 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 business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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