Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU) has announced record-breaking revenue and earnings for the first quarter 2009. WEMU is a U.S.-based China manufacturing company specializing in products from a wide variety of industries, including solar energy, aerospace, wireless telecommunications, automotive and medical equipment. First quarter 2009 financial highlights include:
– Revenue increased 90% to $10.3 million for the first quarter 2009
– Net Income increased 132% to $506,857 for the first quarter 2009
– Earnings Per Share is $0.13 for the first quarter 2009 compared to $0.11 for the first quarter 2008
Net sales for the three months ended March 31, 2009 were $10.3 million compared to net sales of $5.4 million for the same period in 2008. This increase of $4.9 million, or approximately 90%, was the result of an increase in orders in the Company’s energy division and the recent acquisition of Shanghai Intech-Detron Electric and Electronic Company Limited (“Detron”).
Net income before taxes for the three months ended March 31, 2009 was $506,857 compared to a net income of $218,923 in the same quarter of 2008. The increase of $287,934, or approximately 132%, was largely the result of the increased sales of the Company’s solar modules.
The company’s solar division, known as Amerisolar, is one of its most profitable divisions and has shown significant growth over the last year. Solar orders for the quarter ended March 31, 2009 were $6.4 million, compared to $2.5 million in the same period of 2008. This represents an increase of $3.9 million, or approximately 156%. The company saw growth across all its divisions, as net sales for the three months ended March 31, 2009 were $10.3 million compared to net sales of $5.4 million for the same period in 2008.
In their earnings release, Mr. Jimmy Wang, CEO of Worldwide Energy and Manufacturing, stated:
“We are very pleased to announce the best first quarter in the company’s history. Our solar energy division is performing well; and with increased capacity and new solar contracts, we expect to experience strong financial growth for the remainder of 2009. We are pleased that our new solar factory is open and producing, which will help to increase our gross margins for the energy division and the company as a whole. Our strong financial performance clearly demonstrates that the company has successfully made the transition into the renewable energy market and solar module manufacturing. The remainder of 2009 is on track for explosive growth with records for both revenue and profitability.”
Additionally, WEMU announced May 18th that Bank of the West has extended the company’s working capital line of credit and has provided an additional line of $3 million to help finance the company’s growing solar order contracts and business.
The extended line of credit will allow WEMU more leeway with which to focus on its current and future projects, including the continued development of its newly established solar factory in Ningbo, China, and the continued quality enhancements of its Amerisolar solar module brand. Worldwide Energy CEO Jimmy Wang stated: “This additional line of credit provides us with the capital needed to help finance our growing solar division. Bank of the West has worked closely with us to make sure our financial needs are being met.”