WPCS Announces Financial Results for Second Quarter Ended October 31, 2016
Six Month 2016 $118,000 Net Income to Common Shareholders as Compared to $6,168,000 Net Loss to Common Shareholders in 2015
(firmenpresse) - SUISUN, CA -- (Marketwired) -- 12/15/16 -- WPCS International Incorporated (NASDAQ: WPCS), a full-service low-voltage solutions provider in the business of developing, installing and servicing integrated structured cabling, audio-visual and security systems, today announced its financial results for the second quarter ended October 31, 2016.
Sebastian Giordano, CEO of WPCS, commented, "We have improved the financial results of the Company during the first six months of our fiscal year on a year-over-year comparable basis. During the period, we experienced a positive swing of $6.0 million from a net loss to net income attributable to common shareholders. While we incurred an operating loss for the three and six months ended October 31, 2016, on a comparable basis to the same periods in 2015, it improved 72.2% and 50.7%, respectively. Additionally, our backlog has increased 23.6%, from $13,200,000 to $16,325,000 since the start of this new fiscal year, which we anticipate will have a positive impact in the quarters ahead. Our goal remains getting the Company back to profitability through revenue growth, expense reductions and new strategic opportunities."
Revenue for the three months ended October 31, 2016 increased $1,024,000, or 26.8%, to $4,848,000, as compared to $3,824,000 for the same period in 2015. Such increase was due primarily to a $618,000 increase in revenue Suisun City Operations and a $405,000 increase in revenue in our newly established Texas Operations.
WPCS generated a net loss to common shareholders for the three months ended October 31, 2016 of approximately $439,000, as compared to a net loss to common shareholders of $1,986,000 for the same period last year. This quarter''s results were comprised of income from: (i) Suisun City Operations of $338,000; (ii) other income of $118,000; and (iii) arbitration settlement income of $31,000, and which were partially offset by: (i) corporate expenses of $548,000; (ii) a loss from our newly established Texas Operations of approximately $357,000; (iii) deemed dividend on convertible preferred stock of $20,000; and (iv) interest expense of $1,000.
Revenue for the six months ended October 31, 2016 decreased $24,000, or less than 1%, to $8,264,000, as compared to $8,288,000 for the same period in 2015. Such decrease was due primarily to a $692,000 decrease in revenue in our Suisun City Operations offset by $668,000 increase in revenues from our newly established Texas Operations.
WPCS generated net income to common shareholders for the six months ended October 31, 2016 of approximately $118,000, as compared to a net loss of approximately $6,168,000 for the same period last year. This quarter''s results were comprised of income from: (i) Suisun City Operations of $546,000; (ii) gain on an arbitration settlements of $1,181,000; and (iii) other income of $122,000, which were partially offset by: (i) a loss from our newly established Texas Operations of $663,000; (ii) corporate expenses of $1,043,000; (iii) deemed dividend on convertible stock of $20,000; (iv) interest expense of $3,000; and (v) an income tax provision of $3,000.
WPCS is a full-service, low-voltage solutions provider, installing and servicing integrated structured cabling, audio-visual and security systems for public services, healthcare, energy and corporate enterprise markets in the United States. The Company delivers end-to-end solutions, superior project management and best-in-class products and technology in California and Texas. For more information about WPCS, please visit .
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements with respect to the Company''s future growth opportunities and strategic plan. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
The accompanying notes are an integral part of these condensed consolidated financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements
The accompanying notes are an integral part of these condensed consolidated financial statements.
Mr. David Allen
Chief Financial Officer
WPCS International Incorporated
Phone: 707.759.6008
Email:
KCSA Strategic Communications
Valter Pinto
Phone: 212.896.1254
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Datum: 15.12.2016 - 08:01 Uhr
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