WPCS Announces Financial Results for Fiscal 2018 First Quarter

Suisun City Operations Continue Profitability

ID: 1520634
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(businesspress24) - SUISUN, CA -- (Marketwired) -- 09/13/17 -- 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 that on September 12, 2017, it filed its Quarterly Report on Form 10-Q, for the three months ended July 31, 2017.

Sebastian Giordano, CEO of WPCS, commented, "We are pleased to report that for the three months ended July 31, 2017 our Suisun City Operations generated net income of $184,000."

Revenue for the three months ended July 31, 2017 increased $107,000, or 3.1%, to $3,523,000, as compared to $3,416,000 for same prior year period due to an approximately $380,000 increase in revenue in Suisun City Operations offset by an approximately $273,000 decrease in revenue from our Texas Operations. We do not anticipate any further revenues from the Texas Operations since it was closed in the fourth quarter of fiscal year 2017.

The Company had a net loss from operations of $440,000 for the three months ended July 31, 2017 due primarily to an operating loss of $446,000 as well as interest expense of $2,000, which were partially offset by income of $8,000 from a legal settlement. This compared to net income from operations of $557,000 for the same prior year period, which was primarily due to the receipt of proceeds from a one-time legal settlement of $1,150,000.

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. For more information about WPCS, please visit .

On September 6, 2017, WPCS announced the signing of a definitive merger agreement with DropCar, Inc. ("DropCar") a privately-held company that provides app-based automotive logistics and concierge services for both consumers and the automotive industry. Please see WPCS''s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 6, 2017 for more information on the proposed merger.

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, other future conditions and the risk factors detailed from time to time in the Company''s periodic filings with the Securities and Exchange Commission, including without limitation, the Company''s Annual Report on Form 10-K for the year ended April 30, 2017. 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.

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Date: 09/13/2017 - 07:00
Language: English
News-ID 1520634
Character count: 6017
Firma: WPCS International Incorporated
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