WPCS Announces Financial Results for First Quarter Ended July 31, 2016
Company Shows $557,000 Net Income to Common Shareholders
(firmenpresse) - SUISUN, CA -- (Marketwired) -- 09/13/16 -- 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 that on September 12, 2016, it filed its Form 10-Q, Quarterly Report for the first quarter ended July 31, 2016.
Sebastian Giordano, CEO of WPCS, commented, "With more than a $4.7 million swing over the same period last year, going from a net loss to net income to common shareholders, we are pleased with our first quarter results, which continue to demonstrate that we are headed in the right direction. Looking ahead, we have a number of new initiatives in play that we believe will produce solid results in the quarters ahead."
Revenue for the three months ended July 31, 2016 decreased $1,048,000, or 23%, to $3,416,000, as compared to $4,464,000, for the same period in 2015. Such decrease was due primarily to a $1,310,000 decrease in revenue in our Suisun City Operations related to work on one major contract, which was effectively completed during the last fiscal year, and which was partially offset by revenues of approximately $262,000 from our newly established Texas Operations.
We generated a net income to common shareholders for the three months ended July 31, 2016 of approximately $557,000, as compared to a net loss of approximately $4,182,000 for the same period last year. This quarter's results were comprised of income from: (i) Suisun City Operations of approximately $207,000 and (ii) corporate division of approximately $657,000, which is comprised of a gain on an arbitration settlement of $1,150,000 and reduced by corporate expenses of approximately $495,000; and which was partially offset by a loss from our newly established Texas Operations of approximately $307,000.
WPCS provides contracting services to the public services, healthcare, energy and corporate enterprise markets in the United States. For more information, 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.
WPCS International Incorporated
Mr. David Allen
Chief Financial Officer
Phone: 707-759-6008
Email:
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Datum: 13.09.2016 - 13:00 Uhr
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News-ID 494441
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