SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - 11/18/09) - Worldwide Energy and Manufacturing USA, Inc. (OTC.BB:WEMU - News), today announced that company management clarifies and reaffirms guidance for the 2009 fiscal year ending December 31, 2009.
Jimmy Wang, chief executive officer of Worldwide Energy and Manufacturing USA, Inc., stated: "The Company reaffirms guidance previously provided in our November 5, 2009, third-quarter earnings conference call that we expect annual revenues of at least $60 million and an EBITDA of $2.8 million for fiscal year 2009."
Wang continued: "Our solar division expects to ship orders totaling at least 10 megawatts, representing approximately $20 million in revenues, in the fourth quarter of 2009. Additionally, our contract manufacturing division should create at least $3 million in revenues for the quarter. This would bring our total fiscal year 2009 revenues in excess of $60 million. Fiscal year 2009 earnings would come in at about $1.8 million, which results in net earnings per share of $0.50 on a fully diluted basis.
"We continue to see increasing sales growth from the existing and a number of new customers and improving margins from ramping up production at our solar manufacturing facility in China. We expect a strong fourth quarter and continued growth in our solar division, which comprised 83% of our sales in the third quarter. We are encouraged by our progress and continued strong sales performance."
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 16-year-old engineering-oriented firm specializing in photovoltaic (PV) panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include: Worldwide Energy and Manufacturing Ningbo (Solar factory) Co., Ltd, Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd., Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd. And Shanghai Intech Electric and Electronics Co., Ltd., located in Shanghai and Ningbo, China.
For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com.
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