Manufacturing | $8.00 |
Revenue for 4Q09 and FY09 matched management guidance provided in 3Q09. Furthermore, the Company exceeded RedChip’s revenue estimates for 4Q09 and FY09 by 25.5% and 8.1% respectively. However, due to non-cash losses recognized in FY09 on warrants issued related to the 2008 financing operating income and net income was negatively impacted. Excluding the warranty liability, the Company performed well operationally with EBITDA (excluding the warranty liability) increasing by 89% from $1.31 million in FY08 to $2.48 million in FY09. While management did not give specific guidance for FY10, they did mention that 1Q10 and FY10 is expected to be strong. Based on simple analysis of the backlog at the end of FY09 and assuming new business activity remains at the FY09 level in FY10, we could be looking at revenue in the range of $100-110 million for FY10 with margin improvements at the gross, EBITDA and net income level.
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Worldwide is committed to developing, manufacturing and maintaining the highest quality solar modules in the industry. Under the brand name of “AMERISOLAR”, Worldwide’s solar modules provide electric power for residential, commercial, industrial and public utility applications. The Solar Division of Worldwide is rapidly becoming a major player in the photovoltaic industry where light energy is converted into clean, reliable and affordable power.
To date, AmeriSolar has signed approximately $30 million in new contracts, the majority of which are expected to be recorded during the 2008 calendar year. With the increase in solar contracts, the Company’s net sales increased 134% and net income increased 100% for the six month period which ended June 30, 2008. With the growth of AmeriSolar, an incoming flow of contracts and increasing revenues and net income, Worldwide presents attractive upside potential for investors.
Conference CallTo date, AmeriSolar has signed approximately $30 million in new contracts, the majority of which are expected to be recorded during the 2008 calendar year. With the increase in solar contracts, the Company’s net sales increased 134% and net income increased 100% for the six month period which ended June 30, 2008. With the growth of AmeriSolar, an incoming flow of contracts and increasing revenues and net income, Worldwide presents attractive upside potential for investors.
WEMU will hold a conference call April 16th to discuss financial results for the fourth quarter and year ended December 31, 2009. The conference call is scheduled for Friday, April 16, 2010 at 10:00 a.m. Eastern time (7:00 a.m. Pacific). The Company plans to release fourth quarter and full year 2009 results on Thursday, April 15, 2010, after the market closes. Interested parties can also listen via a live Internet webcast, which will be available on the day of the call through the following link: Click Here
Click Here to listen to the Archived Webcast of the Q3 2009 Conference Call
Click Here to read the transcript of the Q3 2009 Conference Call
News AlertClick Here to listen to the Archived Webcast of the Q3 2009 Conference Call
Click Here to read the transcript of the Q3 2009 Conference Call
Worldwide Energy and Manufacturing Announces 23 Megawatts in New Solar Contracts
Worldwide Energy and Manufacturing USA, Inc. (WEMU), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced two new solar panel contracts for a total of 23 megawatts, valued at approximately $46 million. All of these solar contracts will be shipped in 2010. Read More
Worldwide Energy and Manufacturing USA, Inc. (WEMU), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced two new solar panel contracts for a total of 23 megawatts, valued at approximately $46 million. All of these solar contracts will be shipped in 2010. Read More
Investment Highlights
- Net sales for 1Q09 totaled $10.3 million, an increase of 90.3%, compared to $5.4 million for 1Q08.
- Net income for 1Q09 totaled $0.44 million or $0.13 per share, an increase of 92.4% compared to $0.33 million or $0.11 per share for 1Q08.
- Solar module orders jumped to $6.4 million for the quarter growing 156% over the same period a year prior.
- On April 8, 2009, WEMU announced that it had acquired two new clients within its contract manufacturing business with their initial orders totaling over $466,000. Management expects to generate over $1 million in revenue from these two customers alone in FY09.
- WEMU announced that, as of March 18, 2009, it had a backlog of $52 million in solar module contracts.
- WEMU announced on March 4, 2009 that it has applied for 8 Chinese patents in solar module technology.
- With the recent uptick in share price and volume, the Company is looking to be listed on the NASDAQ soon, which will add to the stock’s liquidity and visibility.
Overview
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, is a 15-year-old engineering-oriented firm specializing in international manufacturing for solar modules, electronics, mechanical and fiber optic products. Worldwide is also a direct manufacturer of die-casting and electronics components. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Worldwide also manufactures components for the following industries: instrumentation, machinery, tools, home electrical solutions and electronic parts (such as electronic toys) and energy. Subsidiaries include Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd., located in Shanghai, China.Recent News
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