PRESS RELEASE SOURCE:
WPCS International Incorporated
WPCS Reports
Record Revenue and $0.72 EPS for FY2007
EXTON, PA - (PR Newswire - First
Call) - July 30, 2007) – NASDAQ : WPCS – News) WPCS International Incorporated
(WPCS), a leader in design-build engineering services for specialty
communication systems and wireless infrastructure, has reported its financial
results for the year ended April 30, 2007. For the year ended April 30, 2007,
WPCS reported total revenue of approximately $70.0 million compared to $52.1
million a year ago, which represents an increase of approximately 34%. For FY2007, the reported net income was
approximately $4.6 million or $0.72 per diluted share. For the same period last year, the reported
net loss was approximately $1.6 million or $0.40 per diluted share which
included a non-cash charge of approximately $4.1 million related to accounting
for warrant liabilities.
Andrew
Hidalgo, CEO of WPCS International Incorporated, stated: “FY2007 was a very
successful year for WPCS. We achieved record revenue and we also achieved our
earnings goal. Along with our outstanding sales results, WPCS strengthened its
balance sheet considerably. In addition, we completed four acquisitions which
have enhanced our geographic scope and engineering capacity while adding many
new customers to our base. We will continue to build on our momentum as we
establish our leadership position in specialty communication systems and
wireless infrastructure.”
About WPCS International
Incorporated:
WPCS International Incorporated
provides design-build engineering services for specialty communication systems
and wireless infrastructure including site design, integration, structured
cabling, electrical contracting, trenching, construction and maintenance for
corporations, government entities and educational institutions worldwide. For more information, please visit our
website at www.wpcs.com.
Statements about the company's future expectations,
including future revenue and earnings and all other statements in this press
release, other than historical facts, are "forward looking"
statements and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Such forward looking statements involve risks and uncertainties and are
subject to change at any time. The
company’s actual results could differ materially from expected results. In reflecting subsequent events or
circumstances, the company undertakes no obligation to update forward-looking
statements.
CONTACT:
Carol
Lindley
WPCS
International Incorporated
610-903-0400
x100
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WPCS INTERNATIONAL INC.
AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Year Ended |
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April 30, |
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2007 |
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2006 |
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REVENUE |
$70,000,070 |
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$52,144,575 |
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COSTS
AND EXPENSES: |
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Cost
of revenue |
47,781,351 |
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38,010,945 |
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Selling,
general and administrative expenses |
13,244,909 |
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9,191,392 |
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Depreciation
and amortization |
1,239,486 |
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837,789 |
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Total
costs and expenses |
62,265,746 |
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48,040,126 |
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OPERATING
INCOME (LOSS) |
7,734,324 |
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4,104,449 |
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OTHER
EXPENSE (INCOME): |
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Interest
expense |
496,330 |
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256,022 |
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Interest
income |
(525,524) |
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(121,720) |
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Minority
interest |
23,099 |
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- |
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Loss
on change in fair value of warrants |
- |
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4,078,494 |
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INCOME
(LOSS) BEFORE INCOME TAX PROVISION |
7,740,419 |
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(108,347) |
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Income
tax provision |
3,146,818 |
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1,515,773 |
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NET
INCOME (LOSS) |
$4,593,601 |
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($1,624,120) |
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Basic
net income (loss) per common share |
$0.80 |
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($0.40) |
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Diluted
net income (loss) per common share |
$0.72 |
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($0.40) |
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Basic
weighted average number of common shares outstanding |
5,772,423 |
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4,057,940 |
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Diluted
weighted average number of common shares outstanding |
6,409,333 |
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4,057,940 |
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