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September 15, 2010

WPCS Q1 revenue up 15% to $29m

Posts net loss of $0.05 per share

By CBR Staff Writer

WPCS International, a provider of design-build engineering services for communications infrastructure, has reported total revenues of $29m for the first quarter of fiscal 2011, an increase of 15% as compared to $25.3m of the same quarter prior year.

The company’s operating loss for the first quarter was $0.56m as compared to an operating profit of $0.623m for the same period last year.

For the quarter ended 31 July 2010, the company posted net loss of $0.376m, or $0.05 loss per diluted share, as compared to net income of $0.435m, or $0.06 income per share, for the same period last year.

WPCS CEO Andrew Hidalgo said that in regards to their first quarter financial performance, most of their operation centres performed well but some not so well, and many operation centres generated encouraging results but from a consolidated perspective, the results were less than favorable.

"It is important to understand that the shortfall is specific to a few operation centres and not the company as a whole, and the primary issue has been delays and competition in public service projects in the Florida and California markets," Hidalgo said.

"The gross margins for these projects are bid in the lower twenty percentile today due to increased competition."

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