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Apr 14/09 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB:
WEMU), a U.S.-based China manufacturing company specializing in products
for customers in the industries of solar energy, aerospace, wireless
telecommunications, medical equipment and automotive industries, today announced
record revenue and net income for the fiscal year ended December 31, 2008.
Net sales for the year ended December 31, 2008 were
$45,913,957 compared to $12,132,710 for the year ended December 31, 2007, an
increase of $33,781,247, or approximately 278.4%. The primary reason for
the increase was due to the Company's solar energy division, which started in
February 2008 and generated sales of $30,999,962. Additionally, the 55%
acquisition on October 14, 2008 of Shanghai Intech-Detron Electric and
Electronic Company Limited ("Detron") generated sales of $1,720,965 for the
Company in the fourth quarter. Detron is a power supply factory in Shanghai,
China, with designing and R&D capabilities. Detron generated sales of $1,720,965
for the Company in the fourth quarter.
For the year ended December 31, 2008, gross profits were $6,167,671 (13.4% of
sales) compared to $3,782,089 in 2007 (31% of sales). The decline of gross
profits as a percentage of sales (17.6 percentage points) occurred because the
Company utilized more sub-contractors for the production of its solar modules,
along with softness in the price of solar modules. It is expected that gross
margins will improve as the Company continues its transition to becoming a
direct manufacturer for its solar module products and as the newly established
factory is now fully operational. As well, the outlook for solar modules margins
will improve as the raw material necessary for the production of modules are
expected to decline.
Mr. Jimmy Wang, CEO of Worldwide Energy and Manufacturing, stated: "We are
very pleased to announce the best year end result in our company's history. Our
Solar Energy division is performing beyond expectations and with our new solar
factory and new solar contracts, we expect triple-digit growth both in revenue
and net income in 2009. We are projecting $100 million in revenues and $5
million in net income for 2009."
He continued, "Already we have $52 million in backlog solar orders for 2009.
Our new solar factory in Ningbo, China has the capacity to generate $225 million
in revenue. Our gross margins and ultimately our net margins will increase
substantially as we will manufacture all solar modules in our own factory. Our
strong financial performance clearly demonstrates that the company has
successfully made the transition into the renewable energy market as well as
maintaining strength in its other contract manufacturing business. We have
successful laid the foundation in 2008 to provide explosive growth in 2009."
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in
South San Francisco, California, is a 15-year-old engineering-oriented firm
specializing in 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 Co.,
Ltd, Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech
Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical
Products Manufacturing Co. Ltd., and Shanghai Intech-Detron Electric and
Electronic Company Limited located in Shanghai and Ningbo, China.
Contact:
Web Site:
http://www.wwmusa.com
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