SOUTH SAN FRANCISCO, Calif. and SHANGHAI, China, Sept. 1, 2010 (GLOBE NEWSWIRE) -- Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU) ("Worldwide" or the "Company"), a U.S.-based China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today provided a financial update for the month of July 2010 with selected income statement data.
Total revenues for the month of July were approximately $14.8 million, up 229% from $4.5 million in the same period last year. Sales from the Company's solar division totaled $13.1 million, an increase of 296% from $3.31 million in the same month of 2009. Contract manufacturing revenues were $1.7 million, up 43% year-over-year from $1.19 million. Solar Division and Contract Manufacturing sales made up 89% and 11%, respectively, of total sales in July. The Company's gross profit margin was 9.1% in the month of July.
Jimmy Wang, CEO of Worldwide, commented, "The first month of our third quarter has been a promising one. We have incurred all of the one-time overhead costs of moving from our Ningbo facility to the new Nantong facility in Rugao, which negatively impacted our profit margin in the second quarter. So far this quarter we have seen the profit margins improve for both the solar division and the Company as a whole.
Based on our strong July sales, we are on a run rate to generate over $44 million in revenues for the third quarter and much higher operating profit than that of the recently reported second quarter. As we continue to ramp up production at our new Nantong facility and build on our existing success in penetrating the crucial European solar market, we expect strong continued financial growth in the remainder of the year."
Global demand for solar and other sources of clean energy continues to grow, as China spent roughly $23 billion on wind, solar, and other renewable power sources in the first half of 2010, more than total spending on renewable energy by the United States and Europe combined, according to Bloomberg. The U.S. was the second largest clean energy spender, at $13.7 billion, while Brazil and Canada followed at $4.7 billion and $3.2 billion, respectively.
About Worldwide Energy and Manufacturing USA
Worldwide Energy and Manufacturing USA, Inc. ( http://www.wwmusa.com ), headquartered in South San Francisco, California, is a 17-year-old engineering-oriented firm specializing in photovoltaic (PV) module, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the solar energy, wireless telecommunications, aerospace, automobile and medical equipment industries. 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.
Forward-looking statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
CONTACT: Worldwide Energy and Manufacturing USA Jeff Watson 650-794-9888, Ext.223 jeffw@wwmusa.com http://www.wwmusa.com RedChip Companies, Inc. Investor relations: Alexander Nachman 1-800-733-2447, Ext. 118 Dave Gentry 1-800-733-2447, Ext. 104 info@redchip.com http://www.RedChip.com