BWS.v @ 15c reported nice earnings today (beat guidance by over 100%)...Stockhouse has the Mkt Cap at $6M...the company has had recent management changes that finally seem to be panning out.
Battery and Wireless Solutions Inc. Reports 2003 Second Quarter Results
Tuesday August 5, 1:09 pm ET
VANCOUVER, BRITISH COLUMBIA--Battery & Wireless Solutions Inc. ("BWS") (TSXV:BWS), Canada's largest independent distributor of battery and battery-related products, today announced financial results for its second fiscal quarter ended June 30, 2003. The Company reported better than expected second quarter results including revenues of $4,947,665, versus 4,223,937 in the second quarter of 2002, net earnings of $223,426 compared to $69,577 in the same quarter in 2002.
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"We are pleased to report a continued growth trend for the last several quarters. This is a direct result of our efforts to establish market leadership in each of our Magnacharge and Battery World core businesses," said Les Granholm, President and CEO of Battery and Wireless Solutions. "These positive results, combined with an aggressive growth and acquisition plan, expanding distribution channel, strong customer support and application of best practices in supply chain management, position us well for the continuation of this trend in revenue growth and profitability."
Results relative to company guidance provided on June 2, 2003:
Revenue, gross margin and net earnings exceeded guidance provided in the Company's financial update on June 2, 2003. Second quarter revenue for 2003 of $4,947,665 exceeded our guidance of $4.2 to $4.4 million. Gross margin was 28.1% which is right in line with the guidance of 28.0%. Net earnings of $223,426 significantly exceeded the net earnings guidance range of $90 to $110 thousand.
Results compared to the second quarter of 2002:
The Company's revenues for the second quarter of 2003 increased by 14.6% from $4,223,937 in Q2 of 2002 to $4,947,665 in Q2 of 2003. Gross margins for the period rose from 25.8% in Q2 of 2002 to 28.1% of revenues in Q2 2003.
Results compared to the first quarter of 2003:
Q2 2003 revenue increased to 4,947,665 compared to $3,777,319 in the first quarter of 2003. Gross margins decreased from 29.3% of revenues in Q1 of 2003 to 28.1 of revenues in Q2, 2003. Net income increased significantly to $223,426 for the three months ended June 30, 2003 from $92,181 for the three months ended March 31, 2003.
Financial Guidance
For the third quarter of 2003 the company provides the following guidance reflecting our current business indicators and expectations. Inherent in this guidance is higher than normal risk associated with variable demand for our products across all sales channels.
We expect revenue will be in the range of $4.6 to 4.8 million. We expect gross margin on a percentage of revenues basis to be 28% and net income is expected to be between $125 and $140 thousand.
About Battery & Wireless Solutions Inc.
Battery & Wireless Solutions Inc. (TSXV: BWS) is Canada's largest independent distributor of battery and battery-related products. Through its core business units, Battery & Wireless Solutions brings together the infrastructure needed to offer an efficient, nationwide distribution network that touches every type of customer from large-scale distributors to end user consumers. It is the only company in Canada offering a comprehensive range of products that fulfills every battery need including industrial, automotive, deep-cycle, motorcycle, portable devices and more. For more information visit bwsinc.com
The Company's two core business units deliver an effective and responsive distribution path from manufacturers to end-users. The Company's expansive wholesale distribution channel, established by Magnacharge Battery Corporation, supplies a wide range of master-distributors, original equipment manufacturers (OEMs) and resellers. Through its Battery World business unit, Battery and Wireless Solutions is focused on commercial businesses and consumers through its strategically located commercial/retail operations and a premier web store at buyabattery.com. The Company's two ancillary business units are Elm Industries Inc., a technology-based business unit and developer of an award-winning battery protection device, and PeopleCauses.com Inc., a community support initiative for non-profit groups.
On behalf of the Board of Directors,
BATTERY & WIRELESS SOLUTIONS INC.
Les Granholm, President
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. These can include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the industry. These risks and uncertainties include, but are not restricted to, continued increased demand for the Corporation's products and the Company's ability to attract and maintain key employees.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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Contact:
Battery & Wireless Solutions Inc.
Mr. Jim Romano
Phone: (604) 817-7546
investorrelations@bwsinc.com
www.bwsinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Source: Battery & Wireless Solutions Inc. |
