Nice Earnings today for WPCS.
WPCS Posts Record $0.20 EPS for 2nd Quarter FY2006
Thursday December 15, 9:25 am ET
EXTON, Pa., Dec. 15 /PRNewswire-FirstCall/ -- WPCS International Incorporated (WPCS) (Nasdaq: WPCS - News), a leader in wireless infrastructure services and specialty communication systems, has reported its financial results for the second quarter, ended October 31, 2005. For the quarter ended October 31, 2005, WPCS reported total revenue of approximately $14.3 million compared to $10.3 million for the same period a year ago, which represents an increase of approximately 38%. For the second quarter of FY2006, the reported net income was approximately $785,000 or $0.20 per diluted share. For the same period last year, the reported net income was approximately $31,000 or $0.02 per diluted share.
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For the six months ended October 31, 2005, WPCS reported total revenue of approximately $26.4 million compared to $17.6 million for the same period a year ago, which represents an increase of approximately 50%. For the six months ended October 31, 2005, the reported net income was approximately $1.1 million or $0.29 per diluted share. For the same period last year, the reported net income was approximately $108,000 or $0.06 per diluted share. For the quarter ended October 31, 2005, EBITDA, or earnings before interest, income taxes, depreciation and amortization was approximately $1.6 million, compared to $172,000 for the same period in the prior year. For the six months ended October 31, 2005, EBITDA, or earnings before interest, income taxes, depreciation and amortization was approximately $2.3 million, compared to $439,000 for the same period in the prior year. The reconciliation of net income per the Condensed Consolidated Statements of Income to the non-GAAP financial measure of EBITDA is included herein.
Andrew Hidalgo, CEO of WPCS, stated: "The management team is pleased with the efforts this quarter to produce record revenue, net income and earnings per share for our shareholders. The company is working efficiently and is beginning to generate the results we are capable of delivering. The results posted in the second quarter keeps us right on track for achieving our $0.58 fiscal year diluted EPS objective. Business remains robust and even after posting record revenue of $14.3 million for the quarter the company still maintains a backlog of $20 million of projects that should be recognized over the third and fourth quarters. We also have a bid list that stands at $45 million. Currently, we do not see any slowdown in the deployment of wireless networks and the demand for our engineering services. With a growing customer base, WPCS has established itself as a leader in wireless engineering services for all facets of wireless deployment. The management team is confident in achieving its financial objectives for FY2006 and will review its third quarter results before deciding whether to adjust guidance for this current fiscal year." |
