PRESS
RELEASE SOURCE:
WPCS International
Incorporated
WPCS
Announces Guidance for FY2007
EXTON,
PA — (PR Newswire-First Call) - July 11, 2006 - NASDAQ: WPCS
- News)
WPCS
International Incorporated (WPCS), a leader in design-build engineering services
for specialty communication systems and wireless infrastructure, has announced
guidance for its current fiscal year. For FY2007, ending April 30, 2007, the
company expects to generate $75 million in revenue and $4 million in net income.
The earnings per share are expected to be $0.72 for the fiscal year. The company
plans to announce the filing date for its 10KSB and an investor conference
call
soon. Compared to the unaudited financial results for FY2006, the projected
$75
million in revenue for FY2007 is an increase of 44% from the revenue achieved
in
FY2006. The $4 million in net income is an increase of approximately 63% from
the non-GAAP net income achieved in FY2006. The $0.72 EPS target is a 24%
increase from the non-GAAP EPS achieved in FY2006. The non-GAAP net income
and
EPS achieved in FY2006 excludes the non-cash charges related to the accounting
for warrant liabilities under EITF 00-19. As mentioned in a previous release,
in
April 2006 the company eliminated the provision for penalties resulting from
EITF 00-19. The growth in both revenue and net income is projected to be
approximately 20% organic with the remainder coming from one closed acquisition
and one pending acquisition.
Andrew
Hidalgo, CEO of WPCS International Incorporated commented, “We are pleased to
announce our guidance for FY2007. We expect FY2007 to be our most successful
year-to-date. Growth is anticipated organically, as well as from acquisitions.
The market conditions for wireless networks remain strong and we anticipate
that
our backlog will continue to be replenished even if the economy slows. We
believe the two main reasons the market will continue to prosper will be due
to
the cost savings and the increase in productivity provided by the deployment
of
wireless networks as well as the anticipated increase in mobile communications.
We are expanding the gaming, public safety and healthcare vertical sectors
of
our business and increasing the revenue opportunities generated through cross
subsidiary sales efforts. Along with this anticipated organic growth, the
recently closed acquisition and the pending acquisition will add to our revenue
but even more importantly, these acquisitions will increase our geographic
and
engineering capabilities as well as add premier customers to our expanding
customer base. The management team remains focused on delivering the best
results possible for our shareholders.”
About
WPCS International Incorporated:
WPCS
provides design-build engineering services for specialty communication systems
and wireless infrastructure including site design, product integration,
trenching, electrical work, structured cabling, testing and project management.
The company has an extensive customer base that includes corporations,
government entities and educational institutions. For more information, please
visit the website at www.wpcs.com.
Statements
about the company's expectations, including revenue and earnings and all other
statements in this press release, other than historical facts, are "forward
looking" statements and are made pursuant to the safe harbor provisions of
the
Private Securities Litigation Reform Act of 1995. Such forward looking
statements involve risks and uncertainties and are subject to change at any
time. The company’s actual results could differ materially from expected
results. In reflecting subsequent events or circumstances, the company
undertakes no obligation to update forward-looking statements.
Contact:
Heather
Tocket / Corporate Communications Manager
WPCS
International Incorporated
610-903-0400
x102
ir@wpcs.com