PRESS
RELEASE |
SOURCE:
WPCS International
Incorporated
|
WPCS
Announces Date for Release of Third Quarter FY2008 Financial Results and Revises
Guidance
EXTON, PA - (PR Newswire-First Call)
– February 29, 2008 - NASDAQ: WPCS – News) WPCS
International Incorporated (WPCS), a leader in design-build engineering services
for specialty communication systems and wireless infrastructure, has announced
that it will issue its FY2008 third quarter financial results on Monday March
17, 2008 at approximately 4:00 pm ET to be followed by a conference call
scheduled for 5:00 pm ET. The financial results are for the quarter ended
January 31, 2008.
To
participate on the conference call, please dial 800-391-2548 for calls within
the U.S. and 302-709-8328 for calls from international locations. Upon reaching
the operator, verbally transmit the participant code VH37672. Andrew Hidalgo,
CEO of WPCS, will be discussing the company’s third quarter financial
performance and the outlook for the fourth quarter. When the overview concludes,
your questions can be asked by pressing *1 and your questions can be removed
from the queue by pressing the number sign. Replays of the conference call will
be available for a period of five days by dialing 402-220-2946 and using 37672#
as the pass code.
In
addition, WPCS is adjusting its FY2008 guidance downward from $107 million in
revenue and $6.9 million in net income to $106 million in revenue and $5 million
in net income. The change in net income will reduce the earnings per share
projection from $0.88 to $0.62 for FY2008. It is estimated that the third
quarter will produce $0.05 in earnings per share and the fourth quarter will
produce $0.22 in earnings per share.
Andrew
Hidalgo, CEO of WPCS, commented, “WPCS experienced a setback in the third
quarter from a financial results perspective based primarily on some of our
subsidiaries being affected by significant project delays. However, the results
are specific to the third quarter and do not indicate that there is an overall
downturn in our business. As of January 31, 2008, WPCS has a record high backlog
of approximately $69 million and a bid list of $129 million. These figures are
an indication that our business remains healthy. Furthermore, our gross margins
have not diminished. The management team feels confident the results will
improve in the near term. Although it is disappointing to interrupt our
momentum, we are confident that we will finish the year strong and have a very
successful FY2009.”
About
WPCS International Incorporated:
WPCS is a
design-build engineering company that focuses on the implementation requirements
of wireless technology. The company serves the specialty communication systems
and wireless infrastructure sectors and provides services that include site
design, technology integration, electrical contracting, construction and project
management for corporations, government entities and educational institutions
worldwide. For more information, please visit www.wpcs.com
Statements
about the company's future expectations, including future 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:
Carol
Lindley / Investor Relations
WPCS
International Incorporated
610-903-0400
x100
ir@wpcs.com