Exhibit
99.1
PRESS
RELEASE SOURCE:
WPCS International Incorporated
WPCS
Announces Guidance for Fiscal Year 2010
EXTON, PA - (PR Newswire-First Call)
- - May 20, 2009 - NASDAQ: WPCS - News) WPCS
International Incorporated (WPCS), a leader in design-build engineering services
for communications infrastructure, today announced guidance for fiscal year 2010
ending April 30, 2010. For fiscal year 2010, revenue is expected to be
approximately $112 million and net income is expected to be within a range of
$2.2 million to $2.4 million. The fully diluted earnings per share are estimated
to be within a range of $0.31 to $0.34 for the year.
“Fiscal
year 2009 was a challenging year for WPCS primarily due to the global economic
downturn, however, despite these challenges the company succeeded in achieving
profitability while maintaining a strong balance sheet,” said Andrew Hidalgo,
CEO of WPCS. “Although we expect the macro economic environment to remain a
challenge, we continue to focus on establishing WPCS as the premier design-build
engineering firm for communications infrastructure while developing our
expansive global customer base in high growth markets such as public services,
healthcare and energy.
Hidalgo
concluded, “We are optimistic about our growth potential for fiscal year 2010
due to the recently legislated fiscal stimulus package which we expect to
positively impact the demand for infrastructure projects through state and local
municipalities. This market represents a large part of our historical revenue
production and WPCS maintains a solid customer base in this sector. In addition,
we believe that healthcare reform and the development of alternative energy
solutions will continue to drive demand for infrastructure services in these
sectors. Lastly, we continue to see increased opportunities from our
international locations in China and Australia. WPCS remains committed to
enhancing shareholder value and we look forward to a prosperous and productive
fiscal year ahead.”
About
WPCS International Incorporated:
WPCS is a
design-build engineering company that focuses on the implementation requirements
of communications infrastructure. The company provides its engineering
capabilities including wireless communication, specialty construction and
electrical power to the public services, healthcare, energy and corporate
enterprise markets worldwide. For more information, please visit 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:
WPCS
International Incorporated
610-903-0400
x101
ir@wpcs.com