Three Months Ended
		July 31,
		2009				2008
						(Note 1)
REVENUE		$	25,283,783			$	28,267,531
COSTS AND EXPENSES:
Cost of revenue			18,157,812				20,184,874
Selling, general and administrative expenses			5,853,484				5,937,489
Depreciation and amortization			649,944				689,142
Total costs and expenses			24,661,240				26,811,505
OPERATING INCOME			622,543				1,456,026
OTHER EXPENSE (INCOME):
Interest expense			62,360				111,603
Interest income			(1,919	)			(26,039	)
INCOME BEFORE INCOME TAX PROVISION			562,102				1,370,462
Income tax provision			238,082				490,905
NET INCOME			324,020				879,557
Less: Net (loss) income attributable to noncontrolling interest			(110,897	)			41,246
NET INCOME ATTRIBUTABLE TO WPCS			434,917				838,311
Basic net income per common share attributable to WPCS		$	0.06			$	0.12
Diluted net income per common share attributable to WPCS		$	0.06			$	0.12
Basic weighted average number of common shares outstanding			6,942,266				7,251,083
Diluted weighted average number of common shares outstanding			6,959,883				7,260,035

 

		July 31,				April 30,
ASSETS		2009				2009
		(Unaudited)				(Note 1)
CURRENT ASSETS:
Cash and cash equivalents		$	8,616,347			$	6,396,810
Accounts receivable, net of allowance of $138,421 and $155,458 at July 31, 2009 and April 30, 2009, respectively			24,349,603				25,662,784
Costs and estimated earnings in excess of billings on uncompleted contracts			4,467,664				5,229,043
Inventory			2,666,690				2,481,383
Prepaid expenses and other current assets			2,226,899				1,674,952
Prepaid income taxes			103,084				295,683
Deferred tax assets			223,687				70,413
Total current assets			42,653,974				41,811,068
PROPERTY AND EQUIPMENT, net			6,698,587				6,668,032
OTHER INTANGIBLE ASSETS, net			1,917,799				1,983,879
GOODWILL			32,884,947				32,549,186
OTHER ASSETS			131,786				132,948
Total assets		$	84,287,093			$	83,145,113

 

LIABILITIES AND EQUITY		July 31,				April 30,
		2009				2009
		(Unaudited)				(Note 1)
CURRENT LIABILITIES:
Current portion of loans payable		$	73,936			$	89,210
Borrowings under line of credit			5,626,056				5,626,056
Current portion of capital lease obligations			95,293				96,001
Accounts payable and accrued expenses			8,139,514				8,997,296
Billings in excess of costs and estimated earnings on uncompleted contracts			3,466,967				2,511,220
Deferred revenue			702,209				507,650
Due to shareholders			2,957,031				2,951,008
Total current liabilities			21,061,006				20,778,441
Loans payable, net of current portion			58,462				71,634
Capital lease obligations, net of current portion			128,655				151,425
Deferred tax liabilities			1,555,631				1,467,971
Total liabilities			22,803,754				22,469,471
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, none issued			-				-
Common stock - $0.0001 par value, 25,000,000 shares authorized, 6,942,266 shares issued and outstanding at July 31, 2009 and April 30, 2009, respectively			694				694
Additional paid-in capital			50,209,938				50,175,479
Retained earnings			9,816,106				9,381,189
Accumulated other comprehensive income (loss) on foreign currency translation			127,420				(321,798	)
Total WPCS shareholders' equity			60,154,158				59,235,564
Noncontrolling interest			1,329,181				1,440,078
Total equity			61,483,339				60,675,642
Total liabilities and equity		$	84,287,093			$	83,145,113

 

 

 

4