Worldwide Energy and Manufacturing USA, Inc. (WEMU.OB), a 15-year-old engineering-oriented firm specializing in PV panel, mechanical, electronics and fiber optic products manufacturing, recently announced record revenue and net income for the third quarter ended September 30, 2008. Total revenue for the third quarter climbed 546 percent to $19.1 million and quarterly net income increased 327 percent to $541,000.
Net sales for the third quarter reached $19.1 million, an increase of $16.1 million or 546 percent, compared to $3.0 million for the corresponding period one-year earlier. The company attributes the sharp revenue gain to a significant increase in orders in the energy division of approximately $15.8 million for solar modules and an increase in the die cast factory due to a lucrative order from Shanghai GM, one of the largest vehicle manufacturers in China.
The chief executive officer of Worldwide Energy and Manufacturing USA, Mr. Jimmy Wang, recently stated, “We are very pleased to announce the best third quarter in the company’s history. Our Energy division is performing well and with increased capacity and new solar contracts, we expect to experience strong financial growth for the remainder of 2008 and beyond. We are pleased that our new solar factory is ready to open, which will help to increase our gross margins for the energy division and the company as a whole.”
He concluded, “Our strong financial performance clearly demonstrates that the company has successfully made the transition into the renewable energy market. The remainder of 2008 is on track for explosive growth with records for both revenue and profitability.”
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