WPCS International Incorporated (NASDAQ: WPCS
One East Uwchlan Avenue
Exton, PA 19341
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. What we do: Wireless Communication:
WPCS can design your wireless network and provide the technology integration necessary to meet goals for enhanced communication, increased productivity and reduced costs. We have the engineering expertise to utilize any facet of wireless technology or combination of various technologies to develop a cost effective network for a customer's wireless communication requirement. Customers have come to trust the quality workmanship and commitment to customer satisfaction that WPCS provides. Specialty Construction:
As global energy demand rises, resources must be expanded. WPCS supports the development and delivery of energy solutions. World economies are growing, standards of living are improving and energy supplies are dwindling. It's a scenario that has accelerated the search for new energy sources and better ways of delivery existing supplies. WPCS designs and deploys renewable energy solutions as well as support companies that wish to maximize the efficiency of their energy supply infrastructure by providing a range of pipeline trenching solutions. Electrical Power:
Corporations, government entities, healthcare organizations and educational institutions depend on the reliability and accuracy of voice, data and video communications. But, the potential for this new technology can't be realized without the right electrical infrastructure. Technology convergence is a WPCS specialty. We create integrated building systems, including the installation of advanced structured cabling systems and electrical networks. WPCS supports the integration of telecommunications, fire protection, security and HVAC in an environmentally safe manner. We also design for the future, by building in capacity for expansion as new capabilities are added.
On Friday, September 14th, WPCS announced financial results
for the fiscal year 2013 first quarter ended July 31, 2012. Is it time for a company's turn-around?
- EBITDA of approximately $695,000 compared to an EBITDA loss of $7.1 million in preceding quarter ended April 30, 2012.
- Net income of approximately $994,000 or $0.14 per diluted share which includes income from discontinued operations of approximately $1.7 million, or $0.24 per diluted share related to the asset sales of the Hartford and Lakewood Operations. This compares to a net loss of approximately $35,000 or $0.01 per diluted share for the same period a year ago, which includes a loss from discontinued operations of approximately $189,000, or $0.03 per diluted share.
- $13.4 million in revenues for the first quarter compared to $18.6 million for the same period in the prior year.
WPCS security details:
Shares Outstanding: 6.95M
Note: Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Major Direct Holders: MULTIBAND CORP 694,271 shares as of Apr 18, 2012 Management:
ANDREW HIDALGO | Chairman & CEO
Mr. Hidalgo is responsible for the company's operations, strategic initiatives and executive management team. In 2002, he founded WPCS International Incorporated and has established the company as a global multi-million dollar organization operating in three continents. During his tenure, Mr. Hidalgo has concluded and assimilated numerous acquisitions that focus on design-build engineering services for various high growth market segments. Prior to establishing WPCS International Incorporated, Mr. Hidalgo held a variety of market and business development roles with the 3M Company, Schlumberger and General Electric. At GE, Mr. Hidalgo was a member of the corporate strategic business development committee. He attended Fairfield University in Fairfield, Connecticut.
JOSEPH HEATER | Chief Financial Officer
Mr. Heater is responsible for the company's financial management and financial reporting functions. As a CPA, Mr. Heater has over twenty years of financial management experience specializing in financial controls, SEC reporting and mergers & acquisitions. Formerly, Mr. Heater was the director of financial planning and analysis and assistant corporate controller for multi-billion dollar Airgas Incorporated where he was involved with the due diligence and accounting integration of several acquisitions. In addition, Mr. Heater was a manager of audit and business advisory services for Arthur Andersen. Mr. Heater holds a Business Administration degree from the University of Nebraska and an MBA from Villanova University. He is also a member of the American Institute of Certified Public Accountants.
MYRON POLULAK | Executive Vice President
Mr. Polulak is responsible for the management and strategic development of designated operations. He was the co-founder of New England Communications Systems Incorporated. Mr. Polulak built the company into one of the most successful wireless engineering companies in the northeast U.S. He has over thirty years of experience in business development. Prior to establishing New England Communications Systems, Mr. Polulak worked eighteen years for Motorola in a variety of sales and operational management roles. He is a member of the Connecticut Fire Chiefs Association and is a member of the Associated Public Safety Communications Officials organization. Mr. Polulak holds a B.S. degree from Seton Hall University.
On August 9, 2012, WPCS International Incorporated (the "Company") received approval from NASDAQ to transfer the listing of the Company's common stock from The NASDAQ Global Market to The NASDAQ Capital Market. The NASDAQ Capital Market is one of the three markets for NASDAQ-listed stock and operates in the same manner as The NASDAQ Global Market. Companies listed on The NASDAQ Capital Market must meet certain financial requirements and adhere to NASDAQ's corporate governance standards. The Company's common stock will begin trading on The NASDAQ Capital Market at the opening of business on August 13, 2012. The Company's common stock will continue to trade under the symbol "WPCS."
As previously disclosed, on June 25, 2012, NASDAQ notified the Company that it currently not in compliance with NASDAQ's minimum bid price rule, which requires the bid price of the Company's common stock to be at least $1.00 per share. The Company has until December 24, 2012 to regain compliance with the minimum bid price rule, unless it is able to obtain an extension of the deadline to regain compliance.