Worldwide USA, together with its Chinese subsidiaries, is a contract manufacturer, engineering firm and direct manufacturer. A contract manufacturer supplies components and assemblies, either through direct manufacturing or through sub contracting to other manufacturers, according to the customers’ designs, drawings and quality criteria. When utilizing our subcontractors, they will provide the plant, equipment, manufacturing working capital and factory labor and Worldwide provides the sales, management, production control and technical support for the products. Worldwide’s goal is to provide timely delivery and high quality components at manufacturing costs less than what Worldwide’s customers would pay for similar parts in the United States.
Worldwide provides its services to several companies in the United States, Europe and South Korea primarily in the solar module, aerospace, automotive, and electronics industries. Although Worldwide historically focused on manufacturing components for high tech industries, in 2008 the Company expanded into the solar module markets. Worldwide’s CEO, Jimmy Wang, realizes that the solar module industry provided Worldwide with a unique opportunity to use its core strength of providing high quality components and assemblies, with timely delivery, to develop a solar module team capable of successfully entering the solar module markets. The Company’s solar module brand “AmeriSolar” has already earned numerous quality certifications including IEC612215, TUV, CE and has recently applied for the UL certification. These solar modules meet or exceed all industry norms for performance, quality and functional life in the field.
Worldwide currently employs approximately 450 employees, including 33 staff engineers and 12 administrative personnel at Worldwide’s wholly owned subsidiary Intech in Shanghai, China and 400 employees who work at our factories in China. The remaining 13 employees work at the California office in South San Francisco. Five of these employees are in sales with the remaining eight employees working in support and administrative roles. All employees are full time.
Net sales for the year ending December 31, 2008 were $45,913,957 compared to $12,132,710 for the year ending December 31, 2007, an increase of $33,781,247 or approximately 278.4%. The primary reason for the increase was due to our energy division which started in February 2008 and generating sales of $30,999,962. Additionally, the acquisition of Detron generated sales of $1,720,965 for the Company in the fourth quarter.
Net profit for the year ending December 31, 2008 was $1,459,875 compared to $575,674 for the year ending December 31, 2007. The increase of $884,201 or 153.6% was the result of higher sales from our solar division. Net profit from this division was approximately 3%. It is expected that gross margins will improve as the Company continues its transition to becoming a direct manufacturer for its solar module products as the newly established factory becomes operational. Further, the outlook for solar modules margins looks to improve as raw material necessary for production of modules are expected to decline.
Company website: http://www.wwmusa.com/
Outstanding shares: 3,493,512 as of 3-31-09 per the 10-K
Investor Relations: RedChip Companies, Inc. - Dave Gentry (407)644-4256 ext. 104 e-mail: email@example.com http://www.redchip.com/home.aspx
Link to 3-10-09 shareholder letter from the CEO, focusing on the company outlook: http://finance.yahoo.com/news/Worldwide-Energy-and-iw-14595262.html