RedChipNation

[redchipir]

WEMU.OB - Worldwide Energy and Manufacturing USA Announces Second Quarter Operating Update
Click here to view press release

The Company has secured contracts in its second quarter with 15 new solar customers, located primarily in Germany, France, Italy, and the United Kingdom, bringing the Company's total client base for its Solar Division to roughly 60 customers. Orders from the new clients average more than 1 MW of power each, with the largest accounting for 17.5 MW. Additionally, the Company's total order backlog now exceeds $100 million, and management expects the majority of the pending orders to be completed and shipped by the end of the year.

Worldwide estimates that it delivered a total of more than $38 million in orders during the second quarter, compared with $10.3 million in the same period last year, an increase of about 270% year-over-year. The Company's solar division alone shipped roughly $35 million in orders in its second 2010 fiscal quarter, an increase of roughly 370% from second quarter 2009 sales of $7.5 million.

Global demand for photovoltaic solar panels continues to show enormous growth potential for the second half of 2010. Solar research and consulting firm Solarbuzz recently raised its projection of the 2010 photovoltaic market size to 15.2 GW, more than double 2009 installations of 7.5 GW. Companies in the industry generated estimated revenues of $12 billion in the first quarter of 2010, or almost 300% greater than first quarter revenues in 2009.

Worldwide's Chief Executive Officer, Jimmy Wang, stated: "Our strong order backlog and new client additions in the recently ended second fiscal quarter speak to the quality of our products and our growing industry exposure. As we enter the second half of our fiscal year, we are very optimistic and expect to deliver continued strong financial performance for the foreseeable future."