Click here to close now.



Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

MWW Automotive Reports Financial Results for Fiscal Year 2012

HOWELL, Mich., Jan. 15, 2013 /PRNewswire/ -- MWW Automotive Group (OTCQB: MWWC), a global automotive firm providing OE manufacturing of accessories and complete logistics services to many of the world's leading automotive and industrial manufacturers, issued today its financial report for the Fiscal Year 2012, ending on September 30, 2012. The full text of the Company's audited Annual 10K Report can be reviewed on the Company's web site at www.mwwautomotive.com or at the SEC website www.sec.gov.

(Logo: http://photos.prnewswire.com/prnh/20110816/DE52700LOGO )

"The last twelve months have been a crucial and complex year in MWW's business history, dealing with the consequences of the loss of our largest Toyota customers moving their accessory business back to Japan and Toyota Motor Services," states Chuck Pinkerton, CEO of MWW Automotive. "These customers represented the majority of our revenues for many years.  Accordingly, our income decreased further during 2012 in comparison to 2011, although we were able to come close to meeting our revised projections.  We have aggressively reacted to these changing market conditions and have reorganized the Company, so it would not only help us to survive these difficult times, but also re-focus on the core strength of MWW. Restructuring the company and revising its capitalization, rebuilding a strong roster of new major clients and expanding into different industries was the focus during 2012."

Mr. Pinkerton continues: "Based on our track record for high-quality OE production and customer satisfaction, we are now taking advantage of the increasing demand by large manufacturers for smaller, but more frequent production runs, a core competency that we have been focusing on over the last few years. We have been able to further reduce our overhead, while at the same time expanding our production capacity and secure a substantial amount of new business with new large customers in the automotive market as well as in the industrial machinery markets.  During 2012 we still experienced significant delays with the launch of several of our new projects, especially with our new industrial client. Consequently we still generated limited revenues during FY 2012. With several of the new programs from our major clients now in production, we are confident that beginning in Q2 of 2013, revenues will start to increase again, with a moderate increase already expected during Q1 2013. We hope that our expected improving financial performance, combined with the reduced need for unfavorable financings and the appropriate marketing campaigns going forward, should have a positive impact on MWW's share price."

COMPARISON OF THE YEAR ENDED SEPTEMBER 30, 2012 TO THE YEAR ENDED SEPTEMBER 30, 2011 REVENUES

Net revenues were approximately $790.211 for the year ended September 30, 2012. Our revenues decreased $1.1 Million from the year ended September 30, 2011. This decrease is attributable to the fact that during 2011 we lost our largest customer, Toyota, who represented a majority of our total revenues. Since then we have been focused on restructuring our entire organization, reviving product selection, re-focusing on our core business and acquiring new customers in the automotive as well as in the commercial industries.

OPERATING EXPENSES
In an effort to return the company to profitability, we have reduced operating expenses without sacrificing production capacity and/or quality. Selling, general, and administrative expenses were $1,413,139 in 2012 compared to $1,712,760 during 2011. The decrease of $299,620 in costs is attributable to management's stringent efforts to reduce overhead costs while further streamlining operations.

OPERATING LOSS
Reconciling our net loss to cash we produced a net loss of $515,077. While the loss attributable to the Company is reported at $11,116,725, the loss from operations was $1,723,232. The largest positions of the loss attributable to Company and operations consists of several large NON-CASH positions, such as the change in derivative liability, change in operating assets and liabilities, non cash interest and other non-cash items. Based on significant cost-down exercises and the streamlining of several crucial processes and positions throughout the company, reconciling our net loss to cash produced a loss of $515,077. With the anticipated increase in revenue and improving cash flow, beginning   in Q2 of 2013, there should be a decreasing need for additional unfavorable financing and accordingly a positive impact on the company's share price. Please see a detailed breakdown in our 10K financial filings with the SEC.

About MWW Automotive Group (MWW)

The MWW Automotive Group's (OTCQB: MWWC) administrative offices are located in Howell, Michigan, with a 40,000 square foot Class A manufacturing and logistics facility in Baroda, Michigan for the production of high quality OE automotive and industrial products. MWW delivers its products and Class A painting, assembly and logistics services directly to major US and Foreign automobile manufacturers' Vehicle Processing Centres (VPC), leading edge show car and performance accessory design firms, and/or assembly lines in North America. MWW's industrial products are delivered directly to the industrial manufacturers for installation in their facilities. MWW provides substantial added value to the sale of vehicles and industrial products for leading international automobile and industrial manufacturers such as Toyota, Chevrolet, Hyundai, Kia Motors, MAZDA, GM, Ford, FIVE AXIS and their strategic partners ROUSH Performance and Polytec/FOHA. For more information visit www.mwwautomotive.com or e-mail [email protected]

Safe Harbor Statement: Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."

 

SOURCE MWW Automotive Group

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...