|By PR Newswire||
|January 15, 2013 05:19 PM EST||
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.
"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.
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.
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
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
May. 27, 2015 11:30 AM EDT Reads: 249
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
May. 27, 2015 11:30 AM EDT Reads: 3,888
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 27, 2015 11:15 AM EDT Reads: 1,980
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
May. 27, 2015 10:30 AM EDT Reads: 792
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 27, 2015 10:30 AM EDT Reads: 5,157
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
May. 27, 2015 10:00 AM EDT Reads: 1,794
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
May. 27, 2015 09:30 AM EDT Reads: 6,558
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 27, 2015 09:30 AM EDT Reads: 4,243
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 27, 2015 09:00 AM EDT Reads: 1,608
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
May. 27, 2015 07:30 AM EDT Reads: 5,496
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
May. 27, 2015 04:30 AM EDT Reads: 3,971
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
May. 27, 2015 03:00 AM EDT Reads: 5,726
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
May. 27, 2015 02:30 AM EDT Reads: 5,345
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
May. 27, 2015 02:00 AM EDT Reads: 6,123
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a business application to multiple users (multi-tenancy). Docker, a container technology, was used to ...
May. 27, 2015 01:00 AM EDT Reads: 1,920
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 26, 2015 09:00 PM EDT Reads: 4,848
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
May. 26, 2015 05:00 PM EDT Reads: 4,756
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
May. 26, 2015 02:00 PM EDT Reads: 6,382
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
May. 26, 2015 01:00 PM EDT Reads: 6,877
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
May. 26, 2015 01:00 PM EDT Reads: 4,227