MWW Automotive Generates $1,508,276 In Revenue For First Quarter Ended December 31, 2009
HOWELL, Mich., March 15 /PRNewswire-FirstCall/ -- MWW Automotive Group (OTC Bulletin Board: MWWC) is pleased to announce that the Company generated $1,508,276 in revenues for its fiscal first quarter ended December 31, 2009, which is an increase of $112,116 as compared to the same quarter in 2008. The Company also increased its Gross Profit for the fiscal first quarter ending December 31, 2009 by 12.6% versus the same period in 2008. The increase in revenues is due to the progress MWW Automotive Group is making on expanding into new geographical and vertical markets and the signing of new customers. The Company has commenced with new production for automakers such as Hyundai, Nissan, and Ford.
MWW Automotive Group has been able to make strong progress on the implementation of their business strategy, which is to become the leading designer and manufacturer of original equipment accessories for the global automotive industry for the customization of cars, sport utility vehicles, and light trucks, a high margin sector of the industry. During the Company's first fiscal quarter, their wholly owned subsidiary, Colortek, Inc., was able to begin pre-production and final production with selected programs for new customers at its Class A painting facility in Baroda, Michigan. Some of MWW Automotive Group's past and current customers include Kia, Volkswagen, Chrysler, Ford, Mobis, Nissan, Hyundai, and BMW, amongst others.
"We are very pleased to announce these results. Despite the general downturn in sales of the automobile industry on a global scale during 2009, MWW sales still have increased during our 1st fiscal quarter 2010, ending December 2009. For the last consecutive seven months MWW has clearly been on an upward trend and we believe that we will meet our projections for the fiscal year 2010," stated Jim Davis, newly appointed CFO of MWW Automotive Group.
"We are making good progress with our sales strategy by expanding into new vertical and geographical markets and getting ready to launch new and exciting products soon. I am also excited about the signing of new customers by Colortek. The revenue generated by the strategic programs we have with Polytec/FOHA, and American Autocoat, combined with our improvements in production efficiency, as well as the continued cost reduction efforts throughout the entire MWW group of companies will positively impact financial performance in the quarters and years ahead," stated James Marvin, Chief Operating Officer of MWW Automotive Group.About MWW Automotive Group With its headquarter and design and assembly facilities in Howell, Michigan and Class A painting facilities in Baroda, Michigan (Colortek, Inc.) the MWW Automotive Group delivers its accessory products, design services and Class A painting services directly to select global automobile manufacturers' vehicle processing centers, distribution centers and/or assembly lines in the United States, Canada and Europe. The customers' technical teams install the MWW products in a variety of vehicle types and deliver the accessorized automobiles into the dealer channels in their respective regions. Noted for its adherence to the highest quality requirements, MWW provides substantial added value to the sale of vehicles for leading international automobile manufacturers such as Toyota, Hyundai, Kia Motors and Ford in the US and Europe. For more information please visit www.mwwautomotive.com Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. SOURCE MWW Automotive Group
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