MWW Automotive Reports Financial Results For First Fiscal Quarter 2012
HOWELL, Mich., Feb. 22, 2011 /PRNewswire/ -- MWW Automotive Group (OTCBB: MWWC), a global automotive firm providing design and engineering services and manufacturing of accessories to many of the world's leading automotive and industrial manufacturers, issued today its financial report for the First Fiscal Quarter 2012, ending on December 31, 2011. The full text of the Company's 10Q Report can be reviewed on the Company's web site at www.mwwautomotive.com, or at the SEC website www.sec.gov.
"As expected and already earlier indicated in our shareholder conference call on January 31, 2012, our first quarter revenues for 2012 do not reflect our recovery mode status yet," states Chuck Pinkerton, CEO of Marketing Worldwide Corp. "While we have made strong progress in securing significant new business with some of the largest automotive and industrial firms in the country, MWW's 1st quarter revenue is still lagging considerably behind the company's general development and its expectation for 2012. Nevertheless, we expect a strong recovery during 2012 and 2013. The low first quarter revenues have been caused mainly by the launch delay of several new large programs, especially the long expected industrial program.
"We finally have begun production with one of our new large automotive programs and are expecting to commence with production for our industrial project within the next four weeks. We expect these new programs to provide long-lasting and consistently increasing revenues for the months and years ahead. Consequently, and in combination with our radical cost down exercises, this will also improve our bottom line. Unfortunately, the complexity of our partners' engineering and pre-production process has taken longer than initially anticipated and distorted our 1st Quarter financial results. The entire MWW team is completely committed to making 2012 the turn-around year for MWW. We are confident that we will improve upon our 1st quarter performance significantly beginning in the quarters ahead and throughout 2012 and 2013."
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