MWW Automotive Reports Financial Results For First Fiscal Quarter 2012
Comparison of the three months revenues ended December 31, 2011 to the three months revenues ended at December 31, 2010.Net revenues were approximately $224,000 for the three months ended December 31, 2011, a decrease of $370,920 from the three months ended December 31, 2010. This decrease is attributable to the fact that we elected to re-focus on our core business, while eliminating less profitable and more resource intense projects. The Company has now been quoting on only large and more profitable paint projects and has already begun production for some of the new programs for 2012 and 2013. These programs are expected to provide continued and significant revenue growth during 2012 and the years ahead and improve the Company's bottom line.
Gross (Loss) Profit
For the three months ended December 31, 2011, MWW's gross loss was $91,684 compared to gross profit of $144,024 for the three months ended December 31, 2010. The reason for this decrease was that MWW sold a greater percentage of its lower margin products in 2011 than in 2010. The actions taken during 2011, especially the further streamlining of our production facilities and the aggressive cost reduction exercises in all departments of the company, have been implemented to reverse this trend and return the company to profitability.
Operating ExpensesSelling, general, and administrative expenses were $253,026 in 2011 compared to $327,226 during 2010. Significant components of operating expenses consist of professional fees, salaries, and impairment losses. The decrease in SG&A is attributable to management's stringent efforts to reduce overhead costs and the aggressive cost down exercises in all areas of the company. About MWW Automotive Group (MWW)
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