MWW Automotive Reports Financial Results For Second Fiscal Quarter 2012
HOWELL, Mich., May 21, 2012 /PRNewswire/ -- MWW Automotive Group (OTCQB: 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 Second Fiscal Quarter 2012, ending on March 31, 2012. The full text of the Company's 10Q Report can be reviewed on the Company's web site at www.mwwautomotive.com in the investor relations section, 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 and second quarter revenues for 2012 do not yet accurately reflect our current recovery mode status," states Michael Winzkowski, Chairman of Marketing Worldwide Corp. "While our team, led by our CEO, Chuck Pinkerton has made significant progress in securing new business with some of the largest automotive and industrial firms in the country, MWW's first and second quarter revenue, somewhat limited by past cash flow constraints, is still lagging considerably behind the company's expectation for its financial performance in 2012, in spite of the new programs that have already been awarded to us. The low first and second quarter revenues have been caused mainly by the launch delay of several newly awarded programs by some of our large, new clients, especially the long expected industrial program. Nevertheless, we do expect the recovery and associated financial performance improvement to take hold during the latter part of 2012 and 2013, assuming sufficient and timely funding of current operations and start-up cost."
Chuck Pinkerton, CEO of MWW continues: "We have now begun production with several of our new automotive programs; and while production launch of our first industrial program has been further delayed, we are still expecting to finally commence with our first industrial production within the next three months. Once all awarded programs have commenced with production, we expect these new programs to provide long-lasting and consistently increasing revenues for the months and years ahead. This should also allow us to avoid further constraining debt financing and reduce share dilution going forward. Consequently, and in combination with our radical cost down exercises, we should not only improve revenues, but also return the Company to profitability. Unfortunately, the complexity of our partners' engineering and pre-production process has taken longer than initially anticipated. Consequently, this has delayed the anticipated launch dates of our new projects and distorted our first and second quarter financial results drastically. The entire MWW team is absolutely committed to making the rest of 2012 the anticipated turn-around year for MWW, despite the experienced delays. We do expect that we will improve upon our first and second quarter performance significantly beginning in the Third Quarter 2012 (ending June 2012) and the subsequent quarters ahead and to return to profitability during 2013."COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2012 TO THE THREE MONTHS ENDED MARCH 31, 2011 REVENUES
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