MWW Automotive Reports Financial Results For Third Fiscal Quarter 2012
REVENUES Net revenues were $175,871 for the three months ended June 30, 2012. Our revenues decreased by $273,364 from the three months ended June 30, 2011. This decrease is attributable to the fact that some of the new programs that had already been awarded have been significantly delayed. We are re-focusing on our core business, have restructured certain divisions of the Company and accordingly had lower production output during this transitional period. The Company is now quoting again on numerous new paint projects and has commenced production with new programs for the 2012 and 2013 periods that are expected to provide continued revenue growth.
GROSS LOSS For the three months ended June 30, 2012, MWW's gross loss was $115,802 compared to gross profit of $78,766 for the three months ended June 30, 2011. MWW had significant "start-up" costs for new projects that have not been offset by revenues yet and did not recognize any profit from the re-evaluation of derivatives compared to the same period the year before. The primary components of cost of sales are direct labor and cost of parts and materials. The cost of parts and materials has been consistent from year to year.
OPERATING EXPENSES Selling, general, and administrative expenses were $292,342 in 2012 compared to $359,580 during 2011. The decrease in costs is attributable to management's stringent efforts to reduce overhead costs throughout the Company. Management intends to keep costs low, so increasing product volume and revenue will result in improving profit margins and eventually net profits. Significant components of operating expenses consist of professional fees, salaries, and impairment losses.
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