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.
Please review the full report on the Company's web site at
www.mwwautomotive.com in the investor relations section, or at the SEC website
About MWW Automotive Group (MWW)
MWW is headquartered in
, with a "Class A" painting-assembly-logistics facility in
for the production of high quality OE automotive and industrial products. The MWW Automotive Group (OTCQB: MWWC) delivers its accessory products via its "Class A" painting, assembly and logistics services directly to major global automobile manufacturers' Vehicle Processing Centers (VPC), Tier-1 Partners and/or assembly lines in
the United States
. MWW's industrial products are delivered directly to the manufacturers for installation in their facilities. Noted for its adherence to the highest quality standards and its advanced logistics capabilities, MWW products and services consistently meet and exceed customers' expectations and requirements. MWW provides substantial added value services for leading international automobile and industrial manufacturers such as Toyota, BMW, Chevrolet, Hyundai, Kia Motors, GM, Ford, ROUSH Performance, Deere and Whirlpool.
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Safe Harbor Statement:
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at
under "Search for Company Filings."