MWW Automotive Reports Financial Results For Fiscal Year 2012
COMPARISON OF THE YEAR ENDED SEPTEMBER 30, 2012 TO THE YEAR ENDED SEPTEMBER 30, 2011 REVENUES
Net revenues were approximately $790.211 for the year ended September 30, 2012. Our revenues decreased $1.1 Million from the year ended September 30, 2011. This decrease is attributable to the fact that during 2011 we lost our largest customer, Toyota, who represented a majority of our total revenues. Since then we have been focused on restructuring our entire organization, reviving product selection, re-focusing on our core business and acquiring new customers in the automotive as well as in the commercial industries.
OPERATING EXPENSESIn an effort to return the company to profitability, we have reduced operating expenses without sacrificing production capacity and/or quality. Selling, general, and administrative expenses were $1,413,139 in 2012 compared to $1,712,760 during 2011. The decrease of $299,620 in costs is attributable to management's stringent efforts to reduce overhead costs while further streamlining operations.
OPERATING LOSS Reconciling our net loss to cash we produced a net loss of $515,077. While the loss attributable to the Company is reported at $11,116,725, the loss from operations was $1,723,232. The largest positions of the loss attributable to Company and operations consists of several large NON-CASH positions, such as the change in derivative liability, change in operating assets and liabilities, non cash interest and other non-cash items. Based on significant cost-down exercises and the streamlining of several crucial processes and positions throughout the company, reconciling our net loss to cash produced a loss of $515,077. With the anticipated increase in revenue and improving cash flow, beginning in Q2 of 2013, there should be a decreasing need for additional unfavorable financing and accordingly a positive impact on the company's share price. Please see a detailed breakdown in our 10K financial filings with the SEC.About MWW Automotive Group (MWW) The MWW Automotive Group's (OTCQB: MWWC) administrative offices are located in Howell, Michigan, with a 40,000 square foot Class A manufacturing and logistics facility in Baroda, Michigan for the production of high quality OE automotive and industrial products. MWW delivers its products and Class A painting, assembly and logistics services directly to major US and Foreign automobile manufacturers' Vehicle Processing Centres (VPC), leading edge show car and performance accessory design firms, and/or assembly lines in North America. MWW's industrial products are delivered directly to the industrial manufacturers for installation in their facilities. MWW provides substantial added value to the sale of vehicles and industrial products for leading international automobile and industrial manufacturers such as Toyota, Chevrolet, Hyundai, Kia Motors, MAZDA, GM, Ford, FIVE AXIS and their strategic partners ROUSH Performance and Polytec/FOHA. For more information visit www.mwwautomotive.com or e-mail email@example.com 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 www.sec.gov under "Search for Company Filings."
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