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Feb. 19, 2013 /PRNewswire/ -- MWW Automotive Group (OTCQB: MWWC); a global design, engineering, and manufacturing firm serving some of the world's leading automotive and industrial manufacturers and design firms, announced today its financial results for the First Quarter 2013, ending on
December 31, 2012.
"While we have been able to considerably improve our balance sheet in specific sections and will continue to do so in the months and years to come, we have not yet produced the revenues that appropriately reflect the level of our turn around," states
Chuck Pinkerton of Marketing Worldwide Corp. "Nevertheless, based on recent developments, the Company's management and consulting teams believe that the Company will report positive cash flow from operating activities by the end of 2013. Achieving these goals is subject to the Company's ability to appropriately finance the rapidly increasing order and resulting production volume and resolve certain remaining issues as outlined in our filings. We do believe that the prospects of the company have improved significantly and it is now on a clear path of recovery."
Chuck Pinkerton, continues: "While our revenues are still in a partial pre-production-recovery mode, as we have earlier announced, we expect to demonstrate improving financial and operational performance beginning with our 2
nd quarter 2013 results, which are due on
May 15, 2013. Already in this first quarter ending on
December 31, 2012, we have set the basis for improving performance by keeping our operating expenses close to the same level as in the year before. At the same time we have continued to secure new business, have been expanding our production facilities, broadened production capabilities, and disbursed significant resources for several awarded pre-production projects in preparation for a significant increase in production volume and revenues, beginning in the 2
nd quarter of 2013.
Only twenty four months ago our company was dependent on mainly one large client (Toyota), which had created an unsustainable vulnerability for us, painfully demonstrated when we lost that customer because of a general shift within the Toyota organization and we lost the majority of our revenues over night. Based on this experience, we are now spreading our risk over a number of large customers. Most of the MWW extended active client roster programs are now either in full production or an advanced pre-production mode. This includes programs for large clients such as Ford, Chevrolet, Hyundai, Subaru, Toyota (returning business), Nissan, Scion, MAZDA and CNH to name a few.