HOWELL, Mich., Feb. 22, 2011 /PRNewswire/ ??MWW Automotive Group (OTCBB: MWWC.PK ? News), a tellurian automotive organisation on condition that pattern and engineering services and prolongation of accessories to many of the world?s heading automotive and industrial manufacturers, released today the monetary inform for the First Fiscal Quarter 2012, finale on Dec 31, 2011. The full content of the Company?s 10Q Report can be reviewed on the Company?s web site at www.mwwautomotive.com, or at the SEC website www.sec.gov.
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?As approaching and already progressing indicated in our shareholder discussion call on Jan 31, 2012, our initial entertain revenues for 2012 do not simulate our liberation mode standing yet,? states Chuck Pinkerton, CEO of Marketing Worldwide Corp. ?While we have done clever swell in securing poignant brand brand brand brand brand new business with a little of the largest automotive and industrial firms in the country, MWW?s 1st entertain revenue is still lagging extremely at the back of the company?s ubiquitous enlargement and the expectancy for 2012. Nevertheless, we design a clever liberation during 2012 and 2013. The low initial entertain revenues have been caused generally by the launch check of multiform brand brand brand brand brand new vast programs, generally the prolonged approaching industrial program.
?We eventually have started prolongation with a single of our brand brand brand brand brand new vast automotive programs and are awaiting to embark with prolongation for our industrial plan inside of the subsequent 4 weeks. We design these brand brand brand brand brand new programs to yield long-lasting and consistently augmenting revenues for the months and years ahead. Consequently, and in multiple with our in advance price down exercises, this will also urge our bottom line. Unfortunately, the complexity of our partners? engineering and pre-production routine has taken longer than primarily approaching and twisted our 1st Quarter monetary results. The complete MWW group is utterly committed to creation 2012 the turn-around year for MWW.? We are assured that we will urge on our 1st entertain opening significantly commencement in the buliding forward and via 2012 and 2013.?
Comparison of the 3 months revenues finished Dec 31, 2011 to the 3 months revenues finished at Dec 31, 2010.Net revenues were we estimate $224,000 for the 3 months finished Dec 31, 2011, a diminution of $370,920 from the 3 months finished Dec 31, 2010. This diminution is attributable to the actuality that we inaugurated to re-focus on our core business, whilst expelling rebate essential and more apparatus heated projects. The Company has right away been quoting on usually vast and more essential paint projects and has already started prolongation for a little of the brand brand brand brand brand new programs for 2012 and 2013. These programs are approaching to yield one after another and poignant income enlargement during 2012 and the years forward and urge the Company?s bottom line.
Gross (Loss) Profit
For the 3 months finished Dec 31, 2011, MWW?s sum detriment was $91,684 compared to sum distinction of $144,024 for the 3 months finished Dec 31, 2010. The reason for this diminution was that MWW sole a larger commission of the revoke domain products in 2011 than in 2010. The actions taken during 2011, generally the serve streamlining of our prolongation comforts and the assertive price rebate exercises in all departments of the company, have been implemented to retreat this trend and lapse the association to profitability.
Operating Expenses
Selling, general, and executive waste were $253,026 in 2011 compared to $327,226 during 2010. Significant components of handling waste include of veteran fees, salaries, and spoil losses. The diminution in SG&A is attributable to management?s difficult efforts to revoke over costs and the assertive price down exercises in all areas of the company.
About MWW Automotive Group (MWW)
MWW?s is headquartered in Howell, Michigan, with a ?Class A? painting/assembly/logistics trickery in Baroda, Michigan for the prolongation of OE peculiarity automotive and industrial products. The MWW Automotive Group (OTCQB: MWWC.PK ? News) delivers the in-house written appendage products and Class A painting, public and logistics services directly to vital tellurian vehicle manufacturers? Vehicle Processing Centers (VPC) and/or public lines in the United States, Canada and Europe. MWW?s industrial products are delivered directly to the manufacturers for designation in their facilities. Noted for the confluence to the top peculiarity mandate and the modernized logistics capabilities, MWW products and services consistently encounter and surpass customers? expectations and requirements. MWW provides estimable combined worth to the sale of vehicles and industrial products for heading general vehicle and industrial manufacturers such as Toyota, BMW, Chevrolet, Hyundai, Kia Motors, GM, Ford, Deere and Whirlpool.? For more information please visit www.mwwautomotive.com or e-mail investorrelations@mwwautomotive.com.
Safe Harbor Statement: Certain statements in this press recover that are not chronological contribution are ?forward-looking statements? inside of the definition of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use difference such as ?anticipate,? ?believe,? ?expect,? ?future,? ?may,? ?will,? ?would,? ?should,? ?plan,? ?projected,? ?intend,? and identical expressions. Such forward-looking statements, engage well known and opposite risks, uncertainties and other factors that may means the tangible results, opening or achievements to be materially opposite from those voiced or pragmatic by such forward-looking statements. The Company?s destiny handling formula are contingent on many factors, together with though not singular to the Company?s capability to: (i) acquire enough collateral or a vital commercial operation agreement to account the enlargement plans; (ii) set up the management and tellurian resources and infrastructure required to await the enlargement of the business; (iii) rival factors and developments over the Company?s control; and (iv) other risk factors discussed in the Company?s continual filings with the Securities and Exchange Commission, which are accessible for examination at www.sec.gov underneath ?Search for Company Filings.?
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