HOWELL, Mich., May 16, 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 Second Quarter 2013, ending on March 31, 2013. Net revenues were $240,181 for the three months ended March 31, 2013 an increase of $65,623 or thirty seven percent (37%) from the
three months ended March 31, 2012.
Revenues have also increased on a six months comparison basis.
Chuck Pinkerton, states: "While
our revenues have increased again as they have in our
1st Quarter, we are still not close to our production
and revenue potential. Several of the projects that have been
awarded to us during 2012 have commenced with production after the
close of the 2nd quarter 2013 and will only begin to
have a more substantial positive impact on our revenue, cash flow
and bottom line in our 3rd and 4th quarter of
this year (ending June 30 and
September 31, 2013 respectively). We
have now secured substantial new business as fixed orders for the
months ahead and we will supply further details in a follow up
press release."
REVENUES
Net revenues were $240,181 for the
three months ended March 31, 2013.
Our revenues increased by $65,623 or
thirty seven percent (37%) from the three months ended March 31, 2012. This increase is attributable to
the fact that some of the new programs that have been awarded
during 2012, have finally commenced with production, although still
with the lower production volume of a typical start up
production. The Company is entering into higher volume
production during this current quarter and is continuing to quote
on numerous new paint projects. In the meanwhile the Company
continues to commence with the production of additonal new programs
for the 2013 and 2014 periods that are expected to provide
continued revenue growth and a positive impact on our bottom line
and cash flow.
GROSS PROFIT (LOSS)
For the three months ended March 31,
2013, MWW's gross profit was $35,980 (14.98%) compared to gross loss of
$132,058 (75.65%) for the three
months ended March 31, 2012. MWW
sold a greater percentage of its higher margin products in 2013
than in 2012. Gross Profit has also increased on a six months
comparison.
OPERATING EXPENSES
Selling, general, and administrative expenses were $351,778 in 2013 compared to $363,541 during 2012. The decrease in costs is
attributable to streamlined staffing at the administration level
and further improved cost controls, although production is
continuing to increase. Management intends to keep costs low, so
further increasing production volume and revenue will result in
improving profit margins and eventually net profits.
OTHER INCOME (EXPENSES)
Financing expenses were $811,973 for
the three months ended March 31, 2013
compared to $858,102 during same
period last year. The major portion of these lower expenses were
non-cash interest expense and amortization of debt discounts
relating to our convertible notes of $736,633 for the three months ended March 31, 2013 compared to $789,367 for the three months ended March 31, 2012.
GAIN ON CHANGE IN FAIR VALUE OF DERIVATIVE
LIABILITY.
For the three months ended March 31,
2013, we recorded a net gain of $2,589,995 in change in fair value of the
derivative liability as compared to a gain of $2,225,672 for the same period the previous
year. The changes in the market price of our common
stock have affected the fair value of the derivative liability.
Please refer to our current filing with the SEC at www.sec.gov
for more details.
About MWW Automotive Group (MWW)
The MWW Automotive
Group's (OTCQB: MWWC) administrative offices are located in
Howell, Michigan, with a 46,000
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 Centers (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
investorrelations@mwwautomotive.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) generate sufficient revenues to fund operations
(ii) obtain sufficient capital or a strategic business arrangement
to fund its expansion plans; (iii) build the management and human
resources and infrastructure necessary to support the growth of its
business; (iv) competitive factors and developments beyond the
Company's control; and (v) 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."
SOURCE MWW Automotive Group
