Mr. Zachariah Mathews reports
WI2WI CORPORATION REPORTS FIRST QUARTER RESULTS
Wi2Wi Corp. has released its unaudited condensed consolidated interim financial results for the three-month period ending March 31, 2015.
Revenue
Revenues for the quarters ended March 31, 2015, and 2014 were $4.6-million and $1.1-million, respectively. Revenue increased primarily due to contribution from acquisition of Precision Devices Inc. The company had shippable backlog of approximately $5.9-million for the first quarter of 2015, demonstrating a growing demand for its product.
Gross profit
Gross profits for the quarter ended March 31, 2015, and March 31, 2014, were $1.3-million and $586,000, respectively. Gross profits increased by 18 per cent for the quarter ended March 31, 2015, compared with the same period in 2014. Gross margins for the quarters ended March 31, 2015, and 2014 were 28 per cent and 49.8 per cent, respectively. The decrease in margin is due primarily to the precision devices historically yielding a lower margin. The company is in the process of improving manufacturing yield, increasing efficiencies, optimizing manufacturing batch sizes, successful efforts in manufacturing cost reductions and retaining the ASP of the products. The process will take some time to implement, and initial results are very favourable.
STATEMENT OF RESULTS
(in thousands of U.S. dollars)
Three months to Three months to
March 31, 2015 March 31, 2014
Revenue $4,632 $1,175
Gross profit 1,337 586
Operating expenses
Research and development 221 253
Selling, general and administrative 581 732
Net income (loss) before interest, income taxes 535 (399)
Interest 76 17
Income taxes 20 -
Net income (loss) and total comprehensive income (loss) $439 $(416)
Net income (loss) per share, basic and diluted $0.005 $(0.005)
We seek Safe Harbor.
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