Worldwide Energy and Manufacturing USA, Inc., a fast growing manufacturing middleman between China and the U.S., recently announced record revenue and net income for the first quarter of 2009. Revenue increased a whopping 90% to $10.3 million, while net income jumped 132% to just over $506,000. Earnings per share increased 18% to $.13 when compared to the same period last year.
Worldwide serves clients as an engineering and quality control firm, handling contract manufacturing in China. It allows U.S. and other clients to enjoy the huge cost savings of manufacturing in China, roughly 50% or more, with none of the headaches involved in supervising an overseas operation.
Worldwide works with approximately 100 companies, primarily in the wireless antenna, aerospace, automotive, and electronics industries, but its many subcontractor contacts in the Shanghai area of China allow it to serve almost any manufacturing need. For example, the companyâ€™s successful Solar Division, with a new plant opening in China, provides photovoltaic electric power for residential, commercial, industrial, and public utility applications around the world. Itâ€™s this cross-industry flexibility that allows the company to grow even as national economies contract.
Worldwide CEO Jimmy Wang, spoke specifically of the companyâ€™s successful Solar Division: â€œWe are very pleased to announce the best first quarter in the company’s history. Our solar energy division is performing well; and with increased capacity and new solar contracts, we expect to experience strong financial growth for the remainder of 2009. We are pleased that our new solar factory is open and producing, which will help to increase our gross margins for the energy division and the company as a whole. Our strong financial performance clearly demonstrates that the company has successfully made the transition into the renewable energy market and solar module manufacturing. The remainder of 2009 is on track for explosive growth with records for both revenue and profitability.â€
In addition, the company is now in the process of evaluating for purchase various manufacturing operations in China, providing even more control and flexibility in its offerings.