| Worldwide Energy and Manufacturing USA, Inc. today provided a financial update for the month of July 2010 with selected income statement data. Total revenues for the month of July were approximately $14.8 million, up 229% from $4.5 million in the same period last year. Sales from the Company's solar division totaled $13.1 million, an increase of 296% from $3.31 million in the same month of 2009. Contract manufacturing revenues were $1.7 million, up 43% year-over-year from $1.19 million. Solar Division and Contract Manufacturing sales made up 89% and 11%, respectively, of total sales in July. The Company's gross profit margin was 9.1% in the month of July. Jimmy Wang, CEO of Worldwide, commented, "The first month of our third quarter has been a promising one. We have incurred all of the one-time overhead costs of moving from our Ningbo facility to the new Nantong facility in Rugao, which negatively impacted our profit margin in the second quarter. So far this quarter we have seen the profit margins improve for both the solar division and the Company as a whole. Based on our strong July sales, we are on a run rate to generate over $44 million in revenues for the third quarter and much higher operating profit than that of the recently reported second quarter. As we continue to ramp up production at our new Nantong facility and build on our existing success in penetrating the crucial European solar market, we expect strong continued financial growth in the remainder of the year." Global demand for solar and other sources of clean energy continues to grow, as China spent roughly $23 billion on wind, solar, and other renewable power sources in the first half of 2010, more than total spending on renewable energy by the United States and Europe combined, according to Bloomberg. The U.S. was the second largest clean energy spender, at $13.7 billion, while Brazil and Canada followed at $4.7 billion and $3.2 billion, respectively. |
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