-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KlaT16A9XzdOZTgjYPvlvLB+g45BiMPFvMLvSe3hLovehqF2q9XjyjmgPm9+Xu6W eYk/K+XWfsrS38xJQ9umTw== 0001013762-04-000339.txt : 20040316 0001013762-04-000339.hdr.sgml : 20040316 20040316101714 ACCESSION NUMBER: 0001013762-04-000339 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040316 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WPCS INTERNATIONAL INC CENTRAL INDEX KEY: 0001086745 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 980204758 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26277 FILM NUMBER: 04671342 BUSINESS ADDRESS: STREET 1: 140 SOUTH VILLAGE AVENUE STREET 2: SUITE 20 CITY: EXTON STATE: PA ZIP: 19341 BUSINESS PHONE: 6109030400 MAIL ADDRESS: STREET 1: 140 SOUTH VILLAGE AVENUE STREET 2: SUITE 20 CITY: EXTON STATE: PA ZIP: 19341 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX STAR VENTURES INC DATE OF NAME CHANGE: 20010424 FORMER COMPANY: FORMER CONFORMED NAME: WOWTOWN COM INC DATE OF NAME CHANGE: 20000315 FORMER COMPANY: FORMER CONFORMED NAME: PARAMOUNT SERVICES CORP DATE OF NAME CHANGE: 19990519 8-K 1 mar1520048k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest reported): March 15, 2004 WPCS INTERNATIONAL INCORPORATED (Exact name of registrant as specified in charter) Delaware 0-26277 98-0204758 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 140 South Village Avenue, Suite 20, Exton, Pennsylvania 19341 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (610) 903-0400 ITEM 7. Financial Statements and Exhibits. (c) Exhibits. The following documents are filed as exhibits to this report: 99.1 Press release issued March 15, 2004 ITEM 9. Regulation FD Disclosure (information furnished under Item 12, "Results of Operations and Financial Condition"). The information contained in this Current Report is intended to be furnished under Item 12, "Results of Operations and Financial Condition," and is provided under Item 9 pursuant to interim guidance issued by the Securities and Exchange Commission in Release Nos. 33-8216 and 34-47583. As such, the information hereunder shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. A copy of the press release issued by WPCS International Incorporated on March 15, 2004, announcing its results of operations and financial condition for the quarter ended January 31, 2004, is filed herewith as Exhibit 99.1 and is incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WPCS International Incorporated Date: March 16, 2004 /s/ ANDREW HIDALGO --------------------------- Andrew Hidalgo, President 2 EX-99 2 mar1620048kex991.txt Exhibit 99.1 PRESS RELEASE SOURCE: WPCS International Incorporated WPCS Reports 3rd Quarter FY2004 Results EXTON, PA-- (BUSINESS WIRE) - March 15, 2004 -- OTCBB: WPCS -News) WPCS International Incorporated has reported its financial results for the FY2004 third quarter ending January 31, 2004. For the third quarter of FY2004, WPCS reported revenue of $4.5 million compared to $1.6 million for the same period a year ago which represents an increase of 188%. For the nine months ending January 31, 2004, WPCS reported revenue of $13.9 million compared to $2.2 million for the same period one year ago, which represents more than a five-fold increase. The increase in revenue was primarily attributed to strategic acquisitions and secondarily from organic growth. For the third quarter of FY2004, the reported net loss was $323,000 or $0.02 per share compared to a net loss of $268,000 or $0.02 per share for the same period a year ago. The net loss for the nine months ending January 31, 2004 was approximately $434,000 or $0.02 per share, which includes $442,000 in non-cash charges. For the same period last year, net loss equaled $735,000 or $0.08 per share, which includes $191,000 in non-cash charges. For the nine months ending January 31, 2004, WPCS provided $148,000 of positive cash flow from operations compared to using $761,000 of cash for the same period a year ago. Other Third Quarter Highlights Include: o More than $4.7 million in new contract awards announced o The completion of a specialty wireless network for the NFL Jacksonville Jaguars o The completion of a wireless network for electronic medical records for SE Regional Medical Center o A contract award from Placer County, CA for a comprehensive wireless SCADA network o A contract award from Del Webb for a comprehensive wireless SCADA network o The successful installation of a wireless illuminated crosswalk for the City of Ceres and Grass Valley, CA Andrew Hidalgo, CEO of WPCS International Incorporated, stated: "WPCS has made much progress in the execution of our business strategy during the past nine months. For the quarter, adverse weather prevented us from completing outdoor projects, which in turn prevented us from recognizing the related revenue against our backlog. In addition, for certain projects that had deadline completion dates, we needed to subcontract additional resources and equipment that had a negative impact on our quarterly gross profit. From this perspective, our quarterly results should have been better. However, it is important to point out that although projects were delayed, they were not canceled. In a previous filing, we reported a backlog of $14 million in projects to complete, as of January 31, 2004. As of February 29, 2004, the backlog has increased to $18.4 million. We continue to win project awards and remain optimistic for a more successful fourth quarter." About WPCS International Incorporated: WPCS and its subsidiary companies offer project engineering services for specialty communication systems, wireless fidelity (WiFi) and fixed wireless applications. WPCS offers the ability to integrate superior solutions across the vast majority of communication requirements. The company has an extensive customer base that includes many major corporations, government entities and educational institutions. For more information, please visit our website at www.wpcs.com Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements. Contact: Brett Mass / Investor Relations Hayden Communications, Inc. 212-988-2206 ir@wpcs.com -----END PRIVACY-ENHANCED MESSAGE-----