The company posted almost $1 million in EBITDA profit compared to losing $12 million the year before. That is a turnaround. The going concern has been on the last several filings and the negative shareholder equity is being driven by non cash charges from the warrants issued to the bondholders. It's EBITDA that matters and they generated positive results for the year.
This engineering design company has a good relationship with several big names. When economy picks up, I have no doubt they will hire more Engineers, tackle their bag log projects, and keep working on existing clients and look for more clients. Or Other Engineering company will buy out. ( Well, I wish actually).
HDR Engineering (employee own/private own) has history of acquiring smaller companies like WPCS. I hope some big names will buy them out. Or Their Engineers will buy out the company and make it private like (HDR Engineering did/ employee buy the company out). That would be SWEET!!!
From company websites:
The new contracts include projects to be completed for Sutter Health, Convergint Technologies, Honeywell, ATS, California Pacific Medical Center, Holaday Parks and Siemens.
In Australia, new contracts were awarded for Mackay Depot, Maroochydore Water, Southside Memorial, Springfield Central Station and the Roma Government Offices.
WPCS was also awarded new contracts in China from Feicheng Natural Gas, Taigang Natural Gas and Hebei Oil Construction Company.
I hate to burst your bubble, but successful companies post net income after interest, taxes, depreciation, and amortization. Let me know when they actually post a net profit. There are plenty of great small companies out there, why is anyone wasting their time on this one? Some people just love the smell of their money burning, I guess.
Well said,its all about the EBITDA and you can not deny it is going in the right direction.On the CC,it was said there is a pick-up in the Qtrs ahead.The bid list of 60.7 mil is up from 54.4 mil last Qtr.Maybe they have got the ship going in the right direction.I will be a buyer tomorrow. E9
This is nothing more than a shell for Hudson Bay, Iroquois, and Honig. The question is when do they dump the exisiting business and what do they merge in, all the talk about existing fundamentals is academic. Watch, they do it as a regular course of business, Hidalgo gone thats step one....stay tuned.