TORONTO, ON / ACCESSWIRE / May 29, 2015 / Wi2Wi Corporation ("Wi2Wi" or the "Company") (TSX Venture: YTY) is pleased to announce its unaudited condensed consolidated interim financial results for the three month period ending March 31, 2015.
Wi2Wi is a vertically integrated manufacturer provide connectivity solutions, Precision Timing Devices, Frequency Control Products and Microwave Filters to the global market. Wi2Wi's miniaturized Wireless System-in-Package (SIP) connectivity Solutions are well accepted in the global market for Machine-to-Machine (M2M) and Internet of Things (IOT) and portable device embedded applications worldwide. Acquisition of net operating assets of Precision Devices Inc., in November 2014 enabled Wi2Wi to expand its product lines by adding Precision Timing Devices and Frequency Controllers to its existing product offering. Precision Device's, rugged, robust and reliable High end Crystals and Oscillators, Crystal Filters, RF and Microwave Filters are widely used and well recognised in the premium markets; Industrial, Avionics, Space, Medical and Defense.
Revenue
Revenues for the quarters ended March 31, 2015 and 2014 were $4.6 million and $1.1 million respectively. Revenue increase 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 thousand, respectively. Gross profits increased by 18% for the quarter ended March 31, 2015, compared to the same period in 2014. Gross margins for the quarters ended March 31, 2015 and 2014 were 28% and 49.8%, respectively. The decrease in margin is due primarily to the precision devices historically yielding a lower margin. The Company is in process of improving manufacturing yield, increasing efficiencies, optimising 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.
For further information please contact:
Zachariah Mathews
President and Chief Executive Officer
408-416-4202
zach@wi2wi.com
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wi2Wi Corporation
