With strong growth in the Company's photovoltaic (PV) segment, WEMU reported triple digit revenue and earnings growth in 1Q10. However, gross margins succumbed to downward pressure as key raw material costs increased and the Company's contract manufacturing segment underperformed. The hiring of a new CFO during the quarter and inroads into the key global markets of Italy, Germany, the UK and US were positive steps and coupled with a new Company-owned facility commencing in 2Q10 should provide a catalyst for improvement. The Company recently announced a 17.5 MW solar module contract with an Italian client valued at $35 million. We remain positive on WEMU due to the expected growth in the PV market globally.
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Worldwide Energy is a solar module manufacturer and distributor that generated $30.3 million in revenue in 1Q10, about half of FY09 revenue. This company should continue to grow its top line and bottom line in the high double digits. A listing on a national exchange is imminent which should give the stock a boost.

First Quarter 2010 Earnings Conference
May 18th, 2010 at 11:00 am Eastern Time
All parties will dial into 1-888-549-7704 or 1-480-629-9858 at approximately 10 minutes prior to the conference start time and ask for the Worldwide Energy and Manufacturing USA, Inc. First Quarter 2010 Earnings Conference Call/Conference ID 4303465. As they dial in the Operator will retrieve their names, company names and phone numbers and they will then be placed on a brief music hold until the call is ready to begin. Click Here

Click Here to listen to the Q1 2010 Conference Call

Worldwide Energy and Manufacturing Announces 23 Megawatts in New Solar Contracts

Worldwide Energy and Manufacturing USA, Inc. (WEMU), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced two new solar panel contracts for a total of 23 megawatts, valued at approximately $46 million. All of these solar contracts will be shipped in 2010. Read More

2010 RedChip Midsummer Elite
Equities Growth Conference

Presentation given by Jeff Watson President of WEMU

• Solar backlog grows to $82.0 million
  WEMU’s solar division is the backbone of the Company’s growth, accounting for 86.4% of sales in 1Q10. Amidst a volatile solar market, WEMU’s solar module sales continue to grow. In 1Q10, WEMU continued to increase their solar module shipments.
• Proprietary technology supports solar sales growth
  WEMU has filed 16 patents on solar technology thus far and believes that these competitive advantages are partly responsible for new orders during the solar industry slowdown. Recent solar module agreements include the signing of two new solar panel contracts for a total of 23 MW, valued at approximately $46 million, along with an exclusive distributor agreement with UK renewable energy solutions company Ardenham Energy to market and distribute Amerisolar’s solar PV modules throughout the United Kingdom. WEMU is the only Chinese PV company represented by Ardenham Energy.

• Revenues for the first quarter of fiscal year 2010 totaled $30.3 million, anincrease of $20.0 million, or 195%, from revenues of $10.3 million generated in the first quarter of 2009.
• Net Income attributable to Worldwide for the first quarter of fiscal year 2010 totaled $2.0 million, an increase of 195% from $0.7 million in the first quarter of 2009.
• Basic and diluted net income of $0.39 per share, an increase of 105% from the $0.19 earnings per share achieved in the same period a year ago.
• Cash and cash equivalents totaled $16.1 million from $9.2 million, an increase of $6.9 million, or 75.2%, from $9.2 million at December 31, 2009.

Worldwide Energy and Manufacturing USA, Inc. (“WEMU” or the “Company”) is a 16-year-old engineering-oriented firm specializing in solar panel, mechanical, electronics and fiber optic products manufacturing. The Company's international customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Under the brand name of “AMERISOLAR,” WEMU’s solar modules provide electric power for residential, commercial, industrial and public utility applications. The Company is headquartered in San Francisco, California with operations in China.