WPCS International Incorporated (NASDAQ:WPCS) Posts Financial Results For Q2 2018

872

WPCS International Incorporated (NASDAQ:WPCS) submitted Form 10-Q for the quarter and six months closed October 31, 2017. Sebastian Giordano, the CEO, expressed that while they continue working towards closing the proposed deal with DropCar, Inc., they are delighted to post that for the quarter and semester closed October 31, 2017, their Suisun City Operations recorded net income of $158,000 and $343,000, in that order.

The performance

WPCS International reported that revenue for the quarter closed October 31, 2017 dropped $988,000 to $3.86 million as compared to $4.848 million for same period, a year earlier. The decline can be attributed to revenue drop in Suisun City Operations and Texas Operations. This respective facility will not record any further revenue as it was completed in the fourth quarter of FY2017.

The firm reported a net loss from operations that stood at $457,000 for the quarter closed October 31, 2017. This was due to an interest expense of $2,000 and operating loss of $490,000, which were mainly offset by other income of $27,000 and income of $8,000 recorded from a legal settlement deal. The figure stood at $419,000 for the same period, a year earlier. WPCS International had a net loss of around $1.271 million for the quarter closed October 31, 2017 versus a net loss of $439,000 for the comparable period, a year ago.

Revenue for the semester closed October 31, 2017 came at $7.383 million compared to around $8.264 million for comparable period, a year earlier. This decline can be attributed to revenue declines of Suisun City Operations and Texas Operations.

In the last trading session, the stock price of WPCS International jumped more than 37% to close the day at $1.50. The gains came at a share volume of 8.36 million compared to average share volume of 862.551. Post the recent gains, the market cap of firm was noted at $9.4 million.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.