WPCS International Incorporated (WPCS), a communications and wireless infrastructure engineering services company, reported first quarter 2009 financial results this afternoon after the close. Revenues rose to $28.3 million, an increase of 29.6% year-over-year from $21.8 million. One analyst surveyed anticipated quarterly revenues of $28.0 million. Net income fell 35% to $838,000, or 12 cents per share, compared to $1.3 million, or 16 cents per share, for the same period last year. There were no analyst earnings estimates. Backlog of unfilled orders rose 74% to $54 million, compared to $31 million on July 31, 2007.
“We are pleased with our results for the fiscal 2009 first quarter, which met our internal expectations,” said Andrew Hidalgo, WPCS International’s Chairman and Chief Executive Officer. “Our revenue continues to grow despite an operating environment that remains somewhat challenging due to economic conditions. We remain focused on providing high quality services to customers in the specialty communication systems and wireless infrastructure sectors. Specifically, we continue to see market demand in the specialty communication systems market, which is the largest portion of our business, and remain confident that WPCS is well positioned to continue to capitalize on growth opportunities in this sector.”
Shares of WPCS closed at $5.15 today and have traded in a 52-week range of $5.00 – $11.67. With 7.3 million shares outstanding, WPCS has a market cap of less than $38 million and a trailing twelve-month P/E of 10.7.
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