03022010
WAYTRONX REPORTS RECORD REVENUES FOR FOURTH QUARTER ENDED DECEMBER 31, 2009
Company posts significant Fourth Quarter year-over-year growth of approximately 33%
TUALATIN, Ore. – March 2, 2010 – Waytronx, Inc. (OTCBB: WYNX), a leading provider of openly licensable advanced systems cooling solutions along with its wholly owned subsidiaries, CUI, INC., a provider of electromechanical components and CUI-Japan, its Japanese subsidiary, today announced preliminary revenue figures for the fiscal year ended December 31, 2009.
Waytronx expects that its revenue for the quarter ended December 31, 2009 will be approximately $8.7 million, as compared to Fourth Quarter 2008 revenues of $6.5 million. The $8.7 million revenue figure represents the largest single quarter ever reported by the company.
The company will issue a full financial report for the FY2009 on or before April 15, 2010. Waytronx expects to report approximately $28.8 million in total revenues for the year, representing three consecutive quarters of growth, including a 50% increase in revenues third quarter-to-fourth quarter from the company’s Japanese subsidiaries, CUI-Japan and Comex Electronics.
William Clough, chief executive officer, stated, “A thorough examination of these fiscal results evidences the added value derived from our Japanese acquisition; the implementation of our manufacturing representative network; and the technology initiatives we concluded in 2009.”
“The company has experienced three consecutive quarters of ever increasing growth during 2009 and had a total of $6.3 million in back orders at the end of the year,” explained Clough. “These growth figures clearly demonstrate that the economic downturn we experienced in 2008 and early 2009 has begun to subside and the technology and other initiatives we implemented in 2008 and 2009 are now beginning to bear fruit.”
“With the introduction of the Digital Power Modules and the GasPT+ device in 2010 and the continuing growth in our core business, the future looks very bright for Waytronx and its shareholders,” Clough opined.
Clough concluded by stating that, “As we have in the past, we decided to deviate from our normal practice and pre-announce revenues at this time because our financial performance far exceeded last year’s results and expectations. As a normal practice, investors should not expect us to pre-announce our results in the future.”
About Waytronx, Inc.
Waytronx, Inc. has pioneered and is developing innovative thermal management solutions capable of revolutionizing the semiconductor, solar and electronic packaging industries, among others, utilizing its patented WayCool™/WayFast™ hybrid mesh architecture. In addition, through its acquisition of CUI, Inc. in May 2008 and CUI-Japan in July 2009, Waytronx has developed the infrastructure, expertise, and platform necessary to acquire, develop, and commercialize new technologies. Waytronx changed its name from OnScreen Technologies in December 2007. For more information, please visit www.waytronx.com/.
About CUI, Inc.
CUI, Inc. is a solutions provider of electromechanical components and industrial controls for OEM manufacturing. Since its inception in 1989, CUI has been delivering quality products, extensive application solutions, and superior personal service. CUI’s solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly-owned subsidiary of Waytronx, Inc. For more information, please visit www.cui.com/.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
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WayCool, WayFast, Waytronx and OnScreen are trademarks of Waytronx, Inc. Other names and brands are the property of their respective owners.