Wi2Wi Corporation Reports First Quarter Results
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.
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 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:
President and Chief Executive Officer