MWW Automotive reports loss in 2011
MWW Automotive, a global design, engineering, and manufacturing firm that serves the automotive manufacturers, has reported a net loss of $2.27m for the fiscal year ended 30 September 2011, compared to $2.34m for the fiscal 2010.
The company posted revenues of $1.9m for the fiscal 2011, compared to $4.02m for fiscal 2010.
The company said that the decrease is attributable to the fact that it has been restructuring entire organization, product selection and re-focusing on core business, which includes painting & assembly, logistics, seat heaters, spoilers and body-side moldings.
Total operating expenses of the company were $1.71m for the fiscal 2011, compared to $3.59m for the same period last year.
The company reported loss from operations of $1.64m for the fiscal 2011, compared to $2.44m for the same period prior year.
Gross profit of the company for the fiscal 2011 was $0.06m, compared to $1.14m in the same period in 2010.
MWW Automotive CEO Chuck Pinkerton said the last 12 months have been a crucial year in the company's business history, like so many other companies, it had to overcome the negative impact of a world in turmoil, caused by the meltdown of the financial markets and subsequently the unprecedented turmoil in the automotive industry.
"We have been rebuilding a company that can, based on the radically changing needs in then world markets, meet these needs in the area of smaller, but more frequent production runs, a core competency that we have been focusing on over the last years. This will allow us to compete strongly in a changing world market," Pinkerton said.
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