DUBAI, United Arab Emirates – WWA Group, Inc. (OTCBB:WWAG) today announced record revenue, gross profit and net income for the six-month period ending June 30, 2008.
Gross revenue for the January through June 2008 period increased by 15% over the same period in 2007, to nearly $16 million. Gross profit for the January through June 2008 period increased by 7% over the same period in 2007, to over $4.1 million. Net income for the January through June 2008 period increased by 27% over the same period in 2007, to nearly $1.1 million or $0.06 per share.
WWA Group recognized its highest auction and service commission revenue ever in the recent six month period. Gross trading revenue, gross profit, and net income totals for the recent six-month period were also the highest ever recorded by the company.
WWA Group is planning three more physical auctions at its Dubai facility in September through December 2008, and is projecting increases in auction and trading revenue, gross profit and net income for full year 2008.
“We are continuing our steady growth in revenue and profits,” commented Eric Montandon, CEO of WWA Group. “Despite a drop in ship charter revenue and a delay in realizing a profit contribution from our earthmoving project, we still grew revenue and profit in the period. Since we anticipate positive contributions from each of these divisions in the second half of the year, we expect an excellent financial result in 2008.”
WWA Group is a public company; its common shares trade on the OTCBB under the ticker symbol “WWAG”. The company maintains its corporate web site, where detailed financial statements can be found, at www.wwagroup.com.
Actual sale prices for all items sold at our auctions are published for members at www.ironauctions.com. Member registration is free on the site, by clicking on “Auction Results.” Lists of equipment for sale at upcoming WWA Group auctions are updated daily on the site. Anyone interested in consigning equipment to the auctions, or registering to bid, can e-mail [email protected] or call 011 971 4 881 6142.
For further investor information, please contact Eric Montandon at 011 971 4 881 6142 or access our Web site at http://www.wwagroup.com.
About WWA Group:
WWA Group, Inc., together with its subsidiaries, engages in the trading and auctioning of transportation and industrial equipment worldwide, with a primary base of operations in Dubai, U.A.E. Auctioned items include mobile and stationary earthmoving and construction equipment, such as crawler tractors, excavators, wheel loaders, cranes, trucks and trailers, generators, compressors, agricultural tractors, and forklifts. WWA Group is the largest seller of used construction and industrial equipment in the booming Gulf Region of the Middle East and has expanded it’s dominate position to include related businesses in shipping and mining.
Forward-Looking Statements:
A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A(b). These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that WWA Group may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. WWA Group encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K and Form 10-Q. WWA Group’s public filings may be viewed at www.sec.gov.
WWA Group Inc.
Eric Montandon, 011 971 4 881 6142
[email protected]
http://www.wwagroup.com