UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of earliest reported): September 11, 2003
WPCS INTERNATIONAL INCORPORATED
(Exact name of registrant as specified in charter)
Delaware 0-26277 98-0204758
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
140 South Village Avenue, Suite 20, Exton, Pennsylvania 19341
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 903-0400
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits. The following documents are filed as exhibits to this
report:
99.1 Press release issued September 11, 2003
ITEM 9. Regulation FD Disclosure (information furnished under Item 12, "Results
of Operations and Financial Condition").
The information contained in this Current Report is intended to be
furnished under Item 12, "Results of Operations and Financial Condition," and is
provided under Item 9 pursuant to interim guidance issued by the Securities and
Exchange Commission in Release Nos. 33-8216 and 34-47583. As such, the
information hereunder shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
incorporated by reference into a filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.
A copy of the press release issued by WPCS International Incorporated
on September 11, 2003, announcing its results of operations and financial
condition for the quarter ended July 31, 2003, is filed herewith as Exhibit 99.1
and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WPCS International Incorporated
Date: September 12, 2003 /s/ ANDREW HIDALGO
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Andrew Hidalgo, President
PRESS RELEASE SOURCE: WPCS International Incorporated
WPCS Reports 1st Quarter FY2004 Results
EXTON, PA-- (BUSINESS WIRE) - September 11, 2003 -- OTCBB: WPCS - News)
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WPCS International Incorporated reported its results today for its first quarter
ended July 31, 2003. Net earnings for the three months ended July 31, 2003,
excluding certain non-cash compensation expenses and before income taxes, were
$48,000. Revenue for the first quarter ended July 31, 2003 was $3.1 million,
compared to revenue of $393,000 in the same period a year ago.
Reported results for the first quarter ended July 31, 2003, include a non-cash
charge of $130,000 related to the grant of stock options, therefore, for the
first quarter ended July 31, 2003, the reported net loss was $123,000 or $0.01
per share compared to a net loss of $101,000 or $0.01 per share for the same
period a year ago.
Andrew Hidalgo, CEO of WPCS International, stated: "Excluding the non-cash
charges, WPCS had a very successful quarter from a revenue and profit
perspective. The company continues to achieve its growth objectives through the
announcement of our third acquisition concluded in August 2003 and our increased
internal growth backlog. I remain very encouraged as we continue to obtain
significant contracts from corporate, government and educational institutions
nationwide."
About WPCS International Incorporated:
WPCS and its subsidiary companies offer project engineering services for
specialty communication systems, wireless fidelity (WiFi) and fixed wireless
applications. WPCS offers the ability to integrate superior solutions across the
vast majority of communication requirements. The company has an extensive
customer base that includes many major corporations, government entities and
educational institutions. For more information, please visit our website at
www.wpcs.com
Statements about the company's future expectations, including future revenue and
earnings and all other statements in this press release, other than historical
facts, are "forward-looking" statements and are made pursuant to safe harbor
provisions of the Securities Exchange Act of 1934. Such forward-looking
statements involve risks and uncertainties and are subject to change at any
time. The company's actual results could differ materially from expected
results. In reflecting subsequent events or circumstances, the company
undertakes no obligation to update forward-looking statements.
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Contact:
Carol Lindley
WPCS Investor Relations
610-903-0400, x-100
ir@wpcs.com