Message #19 From:
Stock News Bot Date: April 2, 2007 11:05:00 AM
WWAG News WWA Group Reports Record Revenues and Earnings in 2006
DUBAI, United Arab Emirates--(BUSINESS WIRE)--WWA Group Inc. (OTCBB: WWAG), one of the world's largest auctioneers of transportation and industrial equipment, announced record-setting results in 2006, as disclosed in WWA Group's Form 10-KSB, available at http://www.sec.gov.
Revenue for the year ended December 31, 2006 increased 8% to $17,622,384 from $16,312,971 for the comparable period ended December 31, 2005. Revenue increases came from a 10% increase in commission and service revenue in 2006 over 2005, and the addition of revenue from the acquisition of a shipping business in 2006.
Gross profit increased 29% to $5,519,858 in 2006 from $4,272,735 in 2005. Net income for the twelve month period ended December 31, 2006 increased 5% to $1,179,911, after a non-cash charge of $175,175 incurred as a result of stock option expenses.
“We are pleased with our results, this being the 4th consecutive year of increases in revenue, gross profit, and net income,” said WWA Group CEO Eric Montandon. “Despite the direct impact on gross auction sales caused by limited yard space, in addition to increases in rent, our higher commission rates and the added net revenue from our shipping subsidiary added strength to WWA Group’s financial results. We are moving to a larger auction facility this year, and expect that our investments in shipping and mining will deliver additional cash flow in 2007.”
About WWA Group
WWA Group, through its wholly owned subsidiary World Wide Auctioneers Ltd. (WWA), is one of the world's largest auctioneers of transportation and industrial equipment. WWA operations are focused on high-growth, underserved regions in the Arabian Gulf Region that are transforming into luxury tourism and international economic centers. Since its inception in 2001, WWA has auctioned more than $500 million worth of vehicles and equipment from its Dubai facilities. WWA also manages unreserved auctions in Australia through its joint venture partner. WWA is further distinguished as the largest seller of second-hand construction equipment in the Gulf Cooperation Council (GCC) countries -- Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. Auctions are conducted on location in Dubai and Qatar, and through the WWA BIDLive online bidding system.
WWA has embarked on its expanded operations plan to leverage its dominant equipment auction and trading base into a diversified business including shipping and mining activities in the Gulf region that are related to heavy equipment. For more information, visit http://www.wwagroup.com. For recent news and quotes, visit Yahoo! Finance at http://finance.yahoo.com/q?s=wwag.ob. To sign up to receive e-mail alerts with the latest news on WWA Group, go to: http://otcfn.com/wwag/email_update.html.
Actual sale prices for all items sold at all WWA auctions are published for members at www.ironauctions.com. Member registration to the site is free by clicking on "Auction Results." Lists of equipment for sale at upcoming WWA auctions are updated daily on the site. Anyone interested in consigning equipment to the auctions, or registering to bid, can e-mail info@ironauctions.com or call 011-971-4-881-6142.
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-KSB and Form 10-QSB. WWA Group’s public filings may be viewed at www.sec.gov.
