INTERNATIONAL SOLAR COMPANY IN BIG 3Q EARNINGS

A San Francisco solar engineering and manufacturing company partnered with Shanghai subsidiaries to grow its sales 546%, its profits 41% and its income 327% in 2008.

Sound like a good investment?

Worldwide Energy and Manufacturing USA, Inc. (Worldwide). Trades over-the-counter.

Revenue and gross profit were up due to solar module sales. Energy division sales, primarily solar modules, represented 69% of company activity.

Gross margin went way down (7.1%, from 32.8% for 3Q 2007). This was because (1) raw material prices were volatile and (2) volume got so big Worldwide was forced to use outside services for solar module production. When module raw materials prices went up and module prices dropped, Worldwide lost out.

Worldwide expects the problem to be resolved when its new factory comes on line and it is able to up its in-house module production capacity. Also, raw materials prices are expected to remain lower.

Bottom line: The company's current ratio was 2.38 to 1 for 3Q 2008. It was 1.85 to 1 at year 2007 end.

Bottom bottom line: A lot of solar modules were sold in the 1st 3 quarters of 2008 and especially in the 3rd quarter.

What does that mean going forward? Good question. But Worldwide has padding. And a market in China where a nearly $600 billion stimulus package that is likely to include lots of New Energy was announced last week.

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Worldwide Energy and Manufacturing USA Announces Record Revenue and Net Income for the Third Quarter 2008; Revenue Increased 546% to $19.1 Million for the Third Quarter 2008; Revenue Increased 283% to $31.3 Million for the Nine Months Ended September 30, 2008; Net Income Increased 327% to $541,000 for the Third Quarter 2008; Net Income Increased 164% to $1.2 Million for the Nine Months Ended September 30, 2008
November 18, 2008 (Market Wire via CNNMoney)

WHO
Worldwide Energy and Manufacturing USA, Inc. (Worldwide) (Jimmy Wang, CEO) and Amerisolar (the solar division of Worldwide)

WHAT
Worldwide announced record revenue and net income for the most recent financial quarter.

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WHEN
- 3Q 2008 ending: September 30, 2008
- Worldwide was founded in 1993 and incorporated in 1996.
- 3Q 2007 Net sales: $3.0 million
- 3Q 2008 Net sales: $19.1 million, up $16.1 million (546%)
- 3Q 2007 Gross profit: $971,000
- 3Q 2008 Gross profit: $1.4, up 41%
- 3Q 2007 Cost of goods sold: $2.0 million
- 3Q 2008 Cost of goods sold: $17.7 million
- 3Q 2008 Net income: $541,000, $0.17 per share, up 327%
- 3Q 2007 Net income: $127,000, $0.6 per share

WHERE
- Worldwide is based in South San Francisco, California.
- Subsidiaries (Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd.) are in Shanghai, China.

WHY
- Worldwide specializes in the engineering of PV panel, mechanical, electronics and fiber optic product manufacturing for solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries products.
- Nine-month net sales (up 283%), gross profit (up 46%) and other figures showed increases comparable to 3Q figures.
- Shanghai GM is one of the largest vehicle manufacturers in China and GM is the seventh Fortune 500 customer obtained by Worldwide Energy.
- Balance Sheet numbers:
(1) Cash and cash equivalents: $4.5 million (up from $2.1 million at year 2007 end).
(2) Accounts receivable: $5.9 million (up from $3.3 million at 2007 year end).
(3) Total current assets: $15.2 million (up from $8.2 million at year 2007 end).
(4) Total assets: $17.2 million (up from $8.8 million at year 2007 end).
(5) Total current liabilities: $6.4 million (down from $4.4 million at year 2007 end).
(6) Total liabilities: $7.4 million (down from $5 million at year 2007 end).

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QUOTES
Jimmy Wang, CEO, Worldwide: "We are very pleased to announce the best third quarter in the company's history. Our Energy division is performing well and with increased capacity and new solar contracts, we expect to experience strong financial growth for the remainder of 2008 and beyond. We are pleased that our new solar factory is ready to open, which will help to increase our gross margins for the energy division and the company as a whole. Our strong financial performance clearly demonstrates that the company has successfully made the transition into the renewable energy market. The remainder of 2008 is on track for explosive growth with records for both revenue and profitability."