Waytronx Announces 2008 Financial Results

April 01, 2009 by Jeff Shepard

Waytronx, Inc. and its wholly owned subsidiary, CUI, Inc., a provider of electromechanical components, announced year-end financial results for 2008. The company’s revenues for the year ended December 31, 2008 were $19.5 million with an EBITDA of nearly $2.4 million. These results represent the first calendar year of operations for the combined companies and reflect CUI results from the date of acquisition in May 2008.

William Clough, Chief Executive Officer, stated, "These results clearly demonstrate the continuing value of the CUI acquisition to Waytronx and its shareholders. Such results, when taken in context with these troubling financial times, demonstrate the operational efficiencies between the two companies. Based on our synergies and in spite of the downturn in the economy generally, we continue to seek out and acquire new product lines; identify strategic partnerships; develop new technologies; and institute other initiatives to streamline our company and enhance profitability."