News

Waytronx Announces FY 2009 Financial Results

April 04, 2010 by Jeff Shepard

Waytronx, Inc. and its wholly owned subsidiary, CUI, Inc., a provider of electromechanical components, announced year-end financial results for the year ended December 31, 2009. The company’s net revenues for the year ended December 31, 2009 were $28.8 million with an EBITDA of $1.1 million. These results represent operations for the combined companies and reflect CUI-Japan and Comex Electronics results from the date of acquisition in July 2009.

Significantly, revenue in the Fourth Quarter 2009 amounted to $8.7 million, as compared to Fourth Quarter 2008 revenues of $6.5 million. The $8.7 million revenue figure represents the largest single quarter ever reported by the company and a 33% year-over-year growth rate.

William Clough, Chief Executive Officer, stated, "These results clearly demonstrate the continuing value of the Japanese acquisition, the re-structuring of our sales group, and the introduction and commercialization of new, proprietary technologies. In spite of the downturn in the economy generally, we at Waytronx continue to seek out and acquire new product lines; identify strategic partnerships; develop new technologies; and institute other initiatives to streamline our company, reduce costs, and enhance profitability."