<SEC-DOCUMENT>0001013762-11-002003.txt : 20110729
<SEC-HEADER>0001013762-11-002003.hdr.sgml : 20110729
<ACCEPTANCE-DATETIME>20110729172840
ACCESSION NUMBER:		0001013762-11-002003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110729
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110729
DATE AS OF CHANGE:		20110729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WPCS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001086745
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATION SERVICES, NEC [4899]
		IRS NUMBER:				980204758
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34643
		FILM NUMBER:		11998404

	BUSINESS ADDRESS:	
		STREET 1:		ONE EAST UWCHLAN AVENUE
		STREET 2:		SUITE 301
		CITY:			EXTON
		STATE:			PA
		ZIP:			19341
		BUSINESS PHONE:		6109030400

	MAIL ADDRESS:	
		STREET 1:		ONE EAST UWCHLAN AVENUE
		STREET 2:		SUITE 301
		CITY:			EXTON
		STATE:			PA
		ZIP:			19341

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX STAR VENTURES INC
		DATE OF NAME CHANGE:	20010424

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOWTOWN COM INC
		DATE OF NAME CHANGE:	20000315

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT SERVICES CORP
		DATE OF NAME CHANGE:	19990519
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>WPCS INTERNATIONAL INCORPORATED FORM 8-K
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One East Uwchlan Avenue, Suite 301, Exton, PA 19341</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Marc J. Ross, Esq.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On July 29, 2011, the Company held an earnings conference call to discuss its audited financial results for the fiscal year ended April 30, 2011. The script of the earnings conference call is attached hereto as Exhibit&#160;99.1 and is incorporated by reference into this Item 7.01.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;July 29, 2011</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Joseph Heater</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit 99.1</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INVESTOR CONFERENCE CALL SCRIPT &#8211; JULY 29, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[OPERATOR]</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to the WPCS International Incorporated fiscal year 2011 fourth quarter and year end investor conference call. Your host for today&#8217;s call is Andy Hidalgo, chairman and CEO of WPCS International Incorporated. Before I turn the call over to Mr. Hidalgo, please be advised that the participants on today&#8217;s call will be in a listen only mode until Mr. Hidalgo has concluded his opening remarks. Upon conclusion of the opening remarks, there will be a question and answer session.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In addition, we would like to note that statements about the company&#8217;s future expectations, including future revenue and earnings and all other statements made during this investor conference call, other than historical facts, are forward looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and are subject to change at any time. The company&#8217;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. I will now turn the call over to Mr. Hidalgo.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ANDY HIDALGO]</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good afternoon ladies and gentlemen and welcome to our fiscal year 2011 fourth quarter and year end investor conference call. The agenda for today&#8217;s call will include a discussion of our fourth quarter and year end financial results, a review of market conditions and an update regarding our strategic development efforts.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Let me begin by stating that fiscal year 2011 was a difficult year for WPCS. The soft economic conditions led to a competitive environment which in turn led to reduced revenue and margins. In addition, we experienced significant losses on certain projects that were underbid. The combination of these events adversely affected our financial performance.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Several months ago, we enacted specific measures to combat the less than favorable financial results produced in fiscal year 2011. This included management changes, creating additional operational efficiencies and an overall reduction of SG&amp;A expenses. This effort is beginning to pay off now and has put WPCS back on track towards the profitable growth we expect for our shareholders.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Of course the economy has not yet fully recovered and we understand that we will continue to have some challenges in fiscal year 2012, however, we are better situated as a company from an operational perspective today than we were a year ago. Our projects are under control, our leadership team is focused on success and the public service, healthcare and energy markets continue to afford us the ability to maintain an active bid list and increased backlog compared to the third quarter of fiscal 2011.</font></div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again, it has been a difficult fiscal year 2011 but we know that fiscal year 2011 is behind us and we expect to return to profitability in fiscal year 2012. This return to profitability includes expected increases in revenue due to our existing backlog and bids, as well as recognizing projects that were delayed in fiscal year 2011. For the first quarter of fiscal year 2012 which ends July 31, 2011, we expect to generate positive EBITDA.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the end of the fourth quarter, WPCS is pleased to announce that we have a backlog of $45.3 million and a bid list of $147.2 million which is an indication that the opportunity to generate respectable earnings in the near future exists. The management team believes that we have turned the corner and we look forward to a successful year ahead. Now, we can turn our attention to the audited financials for the fourth quarter and fiscal year ended April 30, 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In regards to revenue, for the fourth quarter ended April 30, 2011, WPCS generated $17.8 million in revenue compared to $29.2 million for the same period last year. The decrease in year over year revenue is due to current project delays and delays in bid awards. We expect an increase in revenue production in the first and second quarters of fiscal year 2012 compared to the fourth quarter of fiscal 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the fourth quarter ended April 30, 2011, WPCS generated a net loss of $27.0 million or $3.89 per diluted share. This net loss includes a non-cash charge of $27.5 million related to goodwill and other intangible asset impairments, as a result of certain intangible assets exceeding their fair value, as determined by operating performance. I do want to emphasize that these are non-cash charges and do not affect the operations or cash flow of the company.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the fiscal year ended April 30, 2011, WPCS generated $96.8 million in revenue compared to $105.8 million for the same period last year. The decrease in year over year revenue reflects the soft economic environment we experienced this past year combined with project delays and delays in bid awards. The revenue segmentation for fiscal year 2011 was approximately 29% wireless communication, 13% specialty construction and 58% electrical power.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the fiscal year ended April 30, 2011, WPCS generated a net loss of $36.8 million or $5.30 per diluted share. This net loss includes a non-cash charge of $34.4 million for goodwill and other intangible asset impairment charges and $624,000 of one-time charges associated with the strategic alternatives effort currently underway.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again, I would like to emphasize that of the $36.8 million of net income loss, $34.4 million is related to non-cash impairment charges. We have now written off most of our goodwill. The remaining loss beyond the non-cash impairment charges are primarily related to cost overruns on specific projects that were underbid and the costs associated with the strategic alternatives effort, which we have discussed throughout the year.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated gross margin for fiscal year 2011 was 19% compared to 26% during the same period last year. The lower margin contribution reflects project cost overruns, as well as the competitive nature of past project awards. Our projects are now under control and we have been actively bidding. We anticipate an increase in gross margin in the quarters ahead.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of April 30, 2011, WPCS continues to maintain a healthy balance sheet with approximately $4.9 million in cash, and $14.8 million in working capital. Due to the relative strength of our balance sheet, the company expects to be able to finance our growth internally and meet our short term liquidity needs.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a result of missing our financial goals last fiscal year, we triggered financial covenant defaults in regards to our credit facility with Bank of America. However, we continue to work with Bank of America under the terms of the forbearance agreement and we are considering alternative credit arrangements.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June 16, 2011, Multiband Corporation, traded under the NASDAQ symbol MBND, announced that it entered into a non-binding letter of intent to acquire WPCS at $3.20 per share in cash. In addition, Multiband acquired approximately 10% of the outstanding shares of WPCS in an open market transaction. Lastly, Multiband deposited $1 million in escrow which will be forfeited to WPCS unless WPCS materially breaches the definitive agreement to merge or if another bidder tops the existing bid.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The proposed acquisition is subject to customary due diligence and the negotiation of a definitive merger document as well as WPCS shareholder approval. The transaction is expected to close by the end of the third quarter of calendar year 2011. When Multiband puts forth a definitive agreement to acquire WPCS, our directors will confer and announce their recommendation to our shareholders. The solicited bid from Multiband is part of the strategic alternatives effort that has been underway since September 2010.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In conclusion, the management team will continue to focus on improving our financial performance and making sure that each operation center is positioned for earnings growth in the near future. We believe WPCS is a valuable company. We have a leadership position in communications infrastructure, an exceptional customer base in high growth markets, an international presence, a healthy balance sheet and earnings growth potential. Our company remains committed to building shareholder value in the short term and the long term. I would like to now turn the call over to the operator to begin the question and answer session.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[OPERATOR]</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will now begin the question and answer session. You can submit your question by pressing *1 and can be removed from the queue by pressing the # sign.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If there are no further questions, I would like to thank all the participants on today&#8217;s WPCS International Incorporated fiscal year 2011 fourth quarter and year end investor conference call. Please keep in mind that a replay of this investor conference call will be available for a period of five days by dialing 402-220-2946 and entering 31453 # as the program identification number.</font></div>

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