WPCS International Inc. (WPCS.OB), a communications infrastructure designer , Friday announced a return to profit for its first quarter due to a gain on disposal.
Net income for the first quarter was $993,701 or $0.14 per share, compared to a loss of $34,677 or a loss of $0.01 per share in the prior year.
Results for the 2012 quarter included asset disposal gains of $1.7 million.
Net revenues for the quarter fell to $13.44 million from $18.62 million in the year ago period. Project delays in the new contract awards caused the reported revenue to be lower than planned.
Shares of WPCS International closed at $0.74, down 6 cents or 7.50% on the Nasdaq.
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by RTT Staff Writer
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