Business
WindPower Innovations' Sales From Its Cameo Division Were up Over 72% Over the Previous Year for the Quarter Ended 9/30/13
WindPower Innovations' Sales From Its Cameo Division Were up Over 72% Over the Previous Year for the Quarter Ended 9/30/13.
About this update from Cyber Enviro-tech Inc.
[{"type":"text","content":"\n \n \n WindPower Innovations' Sales From Its Cameo Division Were up Over 72% Over the Previous Year for the Quarter Ended 9/30/13\n \n \nWindPower Innovations' Sales From Its Cameo Division Were up Over 72% Over the Previous Year for the Quarter Ended 9/30/13\n\nSales Topped $ 1.6 Million Dollars for the Period\n\n \n PHOENIX, AZ--(Marketwired - Oct 10, 2013) - WindPower Innovations, Inc. (PINKSHEETS: WPNV) announced today that its Cameo subsidiary recorded record sales during the Company's 4th quarter (period ended 9/30/13) of over $ 1.6 million dollars which represents an increase of $ 681,415 or 72% from the $929,000 booked in the same quarter last year.\n In the swimming pool business, sales represent contracts to build new or remodel existing pools but do not yet represent revenue. Revenue is reported based on the percentage of completion accounting rules under GAAP (generally accepted accounting principles). Swimming pools can take up to 60 days or more to build and these sales numbers represent the Company's backlog of work that will represent its revenue in the coming slower winter months as these pools are built or remodeled. \n Steven Vollaro, President of RIG Construction d/b/a Cameo Pools, said,\" John Myers and his team have more than delivered on every commitment they made to us when we agreed to be acquired. They have provided management expertise when we requested it while they recapitalized the company, and restructured our debt so that we could focus on our core business and the results are already beginning to show.\" Mr. Vollaro continued, \"Sales and margins have both increased since the acquisition and our backlog is larger than it has ever been at this time of the year.\"\n John Myers, CEO of WindPower Innovations, commented,\" We are very pleased with the results from our subsidiary. It validates our business plan and abilities and we expect to achieve similar results with our future acquisitions and thereby continue to enhance shareholder value.\"\n The Company is focused on completion of its year end audit as its fiscal year ended on September 30, 2013. RIG Construction, Inc. previously reported its revenue and earnings on a cash basis which is being recast based on percentage of completion accounting so that it complies with GAAP and the Company's auditing firm. Malone-Bailey can proceed to complete ...