WDT - Wellington Drive Technologies

[emearg]

Oh yes...you are right!

Funny as the low is stated as 8 cents on the NZX site and Direct Brokings site

But looking at Directs site the VWAP is 6.5

I only looked at the NZX site when posting before.

So who would want to buy this doggie even at a discount?

Another month before the full year results.

Hopefully there will be some good news in there? It is slightly hard to imagine this considering how high the dollar was for most of last year.

Who thinks there will be another capital raising this year?

[Zito]

My guess is someone was desperate to sell and 6.5c was all they could get for them. This is 'smart money' selling out and making a loud statement whilst doing it. Small investors ought to be listening.

SP 8c at close which is a new 2yr low....reconfirmation of downtrend after brief trading range.

[Zito]

SSH from AXA this morning that they have reduced their holding from 7% to below 5%....I guess they see this investment for what it is as well. The writing has been on the wall for some time.

Of course now that they are no longer SSH any further selling by them is not subject to disclosure. I would not be startled to see further selling pressure if AXA see fit to exit altogether.

[Anna Naum]

SSH from AXA this morning that they have reduced their holding from 7% to below 5%....I guess they see this investment for what it is as well. The writing has been on the wall for some time.

Of course now that they are no longer SSH any further selling by them is not subject to disclosure. I would not be startled to see further selling pressure if AXA see fit to exit altogether.

Suggest it is because of the breakup of AXA NZ, some will now be run by AXA from AU and the rest is being run by Harbour Asset Management, the old NZ team from Axa.

[Lizard]

No FY report yet? Tut, tut...

[Footsie]

out now... just

[sharer]

WDT 01/03/2010 FLLYR REL: 1044 HRS Wellington Drive Technologies Limited FLLYR: WDT: Full Year Results Announcement Wellington Drive Reports Annual Results Revenue increases 54% but final result down on Prospectus Auckland, 1 March 2010, Wellington Drive Technologies today announced its financial results for the year ended December 31 2009. Revenue for the year was $22.4 million, up from $14.5 million in 2008, although below the $40 million forecast in the company's January 2009 Prospectus. The company's bottom line loss was $14.7 million before foreign exchange losses. Revenues were up 54%, and sales of motors to the commercial refrigeration sector, principally for soft drink bottle coolers and supermarket refrigerated display cabinets, rose 105%. Final outcomes for the year were in line with guidance given in November at Wellington's EGM. The company's Chairman, Dr Rick Boven, said sales growth is expected to continue the upward trend shown this year, particularly to purchasers of motors for commercial refrigeration in North America, as well as expected first major sales of ventilation motors in Europe through Wellington's OEM partnership. "Our budget for 2010 projects significant reductions in losses and growth in revenues. The year has started positively with strong order flow in commercial refrigeration and ventilation. Indeed, some sales are currently more constrained by ability to supply than demand, and certainly for at least the first half of 2010 it appears demand will be above budget projections," he said. "Wellington is well funded and it remains the Board's intention to move to break-even without further capital raising." Wellington sold over 600,000 motors during the year, principally to large companies in North America and Europe progressively shifting to new generation energy-efficient motors. Dr Boven said the loss was disappointing and the company remained focused on moving to profitability as soon as possible. As well as building its international refrigeration and ventilation businesses it will continue to make and closely monitor savings in operating expenses and bring to market a range of six new motors whose development costs were incurred last year. The company's annual report is posted on the NZX website and at www.wdtl.com Wellington performance and operational highlights for 2009 - Total sales up 54% - Commercial refrigeration sales up 105% - $22 million in new capital raised - Hunter Hall Investment Management becomes cornerstone investor - Over 600,000 motors sold and delivered internationally - Shipments to Imbera (formerly Vendo de Mexico) increased substantially - Expansion of manufacturing and logistics centre in Singapore - Six new motors developed. High volume production initiated in China - Agreement with single global logistics contractor

[sharer]

Sorry about the clumsy looking post - but the contents of the annmt are all there.

Something seems to destroy or interfere with the formatting, so simple copy & paste doesn't work as before. After wasting a half hour i just gave up on it.

[Lizard]

The slightly surprising part about that result is that when compared with the $10.4m operating cashflow deficit in the first half, the full year op cash deficit of $10.1m suggests they were actually slightly cashflow positive in the second half... even if it was achieved by working capital management ($4m squeezed into payables, $3m from inventories, less a mere $0.6m soaked up by receivables). Good to see the cash from last cap raising remains intact, although the gross margins still only appear to sit about 10% in second half. It's going to take more drastic change in sales, margins or operating costs if the (long talked about) maiden profit is ever going to be booked.

[winner69]

Revenue for the year was $22.4 million,below the $40 million forecast in the company’s January 2009 Prospectus

Get their forecast a bit wrong did they?

One day, maybe, one day they'll come right

But what the heck ... star performer today .... up 15%