WPCS International Incorporated (WPCS), an engineering services company specializing in communications systems and wireless infrastructure, reported fourth quarter and full year 2008 results this afternoon. Figures did not differ materially from those pre-announced on July 17, 2008. Quarterly revenues rose to $26.7 million, a 51% increase compared to a year ago. Net income for the quarter totaled $921,000, or 13 cents per share, a decline of 34% year-over-year. The lone analyst that covers the company expected earnings of 22 cents per share on sales of $30.8 million.

Annual revenues for fiscal 2008 were $101.4 million, a record for WPCS and a 45% increase over 2007. Full year net income was $4.1 million, or 52 cents per share. Last year the company earned $4.6 million, or 72 cents per share. A spate of small acquisitions last year partly funded by shares led to higher revenues and an increased share count. WPCS issued guidance for fiscal 2009 on July 17. The company anticipates earning approximately $5.6 million, or 74 cents per share, on $125 million in revenues.

WPCS’s aggressive acquisition campaign demonstrates substantial ambition for a company its size. The company has an international reach, with subsidiaries in China and Australia in addition to its domestic operations. Shares of WPCS closed at $5.50 today and have traded in a 52-week range of $5.15 – $13.30. Sporting a P/E of 10.6, WPCS has a market cap of $40 million and a tangible book value over $4.40 per share.

Let us hear your thoughts below: