China Tracker - Details for Wonder Auto Technology (WATG)

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 Wonder Auto Technology
Shares Outstanding (MRQ): 33.86 mill 
New Shares / Dilution (TTM): 6.90 mill25.59% 
New Shares / Dilution (since Dec 31, 2008): 6.90 mill25.59% 
Cash (MRQ): 60.58 mill0.00%
Account Receivables (MRQ): 99.58 mill0.00%
Account Receivables (Q/Q): + 51.13 mill  
Long-Term Debt (MRQ): 26.20 mill0.00%
Revenue Growth (Q/Q): 15.15% 
Revenue Growth (Y/Y): 33.70%
Net Income Growth (Q/Q): 63.93% 
Net Income Growth (Y/Y): 108.62%
EPS Growth (Y/Y): 66.11%
Net Margin (Q/Q): 17.2% (12.1%)5.10% 
Net Margin (Y/Y): 17.2% (11.0%)6.20% 
EPS | P/E (2 MRQ Projection): $1.290.00 
CFPS | P/CF (2 MRQ Projection): $0.350.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: PricewaterhouseCoopers
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-10-31): $0.850.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2006-06-22 
Uplisting to Senior Exchange: on 2007-08-09 at $6.55 (-100.00% since Uplisting)

 Business Outlook

Recent Chain of Events:
2012-09-19 -- Last SEC Filing
2011-12-13 -- Auditor Engagement
2011-12-06 -- Auditor Resignation
2011-09-12 -- Delisting from NASDAQ
2011-07-25 -- CFO Appointment
2011-07-12 -- CFO Resignation
2011-07-12 -- CEO Resignation
2011-05-09 -- Trading halted by NASDAQ
2010-12-06 -- Auditor Change
2010-11-09 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

The Audit Committee commenced the investigation in response to a report alleging that the Company had engaged in several transactions without properly disclosing their related-party nature. Based on the information presently available to it, the Audit Committee expects that its investigation will continue at least through June 2011.

Although the Company's work on the restatement is not complete, at this time it is expected that the restatement will be due primarily to certain sales cut-off errors and the timing of expenses associated with stock option compensation. The restatement also includes adjustments to cost of sales associated with the sales cut-off error and other adjustments. None of the amounts have been finalized at this point as the restatement has not been completed. However, based on the information currently available, it is expected that the net effect of the restatement will be to increase reported net income in 2008 and 2009. The Company continues to expect to meet the previously announced guidance for revenue and profit in its press release dated November 9, 2010. No change to the Company's cash position is expected to result from the restatement.

The Company does not anticipate being in a position to file its delinquent filings until the investigation is complete. Based on the Audit Committee's expected timetable for the investigation, and the Company's expected timetable to complete the restatement, the Company estimates that the delinquent filings may be complete by the end of July. There can be no assurance, however, that any of these deadlines will be met, or that the scope or depth of the restatement or the investigation will not change in a material manner, which could result in further delays.

Nasdaq has informed the Company that it has suspended trading in the Company's common stock pending the Company's provision of a satisfactory Plan of Compliance to Nasdaq, which is due by May 23, 2011. The Company has been in communication with Nasdaq regarding the matters noted above and intends to provide its Plan of Compliance to Nasdaq no later than May 23, 2011.

(Source: PR Newswire, 2011-05-20)

Wonder Auto Technology today announced that its Audit Committee, with the assistance of professional advisors, has undertaken an internal investigation concerning certain investment and acquisition transactions.

As a result of the pending restatement of its financial statements for fiscal years 2008, 2009 and 2010, and for the quarters ended March 31, June 30 and September 30, 2009 and 2010, and the investigation, WATG has not filed its Form 10-K for the fiscal year ended December 31, 2010 and does not expect to be able to file its Form 10-Q for the quarter ended March 31, 2011 by the filing deadline of May 10, 2011. As previously announced, WATG has received a notice from The Nasdaq Stock Market as to its noncompliance with Nasdaq's continued listing standards as a result of the failure to file the 10-K in a timely manner. Nasdaq further has informed WATG that it has suspended trading in the company's common stock pending WATG's provision of a satisfactory Plan of Compliance to Nasdaq. WATG plans to provide its Plan of Compliance to Nasdaq on or about May 13th and in no event later than May 23, 2011. The company does not expect that its filings will be completed until the completion of the investigation.

(Source: PR Newswire, 2011-05-13)

    see all Business Outlook notes

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 Analyst Coverage (show more)
2011-08-15Brean MurrayDowngradeHoldn/a
2011-05-17Maxim GroupDowngradeHoldn/a
2011-05-02Rodman & RenshawDowngradeTerminatedn/a
2011-04-18Roth CapitalReiterationBuy$11.00
2011-04-08Piper JaffrayReiterationOverweight$11.50

WATG is currently followed by 8 analysts. 4 give the stock a positive rating, 4 rate it neutral and 0 give it a negative rating. The average price target is 12.88.

    see all Analyst Ratings

 Recent Financings
2009-10-28Priced$83.16 mill6.00 mill shares$13.86

 Investor Presentations
2010-04-01 (PDF)   DOWNLOAD (right click, save as)
READ: Score Cards Explained
DETAILS: Safety/Risk Model for WATG
Current Price:  n/a
F10k Day (2006-11-07): -100.00%$3.80
2009 Close: -100.00%$11.74
2010 Close: -100.00%$7.54
2011 Close: -100.00%$0.81
High (2012-08-15): -100.00%$1.01
Low (2012-09-06): -100.00%$0.09
Market Capitalization: n/a
Total Shares: 33.86 mill
Float: n/a
Avg Volume: n/a
Short Interest: 4.21 mill
Short Ratio: 17.04%n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 78.83 mill
Net Income (MRQ): 13.58 mill
Op. Cash Flow (MRQ): 11.72 mill
all financial data provided without warranty