Worldwide Energy (PINK:WEMU)

Recall in that on July 22, 2009 we removed Worldwide Energy & Manafacturing from the GeoBargain list.

Subsequently:

• The Company had announced that it would not meet previously issued guidance
• The CFO resigned

We were also concerned with the abundance of financial restatements for what seemed to be routine matters.

It appears that Worldwide Energy is garnering investor interest once again. In its November 5, 2009 third quarter conference call the Company issued new guidance.

^a The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.

^bEBITDA and Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time,  differ from company supplied figures.

^c GeoCalculated Figure

While the guidance is not as aggressive as in the past, it is more "believable", still implies impressive growth and offers room for upside.  (The initial EPS  guidance was close to $1.00)

On a positive note, Worldwide Energy recently reiterated its guidance once again,  instilling a degree of confidence that WEMU will not disappoint this time around. New 2010 contract wins announced over the past three days, totaling over $45 million, gives the Company a great jumpstart on 2010 and increases the likelihood that it will meet general 2010 EPS growth goals of at least 30%.

Also impressive is the CFO' ability to articulately address difficult investor questions.

One thing investors should keep in mind is that WEMU's pricing environment can experience volatility, posing a challenge to forecasting EPS even when a revenue backlog is available.  If the Company does meet its 2009 tax-adjusted EPS goals and attains a P/E of 25, WEMU shares could approach $12.50.  If not for the WEMU's recent hiccup, we would have coded it as a GeoBargain. For now, we will take it one quarter at a time.