Williams Controls Inc. (WMCO, Financial) filed Annual Report for the period ended 2009-09-30.
WILLIAMS CONTROLS, INC. is diversified manufacturer and distributor through its wholly operated subdiaries, Williams Controls Industries, Inc.; Kenco Williams, Inc.; NESC Williams, Inc.; Williams Technologies, Inc. and Williams World Trade, Inc. Co.'s operations are divided into four industry segments. Heavy Vehicle Components: Co.'s heavy vehicle component product lines include electronic throttles, exhaust brakes and pneumatic and hydraulic controls. These products are used in applications which include heavy vehicles, utility and off- highway equipment, transit buses and mining machines. Williams Controls Inc. has a market cap of $61.7 million; its shares were traded at around $8.49 with and P/S ratio of 0.9.
We sell our products to customers primarily in the heavy truck, transit bus and off-road equipment industries. For the years ended September 30, 2009, 2008 and 2007, The Volvo Group accounted for 16%, 19% and 17%; Paccar, Inc. accounted for 9%, 11% and 14%; and Daimler Trucks NA accounted for 9%, 9% and 13%. Approximately 37%, 46% and 41% of net sales in fiscal 2009, 2008 and 2007 respectively, were to customers outside of the United States, primarily in Canada, Belgium, Sweden, Mexico and Korea, and, to a lesser extent, in other European countries, South America, Pacific Rim nations and Australia. We market our products from our sales facilities in Portland, Oregon, Shanghai, China, Munich, Germany and through distributor networks.
In fiscal 2009, 2008 and 2007, approximately 83%, 86% and 84%, respectively, of our sales were from sales of electronic throttle controls, with the remainder being sales of pneumatic control systems.
We sell products in Canada, Belgium, Sweden, Mexico, South America, the Pacific Rim nations, Australia, China and certain member nations of the European Union; we purchase components from suppliers in China, Mexico and Europe; we have a manufacturing and sales operation in China; and we maintain a sales and technical center in Germany. For the years ended September 30, 2009, 2008 and 2007, foreign sales were approximately 37%, 46%, and 41% of net sales, respectively. Although currently a majority of our sales and purchases are made in U.S. dollars, an increasing amount of our purchases and sales are made in Chinese RMB and we anticipate that over time more of our purchases of component parts and sales of our products will be denominated in foreign currencies. We do not presently engage in any hedging of foreign currency risk. In the future, our operations in the foreign markets will likely become subject to fluctuations in currency values between the U.S. dollar and the currency of the foreign markets. Our results of operations and stockholder value could be adversely affected if currency of any of the foreign markets increases in value relative to the U.S. dollar.
Read the The complete ReportWMCO is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
WILLIAMS CONTROLS, INC. is diversified manufacturer and distributor through its wholly operated subdiaries, Williams Controls Industries, Inc.; Kenco Williams, Inc.; NESC Williams, Inc.; Williams Technologies, Inc. and Williams World Trade, Inc. Co.'s operations are divided into four industry segments. Heavy Vehicle Components: Co.'s heavy vehicle component product lines include electronic throttles, exhaust brakes and pneumatic and hydraulic controls. These products are used in applications which include heavy vehicles, utility and off- highway equipment, transit buses and mining machines. Williams Controls Inc. has a market cap of $61.7 million; its shares were traded at around $8.49 with and P/S ratio of 0.9.
Highlight of Business Operations:
We sell our products world-wide. During the year ended September 30, 2009, approximately 63% of our products were sold in the United States and an additional 9% of our products were sold to customers in Canada and Mexico for vehicles that are produced, in part, for the United States market. Approximately 28% of our products were sold to other international markets. We sell the majority of our products directly to large heavy truck, transit bus and off-road original equipment manufacturers worldwide. Our largest customers include The Volvo Group, Paccar, Inc., Daimler Trucks NA, Navistar International Corporation, Caterpillar, Inc., and Hyundai Motor, Co. We also sell our products through a network of independent distributors and representatives, which sell to smaller original equipment manufacturers and to truck and bus owners as replacement parts.We sell our products to customers primarily in the heavy truck, transit bus and off-road equipment industries. For the years ended September 30, 2009, 2008 and 2007, The Volvo Group accounted for 16%, 19% and 17%; Paccar, Inc. accounted for 9%, 11% and 14%; and Daimler Trucks NA accounted for 9%, 9% and 13%. Approximately 37%, 46% and 41% of net sales in fiscal 2009, 2008 and 2007 respectively, were to customers outside of the United States, primarily in Canada, Belgium, Sweden, Mexico and Korea, and, to a lesser extent, in other European countries, South America, Pacific Rim nations and Australia. We market our products from our sales facilities in Portland, Oregon, Shanghai, China, Munich, Germany and through distributor networks.
In fiscal 2009, 2008 and 2007, approximately 83%, 86% and 84%, respectively, of our sales were from sales of electronic throttle controls, with the remainder being sales of pneumatic control systems.
We sell products in Canada, Belgium, Sweden, Mexico, South America, the Pacific Rim nations, Australia, China and certain member nations of the European Union; we purchase components from suppliers in China, Mexico and Europe; we have a manufacturing and sales operation in China; and we maintain a sales and technical center in Germany. For the years ended September 30, 2009, 2008 and 2007, foreign sales were approximately 37%, 46%, and 41% of net sales, respectively. Although currently a majority of our sales and purchases are made in U.S. dollars, an increasing amount of our purchases and sales are made in Chinese RMB and we anticipate that over time more of our purchases of component parts and sales of our products will be denominated in foreign currencies. We do not presently engage in any hedging of foreign currency risk. In the future, our operations in the foreign markets will likely become subject to fluctuations in currency values between the U.S. dollar and the currency of the foreign markets. Our results of operations and stockholder value could be adversely affected if currency of any of the foreign markets increases in value relative to the U.S. dollar.
Read the The complete ReportWMCO is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
