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March 24, 2006 Stock Pick: WPCS International Inc. (WPCS)

Stock Price: $7.94

WPCS International Inc. is an engineering company that focuses on the implementation requirements of wireless technology and specialty communication systems. The company provides a range of services including site design, product integration, security, structured cabling, construction and project management.

WPCS just reported a third quarter loss due to $9.7 million in non-cash charges related to accounting changes for warrant liabilities. These warrant's are linked back to an equity financing event in 2004 and should only be a one time loss. Revenue was actually up slightly for the quarter to $11.8 million. WPCS dropped over $1.00 on the news and is even more undervalued.

WPCS pulls in major contracts on a regular basis, most recently announcing new contracts totaling $6.1 million on January 30. More news like this may be released in the near future. WPCS is trading at a market cap of only $30.83 million and a price to sales of 0.65.

This stock moves fast with a float of only 3.51 million. A double in price from here would only mean a market cap of $62 million.

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