AMERICAN WELDING SOCIETY, INC., AND AWS FOUNDATION FINANCIAL REPORT Certification This operating unit once again is our top revenue-producing business unit, generating $13.5 million, an increase of 10.4% when compared to 2014. CWI renewal revenues is the main driver of the increase in total revenues, followed by Welder certification revenues ahead by 13.7%. Exam and renewal revenues generated by our international Agents approximated $3.6 million. We have 48 international Agents. We continue to expand our global presence through new Agents. In 2015, we extended new contracts in India, Germany, Vietnam and Australia. We have an in-country person in India and now Saudi Arabia. International growth remains a key focus, particularly in Asia. Technical The 2015 D1.1 Structural Welding Code – Steel edition, our flagship code, was released in summer of 2015. Revenues from this edition as well as two other new releases helped generate $7.6 million in total book sales revenues. Technical marked the second highest revenue generator in 2015. The acquisition of our order fulfillment partner, “WEX,” helped us achieve such revenues, as we no longer had to split royalties from book sales. The ROI for this acquisition is 1.5 years, a solid investment. Publications Total departmental revenues were $4 million, an increase of 3.8% when compared to 2014. We experienced an increase in Welding Journal advertising, up 5.6% when compared to 2014. The increase in Spanish edition ad sales was 9% over 2014. In Summary Despite the market negative investment returns, fiscal year 2015 was another remarkable and memorable year for the Society from a business and operational standpoint. There are, indeed, many exciting opportunities for us as we continue our quest to innovate and improve. We are very fortunate to be in a financial position where we can readily invest. Positive financial results allow us to be productive and focus-driven without the distraction caused when an organization is experiencing a shortage of funds. We are grateful to be able to add to our financial strength, which allows us to fully devote our focus to our mission and deliver the best value to our constituents. Over the past years, we have been able to build a healthy reserve and at the same time we have been able to provide, invest, and participate in initiatives that have helped us advance our position in the marketplace. It also allows us to give back to the industry in the form of scholarships, programs and partnerships via our AWS Foundation. We continue to focus on global expansion to satisfy our mission and grow world presence. We are cautiously optimistic that fiscal year 2016 will achieve positive financial results. With our prudent practices, we will ensure that we are fiscally responsible and that we continue to make sound financial decisions. The AWS Board of Directors and AWS Foundation Trustees would like to express their appreciation to all of our members, volunteers, industry leaders, and cooperating organizations that share our goals in helping us make this another successful year. Appreciation is also extended to our capable staff, who helped make 2016 a success. JUNE 2016 / WELDING JOURNAL 39
Welding Journal | June 2016
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