The delay in filing its Form 10-K is due to the review of agreements concerning the transfer of 48.9% ownership of the Company's subsidiary, Worldwide Energy & Manufacturer (Nantong) Co., that could affect reported 2010 financial results. As previously described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2009, the Company had been in negotiations with the Solar Division management team regarding the transfer of equity ownership of Nantong. In 2010 and 2011, the Company signed certain agreements concerning the transfer of 48.9% ownership of Nantong to the management of Nantong. The Company's audit committee is currently conducting an independent review of the transaction.
Worldwide Energy & Manufacturing USA announced today that it expects fiscal year 2010 revenues to come in at the high end of its guidance based on the year-end sales strength that the Company is experiencing. On December 7, 2010, Worldwide provided revenue guidance of between $160 million to $165 million for fiscal year 2010, a record for the Company. The update to the Company's revenue estimate is based on the strength it sees from contracts and commitments, primarily from its Solar Division. The Company's 'AmeriSolar' brand of photovoltaic solar modules continues to capture increasing market share globally and is building momentum and gaining recognition.
Based on our strong July sales, we are on a run rate to generate over $44 million in revenues for the third quarter and much higher operating profit than that of the recently reported second quarter. As we continue to ramp up production at our new Nantong facility and build on our existing success in penetrating the crucial European solar market, we expect strong continued financial growth in the remainder of the year.
Second quarter revenues are expected to exceed $30 million, an approximate 200% increase compared to the same period a year ago. "It is with great pleasure that we provide our shareholders with such a positive quarterly update. The numbers we provided to the marketplace in the first quarter as well as the anticipated revenue numbers for our second quarter are outperforming the expectations that we previously held for the Company internally. The Company will keep shareholders well informed of any new developments and will release new positive forward-looking guidance when the second quarter financials are released in August 2010. At this point, we fully anticipate a record year for the Company and we remain very confident in our business model for the foreseeable future. We look forward to sharing any additional information with our shareholders as it becomes available."
I am extraordinarily pleased with the progress of our strategic initiatives. The backlog in our solar division remains very strong currently standing at approximately $82 million dollars. We anticipate another strong showing in the second quarter and continued strength throughout the rest of the year.
The Company announced today that expected revenue for the first quarter ended March 31, 2010 is approximately $30 million, an increase of 190% over the same period last year. Net income is conservatively expected to exceed first quarter income for the same period last year.