The decoration studio using this mark is unknown, but people still believe that the items themselves are antique, probably because of the "since 1901" text included. Two problems: first of all, there are no traces of this decoration studio whatsoever - and every business is bound to leave some traces when around for over a hundred years. The second problem - which is also valid for items showing the sister mark mentioned below - is that there are dozens of these items around which (either in plain sight or after having the cover-up scratched off) clearly show an original Bareuther company producer mark that was in use between 1986 and 1993. So the items are definitely not antique.
And this studio was of course not located in or around Carlsbad; they merely implied that they used the same decoration style. And they were not the only one; just take a look at the probably related mark M060619, which is claimed to have been established 1921.

M120722a
Fountain flanked by the initials "HW" placed above "PORZELLAN" above "KARLSBADER WERTARBEIT" and "SEIT 1901".