BEIJING, May 15 /Xinhua-PRNewswire/ -- Asia Premium Television Group, Inc. (OTC Bulletin Board: ATVG)("ATVG"), a China-based mobile community and marketing company, today reported its second quarter fiscal 2008 financial results.
For the second fiscal quarter ended March 31, 2008, ATVG reported gross revenue of US$120,094 and gross profit of US$120,094. The Company had no costs of goods sold. After all sales, marketing and other administrative expenses, the Company reported an operating loss of US$52,941. After taking into account other income, one-time gains, tax expenses and other adjustments including currency translations, the Company reported a net loss of US$52,738 or a net loss of $0.01 per outstanding share.
For the six months ended March 31, 2008, ATVG reported gross revenue of US$420,989 and gross profit of US$420, 989. The Company had no costs of goods sold. After all sales, marketing and other administrative expenses, the Company reported an operating profit of US$95,201. After taking into account other income, one-time gains, tax expenses and other adjustments including currency translations, the Company reported net income of US$95,950 or net income of $0.03 per outstanding share.
Investors are reminded that Company’s financial results for the quarter ended March 31, 2008 relate only to ATVG’s historical operations in marketing consulting. They do not include results from the Company’s newly-acquired operations in mobile top-up and marketing services in Jiangxi Province (to launch in Q4 fiscal 2008).
In recent months, the Company has made steady progress with its new business in Jiangxi Province (population: 44 million), where it serves as a technology supplier and platform operator to its local operating partner. The Company is rolling out a mobile retail payment network of approximately 20,000 outlets and expects its mobile top up business to start contributing significant revenues by late August 2008, once all testing of the top-up technical platform has been completed.
For more detailed information on the Company’s results of operations, please refer to the Company’s Form 10-Q filing for the period ended March 31, 2008 which can be found at http://www.sec.gov .
This press release includes statements that may constitute ‘forward-looking’ statements, usually containing the word ‘believe,’ ‘estimate,’ ‘project,’ ‘expect,’ ‘plan,’ ‘anticipate’ or similar expressions. Forward- looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of Asia Premium Television Group, Inc.’s (“ATVG”) product and services in the marketplace, competitive factors and changes in regulatory environments. These and other risks relating to ATVG’s business are set forth in ATVG’s Annual Report on Form 10-K for the period ended September 30, 2007 filed with the Securities and Exchange Commission on December 31, 2007, and other reports filed from time to time with the Securities and Exchange Commission. By making these forward-looking statements, ATVG disclaims any obligation to update these statements for revisions or changes after the date of this release.
