SHENZHEN, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- AIVtech International Group Co. (OTC Bulletin Board: ECOH) ("AIVtech" or the "Company"), a provider of consumer electronics products in both domestic and international markets, today announced financial guidance for the business year ending December 31, 2010.
For the 2010 business year, AIVtech expects:
-- Revenues of approximately $69 million, representing an increase of 79%
over 2009 revenues of $38.5 million; and
-- Net income of approximately $9.4 million, representing an increase of
26% from $7.5 million in 2009, or approximately $0.47 per share based
on 20 million shares outstanding.
The increase in revenue is expected to derive from all three AIVtech product categories: (1) a steady increases in sales of furniture-audio products; (2) a near-10% increase in sales of multimedia speakers; and (3) sales of the new line of LED TVs, which were introduced in May 2010, whose revenues are estimated to reach $27 million (representing approximately 39% of total revenue). Although LED TVs carry a lower margin, the Company views this market as a major opportunity and expects operating leverage to begin offsetting lower TV margins in early 2011.
"Looking at our current sales pipeline and the growing acceptance of our new LED TVs, we are confident that we will achieve strong growth in 2010," commented Mr. JinLin Guo, AIVtech's Chairman and Chief Executive Officer. "Based on this confidence, we are offering guidance for revenues and net income the full year, and we remain committed to taking further action to improve shareholder value as the year progresses."
About AIVtech International Group Co.
AIVtech International Group Co. is the parent company of wholly owned Shenzhen AIVtech Company Limited ("Shenzhen AIVtech"), which owns 70% of Dongguan AIVtech Company Limited ("Dongguan AIVtech"). AIVtech's founder, Chairman, and CEO JinLin Guo owns the remaining 30% of Dongguan AIVtech. Founded in 2004, the Company focuses on the integration of electronic products, such as multimedia speakers and video games, with furniture and has coined the term "electronic furniture" to describe its products. The Company has three major product categories: (1) electronic furniture, including video chairs with built-in speakers and vibration, as well as leisure furniture with
built-in audio/video systems; (2) multimedia/digital speakers; and (3) LCD/LED televisions. For more information, visit http://www.aivtechgroup.com .
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations of signing new customers and contracts, developing new products, projected revenues and earnings, and the success of new products. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. AIVtech International Group Co. undertakes no obligation to update the forward-looking information contained in this press release.
For more information, please contact:
Investor Relations Contact:
Mr. John Harmon, Sr. Account Manager
CCG Investor Relations
Email: john.harmon@ccgir.com
Tel: +1-646-833-3424
Company Contact:
Mr. Chris Durkin, Investor Relations Director
AIVtech International Group Co.
Email: chrisdurkin@aivtechgroup.com
Tel: +1-347-387-2061
Source: AIVtech International Group Co.
