SHANGHAI, China, Aug. 21 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH), a leading mobile telecommunications device designer, today announced its first quarter financial results for the three months ended June 30, 2007. Full details of the Company’s year-end financial results are available in the Company’s Form 10-Q at http://www.sec.gov .
07-08 First Quarter Financial Highlights:
-- Revenues for the three months ended June 30, 2007 totaled $6,058,000,
a 56.9% increase from revenues of $3,862,000 in 2006.
-- Gross profit for three months ended June 30, 2007 increased to
$3,597,000 from $3,221,000 in 2006, a 11.7% increase
-- Comprehensive income totaled $1,736,000 for the year ended June 30,
2007, decreased by 12.6% from $1,987,000 in 2006.
-- The Company reported earnings per share of $0.05 for the three months
ended June 30, 2007
-- As of June 30. 2007, Cash and equivalent was $4,055,000 as compared to
$67,000 as of March 31, 2007
Financial Performance:
Revenues in three months ended June 30, 2007 increased by 56.9% to $6,058,000, versus $3,862,000 in the same period of 2006. The revenue from sale of components increased significantly from $422,000 to $2,025,000, representing a 379.9% increase. T-Bay received more orders for PCB and PCBA boards. The revenue growth from design service remain strong, increased to $4,033,000 from $3,440,000, a 17.2% increase. The company’s gross profit was $3,597,000. Gross profit margin was 59.4%, supported by newly released solutions. Operating expenses for the three months ended June 30, 2007 increased to $1,723,000 from $748,000 mainly because $983,000 of provision for bad and doubtful receivables was made.
Mr. Xiaofeng Li, the CEO of T-Bay said, “We are confident that most of the overdue receivables will be collected because our receivables are mainly from customers that we have established business relationship for a long time. However, to be prudent in our financial reporting, we have made considerable bad debt provisions during this quarter.”
COMPARATIVE RESULTS
For Three Months Ended
6/30/07 6/30/06
Revenue $6,058,000 $3,862,000
Gross Profit 3,597,000 3,221,000
Operation Expense 1,723,000 748,000
Comprehensive Income 1,736,000 1,987,000
Earnings per share 0.05 0.06
About T-Bay Holdings Inc.
T-BAY conducts its mobile phone design business through its 95% owned subsidiary, Shanghai SunPlus Communication Technology Co., Ltd. ("SunPlus"). Established in October 2002, SunPlus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that SunPlus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 150, comprised mostly of engineers and software programmers.
SunPlus develops its mobile phone modules based mainly on the chipset platform provided by VIA, MTK, SKYWORKS, ANYKA, INFINEON. Historically, our customers included multinational brand names such as Motorola, NEC, Siemens, China Telecom, Panasonic and Alcatel. Our major customers in China include Feihu Communication, Shenzhen Henkai, Qiao Xing Famous Technology, Shenzhen LaiDi, Shenzhen Siecom, and CECT.
