omniture

T-Bay Holdings Reports Earnings for Second Quarter

2007-11-15 00:01 1321

SHANGHAI, China, Nov. 15 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH), a leading mobile telecommunications device designer, today announced its second quarter financial results for the three months ended September 30, 2007. Full details of the Company's year-end financial results are available in the Company's Form 10-QSB at http://www.sec.gov .

07-08 Second Quarter results compared with First Quarter:

-- Revenues for the three months ended September 30, 2007 totaled

$7,381,000, 21.8% increase from revenues of $6,058,000 for the

three months ended June 30, 2007.

-- Gross profit for three months ended September 30, 2007 increased to

$4,557,000 from $3,597,000 for the three months ended June 30, 2007,

a 26.7% increase.

-- Net income totaled $3,093,000 for the year ended September 30,

2007, increased by 120.5% from $1,403,000 for the three months ended

June 30, 2007.

-- The Company reported earnings per share of $0.10 for the three months

ended September 30, 2007

-- As of September 30. 2007, Cash and equivalent was $11,304,000 as

compared to $67,000 as of March 31, 2007

The revenue from sale of components increased to US$2,117,000 from $2,025,000 in last quarter. The revenue from design service remains strong, increased to $5,264,000 from $4,033,000, a 30.5% increase. The company's gross profit was $4,557,000. Gross profit margin was 61.7%, supported by newly released solutions. Revenue from design service grew fast, taking up 71.3% of total revenue, compared to 66.6% in the three months ended June 30, 2007.

Mr. Xiaofeng Li, the CEO of T-Bay said, "We have strengthened our cash flow management and now we have sufficient funds for new investment opportunities. The high season of year is coming and we are confident to achieve annual goal of 25% growth in net profit."

07-08 Second Quarter results compared with 06-07 Second Quarter

COMPARATIVE RESULTS

For the Three Months Ended

9/30/07 9/30/06

Revenue $7,381,000 $10,798,000

Gross Profit 4,557,000 4,413,000

Net Income 3,093,000 2,650,000

Earnings per share 0.10 0.09

07-08 First half year results compared with 06-07 First half

COMPARATIVE RESULTS

For the Six Months Ended

9/30/07 9/30/06

Revenue $13,439,000 $14,660,000

Gross Profit 8,154,000 7,634,000

Net Income 4,496,000 4,578,000

Earnings per share 0.15 0.15

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 160, 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 Commnunication, Shenzhen Henkai, Qiao Xing Famous Technology, Shenzhen LaiDi, Shenzhen Siecom and CECT.

Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995

The statements in this press release that relate to the Company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.

Source: T-Bay Holdings Inc.
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