SHANGHAI, China, Feb. 14 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH), a leading mobile telecommunications device designer, today announced its third quarter financial results for the three months ended December 31, 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 Third Quarter results compared with 06-07 Third Quarter:
-- Revenues for the three months ended December 31, 2007 totaled
$14,697,000, 31.1% increase from revenues of $11,212,000 for the three
months ended December 31, 2006.
-- Net income totaled $4,936,000 for the year ended December 31, 2007,
increased by 32.3% from $3,732,000 for the three months ended December
31, 2006.
-- The Company reported earnings per share of $0.16 for the three months
ended December 31, 2007.
-- As of December 31. 2007, Cash and equivalent was $15,157,000 as
compared to $67,000 as of March 31, 2007.
The revenue from sale of components increased to US$8,133,000 from $5,407,000 for the same period in 2006, a 50.4% increase. The revenue from design increased to $6,564,000 from $5,805,000, a 13.1% increase.
Xiaofeng Li, CEO of T-Bay said: “The growth was mainly attributed to more solutions introduced and growth of our existing customers. Most solutions sold very well, especially solutions targeted to the Low-end market. Both revenue and net profit in this quarter exceeded results for the first half of fiscal year.”
07-08 Third Quarter Results Compared with 06-07 Third Quarter
COMPARATIVE RESULTS
For the Three Months Ended
12/30/07 12/30/06
Revenue $14,697,000 $11,212,000
Gross Profit 6,180,000 5,787,000
Net Income 4,936,000 3,732,000
Earnings per share 0.16 0.12
07-08 First Nine Months Results Compared with 06-07 First Nine Months
COMPARATIVE RESULTS
For the Six Months Ended
9/30/07 9/30/06
Revenue $28,136,000 $25,872,000
Gross Profit 14,334,000 13,421,000
Net Income 9,432,000 8,309,000
Earnings per share 0.31 0.28
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.
For more information, please contact:
Jack Zeng
Tel: +86-21-6481-4605
Email: zeng888888@hotmail.com
