SHANGHAI, China, Aug. 15 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH), a leading mobile telecommunications device designer, today announced financial results for its first fiscal quarter ended June 30, 2008. Full details of the Company’s year-end financial results are available in the Company’s Form 10-Q at http://www.sec.gov .
For the three months ended June 30, 2008:
-- Revenues totaled $11,133,000, an 83.8% increase from revenues of
$6,058,000 for the same period in the previous fiscal year.
-- Gross profit was $4,967,000, a 38.1% growth as compared with $3,597,000
during the same period in the previous fiscal year.
-- Net income totaled $3,453,000, a 146.1% increase as compared with
$1,403,000 for the same period in the previous fiscal year.
For the three months ended June 30, 2008, the 83.8% growth in revenue from $6,058,000 to $11,133,000 was mainly attributed to growth of sales of handsets and components. The revenue from sales of handsets and components was totaled $6,731,000 compared $2,025,000 for the same period of 2007, represented a 232.4% growth, accounted for 60.5% in total revenue, compared to 33.4% in the same period last year. The revenue from design services was up from $4,033,000 to $4,402,000, accounted for 39.5% of total revenue.
The growth of net profit also was attributed to decrease of G&A expense. In the first quarter 2007, we have made a provision for bad and doubtful debts of US$983,000 compared to US$138,000 in 2008.
Mr. Shi Jie, the CEO of T-Bay commented, “The feathered phone solution and low-ended phone solution sold well in the past few months. The growth of revenue is mainly due to more orders received for PCB and PCBA boards from our customers. In addition to the mobile phone design business, we expect our new business such as automobile wireless products and railway wireless system solutions would be other drives of our growth in the coming year.” The company developed GSM-R device and system for railway network and GPS, Tire Pressure Monitor System (TPMS) sensors for local automobile manufactures.
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 130, 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 Shenzhen Naide Technology Co., Ltd., Shenzhen Henkai Co. Ltd., Shenzhen Xuanhua Electronic Technology Co. Ltd., Beijing Hocom Co., Ltd. and Shenzhen Noato Technology Co., Ltd.
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in the 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.
