omniture

T-Bay Holdings Reports Fiscal 2008 Year End Results

2008-07-15 22:48 1182

-- Net Revenue Up 29.6%; Net profit Up 19.3% --

SHANGHAI, China, July 15 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH), today announced its financial results for the fiscal year ended March 31, 2008. Full details of the Company’s year-end financial results are available in the Company’s Form 10-K at http://www.sec.gov .

Full Year 2008 Financial Highlights:

-- Revenue for the year ended March 31, 2008 totaled $45,681,000, a 29.6% increase from revenue of $35,236,000 for the year ended March 31, 2007.

-- Gross profit totaled $22,142,000 in fiscal 2008, an increase of 25.6% over gross profit of $17,630,000 in fiscal 2007. The gross profit margin for fiscal year of 2008 decreased to 48.5%, from 50.0% for fiscal year of 2007.

-- Net income totaled $14,554,000 in fiscal 2008, increasing 19.3% from net income of $12,203,000 in fiscal 2007. The Company reported earnings per share of $0.48 for fiscal 2008, increased by $0.07 as compared with fiscal 2007.

-- As of March 31, 2008, cash and equivalents totaled $23,355,000 and shareholders’ equity totaled $49,689,000.

Financial Performance:

Revenues in fiscal 2008 recorded growth of 29.6% to $45,681,000, versus revenues of $35,236,000 in fiscal 2007. The revenue from sales of components increased by 44.2% whereas revenue from design services increased by 17.9%.

The growth was principally attributed to more design kick-offs and diversified market stratagem. During the year, T-Bay has introduced 31 design solutions based on three chipset platforms which made its product lines covering different market segments.

T-Bay has also developed feature phones for specific targeted markets. The world’s first phone solution with ECG (Electrocardiogram) monitor was developed for healthcare institutions; the phone solution with push-to-talk was developed for hotel and convention center employees; the phone solution with PHS (Personal Handy-phone System) was targeted to customers in remote areas in China and the phones have been used for rescue in the Sichuan Earth Quake two months ago; Dual-SIM card solutions were targeted to frequent business travelers. The diversified market stratagem demonstrates T-Bay’s competitive strength among other design houses in China and will bring higher profit margin than common solutions.

Net income rose 19.2% in fiscal 2008 to $14,554,000 from $12,203,000 in fiscal 2007, driven primarily by the increase income form design services, and it was the highest record in five years’ operation history.

“In addition to feature phones and 3G phone developed, we were involved in components design in automobile wireless technology and railway wireless communication system” said Jie Shi, T-Bay’s chief executive officer, “we are now working with technology partners to develop TPMS (Tire Pressure Monitoring System) sensors for local car manufacturers. It is the first step to enter in the automobile design industry. The application of wireless technology in automobile is another exciting market for us as wireless expert in China.”

Concerning the late filing, Mr. Jie Shi explained, “we apologize for the late filing of the Form 10-K because it’s the first time we file 10-K instead of 10KSB. We will enhance operation efficiency to prevent late filing from happening again.”

The company also disclosed in its 10K that it is in process of applying for AMEX listing.

COMPARATIVE RESULTS

For Fiscal Year Ended

3/31/08 3/31/07

Revenue $45,681,000 $35,236,000

Gross Profit 22,142,000 17,630,000

Gross profit margin (%) 48.5% 50.0%

Net Income 14,554,000 12,203,000

Comprehensive income 17,443,000 13,751,000

Earnings per share 0.48 0.41

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 in fiscal year ended March 31, 2008 were 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.

Source: T-Bay Holdings Inc.
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