Net Revenue up 38%; Net profit up 21%
SHANGHAI, China, June 29 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings Inc. (OTC Bulletin Board: TBYH), a leading mobile telecommunications device designer, today announced its financial results for the fiscal year ended March 31, 2007. Full details of the Company’s year-end financial results are available in the Company’s Form 10-KSB at http://www.sec.gov .
Fiscal Year 2007 Financial Highlights:
-- Revenues for the year ended March 31, 2007 totaled $35,236,000, a
38.0% increase from revenues of $25,527,000 for the year ended
March 31, 2006.
-- Net income totaled $12,203,000 for the year ended March 31, 2007,
increased by 21.0% from net income of $10,082,000 for the year ended
March 31, 2006.
-- The Company reported earnings per share of $0.41 for fiscal 2007,
versus $0.34,for fiscal 2006, increased by 21.0%.
-- As of March 31. 2007, shareholders’ equity totaled $31,720,000, as
compared with $17,803,000 as at March 31, 2006.
4th Quarter Financial Highlights:
-- Revenue for the three months ended March 31, 2007 totaled $9,364,000,
a 50.0% increase from $6,243,000 in the same period last year.
-- Net income totaled $3,894,000, increased by 75.0% from $2,226,000 in
the same period last year.
-- Earnings per share was $0.13, as compared $0.08, a 62.5% increase in
the same period last year
Financial Performance:
Revenues in fiscal 2007 increased by 38.0% to $35,236,000, versus revenues of $25,527,000 in fiscal year 2006. The revenue from sale of components increased significantly from $6,855,000 to $15,779,000, representing a 130.2% increase. T-Bay received more orders for PCB and PCBA boards. The revenue from design service increased to $19,457,000 from $18,672,000, a 4.2% increase. The company’s gross profit was $17,630,000. Gross profit margin was 50.0%.
Net income rose 21% in fiscal 2007 to $12,203,000 from $10,082,000 in fiscal 2006, driven primarily by the increase in the sales of PCB and PCBA boards.
“The strong growth in 4Q has driven a 38% whole year growth in revenue and 21% growth in net profit. We had the best year in our operation history with revenue of $35,236,000 and net profit of $12,203,000,” said Xiaofeng Li, the CEO of T-Bay, “With flexibility of our design solutions, based on VIA, MTK, Infineon platforms covering a broader range of market segments, hopefully, we expect another successful year in fiscal year 07-08.”
COMPARATIVE RESULTS
For Fiscal Year Ended
3/31/06 3/31/07
Revenue $25,527,000 $35,236,000
Gross Profit 15,915,000 17,630,000
Net Income 10,048,000 12,203,000
Earnings per share 0.34 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 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, CECT.
