ACL Semiconductors Inc. Reports Third Quarter 2012 Financial
Results
HONG KONG, Nov. 19, 2012 /PRNewswire/ -- ACL
Semiconductors Inc. (ACLO.OB) ("ACL"), an integrated China-based designer, manufacturer and
distributor of advanced technologies spanning smartphone and
semiconductor components, reported unaudited financial results for
the quarter ended September 30,
2012.
Mr. Chung-Lun Yang, Chairman and
Chief Executive Officer of ACL Semiconductors Inc., commented, "We
have strengthened our product design, manufacturing and
distribution capabilities with the recent acquisition of USmart, an
integrated smartphone component supplier to OEM customers.
ACL remains active in the semiconductor components and supply
market through ATMD, our joint venture with Tomen Devices."
Mr. Yang concluded, "We believe that we are well positioned to
leverage our strong sales and distribution network serving
customers across mainland China
and penetrating multiple emerging markets inclusive of India, Indonesia, Russia and select countries in Africa.
We have a robust R&D team focused on delivering divergent
solutions, inclusive of software platforms and other components, to
all smartphone buyers."
Recent Developments
On September 28, 2012, the Company
acquired Jussey, a company incorporated in British Virgin Islands, which owns 100% equity
interest in eVision Telecom Limited ("eVision"), a Hong Kong incorporated company, and 80% equity
interest in USmart Electronic Products Limited ("USmart"), a
Hong Kong incorporated company,
which wholly owned Dongguan Kezheng Electronics Limited
("Kezheng"), a wholly foreign-owned enterprise ("WFOE") organized
under the laws of the PRC. Through this acquisition, the Company
has diversified its product portfolio and customers' network,
obtained design and manufacturing capabilities, and tapped into the
expanding telecommunication industry with access to the 3G baseband
licenses.
Third Quarter 2012 Results
Net revenue for the quarter ended September 30, 2012 was $49.5 million, as compared to revenue of
$74.0 million for the same period
last year. Third quarter 2012 net sales decreased due to the
migration of the Samsung products business to ATMD, a joint venture
formed in April 2012 in which ACL
retained a 30% stake, as well as the reduced demand in the DRAM
market.
Gross profit for the third quarter 2012 was $862,000, as compared to $2.9 million in the same period of 2011.
Gross profit margin for the third quarter 2012 was 1.7%, compared
to a gross profit margin of 5.0% for the third quarter 2011.
Reduced average selling prices of DRAM in the third quarter 2012
have impacted gross margin and the low gross profit margin.
Operating expenses for the third quarter 2012 were $1.2 million, down from $1.5 million for third quarter 2011. The
decrease was mainly due to lower directors' remuneration and
entertainment expenses. Other income for the third quarter 2012 was
$1.5 million, up from other expenses
of $90,000 for the same period last
year. The year-over-year increase in other income was mainly
due to the write back in the 2012 quarter of bad debt provision of
$1.6 million.
Net income for the quarter ended September 30, 2012 was $1.2 million, compared to a net income of
$1.9 million in the same period last
year. Earnings per diluted share were $0.04 for the quarter ended September 30, 2012, compared to earnings per
diluted share of $0.07 in the same
period last year.
About ACL Semiconductors Inc.
ACL Semiconductors is an integrated China-based designer, manufacturer and
distributor of advanced technologies spanning smartphone and
semiconductor components. Through the September 2012 acquisition of USmart Electronics
Products, ACL has become a one-stop solution provider of smartphone
components serving OEM customers spanning local China mobile phone companies and established
telecom carriers. Following the formation of the ATMD joint
venture with Tomen Devices in April
2012, ACL has retained a 30% stake in the business focused
on supplying Samsung semiconductors and LCD products in
Greater China.
Forward-Looking Statements
This information contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
In particular, when used in the preceding discussion, the
words "plan," "confident that," "believe," "scheduled," "expect,"
or "intend to," and similar conditional expressions are
intended to identify forward-looking statements within the meaning
of the Act and are subject to the safe harbor created by the Act.
Such statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, the
availability of components and successful production of the
company's products, the process of the new joint venture with
Tomen, general acceptance of the company's products and
technologies, competitive factors, timing, and other risks
described in the company's SEC reports and filings.
Investor
Contacts:
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Kun Lin
Lee
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Stephanie
Carrington
|
Chief Financial
Officer
|
The Ruth
Group
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ACL Semiconductors
Inc.
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+1-646-536-7017
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+1-408-981-9363
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scarrington@theruthgroup.com
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+852-3666-9939
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|
klee@atlantic.com.hk
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SOURCE ACL Semiconductors Inc.