This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China TechFaith 2Q Profit Rises On One-time Gain

SEATTLE (AP) ¿ Cell phone design and manufacturing company China TechFaith Wireless Communication Technology Ltd. said Monday its second-quarter profit rose 17 percent, helped by a one-time gain.

But sales slipped 12 percent, and investors sent shares down 6 cents, or 2 percent, to $2.88 in after-hours trading. Earlier, the stock gained 21 cents, or 7.7 percent, to close at $2.94.

The Beijing-based company's earnings for the three months ended June 30 increased to $4.5 million, or 10 cents per U.S.-traded share, from $3.9 million, or 9 cents per share in the same period last year.

Results included a $2.1 million gain from a change in fair value of certain debt.

Sales slipped 12 percent to $49.8 million from $56.6 million in the year-ago quarter. TechFaith's product sales group's revenue dropped 6 percent to $48 million. Its handset design business' revenue sank 71 percent to $1.6 million.

The company said its deputy chief executive, Wilson Cai, is resigning because of personal health concerns. Cai replaced Bob Huo a year ago. His spot on the board will be filled by Dong Deyou, another TechFaith executive.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CNTF $3.93 -1.75%
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs