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Lentuo International Inc. Announces Fourth Quarter And Fiscal Year 2010 Financial Results

Stocks in this article: LAS

All instances of "diluted earnings per ADS" in the release dated April 13, 2011 should read: "diluted earnings per ordinary share."

The corrected release reads:

LENTUO INTERNATIONAL INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2010 FINANCIAL RESULTS

4Q10 Revenue Increased 70.0% Year-Over-Year

4Q10 Net Income Increased 40.2% Year-Over-Year

FY10 Revenues Increased 43.7% Year-Over-Year

FY10 Net Income Increased 25.4% Year-Over-Year

Lentuo International Inc. (NYSE: LAS) (“Lentuo” or the “Company”), the largest non-state-owned automobile retailer in Beijing, China as measured by new vehicle sales revenues in 2009, today announced unaudited financial results for the fourth quarter and fiscal year of 2010.

Fourth quarter 2010 Financial Highlights

  • Revenues in the fourth quarter of 2010 increased 70.0% year-over-year to RMB1.1 billion ($167.4 million).
  • The number of vehicles sold in the fourth quarter of 2010 increased 61.5% year-over-year to 6,292 units.
  • The average unit price in the fourth quarter 2010 increased 8.2% year-over-year to RMB164,879.
  • Net income was RMB49.0 million ($7.4 million), an increase of 40.2% from RMB34.9 million in the comparable period of 2009. Diluted earnings per ordinary share was RMB1.01 ($0.15).

Fiscal Year 2010 Financial Highlights

  • Revenues in the full year of 2010 increased 43.7% year-over-year to RMB3.4 billion ($509.6 million).
  • The number of vehicles sold in the full year of 2010 increased 20.8% year-over-year to 18,176 units.
  • The average unit price for the full year of 2010 increased 19.4% year-over-year to RMB169,182.
  • Net income attributable to ordinary shareholders and comprehensive income in 2010 was RMB161.4 million ($24.5 million), an increase of 25.4% from RMB128.7 million in the full year 2009. Diluted earnings per ordinary share was RMB3.77 ($0.57).

Mr. Hetong Guo, Founder and Chairman of Lentuo, commented, “We are pleased with our solid fourth quarter financial results. Our rapid revenue growth in the fourth quarter of 2010 again demonstrates our strong brand and proven business model. Although new traffic control measures in Beijing may negatively impact certain aspects of Lentuo’s business, they may create new opportunities for us as well. We intend to broaden our portfolio of luxury brands, increase the relative contribution of maintenance services to our total revenues, and leverage our leading brand in the Beijing market, stronger financial position, and operational scale to acquire smaller dealerships at attractive prices.”

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