The Company estimates that its revenues for the first quarter of 2011 will be approximately RMB550 million (US$83.3 million) to RMB580 million (US$87.9 million), representing a year-over-year decrease of approximately 5.4% to 0.2%.
This guidance is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
The Chairman concluded: “Although we anticipate a slightly decrease in the first quarter of 2011 from our usual pattern of top-line growth, we feel that the Company has performed well in light of adverse policy changes in our principal market. We are proactively addressing this change in our operating environment by increasing the proportion of service-driven revenues and improving our dealership market positioning. At the same time we are expanding into other territories by leveraging unique relationships with powerful local players. This provides us with a strong platform for our strategic geographic diversification.”
The Company will hold a conference call at 8:30 pm ET on Wednesday, April 13, 2011, to discuss its unaudited fourth quarter and fiscal year 2010 financial results. Listeners may access the call by dialing:
|| US Toll Free: + 1-877-407-9039International: + 1-201-689-8470
A replay of the call will be available through April 27, 2011. Listeners may access the replay by dialing:
|| US Toll Free: +1-877-870-5176International: +1-858-384-5517Access code: 369641
A webcast will also be available through the Company's website at ir.lentuo.net
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.6000 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2010.