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SGOCO Group, Ltd. (NASDAQ: SGOC), (the “Company” or “SGOCO”), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced its unaudited operating results for the three month and six month periods ended June 30, 2011.
Financial Highlights Second Quarter 2011 vs. Second Quarter 2010:
Total revenues increased by 100% to $85.6 million, compared to $42.9 million;
Gross profit increased by 68% to $10.7 million, compared to $6.4 million;
Gross margin was 12.6%, compared to 15.0%;
Operating income increased by 69% to $8.9 million, compared to $5.3 million;
Net income increased by 87% to $7.1 million, compared to $3.8 million; and,
Fully diluted EPS was $0.45, compared to $0.40.
Financial Highlights First Half 2011 vs. First Half 2010:
Total revenues increased by 177% to $172.6 million, compared to $62.3 million;
Gross profit increased by 89% to $18.0 million, compared to $9.5 million;
Gross margin was 10.5%, compared to 15.3%;
Operating income increased by 109% to $14.6 million, compared to $7.0 million;
Net income increased by 180% to $12.3 million, compared to $4.4 million;
Fully diluted EPS was $0.76, compared to $0.48; and,
The number of SGOCO Image retail partners on June 30, 2011 was 705, compared to 364 a year earlier.
2011 Second Quarter Overview
SGOCO continued to show strong year-on-year growth into the second quarter of 2011. The high quality of SGOCO brands continues to distinguish it from low-end competitors in the marketplace. With continued strong demand from customers and the addition of monitor and TV production capacity over the past year, the Company was able to achieve significantly higher revenues. The Company believes its strategy of multiple brands and multiple channels continues to effectively penetrate the market.