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

Zoom Technologies Reports First Quarter 2013 Results

First Quarter 2013 Highlights:
  • Revenue for the first quarter of 2013 was $7.4 million a decrease of $8.7 million, or 54.2%, from $16.1 for the same quarter last year
  • Loss from continuing operations $1.1 million for the quarter compared to $0.6 million a year ago
  • Net loss of $1.5 million compared to net income of $0.5 million in same quarter last year
  • Net loss in the quarter resulted from a slow economy and the continued restructuring of the Company's business

BEIJING, May 20, 2013 (GLOBE NEWSWIRE) -- Zoom Technologies, Inc. (Nasdaq:ZOOM) (the "Company"), a holding company, through its subsidiary Portables Unlimited LLC ("Portables"), engages in the distribution of cellular service and products in the U.S. Today, ZOOM reported financial results for the first quarter ended March 31, 2013.

For the first quarter of 2013, ZOOM reported weak performance as a result of a sluggish economy and also that more desirable handsets did not arrive into the T-Mobile product line-up within the quarter. Management believes that operational results should noticeably improve after March 31, 2013 due to a combination of the availability of coveted models, including the iPhone5 in April 2013, and the roll out by T-Mobile of new pricing programs for cellular usage. Also, Zoom's internal restructuring should be completed within the first half of 2013, and the Company will be better positioned to return to profitability.

The Company's management devoted significant effort in the first quarter of 2013 to complete the sale of certain operating units to Beijing Zhumu Culture Communication Company, Ltd. as detailed in the Company's 8-K filing with the US SEC dated January 7, 2013. The completion of the sale of those operating units is still pending; however, management believes that the sale should be completed around the middle of 2013. As previously disclosed, ZOOM intends to use the proceeds from the sale of those operating units to acquire businesses in North America. Concurrently, management has been conducting initial diligence and valuation exercise on potential acquisition targets.

1 of 3

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


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs