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Zoom Technologies Reports Second Quarter 2013 Results

Stocks in this article: ZOOM

Second Quarter 2013 Highlights:

  • Revenue for the second quarter of 2013 was $6.76 million a decrease of $4.93 million, or 42.1%, from $11.69 million for the same quarter last year
  • Loss from continuing operations $0.44 million for the quarter compared to $0.78 million a year ago
  • Net loss of $2.73 million compared to net income of $0.77 million in same quarter last year
  • Net loss in the quarter resulted from the loss on disposal of certain discontinued operations

BEIJING, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Zoom Technologies, Inc. (Nasdaq:ZOOM) (the "Company") is a holding company, and through its subsidiary Portables Unlimited LLC ("Portables"), engages in the exclusive distribution of T-Mobile USA branded cellular service and mobile products in the U.S. On August 19, 2013, after the close of the market, ZOOM filed its form 10Q with the U.S. Securities and Exchange Commission to report the Company's financial results for the second quarter ended June 30, 2013.

At the end of the second quarter of 2013, ZOOM showed improved operating results. New voice and data service plans, and installment payment plans for the sale of mobile phones rolled out by T-Mobile USA has led to the modification of the existing business model of Portables. Under the new plans, Portables has seen a general decrease in revenue, but a general increase in gross margin, especially on the commission received for the activation of service plans. The introduction of Apple iPhone5 to T-Mobile USA and Portables' product portfolio has brought positive results.

For the second quarter of 2013, ZOOM generated net revenue of $6.76 million from continuing operations, down 42.1% from $11.69 million as compared to the second quarter of 2012. As mentioned above, the modification of the business model has affected top line revenue; however, Portables has seen significant margin improvement.

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