SGOCO Group, Ltd. Appoints David Xu As Chief Financial Officer
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 monitors,...
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 monitors, TVs, and application specific products, today announced that David Xu has been appointed Chief Financial Officer and Head of its Beijing Office. David Xu’s career in finance and accounting spans nearly 20 years in both Asia and North America. His experience includes leading finance and risk management positions with some of the world’s best-known organizations such as General Electric and Yum! Brands. His nearly 10 years in GE includes Six Sigma Black Belt experience leading large scale strategic projects. He most recently served as CFO of China Maple Leaf Educational Systems and prior to that, he was CFO of the World Bank IFC/CUNA Mutual Insurance joint venture company. Mr. Xu has also acted as an independent financial reporting consultant advising clients including Manulife Financial, Zurich Financial Services and TD Bank Financial Group. Mr. Xu holds an MBA in Corporate Finance from University of Illinois at Chicago and a Bachelor’s in English and American Literature from Beijing Normal University. “David brings the CFO expertise and hands-on experience in risk management and financial reporting of Fortune 500 companies," said Mr. Or, SGOCO’s President and CEO. "His strong combination of skills and experience will be an important addition to our executive management team and will support his success as CFO of SGOCO, a financially solid, fast-growing, marketing-driven company with multiple channels, multiple brands, and with a strong focus on retail distribution." About SGOCO Group, Ltd. SGOCO Group, Ltd. is focused on building its own brands and retail distribution network in the flat panel display market, including monitors, TVs, and application specific products. With a network of hundreds of SGOCO Image branded retail partners, the Company is rapidly expanding in China’s tier 3 and tier 4 cities. For more information about SGOCO, please visit http://www.sgocogroup.com.
SGOCO Group (SGOC) plunged after the company reported unaudited preliminary results for the fourth quarter of the fiscal year 2013. The company, which designs, distributes and develops flat-panel displays, reported a 30.3% year-over-year decline in revenue to $44.2 million from $63.4 million. Net income plummeted 62.7% year over year to $1.2 million from $3.2 million, while earnings per share also dropped 63.2% to 7 cents from 19 cents. Gross profit fell 28.2% to $3.5 million from $4.9 million in the fourth quarter of 2012. SGOCO said in its statement that the sharp revenue decline comes from the "significant growth" the company had in the fourth quarter of 2012; the 2013 quarter, on the other hand, was "normal."