BEIJING, Feb. 3, 2012 /PRNewswire-Asia-FirstCall/ -- 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 that the Company has relocated its corporate headquarters from Jinjiang, Fujian Province to Beijing, China. Additionally, the company has established a subsidiary, Beijing SGOCO Image Technology Company Ltd., to focus on building out its institutional sales and retail distribution network with particular focus on the high margin application specific sector. Most of the Company's executive management team including the institutional sales and finance teams will be based out of SGOCO's new corporate headquarters located at 14/F, Building #4, Beijing International Center, No. 38 East 3rd Ring Road North, Chaoyang District, Beijing, China. Mr. Or, President and Chief Executive Officer of SGOCO commented, "We have taken a number of steps in recent months to enhance our strategic operating model and sales opportunities. Following the sale of our manufacturing facilities in November, we are now better positioned to concentrate on improving margins through increased sales of our own brands. Building on that effort, we are developing higher margin application specific products that combine hardware and software to meet the specific needs of institutional customers. Our R&D team has developed new products such as digital blackboards and tablet PC's that are customized for institutional clients such as schools and corporations. With our corporate headquarters in Beijing and a dedicated sales & marketing team working out of our new subsidiary, we are looking forward to greater success in securing institutional product orders with national reach. We believe following a strategy centered on our own brands, distribution and innovative products will drive sales and profit growth in the months and years ahead." About SGOCO Group, Ltd. SGOCO Group, Ltd. is focused on developing its own brands and distribution in the Chinese flat panel display market. Our main products are LCD/LED monitors, TVs, and other application specific products. Our target markets are Tier 3 and Tier 4 cities where we compete by providing high quality products at competitive prices.
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."