BEIJING, Feb. 21, 2012 /PRNewswire-Asia/ -- 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 Board of Directors has appointed Mr. Yoann Normandeau as an independent member to the Company's Board of Directors effective February 15, 2012. Mr. Normandeau will replace Ms. Weiwei Shangguan, who is resigning from the board for personal reasons and had no disagreements with the Company. Mr. Normandeau is a Canadian with a bachelor in law, and a MBA in international management. He currently works as a lawyer and has experience in corporate and immigration law. Mr. Burnette Or, President and Chief Executive Officer of SGOCO commented, "I would like to welcome Mr. Normandeau to the SGOCO board. I am confident his experience and expertise will prove valuable as the Company continues to expand its position in the flat panel display market. I also want to thank Ms. Weiwei Shangguan for her contributions during her tenure as a Director of the Company and wish her success in her future endeavors." 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. For more information about SGOCO, please visit http://www.sgocogroup.comContact Information:SGOCO Group, Ltd. ( China) Bill Krolicki, VP of FinancePhone: + 86-10-8587-0173 email@example.comICR, LLC William ZimaPhone: +86-10-6583-7511SGOCO Group Investor Relations DepartmentU.S.: +1-646-328-2533 SOURCE SGOCO Group, Ltd.
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."