BEIJING, June 8, 2013 /PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC), ("SGOCO" or the "Company"), a company focused on product design, distribution, and brand development in flat-panel display products, today announced that it will announce its unaudited operating results for its fiscal 2013 first quarter ended March 31, 2013 before the market opens on Monday, June 10, 2013. SGOCO's management will host a conference call at 9 a.m. Eastern Standard Time / 9 p.m. Beijing Time on Monday, June 17, 2013 to discuss the financial and operational results for the fiscal 2013 first quarter ended March 31, 2013. To participate, please dial the following numbers five minutes before the scheduled start time of the call and ask for the SGOCO call. The conference call identification number is: 4620997#. 1-877-941-1427 (US Toll-free)1-480-629-9664 (International) 400-120-0612 ( China Toll-free) The conference call will be broadcast live over the Internet. To listen to the live webcast, please go to http://public.viavid.com/index.php?id=104868 In addition, a recording of the conference call will be accessible within 48 hours via SGOCO's website at: http://www.sgocogroup.com/us/SGOC/irwebsite/index.php?mod=recent&id=14About SGOCO Group, Ltd. SGOCO Group, Ltd. is a company focused on product design, brand development, and distribution in the Chinese flat panel display market, including computer monitors, TVs, and application specific products. The Company sells its products and services in the Chinese market and abroad. For more information about SGOCO, please visit our investor relations website http://www.sgocogroup.com. For investor and media inquiries, please contact: SGOCO Group, Ltd. Serena WuInvestor Relations ManagerTel: +86-10-8587-0170 ext 815 (China)US: 1-(646) 583-1616 (voice mail) Email: email@example.comSafe Harbor and Informational Statement This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company's multiple-brand, multiple channel strategy and the transitioning of its product development and sales focus and to a "light-asset" model, Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our ability to have effective internal control over financial reporting; our success in designing and distributing products under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing without efficient fixed assets as collaterals; changes in government policy in China; the fluctuations and competition in sales and sale prices of LCD and LED products in China; China's overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events, and other events and/or risks outlined in SGOCO's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and SGOCO does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 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."