ACL Semiconductors Inc. Reports 22% Revenue Increase for First Quarter 2011
- Momentum Carries into First Quarter 2011 as Demand for Memory Products Remains Strong -
HONG KONG, May 13, 2011 /PRNewswire-Asia/ -- ACL Semiconductors Inc. (OTC Bulletin Board: ACLO), a leading China-based distributor of Samsung memory components in Hong Kong and Southern China, reported unaudited financial results for the quarter ended March 31, 2011.
Quarterly Highlights:
- Net revenue up 22% year-over-year to $121.0 million
- Gross Profit up 4% year-over-year to $2.9 million
- Gross Margin at 2.4%
- NAND Flash market continues growth in First Quarter of 2011
Mr. Chung-Lun Yang, Chairman and Chief Executive Officer of ACL Semiconductors Inc., commented, "The first quarter of 2011 demonstrated strong revenue growth, with our total revenue increasing 22%, as compared to the same period last year. These outstanding results reflect the resilient macro economic market across Hong Kong and Southern China."
For the quarter ended March 31, 2011, ACL Semiconductors reported net revenue of $121.0 million, an increase from $99.0 million, or 22%, compared to the same period last year. The year-over-year revenue growth was primarily due to an increase of sales volume in the PRC market. Net income for the quarter ended March 31, 2011 was $1.4 million or essentially flat as compared to net income of $1.4 million in the same period last year. Earnings per diluted share were $0.05 for the quarter ended March 31, 2011 was flat compared to the gain of $0.05 in the same period last year.
Gross profit for the quarter ended March 31, 2011 was $2.9 million, up 4% from $2.8 million for the quarter ended March 31, 2010, primarily due to our market share gains in NAND Flash distribution. Gross margin for the quarter ended March 31, 2011 was 2.4%, down from 2.8% as compared to the quarter ended March 31, 2010. The decrease in gross profit and gross margin was mainly due to the decrease in the average selling prices as well as market share pressure.
Mr. Yang continued, "This is a very exciting time for ACL as we see a strong growth momentum carry over from the last quarter into the beginning of 2011. We continue to explore initiatives which will improve our operational efficiency and financial performance. Looking further into 2011 we foresee demand for various memory products to continue to grow as the demand for mobile electronics continues to rise. We believe that we are at the beginning of a long growth cycle in the NAND Flash, DRAM and Graphics RAM sectors and ACL remains well positioned to be a leading distributor of Samsung memory components."
About ACL Semiconductors Inc.
ACL Semiconductors distributes electronic components under the "Samsung" brand name to the Hong Kong and South China markets. The memory chips are used in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information about ACL Semiconductors please visit ACL Semiconductors' corporate website at http://www.acl-semicon.com.
Forward-Looking Statements
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's SEC reports and filings.
Investor Contacts: |
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Kun Lin Lee |
Joseph Villalta |
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Chief Financial Officer |
The Ruth Group |
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ACL Semiconductors Inc. |
+1-646-536-7003 |
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+1-408-981-9363 |
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+852-3666-9939 |
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SOURCE ACL Semiconductors Inc.
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