Trunkbow Updates 2012 Guidance
BEIJING, Oct. 24, 2012 /PRNewswire/ -- Trunkbow International Holdings Limited (NASDAQ: TBOW) ("Trunkbow" or the "Company"), a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Services ("MVAS") in the PRC, today announced that it has revised its full-year 2012 net income guidance to approximately $17.0 million from $23.0 million due to the revised timing of customer orders that are now expected to be completed in the first half of 2013.
"Our business remains strong and we are confident in our growth prospects. The second phases of two large-scale cloud computing projects, which we had expected to recognize in the fourth quarter of 2012, have been temporarily delayed due to our customers' internal timeline adjustments. We now expect to realize these projects in the first half of 2013," said Mr. Qiang Li, CEO of Trunkbow. "In addition to our cloud computing projects, we expect a significant ramp in MPS activity as we leverage our first-mover advantage and technological superiority to capture new opportunities in the nascent mobile payment market in China.
"We are making important progress in our merchant and subscriber acquisition initiatives and continue to strengthen the foundation for growth over the long-term by transitioning from an infrastructure developer to a full solutions provider and transaction processor. Recent product development initiatives have gained us entry into new market segments, including banking and credit cards, location-based mobile couponing and hosted services. These service portfolio enhancements have helped us build upon the core value of MPS as a simple, convenient payment method and turn it into an important customer engagement tool for merchants. We are also increasing the value proposition for consumers as we make the technology into a platform through which consumers can not only make purchases, but safely and effectively manage their digital lives," Mr. Li concluded.
Trunkbow International Holdings (NASDAQ: TBOW) is a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in PRC. Trunkbow's solutions enable the telecom operators to offer their subscribers access to unique mobile applications, innovative tools, value-added services that create a superior mobile experience, and as a result generate higher average revenue per user and reduce subscriber churn. Since its inception in 2001, Trunkbow has established a proven track record of innovation, and has developed a significant market presence in both the Mobile Value Added and Mobile Payment solutions markets. Trunkbow supplies its mobile payment solutions to all three Chinese mobile telecom operators, as well as re-sellers, in several provinces of China. For more information, please visit www.trunkbow.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect the Company's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward looking statements involve known and unknown risks and uncertainties, including but not limited to uncertainties relating to the Company's relationship with China's major telecom carriers and its resellers, competition from domestic and international companies, changes in technology, contributions from revenue sharing plans and general economic conditions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that the Company's actual future results may be materially different from and worse than what the Company expects. Information regarding these risks, uncertainties and other factors is included in the Company's annual report on Form 10-K and other filings with the SEC.
SOURCE Trunkbow International Holdings Limited