HONG KONG, March 14, 2011 /PRNewswire-Asia/ -- ACL Semiconductors (OTC Bulletin Board: ACLO.PK), a leading China-based distributor of Samsung memory components in Hong Kong and Southern China, reported unaudited financial results for the quarter ended December 31, 2010.
- Net revenue up 31% year-over-year to $117.9 million
- Gross Profit up 157% year-over-year to $1.7 million
- Net loss decreased 68% to $24,874
- NAND Flash products capturing greater market share
Mr. Alan Yang, Chairman and Chief Executive Officer of ACL Semiconductors, commented, "The fourth quarter of 2010 demonstrated strong revenue growth, with our total revenue increasing 31%, as compared to the same period last year. These outstanding results reflect the success of our business model and the macro economic factors across Hong Kong and Southern China. Most importantly, Samsung wrapped up their best year of net sales, and has guided for a strong 2011. As a distributor of Samsung products, we are also expecting strong financial performance in 2011."
For the quarter ended December 31, 2010, ACL Semiconductors reported net revenue of $117.9 million, an increase from $90.3 million, or 31%, 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 loss for the quarter ended December 31, 2010 was $24,874, compared to net loss of $383,804 in the same period last year. The decrease in net loss resulted primarily from pricing pressure stabilization on our products as compared to the year ago quarter. Loss per diluted share was $0.07 for the quarter ended December 31, 2010, as compared to a loss of $0.10 in the same period last year.
Gross profit for the quarter ended December 31, 2010 was $1.7 million, up 157% from $653,721 for the quarter ended December 31, 2009, primarily due to our market share gains in NAND Flash distribution. Gross margin for the quarter ended December 31, 2010 was 1.4%, up from 0.7% as compared to the quarter ended December 31, 2009. The increase in gross profit and gross margin was mainly due to the increase in the average selling prices and market share gains.
Mr. Yang continued, "This is a very exciting time for ACL as we see 2011 as a year of opportunity. We continue to pursue initiatives to improve our internal financial performance and minimize unnecessary costs. Additionally, our efforts are in full gear for the transfer of ACL's stock listing from the OTC to the NASDAQ exchange. We also expect global market demand for our products to remain strong. We believe we are at the beginning of a long growth cycle in the NAND Flash, DRAM and Graphics RAM sectors and ACL is well positioned to be a leading distributor of Samsung memory components."
About ACL Semiconductors
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.
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.
SOURCE ACL Semiconductors