CHANGSHA, China, Feb. 23 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq: TXIC), a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs"), today announced preliminary unaudited revenue between $121 to $124 million for its fiscal year ended December 31, 2009 and is introducing guidance between $150 to $160 million in revenue for 2010. "We were pleased to report strong shipments took place during the fourth quarter of last year," opened Chairman and CEO, Mr. Rudy Wilson. "While the fourth quarter in 2008 was one of our most challenging, 2009 benefited by a rebound in the commercial vehicle market in China and Tongxin's s leading position therein. Complementing our domestic growth, we also witnessed increased year over-year-orders from our export market in South East Asia, namely Vietnam," Wilson confirmed.
Tongxin estimates fourth quarter revenues of $29.5 to $32.5 million, representing 33.5% to 47.1% increase in revenues versus the fourth quarter of 2008. Management expects to report 2009 revenues of between $121 and $124 million, representing 23.0% to 26.0% growth over 2008 revenues of $98.4 million. Tongxin previously released 2009 revenue guidance of $120.0 million and net income of $16.7 million.
2010 Revenue Guidance
Tongxin International is providing revenue guidance of $150 - $160 million for the fiscal year ended December 31, 2010. Guidance is based on anticipated orders and shipments of the Company's new medium and heavy-duty cab models, a further increase in market share, and incremental orders from international customers during 2010.
"Consistent with the continued growth of the commercial vehicle segment in China, we anticipate Tongxin to achieve growth of approximately 25% in 2010," began Duanxiang Zhang, CEO of Hunan Tongxin. "We have recovered completely from the 2008 downturn and we are set to report record results for 2009. Our 2010 growth targets are consistent with our Company's goal to outperform the overall Chinese commercial vehicle market's growth." Zhang concluded.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact: COMPANY: Mr. Rudy Wilson, CEO Tel: +1-248-593-8330 Email: [email protected] Ms. Jackie Chang, CFO Tel: +1-626-660-7117 China: +86-134-6755-3808 Email: [email protected] Web: http://www.txicint.com INVESTOR RELATIONS: John Mattio, SVP HC International, Inc. Tel: +1-203-616-5144 (U.S.) Email: [email protected] Web: http://www.hcinternational.net
SOURCE Tongxin International Ltd.