Comtech Group, Inc. Reports Record Quarterly and Annual Revenue and Profit for 2006
biz.yahoo.com
Thursday March 15, 4:21 pm ET
- 2006 full year revenue grew 58% from 2005 with Q4 revenue up 44% year-over-year
- Full year 2006 net income increased 47% from 2005 with Q4 net income up 31% year-over-year
- 2006 pro forma net income (excluding stock-based compensation expense) increased 70% from 2005 with Q4 pro forma net income up 56%
- 2006 full year pro forma EPS grew 47% from 2005 to $0.53; Q4 pro forma EPS grew 45% year-over-year to $0.16
- Results exceeded the Company's previous 2006 annual guidance and exceeded the upper range of our preliminary announcement for the fourth quarter of 2006
- Company increases 2007 annual revenue guidance to $210-$215 million and increases guidance of pro forma EPS to $0.67
SHENZHEN, China, March 15 /PRNewswire-FirstCall/ -- Comtech Group, Inc. (Nasdaq: COGO), a China-based provider of customized module design solutions as well as engineering and technology services to domestic and international technology product companies, today announced audited financial results for its fourth quarter and for its full year ending December 31, 2006. The Company reported record quarterly revenue of $48.5 million, up 44.0% year-over-year, compared to $33.6 million reported in the fourth quarter of 2005 with growth in all of the Company's end-markets -- mobile handset, telecommunication equipment, and digital media, which the Company believes are among the fastest growing markets in China.
Net income for the fourth quarter of 2006 was $4.6 million, up 30.3% from $3.5 million in the same period last year, with pro forma net income (excluding stock-based compensation expense) up 55.8% over the same period last year. Earnings per share ("EPS") on a U.S. GAAP basis was $0.13, and pro forma EPS (excluding stock-based compensation expense) was $0.16, up 45.5% from the fourth quarter of 2005.
For the full year 2006, the Company reported revenues of $169.6 million, a 57.9% increase compared to $107.4 million reported for 2005. 2006 net income was $15.8 million, up 46.3% from $10.8 million in 2005, and pro forma net income (excluding stock based compensation) was $18.4 million, up 70.4% compared to 2005. EPS on a U.S. GAAP basis was $0.47, and pro forma EPS (excluding stock-based compensation expense) was $0.53, up 47.2% from $0.36 per diluted share in 2005. |
