Cogo Group, Inc. Reports 2010 Third Quarter Results: Revenue Exceeds $100 Million for the First Time in Cogo's History
finance.yahoo.com
Jeffrey Kang, CEO and Chairman of Cogo, remarked, "I am very pleased by the continued strong execution by the Cogo team in the third quarter of 2010, and I remain optimistic about our prospects for the rest of 2010 and 2011. Cogo's strong growth in the third quarter demonstrates our return to a sustainable high growth mode. I continue to see promising new opportunities in a variety of end markets, including automotive, HDTV, smart meters/smart grid, tablets and 3G Smartphones and across all of our industrial verticals. The Company is using cash to help drive revenue growth and opportunistically repurchase stock. I also anticipate growth in our Small and Medium Enterprise 'SME' customer base and continued growth of our SME Average Revenue Per User ('ARPU'). We believe an improving 3G handset landscape is helping to drive growth in our digital media end market, primarily through increased dollar content per device.
"While China's GDP growth may slow in 2011 versus 2010, recent manufacturing data from China indicates a very robust economy, and I am confident that the government's monetary and fiscal policies will continue to drive very strong economic growth, and at the same time attempt to stem concerns over inflation. I also expect technology spending to remain on its positive trajectory. Overall, I consider China to be a very favorable place to do business and see multiple opportunities for new revenue growth as we head into 2011," Mr. Kang said. |
