DGAP-News: Vtion Wireless Technology AG Back on Track: Revenues improve 54% over Q1 2011
(firmenpresse) - DGAP-News: Vtion Wireless Technology AG / Key word(s): Quarter Results
Vtion Wireless Technology AG Back on Track: Revenues improve 54% over
Q1 2011
11.08.2011 / 07:45
---------------------------------------------------------------------
2011 Q2 Results
- Q2 revenues of EUR 19.4 million, H1 revenues of EUR 32 million;
- First tablet PC sales realized in June 2011;
- Share buyback in progress;
- Guidance for 2011 confirmed
Frankfurt, 11 August 2011. Vtion Wireless Technology AG, one of the leading
suppliers of wireless data solutions for mobile computing in China, has
seen stronger results in the second quarter 2011 as compared to the first
quarter. Vtion realized revenues of EUR 19.4 million for Q2, compared to
EUR 12.6 million in Q1 - an increase by 54%. Q2 EBIT reached EUR 1.9
million, after EUR 1.03 million in Q1.
For the first six months of the year, the company reached an EBIT of EUR
2.9 million, representing an EBIT margin of 9%. Due to reduced working
capital net cash from operations was significantly higher than EBIT and
reached EUR 9.3 million in the first six months of 2011. In H1 2010
revenues amounted to EUR 55.8 million, EBIT to EUR 16.5 million and net
cash from operations to EUR 18.2 million.
First half results are almost entirely attributable to the company's
traditional core business in the wireless data terminal space (wireless
data cards and routers). Vtion saw improvement in that sector in Q2 as
compared to Q1, which it expects to continue. The company is currently in
the process of expanding its product and application offerings, business
areas that Vtion expects to contribute to H2 revenues and continue growing
next year and beyond.
The company's management remains confident in reaching its previously
stated guidance of revenues between EUR 75 - 100 million and an EBIT margin
of 10% - 12%.
'We are pleased to see an uptick in our core wireless data terminals
business over the course of the second quarter. This is due to the fact
that China Telecom and China Unicom largely completed their CDMA 2000 EVDO
Rev. B and HSPA+ upgrades respectively over the course of the quarter,
which entailed increased demand for wireless data cards and routers, as
well as support for our selling prices, given that we were dealing with
newer technologies. We are also pleased to see good initial sales of our V7
tablet PC, and will look to develop that segment of our business further
over the course of the year. We see strong opportunity in the tablet PC
market, and will continue to diversify our hardware and application
offerings as the year progresses,' comments Guoping Chen, CEO of Vtion
Wireless Technology AG.
Share buyback in progress
In April, Vtion commenced a share buy-back program for up to EUR 4 million
or approximately 1 million shares. As of August 5, 2011 the company has
bought back a total of 370,900 shares, at an average price of EUR 4.05. Its
strong cash position allows Vtion to return funds to the shareholders via a
dividend as well as the share buy-back, invest in new product and
application offerings for short-term development, and increase its
long-term competitiveness through investment in R&D.
New products to be introduced throughout 2011
In June, Vtion successfully began initial sales of its V7 tablet PC, which
features a 7-inch display screen and operates on the Android 2.2 operating
system. Vtion expects to increase sales of its tablet PC products over the
remainder of the year. Vtion Anzhuo's mobile application platform is also
fully online, and the company will begin selling applications through its
own store, as well as in cooperation with China's major telecom operators
and device manufacturers, with the first significant revenues expected to
come in 2012. 'Vtion has traditionally had a hardware-centric product
portfolio, and we will continue to offer an array of hardware products in
the wireless data terminal and wireless intelligent terminal sectors, and
continue to leverage our strong connections to China's telecom operators as
our sales channels. The increasing diversity in our hardware offerings, as
well as our expansion into the mobile apps sector is a reflection of our
efforts to adapt to and take advantage of a dynamically changing market,'
states Guoping Chen.
About Vtion
The Vtion Group is one of the three leading suppliers of wireless data
cards and associated services for the mobile use of computers via broadband
wireless networks in the People's Republic of China. The company also
offers e-reader, 3G router and embedded module products through network
operator and retail distribution channels, as well as several online
services. For 2010, the company reached sales revenues of EUR 102 million.
Vtion Wireless Technology AG shares are being traded in the Prime Standard
on the Frankfurt Stock Exchange with the ISIN DE000CHEN993. The company's
ticker symbol is V33.
For further information, please contact:
Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden(at)kirchhoff.de
Janina Schumann, tel.: +49 40 60 91 86 50, janina.schumann(at)kirchhoff.de
or visit the company website at: www.vtion.de
End of Corporate News
---------------------------------------------------------------------
11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Vtion Wireless Technology AG
Westhafen Plaza 1
60327 Frankfurt
Germany
Phone: +49 69 710 456 245
Fax: +49 69 710 456 248
E-mail: ir(at)vtion.de;janina.wismar(at)kirchhoff.de
Internet: www.vtion.de
ISIN: DE000CHEN993
WKN: CHEN99
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
135250 11.08.2011
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.08.2011 - 07:45 Uhr
Sprache: Deutsch
News-ID 44942
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 302 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Vtion Wireless Technology AG Back on Track: Revenues improve 54% over Q1 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Vtion Wireless Technology AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
