DGAP-News: Vtion Wireless Technology AG: Vtion Triples Quarter over Quarter Revenue to Begin 2010
(firmenpresse) - Vtion Wireless Technology AG / Quarter Results
20.05.2010 07:30
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2010 Q1 Results
- Total revenue growth of 263% over Q1 2009 to Euro 26.3 million for Q1
2010
- EBIT margin of approx. 29%
- Positive Q1 cash flow of Euro 10.49 million
- Net cash of Euro 77.2 million, approx. Euro 4.83 per share
Frankfurt, Germany. 20 May, 2010. Vtion Wireless Technology AG, one of the
top providers of wireless data solutions for mobile computing in China, has
made a successful start to the current fiscal year: Sales revenue for first
quarter 2010 reached Euro 26.3 million, an increase of 263% from Q1 2009
and 30.2% over Q4 2009. Vtion reports a net profit of Euro 4.53 million, a
margin of 17%, which is the result of a foreign exchange loss. The
company's Q1 gross margin of 36% and Q1 EBIT margin of 29% represent an
increase over FY 2009 margins, which were 33% and 28% respectively.
'A major goal for us early in the year was to again realize positive cash
flow after being cash flow negative in 2009, and we achieved that,' stated
Vtion CEO Chen Guoping. 'The increase in both our gross margin and EBIT
margin compared to full year 2009, reflect our commitment to maintaining an
effective cost base and our focus on high-end product offerings. We have a
strong cash position, important going forward as it will allow us to take
full advantage of the array of opportunities that will emerge in our market
following further 3G growth,' he concluded.
Optimistic Outlook
The development shown by the telecom operators in the first quarter of 2010
shows that 3G is off to a steady start for the year but is far from tapping
its full potential. Vtion's position vis-à-vis the three telecom operators
remains intact, and thus the company stands to benefit from continued
growth throughout the course of the year. Given that the network and user
development processes are still in their very initial stages, demand should
remain strongest for Vtion's hardware offerings in the wireless data card
space.
The Chinese Market
The Chinese wireless network industry is currently going through a process
of market development from second generation networks to network standards
of the third mobile phone generation - known as 3G standards. China is the
only country in the world with three different 3G wireless standards, the
CDMA 2000 EVDO Network operated by China Telecom, the WCDMA Network
operated by China Unicom and the TD-SCDMA Network operated by China Mobile.
Network rollouts for the latter two networks are still in progress; the
Vtion Group is expecting the completion of the establishment of 3G mobile
networks to lead to a further increase in demand for wireless data cards in
China.
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 Vtion Group
concentrates mainly on the development and sale of wireless data cards,
including provision of appropriate after-sales services. The Vtion Group
also supplies Internet-based data service solutions. The company has about
150 employees. The Vtion Group generated salesof EUR 67.6 million and a
net profit of EUR 16.5 million in 2009. The 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.
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial classification numbers, developments of the financial situation,
or other financial or statistical data contains such forward-looking
statements. The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events and
developments. The company is neither responsible nor liable for these
forward-looking statements. It is not responsible for updating such
information, which only represents the state of affairs on the day of
publication.
For further information, please contact:
Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden(at)kirchhoff.de
Janina Wismar, tel.: +49 40 60 91 86 50, janina.wismar(at)kirchhoff.de
or visit the company website at: www.vtion.de
20.05.2010 07:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Vtion Wireless Technology AG
Westhafen Plaza 1
60327 Frankfurt
Deutschland
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, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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Datum: 20.05.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 21182
Anzahl Zeichen: 0
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Kategorie:
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