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Article Excerpt
NEW YORK and CHANGSHA, China, May 18 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. ("Tongxin") ("Company") a manufacturer of engineered commercial vehicle body structures ("EVBS" or "Cabs"), SUV passenger vehicle bodies and stamped body parts for the Chinese commercial vehicle market, today announced the Company's 2008 fiscal year audited financial results for the twelve month period ended December 31, 2008.
-- Revenues increased 9.4 % to $98.4 million from $89.9 million surpassing guidance of $95 million -- Adjusted net income* was $9.0 million for the year with adjusted EPS of $0.80 per share * Adjusted net income excludes $2.0 million in one-time costs associated with the business combination between AAAC and TXIC in April of 2008 and the non-cash gain from warrant derivatives of $13.5 million. 2008 Fiscal Year Financial Results
Net revenues for the year ended December 31, 2008 reached $98.4 million, an approximate $8.5 million or 9.4 % increase over the same period of the prior year. According the China Association of Automobile Manufacturers' (CAAM), a total of 9.3 million vehicles were built in China during 2008, representing a 6.8% year-over-year increase. Growth in production and sales slowed in the second and third quarters of 2008 due to the following factors:
-- The implementation of "Euro III" emission requirements for medium and heavy duty trucks -- The slow down and shutdown of manufacturing plants due to the Beijing Olympics, including restrictions on coal fired power plants and steel producers -- The global economic crises affecting exports of commercial and passenger automotive vehicles
The Company reported a noticeable recovery in the fourth quarter 2008 as manufacturing plants came back on-line and brisk lending by banks ahead of the $584 billion stimulus packages began to impact consumer demand for commercial vehicles and passenger cars. Tongxin's top-selling category of cabs is the over-the-engine, two-person model most widely used in 10,000 GVW medium-duty, short-haul trucks for transport and trucking...
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