Revenue Increases 124 Percent From Second Quarter Fiscal Year 2006
Company Earns $.02 per Share
ONTARIO, Calif., Aug. 13, 2007 (PRIME NEWSWIRE) -- SOYO Group Inc. (OTCBB:SOYO), an innovative provider of computer, consumer electronics and broadband telecommunications products, today announced their second quarter results for the period ending June 30, 2007.
Earnings per Share was $.02 for six months ending June 30, 2007. This has doubled from the same period in 2006.
The Company reported second quarter revenue of $24,202,395; an increase of 124% compared to $10,787,515 in the second quarter fiscal year 2006. The Company also reported a 74% increase in revenue for the first half of the fiscal year 2007, compared to the first half of the fiscal year 2006.
Gross sales in South America more than doubled in the second quarter, increasing from $2.0 million in the second quarter fiscal year 2006 to $4.6 million in the second quarter fiscal year 2007, due to an increased presence in the area. The Company saw an increase in Sales and Marketing costs in the second quarter.
Ming Chok, CEO of SOYO said, "We are pleased to announce triple digit growth for SOYO for the second quarter. This quarter we reached a few of our set goals. We have begun to ship our Le Vello Designer Furniture Brand to distributors in the United States and Mexico. We've also begun shipping our Prive line to Wal-Mart Canada stores. In addition, we have added an additional National Retailer for our LCD monitors. We hope to continue with successful growth, and plan to continue to reach more of our goals in the second half of the fiscal year."
About SOYO Group
SOYO Group Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO Group sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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