Net Income $460 K vs. loss of $99 K year ago
ONTARIO, Calif., May 15, 2007 (PRIME NEWSWIRE) -- SOYO Group, Inc. (OTCBB:SOYO), a provider of LCD TV's, LCD Monitors, Portable Storage, Bluetooth and Home Theater Furniture, announced today first quarter results for the period ended March 31, 2007.
The Company reported first quarter revenue of $14,691,027, an increase of 27% compared to $11,548,187 for the same period in fiscal 2006.
2007 first quarter pre-tax net income was $523,512, versus a loss $99,027 in the first quarter of 2006.
The Company earned $0.01 per basic and diluted share. Ming Chok, CEO, said, "We are pleased to announce double digit sales growth this quarter. We have recently promoted one of our top sales executives to Director of Sales, and the results are starting to show. We've begun shipping the Prive series during the second quarter, and we continue towards our goal to begin shipping products under our recently announced venture with Honeywell. We hope to see the double digit sales increases continue."
The Company was able to leverage its' $12 million credit line to purchase additional inventory, which was critical to the sales increase. Additionally, the Company opened several new key accounts during the quarter with national retail chains. The company increased its marketing efforts specifically in Mixed Martial Arts and various sports sponsorships.
About SOYO Group
SOYO Group, Inc. is a provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, Home Theater 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, Go Video, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
"Safe Harbor" Statement
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. The words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions, are intended to identify forward-looking statements within the meaning of the Securities Act of 1933, as amended. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, general economic risks and uncertainties, and various other information detailed from time to time in the company's filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Please refer to the company's filings at http://www.sec.gov.
Third-party statements contained herein and information contained on any third-party Web site are not endorsed by or adopted by the company, nor has their accuracy been verified by the company.