ONTARIO, Calif., Aug. 27, 2008 (GLOBE NEWSWIRE) -- SOYO Group Inc. ("SOYO" or "Company") (OTCBB:SOYO), today announced its earnings and business guidance for the remainder of 2008.
During its August 13th Earnings Call, SOYO's management adjusted its projected 2008 top line revenue projections slightly from $140 - $145 million to $135 - $150 million. Management also reduced its net income projections from $5 - $6 million and $0.11 - $0.12 earnings per share to $3.5 - $4 million and $0.06 to $0.07 earnings per share. Management felt this was necessary due primarily to higher transportation costs and less desirable financing, compared to first quarter and a year ago.
Based on the expected rollout of new "Top Tier" brand products and other market conditions, SOYO anticipates an extraordinarily good fourth quarter in terms of top line revenue and profit. The company also believes revenue and profit growth for 2009 will remain healthy and more in line with its historical growth pattern on a quarter over quarter basis.
About SOYO Inc.
SOYO, Inc. is a leading global provider of computer, consumer electronics, and broadband telecommunications products and services. Headquartered in Ontario, Calif., with sales offices in Latin America. For more information about the company and its products, please call 909-292-2500 or visit our Web site at http://www.SOYO.com.
"Safe Harbor" Statement
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. The words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions, are intended to identify 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, successful performance of internal plans, 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 www.sec.gov.