SHANGHAI, China, Nov. 14 /Xinhua-PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH), one of the large mobile telecommunication device designers in the PRC, today announced financial results for its second fiscal quarter ended September 30, 2008. Full details of the Company's year-end financial results are available in the Company's Form 10-Q at http://www.sec.gov .
For the three months ended September 30, 2008:
-- Revenues totaled $11,314,000, a 53.3% increase from revenues of
$7,381,000 for the same period in the previous fiscal year.
-- Gross profit was $4,905,000, a 7.61% growth as compared with $4,557,000
during the same period in the previous fiscal year.
-- Net income totaled $3,427,000, a 10.8% increase as compared with
$3,093,000 for the same period in the previous fiscal year.
For the six months ended September 30, 2008:
-- Revenues totaled $22,447,000, an 67.0% increase from revenues of
$13,439,000 for the same period in the previous fiscal year.
-- Gross profit was $9,872,000, a 21.1% growth as compared with $8,154,000
during the same period in the previous fiscal year.
-- Net income totaled $6,880,000, a 53.0% increase as compared with
$4,496,000 for the same period in the previous fiscal year.
For the three months ended September 30, 2008, the 53.3% growth in revenue from $7,381,000 to $11,314,000 was mainly attributed to growth of sales of mobile phone and components. The revenue from sales of mobile phone and components totaled $6,717,000 compared to $2,117,000 for the same period of 2007, represented a 217.3% growth, and accounted for 59.4% in total revenue, compared to 28.7% in the same period last year. The revenue from design services was down from $5,264,000 to $4,024,000. The Company reported earnings per share of $0.11 for three months ended September 30, 2008,
About T-Bay Holdings Inc.
T-BAY conducts its mobile phone design business through its 95% owned subsidiary, Shanghai SunPlus Communication Technology Co., Ltd. ("SunPlus"). Established in October 2002, SunPlus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that SunPlus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 130, comprised mostly of engineers and software programmers.
SunPlus develops its mobile phone modules based mainly on the chipset platform provided by VIA, MTK, SKYWORKS, ANYKA, INFINEON. Historically, our customers included multinational brand names such as Motorola, NEC, Siemens, China Telecom, Panasonic and Alcatel. Our major customers in China include Shenzhen Naide Technology Co., Ltd., Shenzhen Henkai Co. Ltd., Shenzhen Xuanhua Electronic Technology Co. Ltd., Beijing Hocom Co., Ltd. and Shenzhen Noato Technology Co., Ltd.
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
