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Discover Insider Trading for JPMorgan Chase, Cisco, Tesla Motors, Microsoft, American Capital Agency, and Ford Motor

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HONG KONG, May 29, 2013 /PRNewswire/ — Insiderslab.com has released insider trading report for investors who invest in stocks of US: JPMorgan Chase (NYSE:JPM), Cisco (NASDAQ:CSCO), Tesla Motors (NASDAQ:TSLA), Microsoft (NASDAQ:MSFT), American Capital Agency (NASDAQ:AGNC), and Ford Motor (NYSE:F).

(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)

Report Highlights:

JPMorgan Chase & Co. (NYSE:JPM): By the end of last trading session, the shares of JPMorgan Chase (NYSE:JPM) earned US$0.94 (or 1.75%) to US$54.60 with 27.17 million shares exchanged hands, compared to daily average volume of 23.66 million. Insiderslab.com found company Director, James S. Crown, purchased his share at price of US$46.98 – US$47.29 for about US$34.78 million within last two months. Do you want to know what other C-Level officers were doing when the share hit the 52-week high recently? Investors may want to find out how JPMorgan Chase insiders like CEOs, CFOs and Directors are thinking about the future of the company. Check this insider trade report for JPM here.

Read Full Report: http://www.insiderslab.com/PR3/052913A/JPM/JPMorganChase.pdf

Cisco Systems, Inc. (NASDAQ:CSCO): By the end of last trading session, Cisco (NASDAQ:CSCO) shares rose US$0.36 (or 1.53%) to US$23.89 with about 40.03 million shares exchanged hands for the session, compared to its average volume of 46.27 million shares. Insiderslab.com found company EVP, Chief Globalisation Ofr, Wim Elfrink, sold his shares at price of US$23.97 for about US$3.59 million on May 22. The company’s insiders sold his/her shares for about US$61.26 million in the past three months. When the share just reached its new 52-week high of US$24.25, investors may want to find out how Cisco insiders like CEOs, CFOs and Directors are thinking about the future of the company.

Read Full Report: http://www.insiderslab.com/PR3/052913A/CSCO/Cisco.pdf

Tesla Motors Inc (NASDAQ:TSLA): By the end of last trading session, Tesla Motors (NASDAQ:TSLA) surged US$13.25 (or 13.65%) to US$110.33 with about 19.69 million shares exchanged hands for the session, compared to its average volume of 9.81 million shares. Through the last trading session, the share kept reaching a new 52-week high of US$110.75 with heavy volume trading. Insiderslab.com found company VP Manufacturing, Gilbert Passin, sold 3500 shares on May 23. During last week, the company’s Director, Ehrenpreis Ira Matthew, sold his shares for about US$72.12 million. Insiderslab.com believes that it is a clever way to check if insiders like CEOs, CFOs, and Directors in Tesla Motors are starting to buy more company shares. See insider trade report for TSLA here.

Read Full Report: http://www.insiderslab.com/PR3/052913A/TSLA/TeslaMotors.pdf

Today Insiderslab.com also observed abnormal trade volume for the following companies; insiders may involve trading in these companies. It will take some time for insiders to report their trades. Read these reports and add these companies into your Insider Trade Radar.

Microsoft Corporation (NASDAQ:MSFT):

Read Full Report: http://www.insiderslab.com/PR3/052913A/MSFT/Microsoft.pdf

American Capital Agency Corp. (NASDAQ:AGNC):

Read Full Report: http://www.insiderslab.com/PR3/052913A/AGNC/AmericanCapitalAgency.pdf

Ford Motor Company (NYSE:F):

Read Full Report: http://www.insiderslab.com/PR3/052913A/F/FordMotor.pdf

Insider Filing Source Reference: All observations, analyses and reports are based on public information released by the U.S. Securities and Exchange Commission.

About Insiderslab.com:

Insiderslab.com covers insider trade data in major stock markets in the U.S., Hong Kong, Mainland China, and Singapore. Insiderslab.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:

Please visit insiderslab.com/disclaimers/disclaimers.php for details.

View in PR Newswire Asia website: Discover Insider Trading for JPMorgan Chase, Cisco, Tesla Motors, Microsoft, American Capital Agency, and Ford Motor

Written by asiafreshnews

May 29, 2013 at 9:18 pm

Posted in All releases

Wipro and Efma Launch First Ever Global Retail Banking Digital Marketing Report 2013

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PARIS and BANGALORE, India, May 29, 2013 /PRNewswire/ —

Report Finds Digital Marketing Will Drive Next Wave of Growth in Retail Banking

Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company in association with Efma, a global not-for-profit organisation that brings together more than 3,300 retail financial services companies from over 130 countries, today launched the first ever retail banking digital marketing report at the Efma Distribution Week conference in Brussels.

(Logo: http://photos.prnewswire.com/prnh/20121129/579804 )

This report, the first of a series is based on a global survey of banks covering marketing and digital channels.

The proliferation of digital channels is changing the way customers consume banking services, with digital soon to emerge as the primary channel of interaction. Given this trend, banks are focusing on digital marketing initiatives to target this growing segment of customers. Location, context and behavior-specific real time event led marketing, driven by analytics will likely be the norm in the future.

Rajan Kohli, Vice President and Head Banking and Financial Services, Wipro Ltd. said, “Digital technologies, social media and the explosion of data are redefining customer engagement models. If we look at the marketing spend reported by the banks in our survey, traditional advertising represented just 55 per cent of the total marketing spend. The CMOs that we spoke with made it clear that the role of the CMO is changing as banks adapt to the development of new channels and capabilities.”

Wipro and Efma have created the first ever digital marketing capability index which helps benchmark the digital marketing capabilities of banks vis-à-vis the best in class. Only 13 per cent of the banks surveyed demonstrate the highest level of maturity in digital marketing. The index measures the maturity of the banks on eight different capabilities; assessments including a bank’s capability on data management, offer delivery, marketing processes and usage of analytics. The index also alludes to the fact that a majority of banks do not practise real-time event driven marketing and the ability to focus on personalization.

The study also revealed that social media was not yet a part of mainstream marketing and is still not considered a key customer interaction channel. In our survey, we discovered that social media efforts were mainly managed by the marketing department followed by the branding and communications team. Also for over 80 per cent of the banks surveyed, their social media spend was less than 500,000 Euros per annum.

Given the inevitable trend toward greater use of digital channels by consumers, the Wipro/Efma report recommends that banks should:

  • Consider how they expect customers to interact with the bank five years from now, and particularly how they envisage customers will buy financial products in the future;
  • Carefully assess the bank’s current digital marketing capabilities along the dimensions we have identified in this study to identify areas of weakness;
  • Develop a plan for investment in digital marketing capabilities which will ensure that the bank is in a position to get ahead of, or at least keep pace with, competitors and changing consumer behavior;
  • Monitor closely the developments in “big data” and where possible take the initial steps of testing some applications of the new technologies that are available.

The complete report, inclusive of views from leading digital banking professionals on the changing contours of digital marketing can be accessed from http://www.wipro.com/landing-pages/Global-Retail-Banking-Digital-Marketing-Report-2013.aspx

About Efma

As a global not-for-profit organisation, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, online communities and international meetings.

For more information: http://www.efma.com or info@efma.com

About Wipro Ltd.

Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology”; helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation and an organization wide commitment to sustainability; Wipro has over 140,000 employees and clients across 54 countries. For more information, please visit http://www.wipro.com.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at http://www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

Contact:

Karine Coutinho
Efma
+33-1-47-42-69-82
karine@efma.com

Dirk Lewis
Wipro Ltd.
+91-7760983976
dirk.lewis@wipro.com

View in PR Newswire Asia website: Wipro and Efma Launch First Ever Global Retail Banking Digital Marketing Report 2013

Written by asiafreshnews

May 29, 2013 at 9:18 pm

Posted in All releases

News behind Insider Trading for Chesapeake Energy, American International Group, Micron, General Electric, Intel, and Annaly Capital Management

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HONG KONG, May 29, 2013 /PRNewswire/ — Pennystocksinsiders.com (PSI) released insider trading reports for the following hot stocks: Chesapeake Energy (NYSE:CHK), American International Group (NYSE:AIG), Micron (NASDAQ:MU), General Electric (NYSE:GE), Intel (NASDAQ:INTC), and Annaly Capital Management (NYSE:NLY).

(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)

Report Highlights:

Chesapeake Energy Corporation (NYSE:CHK): By the end of last trading session, the shares of Chesapeake Energy (NYSE:CHK) rose 2.26% (or US$0.49) to US$22.16 with 15.65 million shares exchanged hands, compared to its average daily volume of 11.35 million shares. The company, one of the largest U.S. natural gas producers, sold its non-core assets for about US$2 billion in the first quarter to pay off debts. Pennystocksinsiders.com found 3 company Directors purchased his/her shares at price of US$20.86 – US$21.12 during last week. Pennystocksinsiders.com thinks that it is a clever way to check if insiders like CEOs, CFOs, and Directors in Chesapeake Energy are starting to buy or sell more company shares. Check this insider trade report for CHK here.

Read Full Report: http://www.Pennystocksinsiders.com/PR/052913A/CHK/ChesapeakeEnergy.pdf

American International Group Inc (NYSE:AIG): By the end of last trading session, American International Group (NYSE:AIG) shares rose 1.07% (or US$0.48) to US$45.17 with about 14.72 million shares exchanged hands for the session, compared to its average volume of 17.22 million shares. Pennystocksinsiders.com found company Director, William G. Jurgensen, purchased his shares at price of US$45.20 on May 20. Pennystocksinsiders.com thinks that it is a clever way to check if insiders like CEOs, CFOs, and Directors in American International Group are starting to buy or sell more company shares. See insider trade report for AIG here.

Read Full Report: http://www.Pennystocksinsiders.com/PR/052913A/AIG/AmericanInternationalGroup.pdf

Micron Technology, Inc. (NASDAQ:MU): By the end of last trading, Micron (NASDAQ:MU) shares earned US$0.19 (or 1.64%) to US$11.78 with about 25.64 million shares exchanged hands for the session, compared to its average volume of 29.60 million shares. Through the last trading session, the share reached a new 52-week high of US$11.88. Pennystocksinsiders.com found company insiders sold his/her shares for about US$12.60 million within the last three months. Want to know when company insiders will buy their shares? Want to monitor this company on an on-going basis?

Read Full Report: http://www.Pennystocksinsiders.com/PR/052913A/MU/Micron.pdf

Today Pennystocksinsiders.com also observed abnormal trade volume for the following companies; insiders may involve trading in these companies. It will take some time for insiders to report their trades. Read these reports and add these companies into your Insider Trade Radar.

General Electric Company (NYSE:GE):

Read Full Report: http://www.Pennystocksinsiders.com/PR/052913A/GE/GeneralElectric.pdf

Intel Corporation (NASDAQ:INTC):

Read Full Report:http://www.Pennystocksinsiders.com/PR/052913A/INTC/Intel.pdf

Annaly Capital Management, Inc. (NYSE:NLY):

Read Full Report: http://www.Pennystocksinsiders.com/PR/052913A/NLY/AnnalyCapitalManagement.pdf

Insider Filing Source Reference: All observations, analyses and reports are based on public information released by the U.S. Securities and Exchange Commission.

About Pennystocksinsiders.com:

Pennystocksinsiders.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.

Important Disclaimer:

Please visit Pennystocksinsiders.com/disclaimers/index.php for details.

View in PR Newswire Asia website: News behind Insider Trading for Chesapeake Energy, American International Group, Micron, General Electric, Intel, and Annaly Capital Management

Written by asiafreshnews

May 29, 2013 at 9:18 pm

Posted in All releases

Tianli Agritech Signs Contract with Leading Wuhan Supermarket Chain

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WUHAN CITY, China, May 29, 2013 /PRNewswire/ — Tianli Agritech, Inc. (NASDAQ:OINK) (“Tianli” or the “Company”), a leading producer of breeder hogs, market hogs, and black hogs, headquartered in Wuhan City, China, today announced that the company had signed an agreement with Zhongbai Warehouse Supermarket Co., Ltd. (“ZHONGBAI”) to sell cuts of its Tianli-Xiduhei™ black hog meat through five of ZHONGBAI’s warehouse outlets in Wuhan, Hubei province.

Established in 1997, ZHONGBAI is a wholly owned subsidiary of Zhongbai Holding Group Co. Ltd. (ticker: 000759.SZ) (“Zhongbai Holding”), a leading supermarket chain in the Wuhan metropolitan area. According to its latest Annual Report, Zhongbai Holding had 244 warehouses, 651 convenience stores, 5 department stores, and 45 consumer electronics stores at the end of 2012. Net sales of Zhongbai Holding totaled RMB 15.7 billion in 2012, of which ZHONGBAI contributed approximately RMB 11.2 billion.

Mrs. Hanying Li, Chairwoman and CEO of Tianli Agritech commented, “We are very excited to see cuts of our branded black hog meat gain traction in the Wuhan market following our recent entry into the Beijing market. This marks an important milestone for our retail channel buildout effort and could potentially open the door for us to gain broader access to Zhongbai Holding’s network of stores. As we are committed to expand our reach in the Wuhan market and explore other geographic markets, we expect retail sales of our black hog products to generate meaningful revenue and earnings in coming quarters.”

Tianli’s black hogs and Tianli-Xiduhei™ meat cuts are products of the Company’s “10,000 families and 1,000,000 Black Hogs” program in Enshi Prefecture, Hubei Province. By March 31, 2013, the Company had provided funds totaling $12.67 million and completed the construction of 765 black hog farms in Enshi Prefecture.

About Tianli Agritech, Inc.

Tianli Agritech, Inc. is in the business of breeding, raising, and selling breeder and market hogs in China and is developing a retail channel for its pork products including high-value, black hog meat. The Company is focused on growing high quality hogs for sale for breeding and meat purposes. The Company conducts genetic, breeding, and nutrition research to steadily improve its production capabilities.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Tina Xiao
Weitian Group LLC
Phone: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
Web: http://www.weitian-ir.com

View in PR Newswire Asia website: Tianli Agritech Signs Contract with Leading Wuhan Supermarket Chain

Written by asiafreshnews

May 29, 2013 at 9:17 pm

Posted in All releases

Frost & Sullivan: U.S. Department of Defense Anti-Access/Area Denial Challenges are a Funding Priority

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— High levels of investment needed to ensure U.S. technological dominance

MOUNTAIN VIEW, California, May 29, 2013 /PRNewswire/ — Anti-access/area denial (AA/AD) challenges require continued technology investment. Potential adversaries are expected to exploit the current U.S. dependence on satellites, unmanned vehicles, computer systems, and the global positioning system.

Frost & Sullivan (www.defense.frost.com) research finds that the AA/AD programs are budgeted for $57.47 billion in 2013 and estimates this to reach $61.00 billion in 2017.

Click here to view the video on Frost & Sullivan’s US DoD Anti-Access/Area Denial Challenges analysis and gain access to the online community- http://bit.ly/143GCko.

If you are interested in more information on this study, please send an e-mail to Jeannette Garcia, Corporate Communications, at jeannette.garcia@frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.

Budget restrictions through 2017, especially for research, development, test and evaluation (RDT&E) will force difficult program prioritization and spending cut decisions. Budget requests, continuing resolutions, sequestration, defense strategy reviews, and operational drawdowns in Iraq and Afghanistan also contribute to a confusing and uncertain budget process.

The one area of general agreement seems to be that U.S. defense spending needs to be reduced.

“Most observers predict that Pentagon ‘efficiencies’ and ‘acquisition reform’ efforts will not be sufficient, and that hard decisions on ending some major programs and personnel cost reductions will be made,” said Frost & Sullivan Senior Industry Analyst Brad Curran.

New generations of missiles, stealth fighters, unmanned vehicles, submarines, and torpedoes deployed by potential adversaries have diminished the once dominant U.S. lead in weapons technology.

“The U.S. will need continued high levels of investment to make incremental improvements to current weapons, communications, sensors, and electronic warfare systems,” said Curran.

US DoD Anti-Access/Area Denial Challenges is part of the Aerospace & Defense Growth Partnership Services program, which provides global Mega Trends, information on emerging markets and the latest technology innovations, market, economic, customer, competitive, and best practices research. This CEO 360 degree perspective will enable your company to effectively plan your strategies for growth. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion 
Join Us: Join our community 
Subscribe: Newsletter on “the next big thing” 
Register: Gain access to visionary innovation 

US DoD Anti-Access/Area Denial Challenges
NC6A-16

Contact:
Jeannette Garcia
Corporate Communications – North America
P: +1-210-477-8427
E: jeannette.garcia@frost.com
Twitter: @Frost_Sullivan or @FrostADS
Facebook: FrostandSullivan
Linkedin: Frost & Sullivan’s Aerospace, Defence and Security Forum 
www.frost.com

View in PR Newswire Asia website: Frost & Sullivan: U.S. Department of Defense Anti-Access/Area Denial Challenges are a Funding Priority

Written by asiafreshnews

May 29, 2013 at 9:17 pm

Posted in All releases

Vimicro Announces Unaudited First-Quarter 2013 Financial Results

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BEIJING, May 29, 2013 /PRNewswire-FirstCall/ — Vimicro International Corporation (NASDAQ: VIMC) (“Vimicro” or the “Company”), a leading image processing IC and surveillance solution provider, today announced unaudited financial results for the first quarter ended March 31, 2013.

First-quarter Highlights:

  • Net revenue was $7.9 million, as compared to $11.1 million from continuing operations in the year-ago quarter
  • Surveillance revenues grew 25.8% to $2.8 million from $2.3 million in the year-ago quarter
  • Non-GAAP net loss attributable to Vimicro was $2.2 million, or $0.07 per diluted ADS, as compared to non-GAAP net loss from continuing operations attributable to Vimicro of $3.1 million, or $0.09 per diluted ADS in the year-ago quarter

First-Quarter 2013 Results

Net revenue in the first quarter of 2013 was $7.9 million, as compared to net revenue of $18.8 million in the fourth quarter of 2012 and $11.1 million from continuing operations in the year-ago quarter (results for the first quarter of 2012 have been adjusted for continuing operations to reflect the divestiture of certain business lines). The 29.2% year-over-year revenue decrease was primarily due to lower sales of PC and notebook multimedia processors, offset by higher sales of surveillance products.

Gross profit in the first quarter was $1.6 million, as compared with $3.6 million in the year-ago quarter. The gross margin in the first quarter was 20.1%, as compared with 32.2% in the year-ago quarter and 37.7% in the fourth quarter of 2012. The gross margin was adversely affected by a $0.5 million inventory provision and changes in product mix.

Operating expenses in the first quarter were $5.5 million, as compared to $8.3 million in the year-ago quarter. Operating expenses decreased year-over-year due to the Company’s successful cost-reduction efforts and were offset by government R&D subsidies for the development of SVAC-related and other products. The operating loss was $3.9 million in the quarter, as compared to a loss of $4.7 million in the year-ago quarter.

In the first quarter of 2013, non-GAAP net loss attributable to Vimicro International Corporation was $2.2 million, or approximately $0.07 per ADS on a diluted basis, as compared to a non-GAAP net loss from continuing operations attributable to Vimicro of $3.1 million, or $0.09 per diluted ADS in the year-ago quarter. Non-GAAP net loss attributable to Vimicro International Corporation in both the first quarter of 2013 and the year-ago quarter excludes $0.2 million of non-cash, share-based compensation. GAAP net loss attributable to Vimicro in the first quarter was $2.4 million, or $0.08 per diluted ADS, as compared to a loss from continuing operations of $3.3 million, or $0.10 per diluted ADS in the year-ago quarter.

As of March 31, 2013, the Company had cash and cash equivalents of approximately $48.1 million and restricted cash of $5.4 million, totaling $53.5 million. Total current assets were approximately $95.3 million, and Vimicro had working capital of approximately $67.1 million and $17.5 million of long-term bank loans and liabilities on its balance sheet, as of March 31, 2013.

Dr. John Deng, Vimicro’s Chairman and Chief Executive Officer, commented, “The softness in the global PC market was followed by an industry-wide inventory correction, and first-quarter revenues in our image-processing IC business declined at a greater-than-seasonal rate. We continue to work closely with our image-processing customers, and the business is expected to recover sometime this year. At the same time, we are pleased that our surveillance business delivered solid revenue growth in the first quarter. Our team is currently pursuing some large contracts and deployments, which we expect to bring in significantly higher revenues in the second half.”

Business Outlook

For the second quarter of 2013, Vimicro expects revenues of $12 to $14 million.

Conference Call Information

The Company will host a conference call at 8:00 a.m. (U.S. Eastern Daylight Time) / 5:00 a.m. (U.S. Pacific Daylight Time) / 8:00 p.m. (Beijing / Hong Kong time) on Wednesday, May 29, 2013 to discuss first-quarter 2013 financial results.

To participate in the conference call, please dial one of the following numbers five to ten minutes prior to the scheduled conference call time: (866) 700-0133 or (617) 213-8831. The conference call ID number is 71445852.

If you are unable to participate in the call at this time, a replay will be available starting at 10:00 a.m. Eastern Daylight Time on Wednesday, May 29, 2013, through 11:59 a.m. Eastern Daylight Time on Wednesday, June 5, 2013. To access the replay, dial (888) 286-8010 or (617) 801-6888. The replay call ID number is 88878896.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties by clicking on: http://edge.media-server.com/m/p/mavcta7z/lan/en. Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.

About Vimicro International Corporation

Vimicro International Corporation is a leading multimedia semiconductor and solution provider that designs, develops and markets mixed-signal semiconductor products and system-level solutions that enable multimedia capabilities in a variety of products for PC/notebook, consumer electronics and surveillance markets. Vimicro is aggressively expanding business into the surveillance market with system-level solutions and semiconductor products to capitalize on China‘s domestic demand. Vimicro’s ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol “VIMC.”

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the quotations from management in this announcement, as well as Vimicro’s expectations and forecasts, contain forward-looking statements. Vimicro may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vimicro’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to develop and sell new mobile multimedia products; the expected growth of the mobile multimedia market; the Company’s ability to increase sales of notebook camera multimedia processors; the Company’s ability to retain existing customers and acquire new customers and respond to competitive market conditions; the Company’s ability to respond in a timely manner to the evolving multimedia market and changing consumer preferences and industry standards and to stay abreast of technological changes; the Company’s ability to secure sufficient foundry capacity in a timely manner; the company’s ability to effectively protect its intellectual property and the risk that it may infringe on the intellectual property of others; and cyclicality of the semiconductor industry. Further information regarding these and other risks is included in Vimicro’s annual report on Form 20-F filed with the Securities and Exchange Commission. Vimicro does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of the date hereof, and Vimicro undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Measures

To supplement the consolidated financial statements presented in accordance with GAAP, Vimicro uses non-GAAP measures of non-GAAP income/(loss) from continuing operations, non-GAAP net income/(loss) from continuing operations attributable to Vimicro International Corporation and non-GAAP net income /(loss) from continuing operations attributable to Vimicro International Corporation per diluted ADS, which are adjusted from the most directly comparable financial measures calculated and presented in accordance with GAAP to exclude amortization of share-based compensation expense. These non-GAAP financial measures are provided to enhance investors’ overall understanding of the Company’s financial performance as they exclude share-based expenses that are not expected to result in future cash payments. The non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in our business for the foreseeable future. We compensate for these limitations by providing the relevant disclosure of our share-based compensation charges in our reconciliations to the GAAP measures. For more information on the non-GAAP financial measures, please see the tables captioned “Reconciliation of non- GAAP results of operations measures to the nearest comparable GAAP measures” set forth at the end of this release.

Vimicro believes that both management and investors benefit from referring to these non-GAAP measures in assessing the performance of Vimicro’s liquidity and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Vimicro’s historical liquidity. Vimicro computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The accompanying tables have more details on the GAAP financial measures that are most comparable to non-GAAP financial measures and the related reconciliations between financial measures.

Currency Translation

This announcement contains translations of certain RMB amounts into U.S. dollars. Unless otherwise noted, all translations from RMB to U.S. dollars are based on the applicable exchange rates quoted by the Bank of China, which was RMB 6.2689 to $1.00 on March 29, 2013.

– financial tables follow –

VIMICRO INTERNATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts expressed in thousands of U.S. dollars, except number of shares and per share data)

March 31,

December 31,

2013

2013

(unaudited)

(audited)

Assets

Current assets:

Cash and cash equivalents

48,070

55,532

Restricted cash

5,438

2,593

Accounts and notes receivable, net of provision for doubtful accounts of $2,172

and $2,101 as of December 31, 2012 and March 31, 2013, respectively

19,807

24,564

Amounts due from related parties, net of provision for doubtful accounts of

$1,749 and $1,795 as of December 31, 2012 and March 31, 2013, respectively

4,016

4,225

Inventories, net

11,673

11,362

Prepayments and other current assets, net of provision for doubtful accounts of $144 and $144 as of December 31, 2012 and March 31, 2013, respectively

5,804

4,809

Deferred tax assets

517

418

Total current assets

95,325

103,503

Investments in unconsolidated affiliates, at cost

2

2

Investment in an equity investee

4,616

4,218

Property, equipment and software, net

20,864

20,457

Land use rights

14,774

14,774

Deferred tax assets-noncurrent

169

169

Other assets

1,527

1,371

Total assets

137,277

144,494

Liabilities and equity

Current liabilities:

Accounts payable

3,999

7,281

Amounts due to related parties

2,906

2,184

Taxes payable

2,468

2,318

Advances from customers

169

222

Accrued expenses and other current liabilities

10,889

14,750

Deferred government grant

7,812

12,476

Total current liabilities

28,242

39,231

Deferred tax liabilities

23

23

Product warranty

491

466

Long-term bank loan

12,761

4,773

Other long-term liabilities

4,772

4,772

Total liabilities

46,290

49,265

Equity:

Ordinary shares,$0.0001 par value, 500,000,000 shares authorized,

153,585,440 shares issued and 116,599,856 shares outstanding as of

December 31,2012 and 153,633,352 shares issued and 114,871,524 shares

outstanding as of March 31, 2013, respectively

15

15

Additional paid-in capital

161,226

161,017

Treasury stock at cost, 36,985,584 shares as of December 31,2012 and

(14,623)

(13,886)

38,761,828 shares as of March 31, 2013, respectively

Accumulated other comprehensive income

11,467

11,394

Accumulated deficit

(85,692)

(83,249)

Statutory reserve

2,782

2,782

Total shareholders’ equity attributable to Vimicro International Corporation

75,175

78,073

Noncontrolling interests

15,812

17,156

Total equity

90,987

95,229

Total liabilities and equity

137,277

144,494

VIMICRO INTERNATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts expressed in thousands of U.S. dollars, except number of shares and per share data)

2013 Q1

2012 Q4

2012 Q1

(unaudited)

(unaudited)

(unaudited)

Net revenue

7,854

18,829

11,097

Cost of revenue

(6,274)

(11,733)

(7,525)

Gross profit

1,580

7,096

3,572

Operating expenses:

Research and development, net

(1,182)

(1,022)

(3,177)

Selling and marketing

(2,011)

(2,240)

(2,292)

General and administrative

(2,304)

(3,972)

(2,790)

Asset impairment

(1,431)

Total operating expenses

(5,497)

(8,665)

(8,259)

Loss from operations

(3,917)

(1,569)

(4,687)

Other income:

Interest income

35

17

90

Foreign exchange gain, net

36

190

36

Gain on disposal of equity interest

1,472

Others, net

1

166

1

Income/ (loss) before income taxes and equity in

profit/ (loss) of an equity investee

(3,845)

276

(4,560)

Income tax (expense)/ benefit

100

387

(193)

Net income/ (loss) before equity in profit/(loss) of

an equity investee

(3,745)

663

(4,753)

Equity in profit/(loss) of an equity investee, net of

tax

(85)

(87)

Net income/ (loss) from continuing operations

(3,830)

576

(4,753)

Net income/(loss) from continuing operations

attributable to non-controlling interest

(1,387)

(1,627)

(1,489)

Net income/(loss) from continuing operations

attributable to Vimicro International Corporation

(2,443)

(2,203)

(3,264)

Income/ (loss) from discontinued operations, net of

income tax

(769)

Income/ (loss) from discontinued operations

attributable to non-controlling interest

(359)

Income/(loss) from discontinued operations

attributable to Vimicro International Corporation

(410)

Net income/ (loss)

(3,830)

576

(5,522)

Loss attributable to non-controlling interest

(1,387)

(1,627)

(1,848)

Income/ (loss) attributable to Vimicro

International Corporation

(2,443)

2,203

(3,674)

Income/ (loss) per share

continuing operations

Basic

(0.02)

0.02

(0.02)

Diluted

(0.02)

0.02

(0.02)

discontinued operations

Basic

0.00

0.00

(0.01)

Diluted

0.00

0.00

(0.01)

Income/ (loss) per share

Basic

(0.02)

0.02

(0.03)

Diluted

(0.02)

0.02

(0.03)

Income/ (loss) per ADS

continuing operations

Basic

(0.08)

0.07

(0.10)

Diluted

(0.08)

0.07

(0.10)

discontinued operations

Basic

0.00

0.00

(0.01)

Diluted

0.00

0.00

(0.01)

Income/ (loss) per ADS

Basic

(0.08)

0.07

(0.11)

Diluted

(0.08)

0.07

(0.11)

Weighted average number of ordinary shares

outstanding

Basic

115,546,597

117,771,601

134,898,768

Diluted

115,546,597

124,994,625

134,898,768

Weighted average number of ADS outstanding

Basic

28,886,649

29,442,900

33,724,692

Diluted

28,886,649

31,248,656

33,724,692

Other comprehensive income/ (loss):

Foreign currency translation adjustment

116

328

36

Reclassification of foreign currency translation

adjustment into earning due to disposal of VMF

Shanghai, net of tax

(1,468)

Comprehensive loss

(3,714)

(564)

(5,486)

Comprehensive loss attributable to

noncontrolling interest

(1,344)

(1,467)

(1,826)

Comprehensive income/ (loss) attributable to

Vimicro International Corporation

(2,370)

903

(3,660)

Components of share-based compensation

expenses are included in the following expense

captions:

Research and development

(95)

(207)

(83)

Selling and marketing

(24)

(43)

(20)

General and administrative

(85)

(144)

(77)

Total

(204)

(394)

(180)

Reconciliations of non-GAAP results of operations measures to the nearest comparable

GAAP measures (*)

(Amounts expressed in thousands of U.S. dollars, except per share data, unaudited)

Three months ended

March 31, 2013

Three months ended

December 31, 2012

Three months ended

March 31, 2012

GAAP

Result


Adjustment

Non-GAAP

Result

GAAP

Result


Adjustment

Non-GAAP

Result

GAAP

Result


Adjustment

Non-GAAP

Results

Income/(loss) from

continuing operations

(3,830)

204

(3,626)

576

394

970

(4,753)

180

(4,573)

Income/(loss) from continuing

operations attributable to

Vimicro International

Corporation

(2,443)

204

(2,239)

2,203

394

2,597

(3,264)

180

(3,084)

Income/(loss) from

continuing operations

attributable to Vimicro

International Corporation

per diluted ADS

(0.08)

0.01

(0.07)

0.07

0.01

0.08

(0.10)

0.01

(0.09)

(*) The adjustment is to exclude non-cash share-based compensation for employees and non-employees.

View in PR Newswire Asia website: Vimicro Announces Unaudited First-Quarter 2013 Financial Results

Written by asiafreshnews

May 29, 2013 at 8:18 pm

Posted in All releases

UTStarcom Announces aioTV Receives Recognition as a Leader in Digital Media Business

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BEIJING, May 29, 2013 /PRNewswire/ — UTStarcom Holdings Corp. (“UTStarcom” or the “Company”) (NASDAQ: UTSI), a leading provider of media operational support services and broadband equipment products and services, today announced that its partner, aioTV Inc. (pronounced “A-O TV”), a leading international OTT and IP video platform, was selected as one of four vendors essential for all digital media businesses in the 2013 Cool Vendors Report published by Gartner, the world’s leading information technology research and advisory company.

The Gartner 2013 Cool Vendors in Media Report identifies key solutions providers that Gartner predicts are essential to the success and monetization of a digital media business. Gartner specifically recognized aioTV as a solution that quickly enables service providers, broadcasters and cable networks to deliver both live and on demand video content through a portal that consumers can customize and access on various connected devices.

“We are very pleased to receive this prestigious recognition from Gartner,” said Mr. Mike Earle, CEO of aioTV. “Most importantly, this underscores how the market for media consumption is changing and also validates our customers’ decision to select aioTV’s products and solutions. aioTV has created a platform that combines conditional access and content management tools for operators to aggregate multiple sources of content into a consistent TV-like experience across connected devices. Going forward, we expect to work with UTStarcom, our largest shareholder, to accelerate our ability to deploy our recognized technology in emerging markets in Asia.”

UTStarcom acquired a 44% stake in aioTV in November 2012 as part of its strategy to expand into media operational support services and is the single largest shareholder of aioTV. This investment gives UTStarcom access to technology that will bolster its rollout of subscription-based value added media services.

“This is an important milestone in aioTV’s growth,” said Mr. William Wong, UTStarcom’s Chief Executive Officer. “This critical recognition also demonstrates our ability to find the right partner in the industry with technology to deliver the value-added media services that consumers increasingly demand. We view aioTV as a key strategic partner and expect that it will help UTStarcom realize our vision of becoming a leader in providing next generation media services. In the long-term, UTStarcom will also look for opportunities to jointly develop new service offerings with aioTV, and as aioTV’s single largest shareholder we will continue to aggressively support aioTV by working closely with its management team to find opportunities to continue to grow.”

About the Gartner Report

To access the full report*, contact the Gartner reprints team at reprints@gartner.com.

*Gartner “Cool Vendors in Media, 2013” by Allen Weiner, Mike McGuire, Andrew Frank, 30 April 2013.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About UTStarcom Holdings Corp.

UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.

UTStarcom was founded in 1991 and listed on the NASDAQ in 2000. It has operational headquarters in Beijing, China and research and development operations in China and India. In year 2011, the Company deployed a revamped growth strategy that concentrates on providing media operation support services. For more information about UTStarcom, visit the Company’s Web site at www.utstar.com.

About aioTV Inc.

aioTV is a white label video platform for licensed and unlicensed content targeted at service providers worldwide to allow them to integrate multiple sources of live, on-demand and freely available video content into a unified TV experience across connected devices. The company’s flagship products and cloud based management platform leverages existing infrastructure, billing platforms and DRM for a quick, seamless implementation.

View in PR Newswire Asia website: UTStarcom Announces aioTV Receives Recognition as a Leader in Digital Media Business

Written by asiafreshnews

May 29, 2013 at 8:17 pm

Posted in All releases

Acorn International Reports First Quarter 2013 Financial Results

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SHANGHAI, May 29, 2013 /PRNewswire/ — Acorn International, Inc. (NYSE: ATV) (“Acorn” or the “Company”), a media and branding company in China engaged in developing, promoting, and selling products through extensive direct and distribution networks, today announced its unaudited financial results for the quarter ended March 31, 2013.

Summary Results for the First Quarter of 2013:

  • Net revenues were $51.8 million, down 24.0% from $68.1 million for the first quarter of 2012.
  • Gross profit was $24.7 million, down 19.4% from $30.7 million for the first quarter of 2012.
  • Gross margin increased to 47.8% from 45.1% for the first quarter of 2012.
  • Operating loss was $7.8 million, compared to $4.1 million for the first quarter of 2012.
  • Net loss attributable to Acorn was $6.9 million, compared to $2.3 million for the first quarter of 2012.
  • Basic and diluted loss per American Depositary Share (“ADS”) was $0.23 compared to basic and diluted loss per ADS of $0.08 for the first quarter of 2012.

“Revenue declined in the first quarter of 2013 primarily due to lower-than-expected sales of electronic learning products, lower sales of mobile phones, and decreased scale of TV advertising. It is taking a longer time than expected to scale up sales of our new electronic learning products. In addition, with higher media prices and a limited selection of products suitable for TV advertising, we selectively reduced our TV airtime purchases to improve our media efficiency and control our expenses. As a result, we recorded decreased revenues and a loss for the quarter. However, we are optimistic about our new electronic learning products as the mobile Internet interactive features have been well accepted by consumers in the initial marketing campaign and we are investing considerable resources and efforts in this product line to ramp up sales. We are also encouraged by the performance of our fitness products which accounted for 28.3% of our total gross revenues for the quarter and led to drive an improvement in gross margin. We are introducing new fitness products to our flagship Yierjian brand and plan to launch new Aoya cosmetics products this summer. Meanwhile, we continue to build Internet sales for our proprietary products on some of China’s leading E-commerce websites. We believe all of these initiatives will increase our top line and drive profitability in 2013,” said Mr. Don Yang, CEO of Acorn.

“Although our first quarter results are disappointing, we are currently developing comprehensive campaigns to improve utilization of our customer database and generate more revenues. In addition, we have seen some momentum in sales of insurance products through our partnership with Sino-US United MetLife Insurance Co., Ltd., and are using our extensive database and other available resources to grow this new business focus,” said Mr. Robert Roche, Executive Chairman of Acorn.

Business Results for the First Quarter of 2013:

  • Sales of fitness products were the main revenue driver in the first quarter of 2013, generating revenues of $14.7 million, representing 28.3% of total gross revenues. The Company plans to launch new fitness products in 2013 and expects this product line to remain one of its major revenue drivers.
  • Sales of mobile phones generated revenues of $12.1 million, representing 23.3% of total gross revenues, in the first quarter of 2013. Mobile phone sales declined 27.5% from the first quarter of 2012, primarily due to intense competition in China‘s mobile phone market, decreased demand for existing mobile phone models and lower sales of the new mobile phone models.
  • Sales generated from other direct sales platforms, which consist of outbound calls, Internet websites, catalog, and third-party bank channels, declined 4.3% in the first quarter of 2013 as compared to the first quarter of 2012. The decline in other direct sales was primarily due to lower sales from third-party bank channels and catalog sales, partially offset by strong growth in Internet sales. The Company will seek to grow database sales by utilizing its outbound telephone sales system and continue to drive Internet sales in 2013.

Financial Results for the First Quarter of 2013:

Total net revenues were $51.8 million, down 24.0% from $68.1 million for the first quarter of 2012. Direct sales contributed to 77.0%, or $39.9 million, of the total net revenues for the first quarter of 2013, representing a 23.2% decrease from $51.9 million for the same period last year. The decrease in direct sales revenues mainly resulted from a decline in sales generated from mobile phones, consumer electronics, and cosmetics.

Distribution sales net revenues decreased 26.6% year-over-year to $11.9 million from $16.2 million for the first quarter of 2012. Sales of electronic learning products accounted for 78.8% of total distribution sales and declined 31.5% year-over-year primarily due to a reduction in the number of products offered by the Company in order to focus on its newer model products incorporating mobile internet interactive features. Compared to the fourth quarter of 2012, sales of electronic learning products rose 25.7% in the first quarter of 2013, due in part to growing market recognition of our newer model products.

The table below summarizes the gross revenues of the Company for the first quarter of 2012 and 2013, broken down by product categories:

2013 Q1

Sales

2012 Q1

Sales

$’000

%

$’000

%

Fitness products

14,687

28.3%

15,035

22.0%

Mobile phones

12,061

23.3%

16,642

24.4%

Electronic learning products

9,507

18.3%

14,077

20.6%

Collectible products

6,929

13.4%

5,594

8.2%

Health products

2,381

4.6%

3,085

4.5%

Cosmetics

760

1.5%

2,750

4.0%

Consumer electronics

336

0.6%

3,928

5.8%

Other products

5,180

10.0%

7,160

10.5%

Total gross revenues

51,841

100.0%

68,271

100.0%

Cost of sales for first quarter of 2013 was $27.0 million, representing a 27.8% decrease from $37.4 million for the first quarter of 2012, primarily due to the decrease in overall sales.

Gross profit for the first quarter of 2013 was $24.7 million, representing a 19.4% decrease as compared to $30.7 million for the first quarter of 2012. Gross margin was 47.8% in the first quarter of 2013, as compared to 45.1% in the same period in 2012. The increase in gross margin was largely due to the larger revenue contribution by fitness products, which generally carry higher gross margins.

Advertising expenses were $13.1 million for the first quarter of 2013, down 17.5% from $15.8 million for the first quarter of 2012. Gross profit over advertising expenses, a benchmark Acorn uses to measure return on its multiple sales platforms, was 1.89 in the first quarter of 2013, down slightly from 1.94 in the first quarter of 2012 but up from 1.68 in the fourth quarter of 2012. The year-over-year decline was primarily the result of higher media prices, as well as the decline in overall sales. The improvement from the fourth quarter of 2012 was due to the larger proportion of fitness products in the product mix, as well as the Company’s strategy to focus on more effective media partners.

Other selling and marketing expenses were $13.3 million for the first quarter of 2013. Although total net revenues declined in the first quarter of 2013, other selling and marketing expenses remained at the same level primarily due to higher labor costs and marketing expenses related to promoting new products in our distribution channel.

General and administrative expenses were $7.0 million for the first quarter of 2013, representing an 8.0% increase from $6.5 million in the first quarter of 2012.

Other operating income, net, was $0.8 million for the first quarter of 2013, relatively the same level from the first quarter of 2012.

As a result, operating loss was $7.8 million, as compared to $4.1 million in the first quarter of 2012.

Other income, primarily from interest income, was $0.8 million, as compared to $1.0 million in the first quarter of 2012.

Share-based compensation was $120,809 for the first quarter of 2013, as compared to $55,162 in the first quarter of 2012.

The Company recorded income tax benefits of $0.2 million in the first quarter of 2013 as compared to $0.8 million in the first quarter of 2012.

Net loss attributable to Acorn was $6.9 million, compared to $2.3 million for the first quarter of 2012.

Basic and diluted loss per ADS was $0.23 compared to basic and diluted loss per ADS of $0.08 for the first quarter of 2012.

As of March 31, 2013, Acorn’s cash and cash equivalents, including current restricted cash and short-term investments, totaled $86.6 million, as compared to $101.5 million as of December 31, 2012. The decrease in the Company’s cash and cash equivalents was primarily due to the $9.4 million non-current restricted cash, which was deposited to obtain long-term debt for a share repurchase transaction completed in March 2013, and losses from operations in the first quarter of 2013.

Fiscal Year 2013 Business Outlook:

Based upon the current evaluation of our business and prospects throughout the year, the Company affirms guidance for the full year 2013 for revenues between $290 million and $310 million and net income between $0 million and $2 million.

In 2013, the Company will seek to increase TV media supported sales and improve the effectiveness of its media spending by promoting its most profitable products and working with the most productive TV channel partners. The Company also believes its Internet channels, including its own branded website and the platforms of China’s leading E-commerce companies, database sales through its other direct sales channels, and distribution channel will contribute to overall revenue growth. Acorn believes its best-selling product categories will be fitness products and electronic learning products, and plans to launch new products in each category throughout the year. Acorn’s management will continue to enhance cost efficiencies across the organization to improve profitability.

These estimates are subject to change. Also, Acorn reminds investors that its operating results in each period vary significantly as a result of the mix of products sold in the period and the platforms through which they are sold. Therefore, the operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Consequently, in evaluating the overall performance of Acorn’s multiple sales platforms in any period, management also considers metrics such as operating margin and gross profit return on advertising expenses.

Conference Call Information

The Company will host a conference call at 8:00 a.m. EDT on May 29, 2013 (8:00 p.m. Beijing Time) to review the Company’s financial results and answer questions. You may access the live interactive call via:

  • 1-800-860-2442 (U.S. Toll Free)
  • 1-412-858-4600 (International)
  • 1-866-605-3852 (Canada Toll Free)
  • 800-962475 (Hong Kong Toll Free)
  • 10-800-120-2304 (China South Toll Free)
  • 10-800-712-2304 (China North Toll Free)

Please dial-in approximately 5 minutes in advance to facilitate a timely start.

A replay will be available until 9:00 a.m. EDT on June 10, 2013 and may be accessed via:

  • 1-877-344-7529 (U.S. Toll Free)
  • 1-412-317-0088 (International)
  • Conference number: 10028924

A live and archived webcast of the call will be available on the Company’s website at http://ir.chinadrtv.com.

About Acorn International, Inc.

Acorn is a media and branding company in China, operating one of China’s largest TV direct sales businesses in terms of revenues and TV airtime, and other direct sales platforms and a nationwide distribution network. Acorn’s TV direct sales platform consists of airtime purchased from both national and local channels. Acorn’s other direct sales platforms include outbound telemarketing center, e-commerce websites, catalogs, and third-party bank channels. Acorn has built a proven track record of developing, promoting and selling proprietary-branded products, as well as products from established third parties. For more information, please visit http://ir.chinadrtv.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements,” including, among other things, Acorn’s anticipated operating results for 2013; Acorn’s ability to maximize the effectiveness of its media spending and enhance media return; Acorn’s ability to realize its planned new product launches and upgrades; the Company’s ability to implement its business strategy to achieve revenue growth and improve profitability; the ability for the fitness product line to remain one of its major revenue drivers in 2013; the ability for the fitness products and electronic learning products to be the best selling product categories in 2013; the potential growth in Acorn’s electronic learning products, insurance business and Internet and outbound call sales; the Company’s ability to improve its distribution channel; the Company’s ability to further enhance its direct sales platforms; and the Company’s ability to further enhance its cost-efficiency. These forward-looking statements are not historical facts but instead represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. The Company’s actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Acorn’s business may not improve in the remainder of 2013 and the Company may fail to meet the operating results expectations. In particular, the operating results of the Company for any period are impacted significantly by the mix of products and services sold by the Company in the period and the platforms through which they are sold, causing the operating results to fluctuate and making them difficult to predict. The Company may not be able to maintain the sales and margin of such products at current level in the event that there is a change in the customers’ preference, which may results in a material adverse impact on the Company’s results of operations and financial conditions.

Other factors that could cause forward-looking statements to differ materially from actual future events or results include risks and uncertainties related to: the Company’s ability to effectively expand its distribution channels, the Company’s ability to successfully improve or introduce new products and services, including to offset declines in sales of existing products and services; the Company’s ability to stay abreast of consumer market trends and maintain the Company’s reputation and consumer confidence; the Company’s ability to execute and maintain a successful market strategy, continued access to and effective usage of TV advertising time and pricing related risks; relevant government policies and regulations relating to TV media time and TV direct sales programs, including SARFT regulations and actions that may make TV media time unavailable to the Company or require the Company to suspend or terminate a particular TV direct sales program; potential unauthorized use of the Company’s intellectual property; potential disruption of the Company’s manufacturing processes; increasing competition in China‘s consumer market; the Company’s U.S. tax status as a passive foreign investment company; and general economic and business conditions in China. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2012 annual report on Form 20-F filed with Securities and Exchange Commission on April 18, 2013. For a discussion of other important factors that could adversely affect the Company’s business, financial condition, results of operations and prospects, see “Risk Factors” beginning on page 6 of the Company’s Form 20-F for the fiscal year ended December 31, 2012. The Company’ s actual results of operations for the first quarter of 2013 are not necessarily indicative of its operating results for any future periods. Any projections in this release are based on limited information currently available to the Company, which is subject to change. Although such projections and the factors influencing them will likely change, the Company will not necessarily update the information. Such information speaks only as of the date of this release.

Statement Regarding Unaudited Financial Information

The condensed, consolidated financial statements included herein are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, and financial position. The results reported in these condensed, consolidated financial statements are unaudited and subject to change in conjunction with our annual audit and should not be regarded as necessarily indicative of results that may be expected for the entire year. It is suggested that these condensed, consolidated financial statements be read in conjunction with the financial statements and notes thereto included in our 2012 consolidated financial statements.

Contact:

Acorn International, Inc.

CCG Investor Relations

Natalie Li

Elaine Ketchmere, CFA

Phone: +86-21-5151-8888 Ext. 2540

Phone: +1-310-954-1345 (Los Angeles)

Email: natalie@chinadrtv.com

Email: elaine.ketchmere@ccgir.com

www.chinadrtv.com

www.ccgirasia.com

-Financial Tables Follow-

ACORN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In US dollars)

December 31, 2012

March 31, 2013

(audited)

(unaudited)

Assets

Current assets:

Cash and cash equivalents

90,975,155

76,337,863

Restricted cash

246,599

483,338

Short-term investments

10,271,142

9,816,009

Accounts receivable, net

14,279,638

14,437,864

Notes receivable

127,859

Inventory

22,619,874

24,581,077

Prepaid advertising expenses

8,562,723

8,176,822

Other prepaid expenses and current assets, net

12,144,929

9,621,571

Deferred tax assets, net

281,391

282,136

Total current assets

159,509,310

143,736,680

Prepaid land use right

7,952,068

7,929,798

Property and equipment, net

29,002,372

28,482,693

Acquired intangible assets, net

1,796,366

1,713,802

Investments in affiliates

8,111,603

8,062,955

Restricted cash

9,411,540

Other long-term assets

1,024,845

1,220,375

Total assets

207,396,564

200,557,843

Liabilities and equity

Current liabilities:

Accounts payable

11,137,295

11,627,796

Accrued expenses and other current liabilities

13,571,654

12,115,261

Notes payable

700,024

1,882,308

Income taxes payable

449,426

Deferred revenue

903,945

851,830

Total current liabilities

26,762,344

26,477,195

Long-term debt

8,450,000

Deferred tax liability

833,042

835,247

Total liabilities

27,595,386

35,762,442

Equity

Acorn International, Inc. shareholders’ equity:

Ordinary shares

946,175

949,273

Additional paid-in capital

161,056,595

161,174,305

Retained earnings

(1,965,802)

(8,832,142)

Accumulated other comprehensive income

30,720,703

31,146,868

Treasury stock, at cost

(11,463,946)

(20,109,451)

Total Acorn International, Inc. shareholders’ equity

179,293,725

164,328,853

Non-controlling interests

507,453

466,548

Total equity

179,801,178

164,795,401

Total liabilities and equity

207,396,564

200,557,843

ACORN INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In US dollars, except share data)

3 Months Ended March 31

2012

2013

(unaudited)

(unaudited)

Net revenues

Direct sales

51,885,002

39,857,334

Distribution sales

16,229,946

11,915,637

Total

68,114,948

51,772,971

Cost of revenues

Direct sales

(26,771,056)

(18,533,796)

Distribution sales

(10,652,306)

(8,498,181)

Total

(37,423,362)

(27,031,977)

Gross profit

Direct sales

25,113,946

21,323,538

Distribution sales

5,577,640

3,417,456

Total

30,691,586

24,740,994

Operating (expenses) income

Advertising expenses

(15,832,960)

(13,067,128)

Other selling and marketing expenses

(13,313,906)

(13,303,860)

General and administrative expenses

(6,489,620)

(7,006,910)

Other operating income, net

812,206

845,981

Total operating expenses

(34,824,280)

(32,531,917)

Loss from operations

(4,132,694)

(7,790,923)

Other income

1,014,377

759,942

Loss before income taxes, and equity in losses of affiliates

(3,118,317)

(7,030,981)

Income tax benefits

811,877

189,121

Equity in losses of affiliates

(66,685)

Net loss

(2,306,440)

(6,908,545)

Net income attributable to noncontrolling interests

42,257

42,205

Net loss attributable to Acorn International, Inc.

(2,264,183)

(6,866,340)

Loss per ADS

Basic

(0.08)

(0.23)

Diluted

(0.08)

(0.23)

Weighted average number of ordinary shares used in calculating income per ADS (each ADS represents three ordinary shares)

Basic

89,946,103

89,208,413

Diluted

89,963,271

89,215,505

ACORN INTERNATIONAL, INC.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In US dollars)

3 Months Ended March 31

2012

2013

(unaudited)

(unaudited)

Net loss

(2,264,183)

(6,866,340)

Other comprehensive income

Foreign currency translation adjustments

186,391

426,165

Comprehensive loss

(2,077,792)

(6,440,175)

Comprehensive loss attributable to non-controlling interest

(41,766)

(40,905)

Comprehensive loss attributable to Acorn International, Inc.

(2,119,558)

(6,481,080)

View in PR Newswire Asia website: Acorn International Reports First Quarter 2013 Financial Results

Written by asiafreshnews

May 29, 2013 at 8:17 pm

Posted in All releases

GENIVI Alliance Teams with W3C to Accelerate Adoption of Web Technologies in the Automotive Industry

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SAN RAMON, Calif., May 29, 2013 /PRNewswire/ — The GENIVI Alliance has joined the World Wide Web Consortium (W3C) to bring its automotive expertise into W3C’s Automotive and Web Platform Business Group.

The GENIVI Alliance, an automotive and consumer electronics industry association driving the development and adoption of an open in-vehicle infotainment (IVI) reference platform, will focus on accelerating the process of defining APIs for HTML5 web applications to interface to the hardware of the car, vehicle bus interfaces, etc. 

W3C’s Automotive and Web Platform Business Group, (www.w3.org/community/autowebplatform) launched in February, convenes developers, automotive manufacturers and suppliers, browser vendors, operators, and others to discuss how to enhance driving, safety, and passenger entertainment with the Open Web Platform.

“The auto industry and W3C are exploring the ways in which the Open Web Platform can enhance the experience of drivers and passengers, while increasing safety,” said Jeff Jaffe, W3C CEO. “GENIVI’s participation plays an important role in ensuring representation of the diverse players within the auto industry. Given the Web’s overarching role in our lives, we see huge opportunity for society and the automotive industry to benefit from this partnership, and welcome GENIVI as a new W3C Member.”

“The HTML5 Auto API is imperative to enable the open source IVI community to rapidly and easily prototype, test, and produce innovative user experience concepts,” said Matt Jones, senior technical specialist at Jaguar Land Rover. “The power of a full and complete abstracted application interface to enable the reading of all signal and sensor data from a vehicle should not be underestimated.”

HTML5 API for automotive promises to become a widely used set of technologies to build applications across platforms. In time, these applications could quickly be adapted from tablets to smart phones and now to cars.  Eventually it will be the turning point as to when developers will start being able to create new concepts for the vehicle rapidly in a way that is standardized across multiple brands.

“As vehicles are becoming connected, it is important for automotive industry to benefit from world web standards adapted to cars, in order to simplify exchanges with the cloud and make final customer enjoy its digital life onboard,” said Philippe Gicquel, general manager for Cockpit, Safety, Infotainment EE Modules at PSA Peugeot Citroen.

During GENIVI’s recent All Member Meeting in Barcelona, W3C co-located its kickoff of this initiative. In addition to the four representative companies from GENIVI (BMW, PSA, Jaguar Land Rover, and Magneti Marelli), an impressive number of additional industry leaders will participate in the Group.

About GENIVI Alliance
The GENIVI Alliance is a non-profit industry association whose mission is to drive the broad adoption of an In-Vehicle Infotainment (IVI) open source development platform. GENIVI will accomplish this by aligning requirements, delivering reference implementations, offering certification programs and fostering a vibrant open source IVI community. GENIVI’s work will result in shortened development cycles, quicker time-to-market, and reduced costs for companies developing IVI equipment and software. Comprised of more than 175 member companies, GENIVI is headquartered in San Ramon, Calif. Please visit www.genivi.org for more information.

View in PR Newswire Asia website: GENIVI Alliance Teams with W3C to Accelerate Adoption of Web Technologies in the Automotive Industry

Written by asiafreshnews

May 29, 2013 at 8:17 pm

Posted in All releases

Frost & Sullivan is an Official Media Partner and Presenter at EyeforTransport’s North American 3PL Summit and Chief Supply Chain Officer Forum

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  • Automotive & Transportation thought-leaders to be lead presenters for sessions during events centered on logistics and supply chain

MOUNTAIN VIEW, Calif., May 29, 2013 /PRNewswire/ — Frost & Sullivan’s Global Director of Commercial Vehicle Research Sandeep Kar for the Automotive & Transportation team will present at EyeforTransport’s Chief Supply Chain Officer Forum, co-located with the North American 3PL Summit on June 18 to 20, 2013 at the Radisson Blu Aqua in Chicago, Ill.

Frost & Sullivan analysts will speak on the latest Global Mega Trends and Implications to Urban Logistics during their respective presentations. These Mega Trends include: Urbanization, Bricks and Clicks, and Access to Multimodality, Connectivity and Convergence, and Future Infrastructure Development, which are all expected to drive demand for time-sensitive deliveries.

“Urban logistics is already bringing about noticeable changes in commercial vehicle design, development and preferences. Trucks are cubing out before weighing out, telematics and connectivity are becoming more ubiquitous, time and mission critical deliveries are on the rise,” said Frost & Sullivan Global Director of Commercial Vehicle Research Sandeep Kar. “Moreover, we see a world where 60 percent of the global population will be living in urban centers by 2025, demanding unique value propositions such as same day service. I am looking forward to sharing our megatrends research in this area, and also hearing from fellow panelists how their businesses are catalyzing this change.”

In the upcoming North America event, Kar will present and lead the session “Unlocking the Potential of Omni Channel Retail and Home Delivery,” held on the second day of the event. Other presenters during this session include representatives from Home Depot, Sears and Office Depot.

“Global spending on urban logistics is expected to grow rapidly from $2.5 trillion in 2011 to nearly $6 trillion by 2020 driven by B2C ecommerce growth, rapid urbanization, and investment in sophisticated technology for better optimization,” said Frost & Sullivan Program Manager Archana Amarnath. “This market opportunity has already attracted many logistics service providers who are introducing innovative business models in urban distribution and last mile operations such as urban consolidation centers, self-collection locker boxes, same-day deliveries, and click and collect.”

TheNorth American 3PL Summit strives to bring togetherexecutives and thought leaders to discuss the threats, opportunities and game-changers of 2013 and beyond in order to drive companies’ 3PL towards a more profitable future. This event has been held for 11 years. Within the past 4 years, it has developed its own leading standalone supply chain forum – the Chief Supply Chain Officer Forum which now serves as one of the major meeting points of Heads of Supply Chain in North America year on year.

Frost and Sullivan has secured a special discount for this event. If you book using the discount code ‘FS0200,’ you can enjoy a savings of $200 from either the 3PL Summit or Chief Supply Chain Officer Forum. To register and see Frost & Sullivan’s presentation, please visit https://secure.eyefortransport.com/csco/register.php. Frost & Sullivan also has a limited amount of complimentary tickets for shippers to attend the event.

For access to the brochure for North America’s 3PL Summit, please visit: http://events.eyefortransport.com/3pl/pdf/EFT_3PL-Summit_US12_v9x_HLI0100.pdf.

Additionally, Frost & Sullivan’s Visionary Innovation Program Manager Archana Amarnathwill provide a presentation building on work shown in North America at the European 3PL Summit held in Amsterdam on November 12 to 14, 2013. For more information on how to become a sponsor or exhibitor for this event, please contact EyeforTransport’s Director of Strategy and Vertical Market Insight Sophie Farrow at sfarrow@eft.com.

About eyefortransport

Established in 1998, eyefortransport has become one of the leading providers of business intelligence, independent research, news and executive level events for the supply chain & logistics industries.

eyefortransport has two primary focuses: to provide executive networking opportunities in the supply chain & logistics industries and to deliver industry education through dozens of industry reports, surveys, newsletters, webinars and senior-level presentations.

Our events are designed to complement and enhance the business connections available through our online network, and bring together the industry elite. Regularly attended by CEOs and senior management from the transport and logistics industry and Heads of Supply Chain of major companies, our events focus on current developments and latest trends, and are enhanced by high level, exclusive networking opportunities.

More than 15 events are held per year in North America, Europe and Asia – check out www.eft.com for more information or get in touch if you’d like to be involved.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

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View in PR Newswire Asia website: Frost & Sullivan is an Official Media Partner and Presenter at EyeforTransport’s North American 3PL Summit and Chief Supply Chain Officer Forum

Written by asiafreshnews

May 29, 2013 at 8:02 pm

Posted in All releases