SinoHub
SinoHub, Inc., founded in 2000 by veteran entrepreneur Harry Cochran and electronic component industry veteran Lei Xia to facilitate the electronics revolution in China, provides world-class supply chain management services with transparent information access for participants in the electronic components supply chain in China. SinoHub conducts substantially all of its operations through its wholly-owned subsidiary SinoHub Electronics Shenzhen Limited in the People's Republic of China.
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SinoHub’s Q2 revenues grow 40%; re-affirms guidance of $180m for 2010 revenues
China-based SinoHub Inc. (Amex: SIHI), a company engaged in electronic component sales, private label mobile phone manufacturing and sales as well as electronic component supply chain management services, has announced that second quarter revenues for 2010 grew by 39.9% to $43.9 million, compared to the same period a year ago. Net income fell 9.4%, however, to $2.9 million, primarily due to an increase of $174,000 in interest expense.
The company`s electronic component, supply chain management services and mobile phone manufacturing segments accounted for 65.6%, 4.1%, and 30.3% of second quarter sales, respectively. Gross margins for the respective segments were 12.2%, 98.4%, and 17.2%.
The company also announced that it has expanded the monthly production capacity of its facility in Shenzhen, China to about 200,000 handsets. Assembly lines with a monthly production capacity of 200,000 mobile phone mother boards were also installed. SinoHub produced 450,000 phones in the first half of 2010 and is projected to produce 1 million phones for the full year.
As of June 30, 2010, SinoHub had obligations of $18 million in bank notes with $2.1 million due in July, and the rest due to mature during September to November. Net current assets amounted to $48 million for the period.
The company reaffirmed their revenue guidance of $180 million for fiscal 2010 this morning.
SinoHub conducts nearly all of its operations through its SinoHub Electronics Shenzhen Limited subsidiary in China and its B2B Chips subsidiary in Hong Kong.
Other SinoHub news
- SinoHub gets approval for NYSE listing
2009-08-05
