HONG KONG, May 16, 2013 /PRNewswire/ -- USmart Mobile Device
Inc. (OTCBB: ACLO), an integrated China-based designer, manufacturer and
distributor of advanced technologies spanning smartphone and
semiconductor components, reported unaudited financial results for
the first quarter ended March 31,
2013.
Mr. Ben Wong, Chief Executive
Officer of USmart Mobile Device Inc., commented, "We ended the
first quarter of 2013 with a net income of $888.3 thousand thanks to a one-off profit from
the disposal of fixed assets in the amount of $1.9 million. The majority of our sales came from
selling memory products. With the acquisition of Jussey on
September 28, 2012, we have
diversified our business interests from a memory components
distributor to an IDH (Industrial Design House) focusing on
smartphone products. We foresee that our primary business will
shift to selling smart phone products."
Mr. Wong continued, "Although the global economic conditions
continue to be weak and volatile, there are signs of market
recovery for DRAM starting with the second quarter of 2013.
Smartphones and tablets are also expected to drive DRAM and NAND
flash demands throughout the year which in turn should have a
positive impact on our future revenue growth."
Net revenue for the quarter ended March
31, 2013 was $14.5 million,
compared to $42.4 million in the same
period last year.
Gross loss for the first quarter of 2013 was $98.5 thousand, compared to a gross profit of
$364.7 thousand in the same period
last year.
Net income for the quarter ended March
31, 2013 was $888.3 thousand
compared to a net loss of $865.7
thousand in the same period last year. Earnings per diluted
share were $0.02 for the quarter
ended March 31, 2013, as compared to
$(0.03) in the same period last
year.
Recent Developments
- In February 2013, the Board of
Directors of the Company appointed Mr. Ben
Wong as the Company's Chief Executive Officer to replace Mr.
Chung-Lun Yang. Mr. Yang
continues to act as the Chairman of the Board of Directors.
- In November 2012, the Company's
stockholders approved the proposed amendment to the certificate of
incorporation to change the Company's corporate name from ACL
Semiconductors Inc. to USmart Mobile Device Inc. This name change
was effective as of April 17,
2013.
- In September 2012, the Company
acquired Jussey, a company incorporated in British Virgin Islands, which owns 100% equity
interest in eVision Telecom Limited ("eVision"), a Hong Kong incorporated company, and 80% equity
interest in USmart Electronic Products Limited ("USmart"), a
Hong Kong incorporated company,
which wholly owns Dongguan Kezheng Electronics Limited ("Kezheng"),
a wholly foreign-owned enterprise ("WFOE") organized under the laws
of the PRC. Through this acquisition, the Company has diversified
its product portfolio and customers' network, obtained design and
manufacturing capabilities, and tapped into the expanding
telecommunication industry with access to the 3G baseband
licenses.
About USmart Mobile Device Inc.
USmart Mobile Device Inc., is an integrated China-based designer, manufacturer and
distributor of advanced technologies spanning smartphone and
semiconductor components. Through the September 2012 acquisition of Jussey Investments,
USmart Mobile Device Inc., has become a one-stop solution provider
of smartphone components serving OEM customers spanning local
China mobile phone companies and
established telecom carriers. Following the formation of the
ATMD joint venture with Tomen Devices in April 2012, USmart Mobile Device Inc. has
retained a 30% stake in the business focused on supplying Samsung
semiconductors and LCD products in Greater China.
Forward-Looking Statements
This information contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, when used in the preceding discussion, 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
Act. 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. Such risks and uncertainties
include, but are not limited to, market conditions, the
availability of components and successful production of the
company's products, general acceptance of the company's products
and technologies, competitive factors, timing, and other risks
described in the company's SEC reports and filings.
Investor Contacts:
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Kun Lin
Lee
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Stephanie
Carrington
|
Chief
Financial Officer
|
The Ruth
Group
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USmart
Mobile Device Inc.
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+1-646-536-7017
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+1-408-981-9363
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scarrington@theruthgroup.com
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+852-3666-9939
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klee@atlantic.com.hk
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SOURCE USmart Mobile Device Inc.