BEIJING, April 27, 2018 /PRNewswire/ -- China TechFaith
Wireless Communication Technology Limited (NASDAQ: CNTF)
("TechFaith" or the "Company") today announced it has filed
its Annual Report Form 20-F for the fiscal year ended December 31, 2017 with the U.S. Securities and
Exchange Commission on April 27,
2018. The annual report on Form 20-F, which contains
TechFaith's audited financial statements, can be accessed on the
SEC's website at www.sec.gov or on the Company's investor relations
website at www.techfaithwireless.com.
For the full year ended December 31,
2017, TechFaith reported total net revenues of US$46.8 million compared to US$61.0 million for the full year ended
December 31, 2016. The decline
primarily reflects lower revenue in the Company's mobile phone
business, which was negatively impacted by softness in the overall
China handset market. Gross profit
for the full year 2017 was US$9.8
million, compared to US$12.5
million for the full year 2016. Gross margin for the full
year 2017 was 20.9%, compared to 20.4% for the full year 2016.
Operating expenses for the full year 2017 were US$15.6 million compared to US$15.9 million for the full year 2016. Net loss
attributed to TechFaith for the full year 2017 was US$9.3 million, or US$0.88 per basic and diluted weighted average
outstanding ADS, compared to a net income of US$10.1 million, or US$0.96 per basic and diluted weighted average
outstanding ADS, for the full year 2016.
TechFaith also announced the appointment of the Company's CEO,
Mr. Deyou Dong, to the additional
role of Chairman of the Board. Mr. Deyou Dong succeeds Mr. Defu Dong, who has served as the Chairman of the
Board since founding the Company in 2002. The Company also
announced the retirement of Ms. Ling
(Shelly) Sui, 63 years old, who has served as an independent
director since 2007.
Mr. Defu Dong, TechFaith's
outgoing Chairman of the Board, commented, "I am proud of what
TechFaith has accomplished over the past 16 years. Our team
has successfully navigated challenging markets and established an
impressive track record in our core business areas. I would
like to thank our Board, management, employees, customers and
investors for their support and wish everyone continued
success."
Mr. Deyou Dong, TechFaith's
Chairman and CEO, said, "I am grateful to Mr. Defu Dong for his tireless contributions,
dedication, vision and leadership since he founded the Company back
in 2002. We remain focused on building upon the legacy he has
established. We are also appreciative of Ms. Shelly Sui's contributions as a director, and we
wish her and her family all the best. We are optimistic entering
2018 as we work to deliver greater value to shareholders as the
asset base TechFaith has built is more properly valued for its cash
flow potential and the higher appreciated value of the land and
buildings in the Company's portfolio. We also expect the
Company will continue to execute on the anticipated revitalization
of its mobile phone business."
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of
commercial real estate properties across China as well as a China-based mobile solutions provider for the
global mobile handsets market. TechFaith continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. The
Company currently focuses on developing office space that can serve
as anchor bases in areas with developing economies, as it meets the
needs of both established businesses and innovative start-up
companies in China. For more information, please visit
www.techfaithwireless.com.
Safe Harbor Statement
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," "outlook" and similar
statements. Among other things, the business outlook and
strategic and operational plans of TechFaith and management
quotations contain forward-looking statements. TechFaith 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, among others, and 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 TechFaith's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, those risks outlined
in TechFaith's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. TechFaith
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
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SOURCE China TechFaith Wireless Technology Limited