HONG KONG, April 23 /PRNewswire-FirstCall/ -- ACL
Semiconductors, Inc. (OTC Bulletin Board: ACLO), one of
Asia's largest distributors of
memory chip products, today announced that net sales for fiscal
year 2009 increased 45 percent to $304.7
million compared to net sales of $209.6 million (restated) in fiscal year 2008.
Sales in the fourth quarter ended December
31, 2009 increased 57 percent to $90
million.
Net income in fiscal year 2009 totaled $2.9 million compared to a loss of $(172,872) in fiscal year 2008. Income
before income taxes totaled $3.6
million in 2009 compared to a loss the previous year.
Gross profit increased to $8.5
million in 2009, a 104 percent improvement compared to
$4.2 million in 2008.
The Company, which is one of the largest distributors of Samsung
memory products for Hong Kong and
Southern China, said increased
sales was due to increasing demand, limited supplies, and higher
selling prices. It said its improved financial performance
also occurred because of a decrease in bank interest expense due to
a reduction in external financing.
The complete filing is available at www.sec.gov.
ACL Semiconductors distributes electronic components under the
"Samsung" brand name to the Hong
Kong and South China
markets. The memory chips are used from everything from a
mobile phone, digital camera and laptop computer to an MP3 player
or Wi-Fi product.
Safe Harbor: 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 and are subject to the
safe harbor created by 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.
Kenneth K.
Lee
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klee@atlantic.com.hk
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415/812-8626
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Paul
Knopick
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E & E
Communications
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949/707-5365
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pknopick@eandecommunications.com
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SOURCE ACL Semiconductors, Inc.