Attached files
| file | filename |
|---|---|
| 8-K - COGO GROUP 8-K - Cogo Group, Inc. | cogo_8k-031210.htm |
Exhibit
99.1
Cogo
Reports Highest Ever Annual Revenue for 2009
|
·
|
Full
year revenue of $307.1 million grew 6.9% versus
2008
|
|
·
|
Management
reiterates Q1 2010 guidance of $70-72 million in revenue and estimated
Non-GAAP EPS Diluted of $0.14-15
|
|
·
|
Company
continues to target gross margins of 15% and operating margins of
10%
|
SHENZHEN,
China, March 12, 2010—Cogo Group, Inc. (NASDAQ: COGO), a leading provider of
customized design solutions for the technology manufacturing sector in China,
today announced unaudited financial results for its fourth quarter and full year
ended December 31, 2009. The Company reported record quarterly revenue of $88.1
million, up 7.0% year-over-year compared to $82.3 million reported in the fourth
quarter of 2008.
Net
income attributable to Cogo Group, Inc. for the fourth quarter of 2009 was $4.3
million, up 466.4% from $0.8 million reported in the same period last year, with
Non-GAAP net income attributable to Cogo Group, Inc. up 9.1% over the same
period last year. Earnings per share (“EPS”) Diluted attributable to
Cogo Group, Inc. on a U.S. GAAP basis was $0.11, and Non-GAAP EPS Diluted
attributable to Cogo Group, Inc. (excluding share-based compensation expense,
acquisition-related costs including amortization of intangible assets and
related deferred taxation and extraordinary gain on bargain purchase) was $0.19,
up 5.6% from the fourth quarter of 2008.
For the
full year 2009, the Company reported revenues of $307.1 million, a 6.9% increase
compared to $287.2 million reported for 2008. Net income attributable
to Cogo Group, Inc. for 2009 was $11.8 million, down 16.4% from $14.1 million in
2008, and EPS Diluted attributable to Cogo Group, Inc. on a U.S. GAAP basis was
$0.32, down from $0.36 reported for the prior year.
Key
Financial Indicators
(all
numbers in USD thousands, except share data)
|
Q4
2009(1)
(unaudited)
|
Q4
2008(1)
(unaudited)
|
Percent
Change
|
||||||||||
|
Net
Revenue
|
$ | 88,084 | $ | 82,336 | 6.98% | |||||||
|
Cost
of Sales
|
$ | 75,274 | $ | 70,611 | 6.60% | |||||||
|
Gross
Profit
|
$ | 12,810 | $ | 11,725 | 9.25% | |||||||
|
Operating
Expenses
|
$ | 8,462 | $ | 11,941 | -29.13% | |||||||
|
Net
Income attributable to Cogo Group, Inc.
|
$ | 4,299 | (2) | $ | 759 | 466.40% | ||||||
|
EPS
Diluted attributable to Cogo Group, Inc.
|
$ | 0.11 | $ | 0.02 | 450.00% | |||||||
|
Non-GAAP
EPS Diluted attributable to Cogo Group, Inc.
|
$ | 0.19 | (2) | $ | 0.18 | 5.56% | ||||||
|
(1)
|
The
US dollar amounts are calculated based on the conversion rate of US $1 to
RMB 6.8259 as of December 31, 2009 and US $1 to RMB 6.8225 as of December
31, 2008.
|
|
(2)
|
Included
in the Q4 2009 net income attributable to Cogo Group, Inc. was an amount
of $2.2 million, a share-based compensation expense recognized in
accordance with Accounting Standards Codification (“ASC”) 718, Compensation-Stock
Compensation and $0.7 million acquisition related costs, net, such
as amortization and impairment of intangible assets and related deferred
taxation, and extraordinary gain on bargain purchase. Non-GAAP net income
attributable to Cogo Group, Inc., excluding the effects of share-based
compensation expense and acquisition related costs, was $7.2
million.
|
Financial
Results
Revenue
for the fourth quarter was $88.1 million, an increase of 7.0% compared to $82.3
million reported for the same period in 2008. The revenue breakdown was as
follows: $51.3 million, or 58.2% of total sales for digital media (including
mobile handsets business), representing a 1.1% increase year-over-year; and
$21.7 million, or 24.7% of total sales for telecommunications equipment,
representing an 8.7% decrease year-over-year. The Company’s service business
contributed $1.2 million in revenues for the fourth quarter and accounted for
1.4% of total sales. During the quarter, Cogo generated revenue of $13.9 million
from component sales relating to the Industrial Applications Business. This
end-market, which management believes is among the fastest growing markets in
China, grew 98.7% versus the fourth quarter of 2008 and represented 15.7% of
total sales. The Company is currently targeting opportunities in the electrical
grid, smart meter, automotive and railway sectors and over time expects to
expand into other verticals in the Industrial sector, such as cleantech, medical
and security.
Cost of
sales, which includes the aggregate purchase of components from suppliers and
the direct cost of services, was $75.3 million compared to $70.6 million in the
fourth quarter of 2008, representing an increase of 6.6% year-over-year. Gross
profit for the fourth quarter was $12.8 million, up 9.2% compared to $11.7
million during the fourth quarter of last year. Gross margin for fourth quarter
was 14.5% compared to 14.2% reported for the fourth quarter of
2008.
Operating
expenses, including selling, general and administrative, and research and
development (R&D) expenses as well as provision of doubtful accounts,
totaled $8.5 million, down 29.1%, compared to $11.9 million reported for the
fourth quarter of last year.
Net
income attributable to Cogo Group, Inc. for the fourth quarter of 2009 was $4.3
million or EPS Diluted attributable to Cogo Group, Inc. of $0.11 on a U.S. GAAP
basis, compared to net income of $0.8 million, or EPS Diluted attributable to
Cogo Group, Inc. of $0.02, in the fourth quarter of 2008. Included in the fourth
quarter of 2009, net income attributable to Cogo Group, Inc. was $2.2
million for share-based compensation expense and $0.7 million for acquisition
related costs, including amortization of intangible assets and related deferred
taxation. Excluding stock-based compensation expenses and acquisition related
costs including amortization of intangible assets and related deferred taxation,
the net income attributable to Cogo Group, Inc. would have been $7.2 million or
$0.19 Non-GAAP EPS Diluted attributable to Cogo Group, Inc. for the fourth
quarter of 2009. The weighted average number of shares used in the calculation
of diluted EPS was 38.0 million compared to 36.7 million in the fourth quarter
of 2008.
2
For the
full year 2009, the Company reported revenue of $307.1 million, up 6.9% from the
year ended 2008. Cost of sales was $263.0 million, an increase of 9.2% compared
to the $240.8 million reported last year. Gross profit was $44.1 million, a
decrease of 4.9% from $46.4 million in 2008. Gross margin was 14.4% of sales,
compared to 16.2% last year.
Operating
expenses, including selling, general and administrative expenses, research and
development expenses as well as provision for doubtful accounts, totaled $33.4
million, as compared to $35.8 million for last year. Income from
operations was $10.7 million, a slight increase of 0.7% from $10.6 million
reported in the prior year.
The
Company had an effective tax rate of 10.9% compared to 2.2% last year. Included
in the income tax expense for the year ended December 31, 2009 was a deferred
income tax benefit of $0.7 million, resulting from amortization of intangible
assets of $4.2 million. There was income attributable to noncontrolling interest
of $0.4 million during the year, compared to $0.2 million for 2008. Net income
attributable to Cogo Group, Inc. for 2009 decreased by 16.4% to $11.8 million or
$0.32 per fully diluted share, compared to $14.1 million or $0.36 per fully
diluted share for the same period last year.
Balance Sheet
The
Company completed fiscal year 2009 with cash of $97.8 million, down $100.6
million versus 2008, attributable to the Company’s stock repurchase program and
acquisition payments. Pledged bank deposits were $17 million at the end of 2008
and 2009. Inventory increased from $14.1 million at the end of 2008
to $21.4 million as of December 31, 2009. Accounts receivable increased from
$73.0 million at the end of 2008 to $90.5 million as of December 31, 2009, and
accounts payable decreased from $15.8 million in 2008 to $11.9 million in 2009.
Accounts receivable and inventory increased due to the Company’s growth and
expansion in the second half of 2009. Intangible assets decreased from $17.7
million at the end of 2008 to $17.0 million as of December 31, 2009, and
goodwill increased from $17.1 million at the end of 2008 to $28.8 million as of
December 31, 2009. Bank borrowings at the end of 2009 amounted to $17.5 million
as compared to no bank borrowings reported as of December 31,
2008. Cogo Group, Inc. equity was $226.1 million as of December 31,
2009, an increase of 9.9% from $205.8 million as of December 31,
2008.
3
Business
Outlook
As
announced on February 4, 2010, management’s guidance for the first quarter of
2010 is $70-72 million in revenue and estimated Non-GAAP EPS Diluted of
$0.14-0.15. The Company continues to target gross margins of 15% and operating
margins of 10%.
Jeffrey
Kang, CEO and Chairman of Cogo, remarked, “Management is encouraged by Cogo’s
results in the fourth quarter of 2009, and we are very optimistic about 2010. We
are seeing promising new lines of business in the automotive, HDTV, smart meters
and 3G handset areas. We are using our balance sheet to help drive growth and
buyback stock, and we see tremendous new opportunities in the industrial
applications end-markets and expect a growing Small and Medium Enterprise
customer base. The 3G handset situation is improving with increased demand and
increase in dollar content per device. We believe that the opportunities for
growth within our telecom business are stronger than popular opinion would
suggest. The new, five million share stock repurchase program firmly supports
our belief in the Company’s long-term growth potential. I would like to
reiterate our view that the worst of China’s economic situation is behind us,
and we are ready to move forward into a high-growth and margin expansion mode
for 2010.”
Currency
Exchange Rates Impacts on Annual Results
The
annual revenue for the full year 2009 was $307.1 million. Total revenue
normalized by adding the results of the four quarters together would have been
$307.0 million*. Normalized Non-GAAP EPS Diluted based on the addition of the
results of the four quarters would have been $0.64. Because the Chinese Yuan has
appreciated against the US dollar during 2009, the full year revenue was $0.1
million higher than the normalized revenue.
* The US
dollar amounts are calculated based on the conversion rates of USD 1 to RMB
6.8329 as of March 31, 2009 for the first quarter, USD 1 to RMB 6.8302 as of
June 30, 2009 for the second quarter, USD 1 to RMB 6.8262 as of September 30,
2009 for the third quarter and US $1 to RMB 6.8259 as of December 31, 2009 for
the fourth quarter and the consolidated 2009 full year.
About Cogo Group, Inc.:
Cogo
Group, Inc. (NASDAQ: COGO) is a leading provider of customized module and
subsystem design solutions in China. The Company believes it acts as a proxy to
China's technology industry as it works with virtually all the major ODMs and
OEMs in China. Cogo leverages these relationships and combines their IP to
create designs that Cogo then sells to electronic manufacturers. These designs
allow manufacturers to reduce their time to market for new products and
ultimately increase sales. Cogo focuses on the telecommunications equipment,
digital media and industrial applications end-markets for their customized
design modules while also offering business and engineering services to their
large telecommunications equipment vendor customers. Over the last fifteen
years, Cogo has grown its customer list to include nearly 1,400 manufacturers
across the telecommunications equipment, digital media and industrial
applications markets, covering both multinational Chinese subsidiaries and
Chinese domestic companies.
For
further information:
Investor
Relations
www.comtech.com.cn/investorinfo.html
communications@cogo.com.cn
H.K.: +852
2730 1518
U.S.: +1
(646) 291 8998
Fax: +86
755 2674 3522
Safe
Harbor Statement:
This
press release includes certain statements that are not descriptions of
historical facts, but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. These forward-looking statements may include statements
about our proposed discussions related to our business or growth strategy such
as growth in digital media, telecommunications and industrial applications
businesses, as well as our potential acquisitions which are subject to change.
Such information is based upon expectations of our management that were
reasonable when made, but may prove to be incorrect. All such assumptions are
inherently subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions, which are subject to
change. For further descriptions of other risks and uncertainties, see our most
recent Annual Report filed with the Securities and Exchange Commission (SEC) on
Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC
are available through the SEC's electronic data gathering analysis retrieval
system (EDGAR) at www.sec.gov.
About
Non-GAAP Financial Measures:
To
supplement Cogo's consolidated financial results presented in accordance with
GAAP, Cogo uses the following measures defined as Non-GAAP financial measures by
the SEC: 1) Non-GAAP net income attributable to Cogo Group, Inc. which is net
income attributable to Cogo Group, Inc. excluding share-based compensation
expenses and acquisition related costs, net, such as amortization and impairment
of intangible assets, related deferred taxation, extraordinary gain on bargain
purchase and impairment of goodwill and 2) Non-GAAP basic and diluted earnings
per share attributable to Cogo Group, Inc., which is basic and diluted earnings
per share excluding share-based compensation expenses and acquisition related
costs such as amortization and impairment of intangible assets, related deferred
taxation, extraordinary gain on bargain purchase and impairment of goodwill. The
presentation of these Non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. For more information on these
Non-GAAP financial measures, please see the table captioned “Unaudited
Reconciliations of Non-GAAP measures to the most comparable GAAP measures” set
forth at the end of this release.
4
Cogo
believes that these Non-GAAP financial measures provide meaningful supplemental
information regarding its performance and liquidity by excluding share-based
expenses and acquisition related costs such as amortization and impairment of
intangible assets that may not be indicative of its operating performance from a
cash perspective. Cogo believes that both management and investors benefit from
referring to these Non-GAAP financial measures in assessing its performance and
when planning and forecasting future periods. These Non-GAAP financial measures
also facilitate management's internal comparisons to Cogo's historical
performance and liquidity. Cogo computes its Non-GAAP financial measures using
the same consistent method from quarter to quarter. Cogo believes these Non-GAAP
financial measures are useful to investors in allowing for greater transparency
with respect to supplemental information used by management in its financial and
operational decision making. A limitation of using Non-GAAP net income, Non-GAAP
basic and diluted earnings per share, Non-GAAP income from operation and
Non-GAAP operating margin is that these Non-GAAP measures exclude share-based
compensation charge and acquisition related costs such as amortization and
impairment of intangible assets, related deferred taxation, extraordinary gain
on bargain purchase and impairment of goodwill that have been and will continue
to be for the foreseeable future a recurring expense in our business. Management
compensates for these limitations by providing specific information regarding
the GAAP amounts excluded from each Non-GAAP measure. The accompanying tables
have more details on the reconciliations between GAAP financial measures that
are most directly comparable to Non-GAAP financial measures.
Tables
Attached
5
COGO
GROUP, INC.
UNAUDITED
CONSOLIDATED BALANCE SHEETS
AS OF
DECEMBER 31, 2009 AND 2008
(in
thousands, except share data)
|
December 31,
|
||||||||||||
|
2009
|
2009
|
2008
|
||||||||||
|
USD
|
RMB
|
RMB
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
|
97,764 | 667,320 | 686,379 | |||||||||
|
Pledged
bank deposits
|
17,000 | 116,040 | 115,983 | |||||||||
|
Accounts
receivable, net
|
90,481 | 617,613 | 497,992 | |||||||||
|
Bills
receivable
|
2,577 | 17,592 | 13,555 | |||||||||
|
Inventories
|
21,408 | 146,132 | 95,855 | |||||||||
|
Income
taxes receivable
|
185 | 1,263 | — | |||||||||
|
Prepaid
expenses and other receivables
|
4,114 | 28,083 | 20,211 | |||||||||
|
Total
current assets
|
233,529 | 1,594,043 | 1,429,975 | |||||||||
|
Property
and equipment, net
|
2,110 | 14,406 | 17,993 | |||||||||
|
Intangible
assets, net
|
16,965 | 115,804 | 120,602 | |||||||||
|
Goodwill
|
28,840 | 196,858 | 116,632 | |||||||||
|
Other
assets
|
61 | 416 | 1,608 | |||||||||
|
TOTAL
ASSETS
|
281,505 | 1,921,527 | 1,686,810 | |||||||||
|
LIABILITIES
AND EQUITY
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Accounts
payable
|
11,887 | 81,140 | 107,512 | |||||||||
|
Bank
borrowings
|
17,492 | 119,402 | — | |||||||||
|
Income
taxes payable
|
1,736 | 11,847 | 8,225 | |||||||||
|
Accrued
expenses and other liabilities
|
20,218 | 138,008 | 141,925 | |||||||||
|
Total
current liabilities
|
51,333 | 350,397 | 257,662 | |||||||||
|
Deferred
tax liabilities
|
2,799 | 19,108 | 19,693 | |||||||||
|
Total
liabilities
|
54,132 | 369,505 | 277,355 | |||||||||
|
Equity:
|
||||||||||||
|
Common
stock
|
||||||||||||
|
Par
value: USD0.01
|
||||||||||||
|
Authorized:
200,000,000 shares
|
||||||||||||
|
Issued:
40,079,336 shares
|
||||||||||||
|
Outstanding:
35,770,025 shares in 2009
|
||||||||||||
|
35,231,661
shares in 2008
|
477 | 3,258 | 3,196 | |||||||||
|
Additional
paid in capital
|
178,957 | 1,221,538 | 1,146,840 | |||||||||
|
Retained
earnings
|
88,554 | 604,464 | 524,240 | |||||||||
|
Accumulated
other comprehensive loss
|
(15,732 | ) | (107,384 | ) | (107,645 | ) | ||||||
| 252,256 | 1,721,876 | 1,566,631 | ||||||||||
|
Less
cost of common stock in treasury, 4,309,311 shares in 2009
and 3,944,411 shares in 2008
|
(26,122 | ) | (178,309 | ) | (162,687 | ) | ||||||
|
Total
Cogo Group, Inc. equity
|
226,134 | 1,543,567 | 1,403,944 | |||||||||
|
Noncontrolling
interest
|
1,239 | 8,455 | 5,511 | |||||||||
|
Total
equity
|
227,373 | 1,552,022 | 1,409,455 | |||||||||
|
Commitments
and contingencies
|
||||||||||||
|
TOTAL
LIABILITIES AND EQUITY
|
281,505 | 1,921,527 | 1,686,810 | |||||||||
6
COGO
GROUP, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE
YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
(in
thousands, except share data)
|
Year ended
December 31,
|
||||||||||||||||
|
2009
|
2009
|
2008
|
2007
|
|||||||||||||
|
USD
|
RMB
|
RMB
|
RMB
|
|||||||||||||
|
Net
revenue
|
||||||||||||||||
|
Product
sales
|
302,790 | 2,066,815 | 1,931,845 | 1,597,818 | ||||||||||||
|
Services
revenue
|
4,307 | 29,401 | 27,695 | 68,690 | ||||||||||||
| 307,097 | 2,096,216 | 1,959,540 | 1,666,508 | |||||||||||||
|
Cost
of sales
|
||||||||||||||||
|
Cost
of goods sold
|
(259,477 | ) | (1,771,166 | ) | (1,624,101 | ) | (1,297,225 | ) | ||||||||
|
Cost
of services
|
(3,475 | ) | (23,716 | ) | (18,664 | ) | (46,368 | ) | ||||||||
| (262,952 | ) | (1,794,882 | ) | (1,642,765 | ) | (1,343,593 | ) | |||||||||
|
Gross
profit
|
44,145 | 301,334 | 316,775 | 322,915 | ||||||||||||
|
Selling,
general and administrative expenses
|
(18,290 | ) | (124,842 | ) | (152,898 | ) | (120,580 | ) | ||||||||
|
Research
and development expenses
|
(9,889 | ) | (67,504 | ) | (50,947 | ) | (40,973 | ) | ||||||||
|
Provision
for doubtful accounts
|
(5,272 | ) | (35,992 | ) | (6,847 | ) | (15,051 | ) | ||||||||
|
Impairment
loss of goodwill and intangible assets
|
— | (33,759 | ) | — | ||||||||||||
|
Other
operating income, net
|
17 | 116 | 214 | 170 | ||||||||||||
|
Income
from operations
|
10,711 | 73,112 | 72,538 | 146,481 | ||||||||||||
|
Interest
expense
|
(288 | ) | (1,963 | ) | (1,056 | ) | (2,335 | ) | ||||||||
|
Interest
income
|
2,123 | 14,490 | 27,895 | 25,637 | ||||||||||||
|
Earnings
before income taxes and extraordinary item
|
12,546 | 85,639 | 99,377 | 169,783 | ||||||||||||
|
Income
tax expense
|
(1,349 | ) | (9,207 | ) | (2,215 | ) | (14,275 | ) | ||||||||
|
Income
before extraordinary item
|
11,197 | 76,432 | 97,162 | 155,508 | ||||||||||||
|
Extraordinary
item, net of nil tax
|
987 | 6,737 | — | — | ||||||||||||
|
Net
income
|
12,184 | 83,169 | 97,162 | 155,508 | ||||||||||||
|
Less
net income attributable to noncontrolling interest.
|
(431 | ) | (2,945 | ) | (1,255 | ) | (3,065 | ) | ||||||||
|
Net
income attributable to Cogo Group, Inc.
|
11,753 | 80,224 | 95,907 | 152,443 | ||||||||||||
|
Earnings
per share attributable to Cogo Group, Inc.
|
||||||||||||||||
|
Income
before extraordinary item
|
0.29 | 2.01 | 2.49 | 4.12 | ||||||||||||
|
Extraordinary
item
|
0.03 | 0.19 | - | - | ||||||||||||
|
-
Basic
|
0.32 | 2.20 | 2.49 | 4.12 | ||||||||||||
|
Income
before extraordinary item
|
0.29 | 1.95 | 2.42 | 3.98 | ||||||||||||
|
Extraordinary
item
|
0.03 | 0.18 | - | - | ||||||||||||
|
-
Diluted
|
0.32 | 2.13 | 2.42 | 3.98 | ||||||||||||
|
Weighted
average number of common shares outstanding
|
||||||||||||||||
|
-
Basic
|
36,541,037 | 38,488,861 | 36,974,100 | |||||||||||||
|
-
Diluted
|
37,673,351 | 39,585,921 | 38,306,969 | |||||||||||||
|
Amounts
attributable to Cogo Group, Inc.
|
||||||||||||||||
|
Income
before extraordinary item
|
10,766 | 73,487 | 95,907 | 152,443 | ||||||||||||
|
Extraordinary
item
|
987 | 6,737 | - | - | ||||||||||||
|
Net
income attributable to Cogo Group, Inc.
|
11,753 | 80,224 | 95,907 | 152,443 | ||||||||||||
|
Comprehensive
income:
|
||||||||||||||||
|
Net
income
|
12,184 | 83,169 | 97,162 | 155,508 | ||||||||||||
|
Other
comprehensive income (loss), net of tax
|
||||||||||||||||
|
Foreign
currency translation adjustments
|
38 | 260 | (44,570 | ) | (45,766 | ) | ||||||||||
|
Comprehensive
income
|
12,222 | 83,429 | 52,592 | 109,742 | ||||||||||||
|
Less: comprehensive
income, net of tax attributable to noncontrolling interest
|
(431 | ) | (2,944 | ) | (1,256 | ) | (2,955 | ) | ||||||||
|
Comprehensive
income attributable to Cogo Group, Inc.
|
11,791 | 80,485 | 51,336 | 106,787 | ||||||||||||
7
COGO
GROUP, INC.
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
FOR THE
QUARTERS ENDED DECEMBER 31, 2009 AND 2008
(in
thousands, except share data)
|
For
the quarter ended
|
For
the quarter ended
|
|||||||
|
Dec
31, 2009
|
Dec
31, 2008
|
|||||||
|
(unaudited)
|
(unaudited)
|
|||||||
|
Net
Income
|
$’ 000 | $’ 000 | ||||||
|
GAAP
net income attributable to Cogo Group, Inc.
|
4,299 | 759 | ||||||
|
Share-based
compensation expense
|
2,191 | 1,504 | ||||||
|
Acquisition
related costs, net -
amortization and impairment of intangible assets and related deferred
taxation, extraordinary gain on bargain purchase and impairment of
goodwill
|
734 | 4,332 | ||||||
|
Non-GAAP
net income attributable to Cogo Group, Inc.
|
7,224 | 6,595 | ||||||
|
Earnings
per share
|
$ | $ | ||||||
|
GAAP
net income attributable to Cogo Group, Inc. per common
share-Diluted
|
0.11 | 0.02 | ||||||
|
Non-GAAP
net income attributable to Cogo Group, Inc. per common
share-Diluted
|
0.19 | 0.18 | ||||||
8
COGO
GROUP, INC.
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
FOR THE
QUARTERS ENDED MARCH 31, JUNE 30, SEPTEMBER 30 AND DECEMBER 31,
2009
(in
thousands, except share data)
|
Quarters
Ended
|
||||||||||||||||||||
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Total
|
||||||||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
||||||||||||||||
|
Revenue
|
63,268 | 73,589 | 82,042 | 88,084 | 306,983 | |||||||||||||||
|
Net
Income
|
||||||||||||||||||||
|
GAAP
net income attributable to Cogo Group, Inc.
|
1,555 | 2,532 | 3,363 | 4,299 | 11,749 | |||||||||||||||
|
Share-based
compensation expense
|
2,082 | 2,183 | 2,191 | 2,191 | 8,647 | |||||||||||||||
|
Acquisition
related costs, net - amortization
and impairment of intangible assets, related deferred taxation and
extraordinary gain on bargain purchase
|
899 | 966 | 1,129 | 734 | 3,728 | |||||||||||||||
|
Non-GAAP
net income
|
4,536 | 5,681 | 6,683 | 7,224 | 24,124 | |||||||||||||||
|
Earnings
per share
|
$ | $ | $ | $ | $ | |||||||||||||||
|
GAAP
net income attributable to Cogo Group, Inc. per common share-
Diluted
|
0.04 | 0.07 | 0.09 | 0.11 | 0.31 | |||||||||||||||
|
Non-GAAP
net income attributable to Cogo Group, Inc. per common share-
Diluted
|
0.12 | 0.15 | 0.18 | 0.19 | 0.64 | |||||||||||||||
|
Weighted
average number of shares outstanding
|
# | # | # | # | ||||||||||||||||
|
-
Basic
|
35,929,788 | 36,330,036 | 36,809,304 | 37,086,445 | ||||||||||||||||
|
-
Diluted
|
37,264,100 | 37,698,805 | 37,745,926 | 37,996,249 | ||||||||||||||||
9