Telestone Technologies Corporation (NASDAQ: TSTC), a developer and provider of telecommunications local-access networks in China, announced its financial results for the fourth quarter and full year ended December 31, 2011.
Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than ten years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, WFDS(TM) (Wireless Fiber-optic Distribution System), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,500 employees.
Fourth-Quarter 2011 Highlights:
- Revenues were $40.6 million, as compared to $60.8 million in the year-ago quarter.
- Gross profit was $18.4 million, as compared to $26.9 million in the year-ago quarter.
- Net income was $3.5 million, or $0.29 per diluted share; non-GAAP income was $3.8 million, or $0.30 per diluted share.
- Completed the main structure of Phase I of the Telestone Intelligent Premises System (TIPS) Industrial Park project, located in Gu'an County, Hebei province.
- Acquired 100% of Sichuan Ruideng Telecom Corporation for approximately $2 million in cash and 1.8 million restricted Telestone shares.
Full-Year 2011 Highlights:
- Revenues were $109.1 million, as compared to $131.7 million in the previous year.
- Gross profit was $48.5 million, as compared to $58.9 million in the previous year.
- Net income was $14.9 million, or $1.21 per diluted share; non-GAAP income was $16.5 million, or $1.34 per diluted share.
Source:cn-c114.net