Acorn Records Q4 2011 Loss of USD 1 Mln
Acorn PR, 3/20/12
Chinese multi-platform marketing company Acorn International (NYSE: ATV) has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2011. Net revenue for Q4 2011 was USD 87.7 mln, up 23.6% YoY. Net revenue for the full year 2011 was USD 363.0 mln, up 23.7% compared to full year 2010.
Net loss attributable to Acorn for Q4 2011 was USD 1.0 mln, compared to a net loss of USD 8.7 mln in Q4 2010. Net profit attributable to Acorn for the full year 2011 was USD 5.1 mln, compared to net loss of USD 6.4 mln for full year 2010.
For Q4 2011, direct sales contributed to 83.0%, or USD 72.6 mln, of the total net revenues, up 26.9% from USD 57.2 mln in Q4 2010, mainly due to sales of cell phones, collectibles and fitness products.
For Q4 2011, distribution sales net revenues increased 9.3% YoY to USD 14.9 mln from USD 13.6 mln in Q4 2010, primarily due to stronger sales of M8 tablet computer, an Ozing series electronic learning product, which commands a higher selling price and a higher margin.
For the full year 2011, direct sales contributed 80.5%, or USD 291.5 mln, of the total net revenues, up 48.9% from USD 195.8 mln for 2010, mainly due to increased sales of Gionee branded cell phones and collectibles.
For the full year 2010, distribution sales net revenues declined 27.6% YoY to USD 70.5 mln, from USD 97.4 mln primarily due to the decreased sales of Yukang branded cell phones and auto products in distribution channels. In addition, sales of Ozing also decreased due to an overall slowdown in the electronic learning products market in 2011.
For the full year 2012, Acorn expects revenue between USD 380-400 mln and net income to be between USD 6-8 mln.
In full fiscal year 2012, Acorn will continue to increase media spending on the direct sales channel and focus on promoting featured products. Acorn intends to further diversify its product offerings and customer base, encourage repeat purchases by existing customers and create opportunities for recurring revenue. At the same time, the management team remains focused on controlling costs and continuously improving operations to enhance bottom line performance.
To view Acorn's full fiscal report please click here.
Keywords: loss revenue television fiscal report Gionee Acorn International ATV tablet OZing Q4 2011 Asia TV handset TV advertising TV shopping channel
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