Telestone PR, 3/30/12
Chinese wireless communication coverage solutions provider Telestone Technologies Corporation (Nasdaq: TSTC) has today announced its financial results for the fourth quarter and full year ended December 31, 2011, with total revenue for the quarter down 33.1% YoY and up 37.3% QoQ to USD 40.6 mln. Total revenue for the year decreased 17.2% to USD 109.1 mln.
Net income for the quarter plunged 71.2% YoY and 32.5% QoQ to USD 3.5 mln. Net income for the year decreased 40.2% to USD 14.9 mln.
Revenue from equipment sales in Q4 2011 declined 66.1% YoY and increased 5.0% QoQ to USD 12.0 mln. Revenue from professional services in Q4 2011 increased 13.1% YoY and 57.6% QoQ to USD 28.6 mln. Revenue from WFDS (Wireless Fiber-Optic Distribution System) products decreased 25.1% YoY to USD 9.6 mln, accounting for 23.6% of sales in Q4 2011. Revenue from WFDS products in Q3 2011 was USD 10.6 mln.
Revenue from equipment sales for FY 2011 decreased 39.7% to USD 39.3 mln. Revenue from professional services for FY 2010 increased 4.9% to USD 69.8 mln.
Revenue generated from China Mobile (NYSE: CHL; 0941.HK), China Unicom (NYSE: CHU; 0762.HK; 600050.SH), and China Telecom (NYSE: CHA; 0728.HK) accounted for 97.6% of total revenue in 2011, as compared to 99.7% for the fiscal year 2010.
Phase I of Telestone's TIPS Industrial Park has been completed, and is expected to enter trial production in May 2012. Sales to non-telecom-carrier customers grew to 4.1% of total tales, compared to 0.5% a year ago. Telestone acquired Sichuan Ruideng, which is an important strategic move in Telestone's business expansion strategy in the southwestern China market.
For the full-year 2012, Telestone expects revenues to increase to approximately USD 117 mln.
To view Telestone Technologies' full earnings report, please click here.