Acorn Records Q3 2012 Loss of USD 1.1 Mln
Acord, 11/29/12
Chinese multi-platform marketing company Acorn International (NYSE: ATV) has announced its financial results for the three months ended September 30, 2012. Q3 2012 total net revenues were USD 69.2 mln, a decrease of 35.8% YoY from USD 107.8 mln a year before and up 50.1% QoQ from Q2 2012.
Net loss attributable to Acorn was USD 1.1 mln, as compared to net income of USD 1.5 mln in the third quarter of 2011.
Sales of mobile phones generated revenues of USD 17.4 mln, representing 25.1% of total revenues. Mobile phone sales declined 60.8% YoY from the third quarter of 2011, primarily due to decreased demand for existing mobile phone models and slower-than-expected sales of the new mobile phone models launched in the third quarter of 2012.
Sales of fitness products (namely the Yierjian product line first launched in the third quarter of 2011), generated revenues of USD 17.8 mln, representing 25.7% of total revenues.
Other direct sales platforms, represented by third-party bank channels, outbound calls, catalogs and Internet sales declined 37.6% YoY in the third quarter of 2012 as compared to the third quarter of 2011. The decline in other direct sales was primarily due to the lower sales from third-party bank channels as well as the outbound calls and catalogs sales.
Direct sales contributed to 71.9%, or USD 49.8 mln, of the total net revenues for the third quarter of 2012, a decrease of 38.1% YoY from USD 80.5 mln for the same period last year. The decrease in direct sales levels resulted mainly from a decline in sales generated from mobile phones, cosmetics and consumer electronics.
Distribution sales net revenues decreased 28.8% YoY to USD 19.4 mln from USD 27.3 mln for the third quarter of 2011. Electronic learning devices accounted for 86.9% of total distribution sales and benefited from the launch of new electronic learning devices incorporating mobile internet interactive features.
The Company maintains its prior guidance for the full year 2012 of revenues between USD 260 mln and USD 280 mln and a net loss between USD 14 mln and USD 16 mln.
To view the complete report please see here.
Keywords: loss television Acorn International ATV Q3 2012 handset revenue fiscal report Asia TV TV advertising TV shopping channel
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