Qiao Xing Mobile Reports First Quarter 2008 Results

Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM), one of China''s domestic manufacturers of mobile handsets operating its business primarily through its subsidiary, CEC Telecom Co., Ltd. (''''CECT''''), today announced its unaudited first quarter results for the three months ended March 31, 2008.

Revenue was RMB604.5 million (US$86.2 million) in the first quarter of 2008, representing a decrease of 15.8% from RMB718.2 million in the first quarter of 2007 and a decrease of 19.1% from RMB747.0 million in the fourth quarter of 2007. The sequential and year-over-year declines were primarily due to a lower ASP of handset products shipped in the first quarter of 2008.

Net income was RMB106.3 million (US$15.2 million) in the first quarter of 2008, as compared to RMB105.1 million and RMB142.7 million in the first and the fourth quarters of 2007, respectively. Basic and diluted EPS before extraordinary items for the first quarter of 2008 were both RMB2.00 (US$0.29).

Handset shipments in the first quarter of 2008 were approximately 846,000 units, representing an increase of 12.4% compared to 753,000 units in the first quarter of 2007 and a decrease of 1.9% compared to 862,000 units in the fourth quarter of 2007. The increase in handset shipments compared to the same period of last year was primarily due to the increased shipment of the Company''s higher-margin C3100 flashlight phone and the W100 wrist watch phone.

The Company sold 316,000 units of the C3100 handset and 117,000 units of the W100 handset in the first quarter of 2008. The Company also sold 153,000 units of its T300 analog TV phone and the T150 phone that features fingerprint recognition and a sleek metal casing.



Source:redlinechina