Exhibit 99.1
 
 


SINOHUB, INC. REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS
 
 
§
Q3 2010 revenues increased 54.1% to $55.8 million
 
§
Q3 gross margin expanded 50 basis points to 18.3%
 
§
Q3 net income grew 55.3% to $5.5 million
 
§
Q3 EPS of $0.19 with EPS of $0.42 for first nine months of 2010
 
§
Company raises FY10 revenue forecast to $192 million, representing approximately 50% YOY growth
 
SANTA CLARA, Calif. and SHENZHEN, China, November 12, 2010
– SinoHub, Inc. (NYSE Amex: SIHI), a rapidly growing electronics company in the People’s Republic of China currently engaged in electronic component sales, custom design mobile phone manufacturing and sales, and electronic component supply chain management (SCM) services, today reported financial results for the three month period ended September 30, 2010 and increased full-year revenue guidance for 2010.

Summary Financials
Third Quarter 2010 Results (USD) (unaudited)
 
Q3 2010
Q3 2009
CHANGE
Sales
$55.8 million
$36.2 million
+54.1%
Gross Profit
$10.2 million
$6.4 million
+58.1%
Net Income
 $5.5 million
$3.5 million
+55.3%
Fully diluted EPS
$0.19
$0.13
+46.2%

Third Quarter 2010 Results
Sales – Total revenues for third quarter 2010 ended September 30 grew 54.1% to $55.8 million over the third quarter of 2009.  Revenues from the electronic component purchasing (ECP) business, including procurement-fulfillment and spot component sales, increased 2.9% to $35.3 million over the third quarter of 2009.  The Company’s supply chain management services (SCM) business generated $1.5 million compared to $1.9 million in the same period in 2009 as the Company continues to replace manufacturing customers with design house customers. Revenues from the Company's virtual contract manufacturing (VCM) business, which was launched in late 2009 and recorded immaterial 2009 revenues, totaled $19.0 million, up 42.9% sequentially from the second quarter. VCM represented 34% of total third quarter sales compared to 30.3% in the second quarter and this growth is consistent with Management’s strategy to grow its contract manufacturing business to over 50% of total sales.
 
 
 

The following information was filed by Sinohub, Inc. (SIHI) on Friday, November 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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