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EXHIBIT 99.1
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SINOHUB, INC. ANNOUNCES 2011 FIRST QUARTER
FINANCIAL RESULTS AND RESTATEMENT OF 2010 FINANCIAL STATEMENTS TO ACCOUNT FOR WARRANTS AS LIABILITY
Continued Progress with Mobile Device Business
Gross Profit and Gross Margin Increased Year-over-Year
SHENZHEN, China, May 16, 2011 – SinoHub, Inc. (“SinoHub” or the “Company”), (NYSE Amex: SIHI), an electronics company whose main growth driver is manufacturing and distributing custom, private-label mobile phones, today announced its unaudited financial results for the first quarter ended March 31, 2011.
FIRST QUARTER 2011 FINANCIAL HIGHLIGHTS
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Total net sales declined slightly year-over-year to US$38.0 million in the first quarter of 2011 versus US$38.6 million in the first quarter of 2010.
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Gross profit was US$7.7 million compared to US$7.1 million in the same quarter in 2010. Gross margin was 20.3% compared to 18.4% in the first quarter of 2010.
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Cash used in operations was US$4.4 million, compared with US$38,000 in the first quarter of 2010.
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Net income was US$3.54 million, representing a slight increase from US$3.45 million in the first quarter of 2010.
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Net income per basic and diluted shares were both US$0.12, down from US$0.13 per basic share and unchanged from US$0.12 per diluted share, in the first quarter of 2010.
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Net income for the first quarter of 2011 and the first quarter of 2010 were affected by a restatement to properly account for certain terms of the Company’s outstanding warrants issued on March 2, 2010. See “Restatement Concerning Warrant Liability” below.
The following information was filed by Sinohub, Inc. (SIHI) on Monday, May 16, 2011 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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SIHI Quarterly Reports
- 10-Q Quarterly Report May 2012
- 10-Q Quarterly Report November 2011
- 10-Q Quarterly Report August 2011
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10-Q Quarterly Report May 2011
- 10-Q Quarterly Report November 2010
