ZOOM Technologies, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
August 20, 2013 at 08:30 am EDT
Share
Zoom Technologies, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net revenues of $6,764,881 against $11,691,462 a year ago. Loss from operations was $122,293 against $820,520 a year ago. Loss before income taxes and non-controlling interest was $79,955 against $638,902 a year ago. Loss attributable to Zoom Technologies, Inc. from continuing operations was $444,279 or $0.02 per basic and diluted share against $783,316 or $0.03 per basic and diluted share a year ago. Loss attributable to the company was $2,729,304 or $0.09 per basic and diluted share compared to income attributable to the company of $770,262 or $0.03 per basic and diluted share a year ago. Loss attributable to the company was $4,191,809 or $0.14 per basic and diluted share compared to income attributable to the company of $1,295,194 or $0.05 per basic and diluted share a year ago.
For the six months, the company reported net revenues of $14,130,111 against $27,773,797 a year ago. Loss from operations was $942,819 against $981,786 a year ago. Loss before income taxes and non-controlling interest was $1,371,396 against $1,024,141 a year ago. Loss attributable to Zoom Technologies, Inc. from continuing operations was $1,586,097 or $0.05 per basic and diluted share against $1,408,297 or $0.06 per basic and diluted share a year ago. Loss attributable to the company was $4,191,809 or $0.14 per basic and diluted share compared to income attributable to the company of $1,295,194 or $0.05 per basic and diluted share a year ago. Net cash used in operating activities was $1,383,982 against $2,315,780 a year ago. Purchase of property and equipment and other long-term assets was $123,256 against $150,417 a year ago.
Zoom Technologies, Inc. (Zoom) is a holding company and owns subsidiaries, primarily engaged in technology and communications businesses in China. The Company owns Gold Lion Holding Limited, and through it, owns 100% of Profit Harvest Corporation Ltd, which further owns 100% of Celestial Digital Entertainment, Ltd., a mobile platform video game development company. The Company, through Gold Lion's wholly owned subsidiary, Jiangsu Leimone Electronics Co. Ltd (Jiangsu Leimone), owns 80% of Tianjin Tong Guang Group Digital Communication Co., Ltd (TCB Digital). Both TCB Digital and Jiangsu Leimone are in the business of manufacturing, research and development, and sales of electronic components for third generation mobile phones, wireless communication circuitry, GPS equipment, and related software products.