Zoom Technologies, Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
December 02, 2013 at 01:00 pm EST
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Zoom Technologies, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported loss from operations was $242,567 against $894,238 a year ago. Loss before income taxes and non-controlling interest was $385,198 against $794,585 a year ago. Loss attributable to Zoom Technologies, Inc. from continuing operations was $385,198 or $0.13 basic and diluted loss per common share against $805,874 or $0.28 basic and diluted loss per common share a year ago. Net loss attributable to Zoom Technologies, Inc. was $14,090,817 basic and diluted per common share against income of $752,314 basic and diluted per common share a year ago.
For the nine-month period, the company reported loss from operations was $1,663,871 against $2,900,089 a year ago. Loss before income taxes and non-controlling interest was $1,967,384 against $2,828,073 a year ago. Loss attributable to Zoom Technologies, Inc. from continuing operations was $2,076,901 or $0.69 basic and diluted loss per common share against $2,839,362 or $1.07 basic and diluted loss per common share a year ago. Net loss attributable to Zoom Technologies, Inc. was $18,282,626 basic and diluted per common share against income of $2,047,508 basic and diluted per common share a year ago. Net cash provided by operating activities was $9,039,133 against net cash used in operating activities of $5,257,831 a year ago. Purchase of property and equipment and other long-term assets was $727,785 against $359,098 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.