posted
i saw this deal today as well.....i remeber seeing the lcd tvs being sold at office depot and wondered "who are these guys". anyway i think the deal looks good. i think the next news will be interesting.
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Say they can do $50 million in revenue the second half which would be growth of over 40% cmpared to last year. With $50 million in the second half total revenue would be around $90 million for the year. With a price to sales ratio of 1 it puts the price at $1.60 (assuming 56 million diluted shares) With a PE of 20 the price would be between $1.40 and $1.60 assuming they meet the .07 to .08 earnings range. I would argue that the PE should be higher then 20 growing at over 40%! I would say a conservative target would be around $1.50. (at $1.50 the company is still valued at under $100 million)
SOYO Updates Shareholders On Their Prive Brand of Products SOYO Has Received Orders for Over $17,000,000 in Prive Products YTD
Last Update: 9:30 AM ET Sep 20, 2007Print E-mail Subscribe to RSS Disable Live Quotes
ONTARIO, Calif., Sep 20, 2007 (*********wire via COMTEX) -- SOYO Inc. (SOYO:soyo group inc com News, chart, profile, more Last: 0.84+0.08+11.11%
3:59pm 09/20/2007
SOYO an innovative provider of computer and consumer electronics products, reported that they have received orders and have shipped and will be shipping orders equaling just over USD $17,000,000 worth of their Prive brand of products. The brand has gained acceptance and the momentum continues to be growing for the Prive brand. Harvey Schneider, Director of Sales for SOYO said, "I am very happy with the amount of business we have done with the Prive brand. It has not gone without its problems however; we needed to make some adjustments to what we were delivering, and have made adjustments and we have new orders totaling USD $11.3 million dollars for the Prive brand of LCD TV's. The new orders are for delivery starting this month through the end of the year. The Prive brand has appeared in weekly advertisements, which has also been very successful for us." Ed O'Brien Director of Marketing, for SOYO, said "We really have not spent a lot on marketing the product. We have it priced very competitively, packaged with both French and English and from there it is selling itself." SOYO announced the Prive Line of LCD TV's in April of 2007 and shipment began in May 2007, The Prive brand is an opening price point brand, and offers the consumer an affordable LCD flat screen solution. SOYO has also recently introduced a product of similar size and spec to the Latin American market. Prive LCD TV's are built to alter the consumer's way of living, not their budget, and are currently available at retail in Canada. For more information about the Prive brand please visit www.privedisplays.com About SOYO Inc. SOYO Group Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO Group sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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let's see if it can break through $1 on monday. sales figures seem to be pretty good. don't know what kind of margins they're getting though
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ONTARIO, Calif., Oct. 11, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO), an innovative provider of computer and consumer electronics products, reports preliminary unaudited results for the third quarter, which ended September 30, 2007, as well as updated revenue guidance for the fiscal year ending December 31, 2007. While results of the third quarter are still being finalized, the Company expects to report record revenues, exceeding $34,000,000, and a blended gross margin of 13.5 percent. In addition, SOYO estimates profits to total $1,000,000, or two cents per share for the quarter ended September 30, 2007.
Nancy Chu, SOYO's Chief Financial Officer commented, "We were very successful in promoting our LCD monitors through a national chain of office super stores, and our Prive product line sales in Canada were also significantly higher than expected. Sales of our Le Vello furniture line and other high margin products were in line with our expectations, however our margins suffered due to our increased revenues, which were much higher than anticipated. As a result, our gross margin in dollars were above our expectations, while our blended gross margin percentage was lower than anticipated."
Ming Chok, SOYO's Chief Executive Officer, stated in his letter to shareholders, "I believe that we can reach, or exceed, $50MM in sales over the second half of the year, while maintaining our 16 percent gross margin. By carefully monitoring our expenses, we could earn as much as seven to eight cents per share on a fully diluted basis in 2007."
SOYO now anticipates the fiscal year's gross margin to be approximately 15 percent, and earnings of three cents per share for the third quarter. Based on these results the company will adjust its year-end projections to be $98 million in revenue and $.07 EPS. Previously, SOYO had estimated annual revenues of $88 million and $.07-.08 EPS. SOYO's shareholder letter stated that $50MM and 16% were predicated on its ability to raise an additional $5MM in capital. The Company has not yet raised that capital and this is the reason it was not able to maintain the 16 percent blended margin.
About SOYO Inc.
SOYO, Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyo.com.
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For the first 6 months revenue was $39 million in the third quarter it will be around $34 million. So for the first three quaters revenue is at around $73 million. They are now projecting revenue for the year at $98 million. Leaving the fourth quater at $25 million.
Is it just me but I think they might be low balling their estimates?
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BoonMarket.com: BoonMarket.com Launches Coverage of SOYO Group Inc. 45 minutes ago - M2
BoonMarket.com announced today their renewed interest in SOYO Group Inc. (OTCBB: SOYO). SOYO has been mentioned on BoonMarket.com in the past and recent developments within the company have compelled BoonMarket.com to closely follow the company once again.
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SOYO Corrects Year End Guidance Press Release Issued October 11, 2007
SOYO Inc., corrects press release issued October 11, 2007 titled ''SOYO Provides Quarter End Outlook and Updates Fiscal Year Revenue Guidance''.
In the first paragraph SOYO stated: ''While results of the third quarter are still being finalized, the Company expects to report record revenues, exceeding $34,000,000, and a blended gross margin of 13.5 percent. In addition, SOYO estimates profits to total $1,000,000, or two cents per share for the quarter ended September 30, 2007.'' The Company says this statement is correct.
In the final paragraph SOYO stated: ''SOYO now anticipates the fiscal year's gross margin to be approximately 15 percent, and earnings of three cents per share for the third quarter. Based on these results, the company will adjust its year-end projections to be $98 million in revenue and $.07 EPS.''
This statement was incorrect. The statement should read ''SOYO now anticipates the fiscal year's gross margin to be approximately 15 percent, and earnings of three cents per share for the fourth quarter 2007. The Company also adjusted its previously estimated 2007 revenue target from $88 million to $98 million and is estimating $.07 EPS for the year.
BoonMarket.com has become the premier stop for those investors who wish to experience huge profits via up-and-coming publicly traded companies. For more information, please see our contact information below.
SOYO Group Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO Group sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
Disclaimer: Never invest in any stock featured on the BoonMarket.com website or email alerts unless you can afford to lose your entire investment. Please read our full disclaimer at: http://www.boonmarket.com/legaldisclaimer.html. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements set forth in this press release constitute ''forward-looking statements.'' Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the word expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.
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Photo Release -- SOYO Announces Production of Its First Honeywell Products 9:30 AM EDT October 16, 2007 ONTARIO, Calif., Oct. 16, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO), an innovative provider of computer and consumer electronics, today announced their first Honeywell branded product: the Honeywell SecuraDrive(tm).
The Honeywell SecuraDrive(tm) USB 1.8 inch Hard Drive features Password Protection, which allows the user to safely carry their sensitive data while traveling, and will be available in 80 GB, 120 GB and 160 GB capacities. The Manufacture Suggested Retail Price (MSRP) is $249.99, $299.99 and $349.99 USD respectively. The SecuraDrives(tm) are very small and sleek, measuring only 3.8 x 2.4 x 0.6 inches. They are enclosed in a metal alloy case, which weighs only 5.1 ounces and will easily fit into a shirt pocket. The SecuraDrives(tm) are currently in production, and will be available for sale in December 2007.
Password technology allows the user to allocate part or all of the SecuraDrive(tm)'s capacity to be public or private. If you choose to have a private area on the drive, the software will assist in setting up a partition and will record your private password. Once the password is assigned, the data will be secure, even if the hard drive is lost or stolen. The SecuraDrives(tm) are Bus powered, and each comes with a travel case, cables, CD Software, and will feature a USB 2.0 Hi-Speed interface with transfer speeds of up to 480 Mbits per second. The SecuraDrive(tm) will utilize the Samsung SpinPoint N2 line of 1.8 inch drives which feature 8 MB buffer, 4200 RPM, and up to 1500G of non-operational linear shock. The Honeywell SecuraDrives(tm) are compatible with Microsoft Windows operating systems. They are a perfect solution for storing sensitive or private data, backing-up your laptop or desktop, storing MP3 music files, videos files and photos.
Edward O'Brien, Director of Marketing for SOYO said, "After eight months of development we are happy to announce the Honeywell SecuraDrive(tm). We have received many requests from corporate customers for this type of product, and are excited to have been able to incorporate password protection technology in the Honeywell SecuraDrive(tm) product line."
SOYO Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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Only reason I mentioned that is because with such a low market cap it will only take one institution to start buying shares to drive this up even more. Plus there goal is to get to $2 so they can list on AMEX.
When buyinga stock you are buying future earnings and IMO the future looks pretty bright. Like I've said before the Honeywell division is very exciting IMO!
Also still light volume. For this stock it was great volume but as far as money trading hands it is still below $1 million.
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Fry's Electronics Adds SOYO's 20.1-Inch Wide and 22-Inch Wide LCD Monitors to Their Line-Up Wednesday October 24, 9:30 am ET Initial Shipments Exceed One Million Dollars
LOS ANGELES, Oct. 24, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (OTC BB:SOYO.OB - News), an innovative provider of computer and consumer electronics products, today announced that Fry's Electronics has added the 20.1-inch wide and 22-inch wide LCD Monitors to their line-up. Initial shipments exceeded one million dollars. Fry's also carries other SOYO's products such as their Freestyler(tm)500 Bluetooth Headset. Harvey Schneider, Director of Sales for SOYO Inc. said, ``We are excited that Fry's has extended their commitment to our LCD Monitor line. We believe this has the potential to lead to other opportunities to do business with Fry's in other categories such as LCD TVs and our Le Vello Furniture in the future. The sales for our LCD Monitors have significantly increased this year and we are looking forward to continuing their upward trend with the addition of Fry's Electronics.''
Product began shipping last week and can be found in all 34 Fry's Electronics stores Nationwide. Additionally, the SOYO products can be found online at http://www.frys.com.
About SOYO Inc.
SOYO Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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SOYO's LCD TVs Now Available At HHGregg Appliance and Electronics Stores 9:30 AM EDT October 30, 2007 ONTARIO, Calif., Oct. 30, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO), an innovative provider of computer and consumer electronics, today announced that their LCD TVs are now available in all 83 HHGregg Appliance and Electronics Stores in the South and Midwest. HHGregg will initially carry SOYO's 26 inch and 37 inch LCD TVs.
Harvey Schneider, Director of Sales for SOYO, said, "HHGregg is one of the nation's leading retailers of home appliances and consumer electronics. HHGregg is an ideal partner for SOYO because they fit our distribution strategy of selling products through key regional retailers. With our high quality products at an affordable price, I believe that this will be a successful venture for both companies."
The SOYO Products will be available very soon in HHGregg stores and online at HHGregg's website, www.hhgregg.com and will appear in the HHGregg circular.
About SOYO Inc.
SOYO Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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A little nervous because of the strained consumer plus the need for funding concerns me a bit. They will need a lot more cash to ramp up production of the new LCD's.
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SOYO Set to Attend the Annual Consumer Electronics Show November 8th, 2007 SOYO will Debut Several Lines of Honeywell Branded Consumer Electronics Products
ONTARIO, Calif., November 6, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB: SOYO) an innovative provider of computer and consumer electronics today announced that they are set to debut their line of Honeywell LCD TV’s and LCD Monitors at the annual Consumer Electronics Show (CES), which will be held from January 7, 2008 to January 10, 2008 in Las Vegas, Nevada. Also on display will be the line of the Honeywell SecuraDrive™ 1.8 inch Hard Drives.
Edward O’Brien, Director of Marketing for SOYO said, “CES will mark the launching point for SOYO’s Honeywell brand of consumer electronics products. This also marks SOYO’s first time formally introducing our LCD products as a member of CEA. CES is the perfect platform for the debut because it draws top industry professionals, the nation’s major retailers, buyers and Global media coverage. This show is considered the most important show of the year in the consumer electronics industry, and has brought in record numbers of attendance for the last two years. We are looking forward to introducing SOYO’s Honeywell brand of consumer electronics products and excited for the industry and the media to view our products.”
CES is the largest Consumer Electronics Show in the World. 2,700 exhibitors and over 140,000 attendees come to the show every year, with 200 conferences given by over 300 expert speakers. Some products that have been debuted at CES in the past include the Plasma TV, Blu-Ray DVD and the Microsoft Xbox.
About SOYO Inc.
SOYO Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Včllo, and Privč brand names. For more information, please visit http://www.soyogroup.com.
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SOYO Inc. Reports Third Quarter 2007 Financial Results
Last Update: 9:01 AM ET Nov 14, 2007Print E-mail Subscribe to RSS Disable Live Quotes
Nov 14, 2007 (*********wire via COMTEX) --
Company Earns $.05 Per Share for Three Months Ending September 30, 2007
Net Revenue for the Third Quarter Was $33,435,184
Net Revenue Increases 234 Percent From Third Quarter Fiscal Year 2006
ONTARIO, Calif., Nov. 14, 2007 (PRIME NEWSWIRE) -- SOYO Inc. (SOYO:soyo group inc com News, chart, profile, more Last: 1.20+0.05+4.35%
3:58pm 11/14/2007
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: SOYO 1.20, +0.05, +4.4%) , an innovative provider of computer and consumer electronics products, announced their third quarter financial results for the period ending September 30, 2007. The Company earned $2,441,113 or $.05 per share on a fully diluted basis for the three months ending September 30, 2007 as compared to $264,077, or $.01 for the same period in 2006. The Company earned $3,187,314 or $.06 per share on a fully diluted basis for the nine months ending September 30, 2007, as compared to $673,622 or $.01 for the same period in 2006. The Company reported third quarter net revenues of $33,435,184 for the three months ending September 30, 2007; an increase of 234% compared to $10,005,084 in the third quarter fiscal year 2006. The Company also reported an increase in net revenues of 124% to $72,328,689 for the nine months ending September 30, 2007 compared to $32,340,785 for the same period in 2006. Gross margin for the three months was 10.9% or $3,630,362 in 2007 as compared to 22.3% or $2,233,361 in 2006. Gross margin for the nine months was 13.9% or $10,041,650 for 2007 as compared to 19.1% or $6,191,202 in 2006. Ming Chok, CEO of SOYO said, "This was a great quarter for SOYO on all fronts. With record revenues and record profits, we feel now more than ever the SOYO brand name has become synonymous with quality and value. Our sales in the United States increased to $25,048,776 this quarter, as compared to $5,292,158 for the same period in 2006. Our sales team has done a terrific job opening new markets for our company and we are very pleased with the results of this quarter. We are looking forward to continued success." In a press release and an 8-K issued October 11, 2007, the Company stated that they expected to report revenues exceeding $34 million. The Company reported actual revenues of $33,435,184. The difference in estimated revenues and actual revenues reported were based on the Company's revenue recognition policy. The Company's gross margin percentage was below expectations due to significantly higher than projected sales of several lower margin items during the quarter. As a result, gross margin was below expectations when expressed on a percentage basis, but significantly above estimates when expressed on a dollar basis. This led directly to EPS being well above expectations. Business Outlook: SOYO plans to complete production of their Honeywell Branded LCD TVs, LCD Monitors and SecuraDrive(tm) 1.8 Inch Hard Drives. SOYO plans to debut the products at the annual Consumer Electronics Show (CES) in front of the largest audience of industry professionals, major retailers and buyers. Additionally, SOYO plans to continue successful business with their Prive and SOYO brands of LCD TVs and LCD Monitors. SOYO will continue to offer a good, better, best strategy with their three brands of products: the value minded consumer (Prive), the quality over brand consumer (SOYO) and those that want that name they know with the upcoming launch of SOYO's Honeywell brand of LCD TVs. About SOYO Inc. SOYO Inc. is an innovative provider of consumer electronics such as LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
SOYO Group, Inc. and Subsidiary Condensed Consolidated Balance Sheets
September 30 December 31 2007 2006 ------------ ------------ (Unaudited) (Audited)
ASSETS Current Assets Cash and cash equivalents $ 2,635,546 $ 1,501,040 Accounts receivable, net of allowance for doubtful accounts of $665,537 and $388,958 at September 30, 2007 and December 31, 2006, respectively 31,987,044 16,467,135 Other receivables 355,688 Inventories, net of allowance for inventory losses of $168,600 and $88,114 at September 30, 2007 and December 31, 2006, respectively 16,618,203 7,792,621 Prepaid expenses 105,696 36,633 Deferred income tax assets 1,547,746 177,177 Deposits 557,548 243,095 ------------ ------------ Total current assets 53,807,471 26,217,701 ------------ ------------
Property and equipment 744,071 711,015 Less: accumulated depreciation and amortization (227,459) (159,300) ------------ ------------ 516,612 551,715 ------------ ------------ Total Assets $ 54,324,083 $ 26,769,416 ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 19,904,651 $ 16,073,617 Accrued liabilities 1,091,651 539,767 Business loan 26,094,807 3,588,403 Short term loan -- 100,000 ------------ ------------ Total current liabilities 47,091,109 20,301,787
Long term payable -- 3,735,198 ------------ ------------ Total liabilities 47,091,109 24,036,985 ------------ ------------
EQUITY Class B Preferred stock, $0.001 par value, authorized -- 10,000,000 shares, Issued and outstanding -- 2,797,738 shares in 2007 and 2006 2,114,640 1,918,974 Preferred stock backup withholding (208,645) (149,945) Common stock, $0.001 par value Authorized - 75,000,000 shares, issued and outstanding - 49,039,156 shares (49,025,511 shares - 2006) 49,039 49,026 Additional paid-in capital 19,042,780 17,866,531 Accumulated deficit (13,764,840) (16,952,155) ------------ ------------ Total shareholders' equity 7,232,974 2,732,431 ------------ ------------ Total Liabilities and Shareholders' Equity $ 54,324,083 $ 26,769,416 ============ ============
See accompanying notes to unaudited condensed consolidated financial statements.
SOYO Group, Inc. and Subsidiary Condensed Consolidated Statements of Operations (Unaudited)
Three months ended September 30 ---------------------------- 2007 2006 ------------ ------------ Net revenues $ 33,435,184 $ 10,005,084 Cost of revenues 29,804,822 7,771,723 ------------ ------------ Gross margin 3,630,362 2,233,361 ------------ ------------ Costs and expenses: Sales and marketing (315,296) 231,272 General and administrative 1,750,423 1,427,441 Bad debts 151,541 20,635 Depreciation and amortization 22,461 27,107 ------------ ------------ Total cost and expenses 1,609,129 1,706,455 ------------ ------------ Income from operations 2,021,233 526,906 ------------ ------------ Other income (expenses): Interest income 18,037 -- Interest expense (440,277) (200,939) Other income (expenses) 244,454 (6,399) ------------ ------------ Other income (expenses) - net (177,786) (207,338) ------------ ------------ Income before provision (benefit) for income taxes 1,843,447 319,568 Provision (benefit) for income taxes -- Current income tax 78,379 -- Deferred income tax (744,789) -- ------------ ------------ Net income 2,509,857 319,568 Less: Dividends on Convertible Preferred Stock 68,744 55,491 ------------ ------------ Net income attributable to common shareholders $ 2,441,113 $ 264,077 ============ ============ Net income per common share - basic and diluted $0.05/ $0.05 $0.01/ $0.01
Weighted average number of shares of common stock outstanding - basic 49,039,156/ 49,025,511/ and diluted 54,163,754 58,591,295
See accompanying notes to unaudited condensed consolidated financial statements.
SOYO Group, Inc. and Subsidiary Condensed Consolidated Statements of Operations (Unaudited)
Nine months ended September 30 ---------------------------- 2007 2006 ------------ ------------ Net revenues $ 72,328,689 $ 32,340,785 Cost of revenues 62,287,039 26,149,583 ------------ ------------ Gross margin 10,041,650 6,191,202 ------------ ------------ Costs and expenses: Sales and marketing 1,400,442 628,286 General and administrative 5,496,795 4,182,118 Bad debts 278,042 123,819 Depreciation and amortization 68,161 79,496 ------------ ------------ Total cost and expenses 7,243,440 5,013,719 ------------ ------------ Income from operations 3,144,672 1,177,483 ------------ ------------ Other income (expenses): Interest income 66,831 6,607 Interest expense (822,158) (351,408) Other income (expenses) 139,888 (1,115) ------------ ------------ Other income (expenses) - net (615,439) (345,916) ------------ ------------ Income before provision (benefit) for income taxes 2,182,771 831,567 Provision (benefit) for income taxes Current income tax 271,239 -- Deferred income tax (1,471,449) -- ------------ ------------ Net income 3,382,981 831,567 Less: Dividends on Convertible Preferred Stock 195,667 157,945 ------------ ------------ Net income attributable to common shareholders $ 3,187,314 $ 673,622 ============ ============
Net income per common share - basic and diluted $0.06/ $0.06 $0.01/ $0.01 Weighted average number of shares of Common stock outstanding - basic and 49,039,156/ 49,025,511/ diluted 54,163,754 58,591,295
See accompanying notes to unaudited condensed consolidated financial statements.
SOYO Group, Inc. and Subsidiary Condensed Consolidated Statements of Cash Flows (Unaudited
Nine months ended September 30 ---------------------------- 2007 2006 ------------ ------------ OPERATING ACTIVITIES Net Income $ 3,382,981 $ 831,567 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and Amortization 68,159 79,496 Non cash payments for director's compensation -- 37,110 Non cash payments for public relations and promotion 6,825 82,770 Stock based compensation 1,169,437 398,484 Bad debts 278,042 123,819 Payment of long-term debt (3,735,198) -- Changes in operating assets and liabilities: (Increase) decrease in: Accounts receivable (15,797,951) 151,682 Other Receivables (355,688) Inventories (8,825,582) 2,839,171 Prepaid expenses (69,063) 20,984 Deposits (314,453) (377,806) Deferred income tax asset (1,370,569) -- Increase (Decrease) in: Accounts payable 3,831,034 (2,432,944) Accrued liabilities 551,884 (1,004,926) ------------ ------------ Net cash provided by (used in) operating activities (21,180,142) 749,407 ------------ ------------
INVESTING ACTIVITIES Purchase of property and equipment (33,056) (109,448) ------------ ------------ Net cash used in investing activities (33,056) (109,448) ------------ ------------
FINANCING ACTIVITIES Payment of Note Payable (65,000) Proceeds from business loan-net 22,506,404 -- Payment of backup withholding tax on accreted dividends on preferred stock (58,700) (47,384) Payment of short-term loan (100,000) -- ------------ ------------ Net cash provided by (used in) financing activities 22,347,704 (112,384) ------------ ------------
CASH AND CASH EQUIVALENTS Net Increase (Decrease) 1,134,506 527,575 At beginning of Period 1,501,040 828,294 ------------ ------------ At End of Period $ 2,635,546 $ 1,355,869 ============ ============
Supplemental disclosure of cash flow information Cash paid for interest 822,158 Cash paid for income taxes 21,503
Non cash investing and financing activities: Conversion of Business Loan of $913,750 and Accrued Interest of $51,552 to common stock 965,302 Conversion of Accounts Payable of $554,871 to common stock 554,871 Accretion of discount on Class B preferred stock 195,666 157,945 Director's Compensation -- Stock Option Compensation 1,169,437
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Okay I think SOYO makes great products and is beginning to get better market share, I also believe there are a lot of short term catalysts for big gains. In the long run though I see some problems. Their profit margins are not staying consistent with revenue growth. Also, their balance sheet is undercapitalized and they will not be able to keep growing at this rate without a better cash flow situation. I don't know what type of financing deal they will figure out, but you can bet itll hurt shareholder value.
-------------------- Disclaimer: Not accountable for anything I say
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secondarys almost always hurt in the short term. AOB was in the same boat. went from 1 to 6. secondary around 4.80, then went to 12. secondarys aren't a big problem if the capital is used for continued growth. but with SOYO i guess we'll just have to wait and see how the growth numbers continue.
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