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News and Information Article
* Comtech posts record revenues and profitability in Q4 2006, represents
approximately 40% increase in revenue and 41% increase in Pro forma EPS,
versus 2005
* Company set to maintain pattern of sustainable growth during 2007
SHENZHEN, China, Feb. 8 /-FirstCall/ -- Comtech Group, Inc.
(Nasdaq: COGO) a leading provider of customized module design solutions as
well as other engineering and business services for more than 200 domestic
and international technology product manufacturing companies based in
China, today announced preliminary results for the fourth quarter of 2006.
For the fourth quarter of 2006, the Company expects to report revenue
of approximately $46-$48 million, an increase of approximately 40 percent
on the revenues of $33.6 million reported during the fourth quarter of
2005. The Company estimates that total revenue growth for 2006 will be up
by approximately 55 percent from the previous year.
Jeffrey Kang, Chairman & Chief Executive Officer, Comtech Group, said:
"Our focus in recent years has been to create a pattern of sustainable and
solid growth for the Company for the long term. Our performance during 2006
shows that we are on track to make this vision become a reality.
"The fourth quarter of 2006 was the best in our history and the eighth
consecutive quarter in which we have achieved record revenue growth.
Similarly, it was the seventh quarter in a row in which we were able to
report record net profit figures. This is evidence of the overall quality
of the company and of our ability to always deliver top results, both in
terms of our financial reporting and our general business service," said
Mr. Kang.
The Company expects to report pro forma diluted earnings per share
("EPS"), excluding share-based compensation expense, of approximately
$0.15-$0.16 for the fourth quarter of 2006, compared to $0.11 for the
fourth quarter of 2005, representing approximately 41 percent increase. EPS
on a U.S. GAAP basis was approximately between $0.12-$0.13 for the fourth
quarter of 2006.
Comtech Group restated its guidance of approximately $200 million-$210
million in revenues for 2007, an increase of approximately 20 percent
versus 2006. Diluted earnings per share for 2007 are expected to be at
least $0.65 -- excluding the stock-based compensation expense --
representing an increase of approximately 25 percent over the previous
year.
Mr. Kang said: "Our growing customer base, diversified product and
service offerings and unique business model, along with our ability to
identify and target high growth market opportunities, have been the key
factors in driving meaningful year on year growth for the company.
"We expect each business segment to continually grow in 2007. Digital
media will be the strongest growth area, driven by the 2008 Beijing Olympic
and increasing Chinese consumer spending power. Overall, we are confident
about our business outlook and look forward to continued sustainable growth
in revenues and profitability in 2007," he added.
The company plans to host another conference call in the middle of
March 2007 to provide final and detailed 2006 auditing results and to
update on the Companys 2007 business outlook after the completion of
auditing. Financial results stated in this release have not been audited,
and it may differ from the actual auditing results.
Teleconference Information
Management will host a conference call today at 4:30 p.m. Eastern to
discuss the preliminary results. Interested parties may dial 1-877-715-5318
if dialing domestically, or 1-973-582-2852 if dialing internationally,
approximately 15 minutes prior to the start of the call. There will be a
playback available until March 8, 2007. To listen to the playback, please
call 1-877-519-4471 if calling within the United States or 1-973-341-3080
if calling internationally. Please use pass code 8357372 for the replay.
This call is being web cast by ViaVid Broadcasting and can be accessed
at Comtechs website at http://www.comtech.com.cn . Alternatively, it can be
accessed ViaVids website at http://viavid.net/dce.aspx?sid=00003A33 . The
web cast can be accessed until March 8th, 2007 on either site.
To access the web cast, you will need to have the Windows Media Player
on your desktop. For the free download of the Media Player please visit:
http://www.microsoft.com/windows/windowsmedia/en/download/default.asp .
About Comtech
Comtech Group is a leading provider of customized module design
solutions in China and serves as a gateway to leading electronics
manufacturers in China. Comtech Group has historically focused on the
digital media, mobile handset and telecom equipment end-markets. Over the
last three years, Comtech has worked with over 200 customers. Comtechs
customer base includes most of the largest and best-known manufacturers in
the mobile handset, telecom equipment and digital media end-markets in
China.
Safe Harbor Statement
This press release includes certain statements that are not
descriptions of historical facts, but are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities and Exchange Act of 1934. These forward-looking statements
may include statements about our plans and objectives for future expansion,
including general and cyclical economic and business conditions, and, in
particular, business prospective; our digital media, mobile and telecom
business prospective; changes; and other statements containing forward
looking terminology such as "may," "expects," "believes," "anticipates,"
"intends," "expects," "projects," "looking forward" or similar terms,
variations of such terms or the negative of such terms. Such information is
based upon various assumptions made by, and expectations of, our management
that were reasonable when made but may prove to be incorrect. All of such
assumptions are inherently subject to uncertainties and contingencies
beyond our control and upon assumptions with respect to future business
decisions which are subject to change. Accordingly, there can be no
assurance that actual results will meet expectations and actual results may
vary (perhaps materially) from certain of the results anticipated herein.
For a further description of these and other risks and uncertainties see
our most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of
filings made with the SEC are available through the SECs electronic data
gathering analysis retrieval system (EDGAR) at http://www.sec.gov .
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