We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Orsus Xelent Technolgies New Common Stock | AMEX:ORS | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
From May 2019 to May 2024
Mr. Guoji Li, CEO of the Company, stated, "The Company was unable to reach the objectives established at the beginning of 2010 for our product strategy and operating results. We simply were unable to establish sales channels for our higher priced products, and our production costs were too high to compete effectively at the low end of the market."
He added, "Given our pressing cash flow problem and the 'going concern' issues raised by it, we have an uphill climb ahead. If we can obtain the cash needed, we are adjusting our marketing development strategies and are focused on potential operating improvements in 2011. In particular, our operating plan calls for entry into new developing markets in 2011 for 3G products, such as in Africa, while we adjust our R&D to meet the requirements of the telecom operators and market trends in the PRC which we were unable to accomplish in the past year. In the PRC, we continued to see double digit growth in the overall market (12.7% sales growth in 2010 versus 2009) and more rapid growth in the CDMA market (+31% in 2010 year over year)."
Mr. Li added, "Of course, of most immediate importance, is our serious cash flow situation. We are exploring a variety of options to strengthen our cash position including a strategic merger and an offering and sale of equity."
Another step announced by the Company near year end was the possibility of a reverse stock split, as approved by shareholders at the annual meeting in December. The Company said it is continuing to review this matter.
SEE ATTACHED TABLE
ORSUS XELENT TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 (In thousands, except number of shares and per share data) ------------------------------------ Year ended Year ended December 30, 2010 December 30, 2009 ----------------- ----------------- Net sales $ 24,407 $ 77,392 Cost of sales 22,579 67,970 ----------------- ----------------- Gross profit 1,828 9,422 ----------------- ----------------- Operating expenses: Selling expenses 104 350 General and administrative expenses 347 831 Research and development expenses - 54 Depreciation and amortization 26 64 Loss from write-off trade deposits - 11,937 Allowance for doubtful accounts 33,836 1,914 ----------------- ----------------- (Loss)/income from operations (32,485) (5,728) Other income/(expenses) Interest expense (1,280) (912) Other (expenses)/income, net (9,337) (2,911) ----------------- ----------------- (Loss) before income tax expense (43,102) (9,551) Income tax expense - (910) Deferred taxes (4,290) 4,093 ----------------- ----------------- Net (loss) (47,392) (6,368) Other comprehensive income Foreign currency translation adjustment 502 243 ----------------- ----------------- Comprehensive (loss) $ (46,890) $ (6,125) ================= ================= Basic and diluted $ (1.57) $ (0.21) Weighted average number of common shares outstanding - basic and diluted 30,256,000 29,756,000 ================= =================
About Orsus Xelent Technologies, Inc.
Incorporated in the State of Delaware and headquartered in Beijing, China, Orsus Xelent Technologies, Inc. is an emerging designer and manufacturer of award-winning mobile phones for the Asian market, primarily the People's Republic of China ("PRC"). The Company's business encompasses the design of mobile phones, related digital circuits, and software development, and it is a recognized pioneer in mobile phone integration technology. It introduced the region's first wristwatch-style cellular phone, and it continues to break new ground with state-of-the-art phones that include advanced features such as fingerprint recognition and touch-screen displays. The Company also is focused on developing and marketing, under its Proxlink trademark, special application mobile phones for specialized users in a wide variety of professions in business and government. Since the Company's launch in 2004, it has established "Orsus" as a popular brand and achieved a significant share of the world's largest mobile phone market. It maintains more than 179 service call centers across the PRC, with additional offices in Shanghai, Hong Kong, Shenzhen, and Tianjin. For more information, please visit the Company's web site: www.orsus-xelent.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.
Contacts: PRC: Orsus Xelent Technologies, Inc. Guoji Liu CEO Tel: 010-861085653777
1 Year Orsus Xelent Technolgies New Common Stock Chart |
1 Month Orsus Xelent Technolgies New Common Stock Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions