Asia Time Corp (AMEX:TYM)
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Second graph, second sentence of release should read: We generated
approximately $14.0 million in revenue and $2.6 million in gross profit
for the month of August, representing growth of approximately 51% and
55%, respectively, compared to the month of August 2007 (sted We
generated approximately $40.0 million in revenue and $2.6 million in
gross profit for the month of August, representing growth of
approximately 51% and 55%, respectively, compared to the month of August
2007).
The corrected release reads:
ASIA TIME REPORTS CONTINUING REVENUE GROWTH AND ORDER MOMENTUM
Asia Time Corporation (Amex:TYM) (“Asia
Time”), a Hong Kong-based watch movement
and complete watch distributor, today commented on continuing strong
revenue growth and order momentum.
Chairman and CEO Kwong Kai Shun said, “Our
core quartz movements and complete watch businesses continue to
demonstrate solid growth despite the worldwide economic crisis. We
generated approximately $14.0 million in revenue and $2.6 million in
gross profit for the month of August, representing growth of
approximately 51% and 55%, respectively, compared to the month of August
2007. Current backlog of approximately $3.3 million, compared to $2.4
million at June 30, 2008, offers visibility to continuing order
fulfillments during the fourth quarter and 2008 holiday selling season.”
Asia Time views backlog as an important statistic in evaluating its
level of sales activity and short-term sales trends in its business. It
also cautions that backlog is only one indicator and not the most
effective indicator of the ultimate profitability of its revenues.
Mr. Kwong continued, “Looking ahead, to
further broaden our revenue streams and reduce our reliance on third
party quartz movement suppliers, we are seeking to expand our
capabilities in both our core quartz movements and complete watch and
emerging mechanical watch business segments where there remain
significant growth opportunities long-term.”
As previously reported, Asia Time is targeting revenue and net earnings
growth in 2008 of more than 50% compared with 2007. Management plans to
hold its first quarterly conference call with investors when it reports
financial results for the third quarter ended September 30, 2008.
Information about the live conference call and webcast will be
forthcoming.
About Asia Time Corporation
Asia Time is a watch movement and complete watch distributor
headquartered in Hong Kong. The Company distributes watch movement
components used in the manufacture and assembly of watches to a wide
variety of timepiece manufacturers. Asia Time markets more than 350
products from over 30 vendors, including such market leaders as Citizen,
Seiko and Ronda. For more information, please visit www.asiatimecorp.com.
To be added to the Company’s email
distribution for future news releases, please send your request to asiatime@finprofiles.com.
Forward Looking Statements
This press release contains certain "forward-looking statements," as
defined in the United States Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and the actual
results and future events could differ materially from management's
current expectations. Such factors include, but are not limited to, our
dependence on a limited number of suppliers, cyclicality of our
business, decline in the value of our inventory, significant order
cancellations or delays, competitive nature of our industry,
vulnerability of our business to general economic downturn, our ability
to obtain all necessary government certifications and/or licenses to
conduct our business, changes in the laws of the People's Republic of
China that affect the Company's operations, costs and expenses related
to our bond and warrant financing; development of a public trading
market for the Company's securities, cost of complying with current and
future governmental regulations and the impact of any changes in the
regulations on the Company's operations and other factors detailed from
time to time in the Company's filings with the United States Securities
and Exchange Commission and other regulatory authorities. The risks
included here are not exhaustive. The Company undertakes no obligation
to publicly update or revise any forward- looking statements, whether as
a result of new information, future events or otherwise. These and other
factors that may result in differences are discussed in greater detail
in the Company’s reports and other filings
with the Securities and Exchange Commission.