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Comtech Group Reports Third Quarter Results
SHENZHEN, China, Nov. 3 /PRNewswire-FirstCall/ -- Comtech Group, Inc.
(OTC:COGO) (BULLETIN BOARD: COGO) , a leading module design solutions provider
in China focused on the mobile handset and telecom equipment industries,
announced that for the three months ended September 30, 2004, Comtech's revenue
reached $17.8 million, and net income reached $1.44 million. Gross profit for
the three months ended September 30 was $2.73 million. Gross profit margin
increased from 14% in the quarter ended June 30, 2004 to 15% in the quarter
ended September 30, 2004.
Comtech Group, including its predecessor, has been profitable each year during
its nine year operating history. For the nine month period ended September 30,
2004, Comtech's revenues and net income reached $56.2 million and $5.3 million,
respectively, which significantly exceeded the company's revenue and net income
for the 12-month period of 2003. For the year ended December, 2003, Comtech had
over $43 million in revenues and $3.4 million in net income, which amounts to
an increase of approximately 72% and 209% respectively from $25 million in
revenue and $1.1 million in net income for the year ended December 31, 2002.
Comtech serves over 200 companies representing most of the large manufacturers
in the mobile handset and telecom equipment industries in China.
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 the
description of our plans and objectives for future operations, assumptions
underlying such plans and objectives and other forward looking terminology such
as "may," "expects," "believes," "anticipates," "intends," "expects,"
"projects," 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 significant
economic and competitive uncertainties and contingencies beyond our control and
upon assumptions with respect to the 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.
DATASOURCE: Comtech Group, Inc.
CONTACT: Hope Ni, Chief Financial Officer of Comtech Group, Inc.,
+011-852-9187-4327