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Cogo Reports Highest Ever Quarterly Revenue

- Q3 Net Revenue: $216.4 million in accordance with Generally Accepted Accounting Principles ("GAAP") (a year-over-year increase of 47.8%) and Diluted Earnings per share ("EPS") attributable to Cogo Group, Inc. of $0.01 GAAP and $0.11 Non-GAAP (a year-ove

SHENZHEN, China, Nov. 15, 2012 /PRNewswire/ -- Cogo Group, Inc. (NASDAQ: COGO) ("Cogo" or the "Company"), one of the leading gateways for global semiconductor companies to access the industrial and technology markets in China, today announced unaudited financial results for its third quarter ended September 30, 2012. The Company reported quarterly revenue of $216.4 million, up 47.8% year-over-year compared to $146.4 million reported in the third quarter of 2011.

Jeffrey Kang, CEO and Chairman of Cogo, commented, "During the third quarter of 2012, we continued to see strong revenue growth across all of our end-markets, particularly among our blue chip customers.  The credit situation for our SME customers remains tight and the increase in revenue to SME customers continues to negatively affect our gross margin and we continue to see higher operating costs as we attempt to drive scale in this uncertain macro environment.  Still, we managed to stay solidly profitable.  In the quarter, Cogo grew its customer base by nearly 10% from the prior quarter to 2,300."

Mr. Kang continued, "Additionally, from September 24, 2012 to November 14, 2012, Cogo purchased 302,164 shares of its common stock, as a clear demonstration of the Company's belief that shares of Cogo are under-valued and trading at approximately 40% of the Company's tangible book value of over $6.00 per share."

Mr Kang said, "Finally, I am pleased to announce that my purchase of certain Cogo subsidiaries for $78 million was completed today.   I believe that this will be an important milestone towards demonstrating the legitimacy of Cogo's financial assets."

Financial Results

Net income attributable to Cogo Group, Inc. for the third quarter of 2012 was $0.5 million, down 77.4% from $2.3 million reported in the same period in 2011, with Non-GAAP net income attributable to Cogo Group, Inc. of $4.0 million, down 32.2% from $5.9 million reported for the same period in 2011. Diluted EPS attributable to Cogo Group, Inc. on a U.S. GAAP basis was $0.01, and Non-GAAP Diluted EPS attributable to Cogo Group, Inc. was $0.11, down by 83.3% and 31.3% respectively from the third quarter of 2011.

Key Financial Indicators

(all numbers in USD thousands, except share data)






Q3 2012(1)

(unaudited)

Q3 2011(1)

(unaudited)

Percentage
Change

Net Revenue

$216,443

$146,428

47.8%

Cost of Sales

$202,941

$131,269

54.6%

Gross Profit

$13,502

$15,159

-10.9%

Operating Expenses

$10,874

$11,813

-7.9%

Net Income attributable to Cogo Group, Inc.

$519(2)

$2,296

-77.4%

Diluted EPS attributable to Cogo Group, Inc.

$0.01

$0.06

-83.3%

Non-GAAP Diluted EPS attributable to Cogo Group, Inc.

$0.11

$0.16

-31.3%

 

(1)

The US dollar ("USD") amounts are calculated based on the conversion rate of $1 to RMB6.2848 as of September 30, 2012 and $1 to RMB6.3780 as of September 30, 2011.

(2)

Included in the Q3 2012 net income attributable to Cogo Group, Inc. was $2.7 million of share-based compensation expenses recognized in accordance with Accounting Standards Codification ("ASC") 718, Compensation-Stock Compensation and $0.8 million of amortization of intangible assets and related deferred taxation. Non-GAAP net income attributable to Cogo Group, Inc. was $4.0 million.

Revenue Review

Revenue for the third quarter was $216.4 million, an increase of 47.8% compared to $146.4 million reported for the same period in 2011. The revenue breakdown includes: $82.3 million, or 38.0% of total sales for digital media, representing a 40.7% increase year-over-year; $94.7 million, or 43.8% of total sales for telecommunications equipment, representing a 63.6% increase year-over-year; and $39.4 million, or 18.2% of total sales relating to industrial business, representing a 31.3% increase year-over-year. The Company did not record any services revenue in the third quarter of 2012 or 2011. The Company is currently participating in what management believes to be some of the fastest growing industrial end-markets in China, including the smart grid, wind power, smart meter, automotive, high-speed railway and medical equipment sectors. Over time, the Company expects to expand into other verticals in the industrial business end-market, such as electronic security.

Customers Update

In the third quarter of 2012, blue-chip customers accounted for approximately 72% of the Company's total revenue, down from approximately 74% for the same period in 2011. Small and medium enterprise ("SME") customers accounted for the remaining approximately 28% of total revenue in the quarter. Management's goal is to achieve 50% of total sales from SME customers in the longer term. It is expected that gross margins in our SME business will remain higher than our blue-chip customers in the future.

Cost of sales, which includes the aggregate purchase of components from suppliers, was $202.9 million compared to $131.3 million in the third quarter of 2011, representing an increase of 54.6% year-over-year. Gross profit for the third quarter was $13.5 million, down 10.9%, compared to $15.2 million during the third quarter of last year. Gross margin for the third quarter of 2012 was 6.2%, compared to 10.4% reported for the third quarter of 2011.

Operating expenses, including selling, general and administrative, and research and development expenses, totaled $10.9 million, down 7.9%, compared to $11.8 million reported for the third quarter of 2011.

Income from operations was $2.6 million, a decrease of 21.5% from $3.3 million reported in the same period of 2011. Operating margin for the third quarter of 2012 was 1.2% compared to 2.3% for the third quarter of 2011. Excluding the effects of share-based compensation expenses and amortization of intangible assets and related deferred taxation, operating margin would have been 2.9% for the third quarter of 2012, compared to 4.8% for the same period in 2011. The effective tax rate for the third quarter of 2012 was 13.0%, compared to 14.4% for the same period in 2011.  Noncontrolling interests' share of income was $1.3 million for the third quarter of 2012 as compared with $0.3 million for the third quarter of 2011.

Net income attributable to Cogo Group, Inc. for the third quarter of 2012 was $0.5 million or Diluted EPS attributable to Cogo Group, Inc. of $0.01 on a U.S. GAAP basis, compared to net income of $2.3 million, or Diluted EPS attributable to Cogo Group, Inc. of $0.06, in the third quarter of 2011. Included in the third quarter of 2012 was $2.6 million attributable to share-based compensation expenses and $0.8 million attributable to amortization of intangible assets and related deferred taxation. Excluding share-based compensation expenses and amortization of intangible assets and related deferred taxation, the Non-GAAP net income would have been $4.0 million, or $0.11 Non-GAAP Diluted EPS attributable to Cogo Group, Inc. for the third quarter of 2012. The weighted average number of shares used in the calculation of diluted EPS was 36.8 million compared to 36.3 million in the third quarter of 2011.

For the nine-month period ended September 30, 2012, the Company reported revenue of $581.1 million, an increase of 49.0% as compared to the $390.0 million reported during the nine-month period ended September 30, 2011. Gross profit was $38.9 million, a decrease of 17.6% from the $47.2 million reported during the nine-month period ended September 30, 2011. Gross margin was 6.7% of sales, compared to a gross margin of 12.1% for the same period last year. Net operating expenses were $30.1 million, a decrease of 9.6% as compared to $33.3 million for the same period last year. Income from operations was $8.8 million, a decrease of 36.7% from the $13.9 million reported during the prior year period. The Non-GAAP operating margin, excluding share-based compensation expense and amortization of intangible assets, was 3.4%, as compared to 6.7% for the same period last year, as a result of decreased gross margin. The Company had an effective tax rate of 12.2% compared to 11.5% during the prior year period. Non-controlling interests' share of income was $3.0 million as compared to $1.2 million during the same period last year. Net income attributable to Cogo Group, Inc. for the nine-month period was down 66.6% at $3.6 million from the same period last year.

Balance Sheets and Cash Flows
Total cash, including pledged bank deposits, was $162.7 million at the end of the third quarter of 2012, up from $159.5 million as of December 31, 2011. Bank borrowings increased to $137.1 million as of September 30, 2012, up from $135.7 million as of December 31, 2011. The Company has a current ratio of 2.5 to 1 and generated negative operating cash flow of $8.2 million during the third quarter of 2012, largely due to an increase in accounts receivable and inventory necessary to drive expected future business growth opportunities.

Inventories increased from $52.0 million as of December 31, 2011 to $59.4 million as of September 30, 2012 as the Company prepares for seasonal order strength in the second half of 2012 from its rapidly growing customer base. Inventory turnover days was 27 days in the third quarter of 2012 compared to 31 days in the fourth quarter of 2011. Accounts receivable decreased from $149.6 million as of December 31, 2011 to $143.5 million as of September 30, 2012 and the Days Sales Outstanding decreased from 80 days as of December 31, 2011 to 61 days.  Accounts payable decreased from $19.3 million at the end of 2011 to $16.4 million as of September 30, 2012 and Days Payable Outstanding decreased significantly from 11 to 7 days sequentially. Cogo's cash conversion cycle decreased from 100 days in the fourth quarter of 2011 to 81 days in the third quarter of 2012.

Total equity was $256.4 million as of September 30, 2012, an increase of 6.2% from $241.5 million as of December 31, 2011.  During the third quarter of 2012, the Company repurchased 38,935 shares. The Company continues to view share buybacks as a strategic use of cash.

About Cogo Group, Inc.:
Cogo Group, Inc. (Nasdaq: COGO) is one of the leading gateways for global semiconductor companies to access the rapidly growing Industrial and Technology sectors in China. Through its unique business-to-business services platform, Cogo designs customized embedded solutions using technology from suppliers including Intel, Broadcom, Xilinx, SanDisk, Freescale, Atmel and others for a customer base of 2,300 Chinese OEMs/ODMs. Cogo's customer list includes approximately 100 blue-chip companies, including ZTE, BYD and NARI, as well as nearly 2,200 Small and Medium Enterprises (SMEs). The Company serves a broad list of rapidly growing end-markets in China, including 3G Smartphones, Tablets, Automotives, High-Speed Railway, Smart Meter/Smart Grid, Healthcare and High Definition Television ("HDTV").  

For further information:
Investor Relations
www.cogo.com.cn/investorinfo.html
[email protected]
H.K.:    +852 2730 1518 
U.S.:    +1 (646) 291 8998
Fax:      +86 755 2674 3522

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 proposed discussions related to our business or growth strategy such as growth in digital media, telecommunications and industrial applications businesses, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All 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. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.

About Non-GAAP Financial Measures:
To supplement Cogo's unaudited consolidated financial results presented in accordance with GAAP, Cogo uses the following measures defined as Non-GAAP financial measures by the SEC: 1) Non-GAAP net income attributable to Cogo Group, Inc. which is net income attributable to Cogo Group, Inc. excluding share-based compensation expenses and amortization of intangible assets and related deferred taxation, and 2) Non-GAAP diluted EPS attributable to Cogo Group, Inc., which is diluted EPS excluding share-based compensation expenses and amortization of intangible assets and related deferred taxation. The presentation of these Non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these Non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of Non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

Cogo believes that these Non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses and amortization of intangible assets and related deferred taxation that may not be indicative of its operating performance from a cash perspective. Cogo believes that both management and investors benefit from referring to these Non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These Non-GAAP financial measures also facilitate management's internal comparisons to Cogo's historical performance and liquidity. Cogo computes its Non-GAAP financial measures using the same consistent method from quarter to quarter.

Cogo believes these Non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using Non-GAAP net income attributable to Cogo Group, Inc., Non-GAAP diluted Earnings Per Share attributable to Cogo Group, Inc., Non-GAAP income from operation and Non-GAAP operating margin is that these Non-GAAP measures exclude share-based compensation expenses and amortization of intangible assets and related deferred taxation that have been and will continue to be for the foreseeable future a recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each Non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to Non-GAAP financial measures.

Tables Attached

 

 

FINANCIAL INFORMATION

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

COGO GROUP, INC. and SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2012

and December 31, 2011








December
31,


September 30, 2012


2011


USD'000

RMB'000


RMB'000

Assets





Current assets:





Cash

83,215

522,987


572,364

Pledged bank deposits

79,500

499,642


431,695

Accounts receivable, net

143,545

902,150


941,798

Bills receivable

11,883

74,683


39,889

Inventories

59,362

373,079


327,482

Income taxes receivable

282

1,774


1,932

Prepaid expenses and other receivables

13,481

84,725


51,507

Total current assets

391,268

2,459,040


2,366,667

Property and equipment, net

3,278

20,599


17,891

Land use rights, net

3,036

19,080


Intangible assets, net

21,502

135,133


154,105

Other assets

101

633


21,325

Total Assets

419,185

2,634,485


2,559,988

Liabilities and equity





Current liabilities:





Accounts payable

16,396

103,047


121,538

Bank borrowings

137,075

861,487


854,234

Income taxes payable

2,506

15,747


16,046

Accrued expenses and other liabilities

3,306

20,776


22,593

Total current liabilities

159,283

1,001,057


1,014,411

Deferred tax liabilities

3,548

22,297


25,427

Total liabilities

162,831

1,023,354


1,039,838

Equity





Common stock:  





Par value: USD0.01





Authorized: 200,000,000 Shares










  Issued: 42,635,821 shares in 2012, 42,309,285 shares in 2011










  Outstanding: 33,848,068 shares in 2012, 33,560,467 shares in 2011

535

3,360


3,340

Additional paid in capital

227,710

1,431,112


1,382,521

Retained earnings

92,737

582,836


560,234

Accumulated other comprehensive loss

(20,236)

(127,181)


(128,254)


300,746

1,890,127


1,817,841

Less cost of common stock in treasury, 8,787,753 in 2012, 8,748,818 shares in 2011

(51,003)

(320,542)


(320,025)

Total Cogo Group, Inc. equity

249,743

1,569,585


1,497,816

Noncontrolling interests

6,611

41,546


22,334

Total equity

256,354

1,611,131


1,520,150

Total liabilities and equity

419,185

2,634,485


2,559,988

 

 

 

COGO GROUP, INC. and SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Income and

Comprehensive Income for the three months ended September 30, 2012 and 2011




Three Months ended September 30,


2012


2012


2011


USD'000


RMB'000


RMB'000

Net Revenue






Product sales

216,443


1,360,302


933,919

Service revenue

-


-


-


216,443


1,360,302


933,919

Cost of sales






Cost of goods sold

(202,941)


(1,275,443)


(837,234)

Cost of service

-


-


-


(202,941)


(1,275,443)


(837,234)

Gross profit

13,502


84,859


96,685

Selling, general and administrative expenses

(6,860)


(43,114)


(50,302)

Research and development expenses

(4,024)


(25,293)


(25,059)

Other operating income

10


59


23

Income from operations

2,628


16,511


21,347

Interest expense

(1,070)


(6,725)


(6,322)

Interest income

514


3,232


4,066

Earnings before income taxes

2,072


13,018


19,091

Income tax expense

(269)


(1,688)


(2,745)

Net income

1,803


11,330


16,346

Less net income attributable to noncontrolling interests

(1,284)


(8,070)


(1,705)







Net income attributable to Cogo Group, Inc.

519


3,260


14,641







Earnings per share attributable to Cogo Group, Inc.






Basic

0.01


0.09


0.40

Diluted

0.01


0.09


0.40







Weighted average number of common shares outstanding






Basic



36,731,113


36,317,706

Diluted



36,768,927


36,317,706







Comprehensive income:






Net income

1,803


11,330


16,346

Other comprehensive income






Foreign currency translation adjustments

(285)


(1,790)


(2,461)


1,518


9,540


13,885

Comprehensive income






Less: comprehensive income attributable to noncontrolling interests

(1,333)


(8,377)


(1,663)

Comprehensive income attributable to Cogo Group, Inc.

185


1,163


12,222

 

 

 

COGO GROUP, INC. and SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Income and

Comprehensive Income for the Nine Months ended September 30, 2012 and 2011




Nine Months ended September 30,


2012

2012

2011


USD'000

RMB'000

RMB'000

Net Revenue




Product sales

581,083

3,651,990

2,487,562

Service revenue

-

-

-


581,083

3,651,990

2,487,562

Cost of sales




Cost of goods sold

(542,165)

(3,407,396)

(2,186,731)

Cost of service

-

-

-


(542,165)

(3,407,396)

(2,186,731)

Gross profit

38,918

244,594

300,831

Selling, general and administrative expenses

(18,765)

(117,937)

(141,315)

Research and development expenses

(11,646)

(73,191)

(71,185)

Other operating income

285

1,788

17

Income from operations

8,792

55,254

88,348

Interest expense

(2,997)

(18,835)

(13,184)

Interest income

1,728

10,859

10,875

Earnings before income taxes

7,523

47,278

85,949

Income tax expense

(918)

(5,770)

(9,858)

Net income

6,605

41,508

76,091

Less net income attributable to noncontrolling interests

(3,008)

(18,906)

(7,439)





Net income attributable to Cogo Group, Inc.

3,597

22,602

68,652





Earnings per share attributable to Cogo Group, Inc.




Basic

0.10

0.62

1.83

Diluted

0.10

0.62

1.81





Weighted average number of common shares outstanding




Basic


36,380,971

37,457,578

Diluted


36,393,668

37,878,587





Comprehensive income:




Net income

6,605

41,508

76,091

Other comprehensive income




Foreign currency translation adjustments

180

1,136

(5,981)


6,785

42,644

70,110

Comprehensive income




Less: comprehensive income attributable to noncontrolling interests

(3,018)

(18,969)

(7,311)

Comprehensive income attributable to Cogo Group, Inc.

3,767

23,675

62,799

 

 

 

COGO GROUP, INC. and SUBSIDIARIES

 

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES








Three Months ended
September 30,




2012


2011




$'000  


$'000   

Net Income






GAAP net income attributable to Cogo Group, Inc.


519


2,296


Share-based compensation expenses


2,682


2,943


Amortization of intangible assets and related deferred taxation


840


613


Non-GAAP net income attributable to Cogo Group, Inc.


4,041


5,852






Income from operation






GAAP income from operations


2,628


3,346


Share-based compensation expenses


2,682


2,943


Amortization of intangible assets


1,006


734


Non-GAAP income from operation


6,316


7,023







Operating Margin






GAAP operating margin


1.2%


2.3%


Non-GAAP operating margin


2.9%


4.8%







Earnings per share


$


$


GAAP net income attributable to Cogo Group, Inc. per common share-Diluted


0.01


0.06


Non-GAAP net income attributable to Cogo Group, Inc. per common share-Diluted


0.11


0.16













Weighted average number of common shares outstanding






Basic


36,731,113


36,317,706


Diluted


36,768,927


36,317,706














 

 

SOURCE Cogo Group, Inc.

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SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.