Welcome!

Microsoft Cloud Authors: Pat Romanski, Jnan Dash, Andreas Grabner, Lori MacVittie, Jim Kaskade

News Feed Item

Yosen Group, Inc. Reports Second Quarter 2014 Results

YIWU, China, Aug. 15, 2014 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") announced today its financial results for the second quarter ended June 30, 2014.

Net sales, gross profit, gross profit margin and selling, general and administrative expenses ("SG&A") shown for the periods presented all exclude discontinued operations.

Net sales for the second quarter 2014 were reported at $3,053,135, a 7.7% year-over-year increase over $2,834,839 for the second quarter 2013. Net sales for the six months ended June 30, 2014 were $7,316,160, a 22.0% year-over-year increase over $5,997,873 for the six months ended June 30, 2013. The increase was primarily attributable to the new revenue generated from our international trade business in New York.

Gross profit for the three months ended June 30, 2014 was $291,064, an increase of 69.6% compared to $171,641 for the three months ended June 30, 2013. Gross profit for the six months ended June 30, 2014 was $620,322, an increase of 99.4% compared to $311,108 for the six months ended June 30, 2013.

Profit margin for the three and six months ended June 30, 2014 was 9.5% and 8.5% compared to 6.1% and 5.2% for the three months and six months ended June 30, 2013. The international trade business again contributed to the higher profit margin.

SG&A expenses for the three months ended June 30, 2014 were $288,149, a decrease of 47.3% compared to $546,646 for the three months ended June 30, 2013. SG&A expenses for the six months ended June 30, 2014 were $576,361, a decrease of 53.0% compared to $1,227,541 for the six months ended June 30, 2013. The decrease in SG&A expenses was the result of reduction in staff related cost and store management fees.

Net income from continuing operations was $64,826 and $178,601 respectively for the three and six months ended June 30, 2014 compared to net loss of $357,219 and $885,047 for the three and six months ended June 30, 2013.

Net income excluding non-cash stock-based compensation expense (a non-GAAP measure) for the three and six months ended June 30, 2014 was $94,968 and $218,078, compared to net loss of $310,886 and $847,030 for the three and six months ended June 30, 2013.

Net income for the three and six months ended June 30, 2014 was $7,468 and $31,626 compared to net loss $414,219 and $1,053,696 for the three and six months ended June 30, 2013.

Yosen's CEO Mr. Zhenggang Wang commented, "We are very pleased that Yosen continues to be profitable during the second quarter. This time of the year is usually a slow season for 3C products (Computers, Communication, Consumer Electronics), and neither Apple nor Samsung introduced any heavyweight new products at this time. However, thanks to Yosen's strategic repositioning over the last few years and strict cost control measures, the Company was able to maintain its profitability. We anticipate the Company to continue to grow significantly in both sales and profitability, and receive increased subsidies from China Telecom as a result of our proven cooperative model.

"Yosen's U.S. subsidiary, Yosen Trading, has been growing very nicely despite that it is still young. We plan to open our second warehousing facility in New York in the near future. The cross-border e-commerce platform that Yosen has been developing jointly with China Commodity City has already attracted many potential customers and prospective cooperation partners from Zhejiang and Fujian provinces as well as from the U.S. We anticipate this e-commerce platform co-developed with yiwugou.com, as well as Yosen's own B2B and B2C cross-border trading platforms, will go live online later this year. We believe these vehicles will become Yosen's major source of profitability in the future."

Earlier this year, Yosen announced that it signed an agreement with a subsidiary of China Commodity City Group Ltd. to cooperate exclusively in cross border trade, e-commerce, warehousing and logistics in four major states in the U.S. (New York, New Jersey, Connecticut, and Pennsylvania). Yosen launched its international trade and wholesale business at the end of last year through its U.S. subsidiary, and has made clear breakthrough within a short period of time. The Company anticipates further progress in the field and will update shareholders accordingly.

About Yosen Group, Inc.

Yosen Group, Inc. ("Yosen Group", or "Yosen") was founded in Yiwu City, Zhejiang Province, in 1997. Yosen is a leading retailer of 3C merchandise (Computers, Communication products and Consumer electronics) in Eastern China. The Company partners with China's three dominant telecommunication operators including China Telecom, China Mobile, and China Unicom, and operates 3C specialty stores within mass merchandisers at prime locations. Yosen distributes the best-selling products of Apple, Samsung, among others. Yosen Group, though its corporate headquarters in China and its wholly-owned U.S. subsidiary, is committed to building cross-border sales channels for bringing the world's best consumer products to China and, simultaneously, introducing China's most competitive products to the overseas markets. Yosen Group is China Commodity City Group's exclusive partner in the Greater New York area. The Company operates under the "Yosen" and "Yong Xin" brand names.

For more information, visit http://www.yosn.com.

Safe Harbor Statement

Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the Company's future performance. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the periodic reports that are filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.

For more information, please contact:

Xiaochun Yang
Tel: +86-571-2888-8036
Email: [email protected] 

SOURCE Yosen Group, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.