|By PR Newswire||
|August 15, 2014 08:00 AM EDT||
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:
Email: [email protected]
SOURCE Yosen Group, Inc.
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 11, 2016 12:00 PM EST
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 11, 2016 12:00 PM EST Reads: 199
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 11, 2016 11:30 AM EST Reads: 238
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 11, 2016 11:30 AM EST
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 11, 2016 11:00 AM EST Reads: 118
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 11, 2016 10:15 AM EST
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 11, 2016 10:00 AM EST Reads: 394
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 11, 2016 09:25 AM EST
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 11, 2016 09:15 AM EST Reads: 195
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 11, 2016 09:00 AM EST Reads: 102
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 11, 2016 06:45 AM EST Reads: 441
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 11, 2016 05:00 AM EST
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 11, 2016 01:15 AM EST Reads: 212
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 11, 2016 01:00 AM EST Reads: 228
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 10, 2016 11:45 PM EST Reads: 116
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 10, 2016 02:30 PM EST Reads: 433
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 10, 2016 02:30 PM EST Reads: 403
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 10, 2016 12:15 PM EST Reads: 433
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 10, 2016 12:00 PM EST Reads: 626
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 10, 2016 10:45 AM EST Reads: 257