Welcome!

.NET Authors: Pat Romanski, ChandraShekar Dattatreya, Srinivasan Sundara Rajan, Jayaram Krishnaswamy, 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
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at 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. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...