China Grentech Corp (NASDAQ:GRRF)

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Wednesday, November 9, 2011

Third Quarter 2011 Results

Total revenue was RMB406.2 million (US$63.7 million)(1), an increase of 2.4% year-over-year compared to RMB396.9 million during the third quarter of 2010
Gross profit was RMB111.2 million (US$17.4 million), an increase of 7.2% year-over-year compared to RMB103.8 million during the third quarter of 2010
Operating income was RMB25.6 million (US$4.0 million), an increase of 1.0% year-over-year compared to RMB 25.3 million during the third quarter of 2010
Net income attributable to shareholders was RMB9.1 million (US$1.4 million), a decrease of 29.8% year-over-year compared to RMB12.9 million during the third quarter of 2010
Diluted earnings per ADS(2)was RMB0.39 (US$0.06), compared to RMB0.54 per ADS during the third quarter of 2010

"We are pleased to report solid revenues in the third quarter of RMB406.2 million, or US$63.7 million, an increase of 2.4% over the comparable period in 2010. Gross profit increased by 7.2% year-over-year and gross margin increased to 27.4%. Importantly, in 2011, we are placing a strong emphasis on the promotion of new products and our ability to capitalize upon breakthroughs in new technology so as to develop new products and enter new businesses," said Mr. Yingjie Gao, Chairman and CEO of GrenTech.

"Our WLAN business has experienced healthy growth compared to 2010, but new business areas such as the CMMB project and subway network coverage have been slower than projected at the beginning of the year," Mr. Gao added.

"In the remainder of 2011, we will strive to strategically improve our business operations and focus on mid- and long-term growth. We believe that investment by telecommunication operators in the industry, combined with our new production and technology introductions, will enable GrenTech to continue to grow on a sound and steady basis," Mr. Gao concluded.

Guidance for Fourth Quarter 2011

For the fourth quarter of 2011, GrenTech forecasts its revenue to be in the range of RMB800.0 million to RMB880.0 million.

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Thursday, August 11, 2011

Second Quarter 2011 Financial Highlights

Total revenue was RMB400.0 million (US$61.9 million)(1), an increase of 8.0% year-over-year compared to RMB370.4 million during the second quarter of 2010
Gross profit was RMB109.9 million (US$17.0 million), an increase of 19.1% year-over-year compared to RMB92.3 million during the second quarter of 2010
Operating income was RMB29.0 million (US$4.5 million), an increase of 59.2% year-over-year compared to RMB 18.2 million during the second quarter of 2010
Net income attributable to shareholders was RMB12.7 million (US$2.0 million), an increase of 142.3% year-over-year compared to RMB5.3 million during the second quarter of 2010
Diluted earnings per ADS(2)was RMB0.56 (US$0.09), compared to RMB0.22 per ADS during the second quarter of 2010

"We are pleased to report robust financial results in the second quarter, with a 59.2% growth in operating income as our new products and services mix enabled strong margin expansion and gains in profitability as compared to the same quarter last year. We also capitalized upon our strategic focus on new technology, new products and new businesses. We believe that we are well positioned given a strategic shift in China's telecommunication industry to benefit from key business areas such as WLAN, the CMMB project, network coverage for subways, miniaturized base station antennas, and small-scale trials of RF ceramic filters. We are actively transitioning to these high growth areas even as we maintain our market leadership in the traditional wireless coverage products and services and base station RF products," said Mr. Yingjie Gao, Chairman and CEO of GrenTech.

"The major telecommunication operators in China have increased their investment in WLAN, and GrenTech was selected as the provider for ten individual provinces in the recent centralized bidding held by China Unicom for its WLAN equipment needs. Our success in new business areas also includes being selected as the equipment and services provider of nine provinces and cities in the CMMB project and bids won for subway network coverage in seven cities. GrenTech will continue to participate in the individual bidding for these new businesses going forward," Mr. Gao added.

"2011 will be an important year for GrenTech due to telecommunication operators' significant investment in the industry combined with the Company's new production and technology introductions, both of which we expect to enhance our market position and drive continued growth in our businesses ," Mr. Gao concluded.

Guidance for Third Quarter 2011

For the third quarter of 2011, GrenTech forecasts its revenue to be in the range of RMB410.0 million to RMB450.0 million.

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Friday, May 13, 2011

First Quarter Results:

Total revenue was RMB177.6 million (US$27.1 million)(1), an increase of 11.5% year-over-year
Gross profit was RMB45.2 million (US$6.9 million), an increase of 16.8% year-over-year
Operating loss was RMB18.6 million (US$2.8 million), compared to a loss of RMB20.3 million during the first quarter of 2010
Net loss attributable to the equity shareholders of GrenTech was RMB23.3 million (US$3.6 million), compared to a loss of RMB22.9 million during the first quarter of 2010
Diluted loss per ADS(2)was RMB1.03 (US$0.16), compared to a loss of RMB0.95 per ADS during the first quarter of 2010

"Although the first quarter was affected by the typical seasonality factors in our industry, we are pleased to report some positive changes in the first quarter 2011 compared to the same period last year: Our new products started the year with positive developments in their respective industries, especially WLAN as a result of increased investment by each of the three major operators. China Mobile significantly increased its capital expenditures on WLAN in 2011, which makes WLAN one of the investment highlights in 2011 in the telecommunications industry. China Unicom and China Telecom have followed suit and increased their capital expenditure budgets on WLAN," said Mr. Yingjie Gao, Chairman and CEO of GrenTech.

For the second quarter of 2011, GrenTech forecasts revenue to be in the range of RMB380.0 million to RMB425.0 million.

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Thursday, March 17, 2011

Fourth Quarter Highlights:

Total revenue was RMB794.3 million (US$120.3 million)(1) , an increase of 59.0% year-over-year
Gross profit was RMB221.0 million (US$33.5 million), an increase of 133.2% year-over-year
Operating income was RMB132.4 million (US$20.1 million), compared to a loss of RMB10.0 million during the fourth quarter of 2009
Net income attributable to the equity shareholders of GrenTech was RMB102.9 million (US$15.6 million), compared to a loss of RMB7.1 million during the fourth quarter of 2009
Diluted earnings per ADS(2) was RMB4.40 (US$0.67), compared to a loss of RMB0.30 per ADS during the fourth quarter of 2009

"Not only has our top line performance grown consecutively for the last several years, but we have also achieved a major breakthrough in attaining a significant improvement in profitability this year as management committed to a more robust business strategy to enhance the overall development of the Company. We are delighted to deliver outstanding fourth quarter and fiscal year 2010 results, as we were able to achieve solid growth, improve our product mix to focus on higher margin products, improve operational efficiency and strengthen internal controls, and as a result, significantly enhance our net income and margins," said Mr. Yingjie Gao, Chairman and CEO of GrenTech.

For the first quarter of 2011, GrenTech forecasts revenue to be in the range of RMB160 million to RMB184 million.

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Thursday, November 11, 2010

Third Quarter 2010 Financial Results

Total revenue for the third quarter was RMB396.9 million (US$59.3 million), representing a RMB2.0 million, a slight increase compared to the same period last year.

Net income for the third quarter of 2010 was RMB12.9 million (US$1.9 million) compared to a net income of RMB20.1 million in the same period of last year.

Basic and diluted earnings per common share were RMB0.02 (US$0.003) and RMB0.02 (US$0.003), respectively, while basic and diluted earnings per ADS were RMB0.55 (US$0.08) and RMB0.54 (US$0.08), respectively.

Business Outlook

As the annual tenders by the major telecommunication operators are drawing to a close, the Company has achieved good results for its wireless coverage segment, which will have a positive impact on its fourth quarter financial performance. In addition, the Company also anticipates an improvement in the RF products segment driven by easing of Indian import restrictions as well as our launch of a RF subsystem for sale directly to telecommunication operators.

Looking ahead, management is focused on developing and launching new products to grow the business expand the customer base and improve profitability. In this respect, the successful China Mobile Multimedia Broadcasting ("CMMB") project bid win is an important milestone for the Company as it expands its customer base and addressable market and positions the Company for future growth.

The Company will also continue to explore opportunities to optimize its operations, business structure as well as product mix to achieve steady growth in business and profitability.

Guidance for Fourth Quarter 2010

For the fourth quarter of 2010, GrenTech forecasts that its revenue will be in the range of RMB720 million to RMB870 million.

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