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SGOCO Group, Ltd. Announces Financial Results for the Nine Month Period Ended September 30, 2012

BEIJING, Nov. 16, 2012 /PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC), ("SGOCO" or the "Company"), a company focused on product design and brand development in the Chinese flat panel display market, including computer monitors, TVs, and application specific products, today announced its unaudited operating results for the nine month period ended September 30, 2012 together with its unaudited operating results for the first two quarters.

Following the sale of its manufacturing assets in November 2011, SGOCO has been operating a "light-asset" business model with a concentration on building widely recognizable brands and developing innovative display products. The new business model outsources manufacturing and enhances the Company's flexibility in responding to rapid changes in technologies and market conditions. Without the need to invest in heavy manufacturing assets, SGOCO has strengthened its balance sheet. As of September 30, 2012, the Company's net book value per share was $4.30 with a cash position of $6.7 million.

Given the significant changes to SGOCO's business model and balance sheet in the last year, the Company considers year-over-year comparisons of financial results less relevant.

For the nine month period ended September 30, 2012, SGOCO's revenues were $103.3 million. During this period, 74% of sales were generated from the Company's own-brand products and 26% of sales were derived from OEM customers. During the transition to a "light-asset" business model, the Company has been reducing its lower-margin trading and OEM businesses. Therefore, our revenues were negatively impacted by significant reductions in our OEM and trading businesses in addition to general display market and credit conditions in China. The Company is responding to the intense competition in the Chinese display market by developing new markets, sales channels, brands and products with enhanced features, and business related services.

Gross profit for the nine month period ended September 30, 2012 was $7.6 million, or 7.3% of total revenues. Gross margin for the latest quarter was negatively impacted by increased fees charged by Chinese authorities for recycling imported monitors and price drops in smaller size monitors. SGOCO's long-term strategy is to continue to emphasize own-brand sales while boosting margins through the introduction of new personalized devices and multimedia systems and services to the Company's product portfolio.

Selling, general and administrative expenses for the nine month period ended September 30, 2012 were $4.6 million, or 4.5% of total revenues. During the period, the Company incurred approximately $2.7 million in third-party expenses including one-time expenses of over $1.6 million in professional fees related to the Company's Nasdaq trading halt as well as from a change in auditors.

Net income for the nine month period ended September 30, 2012 was $1.1 million, or 1.0% of revenues. Net income was negatively impacted by an approximately $0.7 million provision for interest accrued on a tax related to the sale of its manufacturing assets. Diluted EPS for the period was $0.06.

SGOCO reported strong liquidity ratios as of September 30, 2012. The Company's current ratio was 6.97 and the debt-to-equity ratio was 0.17. These strong ratios will support SGOCO as it completes its business model transformation focused on developing new personalized products and multimedia systems combined with related business services.

Mr. Burnette Or, Chairman and Chief Executive Officer of SGOCO, commented "We remain encouraged by the progress of our business transition and remain positive about our long-term strategy and profitability. Our new "light-asset" business model provides us with greater flexibility to adapt to challenging market conditions. The Company continues to operate free of debt, build its brand portfolio, and develop new display products. Our R&D team is developing higher-margin products including smart phones, tablet PCs, e-boards, all-in-ones (AIOs) and application specific products (ASPs) which are expected to become commercial ready within the next 1-2 years. The Company is also working on services that can be matched with these new products to further enhance their attractiveness and profitability. We are also using our U.S. office to examine opportunities to re-establish sales in North America, the largest consumer market. We anticipate our fourth quarter results will be stronger than the third quarter's."

Conference Call:

SGOCO's management will host a conference call at 8:30 am ET on Monday, November 19, 2012 to discuss these results as well as recent corporate developments. After opening remarks, there will be a question and answer period. Listeners may access the call by dialing 1-888-466-4462 or 1-719-325-2376. A webcast will also be available via http://public.viavid.com/index.php?id=102602 or http://viavid.com. A replay of the call will be available through November 30, 2012 by dialing 1-877-870-5176 or 1-858-384-5517 access code: 8448779.

2011 Annual Report:

SGOCO's 2011 annual report has been filed with the U.S. Securities and Exchange Commission and is available online at the Company's website (www.sgocogroup.com). Shareholders may request a printed copy of the 2011 annual report free of charge by contacting [email protected] or faxing +86-10-8587-0252.

About SGOCO Group, Ltd.

SGOCO Group, Ltd. is a technology company focused on product design and brand development in the Chinese flat panel display market, including computer monitors, TVs, and application specific products. The Company sells its products and services in the Chinese market and around the world.

For more information about SGOCO, please visit our investor relations website http://www.sgocogroup.com. Product information can be found at http://www.sgoco.com.

Safe Harbor and Informational Statement

This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company's multiple-brand, multiple channel strategy, the transitioning of its product focus, and the reasonableness of the increases in notes payable, and restricted cash. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our success in expanding our "SGOCO Image" program; our ability to maintain effective internal control over financial reporting; our success in manufacturing and distributing products under brands licensed from others; management of rapid growth; changes in government policy including policy regarding subsidies for purchase of consumer electronic products and local production of consumer goods in China; the fluctuations in sales of LCD and LED products in China; China's overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events and other events and factors described in the "Key Information – Risk Factors" section in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on August 30, 2012. The Company assumes no obligation to update any of the information contained or referenced in this press release.

For investor and media inquiries, please contact:

SGOCO Group, Ltd. (China)

ICR, LLC

Bill Krolicki, VP of Finance

William Zima

Tel: +86-10-8587-0170 ext. 826        

Phone: +86-10-6583-7511

Email: [email protected]   



SGOCO Group Investor Relations Department


US: +1-646-328-2533

 

(Financial Tables on Following Pages)

 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2012














 September 30,


 December 31,






2012


2011






 (USD)


 (USD)






(Unaudited)



ASSETS













CURRENT ASSETS






Cash

$

6,747,787

$

534,501


Restricted cash


253,335


-


Accounts receivable, trade


25,090,529


19,680,682


Other receivables and prepayments


960,484


756,763


Consideration receivable from Sale of Honesty Group


-


57,477,790


Notes receivable


3,664,554


-


Inventories


6,693,437


1,864,011


Advances to Honesty Group


26,429,418


-


Advances to suppliers


17,453,325


4,609,506


Other current assets


128,303


60,548



Total current assets


87,421,172


84,983,801









PLANT AND EQUIPMENT, NET


272,017


217,586












Total assets

$

87,693,189

$

85,201,387









LIABILITIES AND SHAREHOLDERS' EQUITY













CURRENT LIABILITIES






Accounts payable, trade

$

3,851,944

$

4,608,600


Accrued liabilities


209,948


353,147


Notes payable


253,335


-


Short-term loan - shareholder


208,958


208,958


Other payables


456,569


343,883


Customer deposits


553,451


153,436


Taxes payable


7,005,750


5,552,293



Total current liabilities


12,539,955


11,220,317









OTHER LIABILITIES






Warrant derivative liability


17,740


92,966



Total other liabilities


17,740


92,966












Total liabilities


12,557,695


11,313,283









SHAREHOLDERS' EQUITY






Preferred stock, $0.001 par value, 1,000,000 shares authorized,







nil issued and outstanding as of September 30, 2012 and







December 31, 2011, respectively


-


-


Ordinary shares, $0.001 par value, 50,000,000 shares authorized,






17,465,356 and 17,258,356 issued and outstanding as of







September 30, 2012 and December 31, 2011, respectively


17,465


17,258


Additional paid-in-capital


24,828,448


24,555,415


Statutory reserves


54,031


54,031


Retained earnings


50,237,046


49,177,643


Accumulated other comprehensive income


(1,496)


83,757



Total shareholders' equity


75,135,494


73,888,104












Total liabilities and shareholders' equity

$

87,693,189

$

85,201,387









 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR SEPTEMBER 30, 2012 AND 2011 (UNAUDITED)
















 Three Months Ended


 Nine Months Ended





 September 30,


 September 30,





2012


2011


2012


2011





 (USD)


 (USD)


 (USD)


 (USD)

REVENUES:










Revenues

$

26,047,267

$

71,565,279

$

103,271,709

$

244,121,724



Total revenues


26,047,267


71,565,279


103,271,709


244,121,724












COST OF GOODS SOLD:










Cost of goods sold


25,105,616


63,677,293


95,691,861


218,188,315



Total cost of goods sold


25,105,616


63,677,293


95,691,861


218,188,315












GROSS PROFIT    


941,651


7,887,986


7,579,848


25,933,409












OPERATING EXPENSES:










Selling expenses


212,290


647,930


459,509


1,134,426


General and administrative expenses


1,481,641


1,115,858


4,166,058


4,027,265



Total operating expenses


1,693,931


1,763,788


4,625,567


5,161,691












(LOSS) INCOME FROM OPERATIONS


(752,280)


6,124,198


2,954,281


20,771,718












OTHER INCOME (EXPENSES):










Interest income


1,338


170,397


2,961


231,202


Interest expense


(12,519)


(564,121)


(51,480)


(1,497,171)


Other income (expenses), net


(23,129)


(550,810)


(35,109)


(134,857)


Change in fair value of warrant derivative liability


27,249


741,641


75,226


873,986



Total other income (expenses), net


(7,061)


(202,893)


(8,402)


(526,840)












(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES

(759,341)


5,921,305


2,945,879


20,244,878












PROVISION FOR INCOME TAXES


331,089


683,743


1,886,476


2,726,468












NET (LOSS) INCOME


(1,090,430)


5,237,562


1,059,403


17,518,410












OTHER COMPREHENSIVE INCOME:










Foreign currency translation adjustment


(2,676)


697,619


(85,253)


2,082,582

COMPREHENSIVE (LOSS) INCOME

$

(1,093,106)

$

5,935,181

$

974,150

$

19,600,992












(LOSS) EARNINGS PER SHARE:










Basic

$

(0.06)

$

0.33

$

0.06

$

1.09


Diluted

$

(0.06)

$

0.33

$

0.06

$

1.09












WEIGHTED AVERAGE NUMBER OF COMMON SHARES:









Basic


17,059,860


16,032,343


17,059,860


16,077,451


Diluted


17,059,860


16,032,343


17,059,860


16,114,299












 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
















 Nine  Months Ended







 September 30,







2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES:






Net income

$

1,059,403

$

17,518,410


Adjustments to reconcile net income to cash provided by






(used in) operating activities:








Depreciation and amortization


48,927


1,410,897




Bad debt provision


-


77,017




Change in fair value of warrant derivative liability


(75,226)


(873,986)




Share-based compensation expenses


273,240


-


Change in operating assets and liabilities








Accounts receivable, trade


(5,555,976)


(491,185)




Accounts receivable - related parties


-


49,559




Other receivables


(209,323)


(343,138)




Notes receivable


(3,679,233)


-




Inventories


34,131,709


3,057,666




Advances to Honsty Group


(26,535,286)


-




Advances to suppliers


(12,924,417)


(93,534,354)




Other current assets


(68,230)


(332,828)


Change in operating liabilities








Accounts payables, trade


(730,542)


6,500,296




Accrued liabilities


(141,539)


74,626




Notes payable


254,350


41,567,751




Other payables


116,920


468,299




Customer deposits


402,588


6,473,017




Taxes payable


1,494,391


452,181





Net cash used in operating activities


(12,138,244)


(17,925,772)










CASH FLOWS FROM INVESTING ACTIVITIES:






Settlement of consideration received from disposal of subsidiaries


18,733,669


-


Purchase of equipment and construction-in-progress


(105,131)


(1,371,515)


Purchase of intangible assets


-


(1,566)





Net cash provided by (used in) investing activities


18,628,538


(1,373,081)










CASH FLOWS FROM FINANCING ACTIVITIES:






Increase in restricted cash


(254,349)


(22,293,466)


Bank overdraft


-


27,611


Proceeds from short-term loan


-


89,906,005


Payments on short-term loan


-


(66,550,397)


Proceeds from shareholder loan


-


(2,545,439)


Payments on repurchase of put option


-


(2,000,000)


Payments on repurchase of warrants


-


(512,158)


Shares issued for exercise of over-allotment related to secondary offering


-


373,242





Net cash used in financing activities


(254,349)


(3,594,602)










EFFECT OF EXCHANGE RATE ON CASH


(22,659)


3,046,527










INCREASE(DECREASE) IN CASH


6,213,286


(19,846,928)










CASH, beginning of period


534,501


23,493,805










CASH, end of period

$

6,747,787

$

3,646,877



















SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION






Cash paid for interest

$

51,480

$

564,121


Cash paid for income taxes

$

431,594

$

934,554










SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES




Settlement of consideration receivable – received in finished goods

$

38,992,268

$

-










 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2012














 June 30,


 December 31,






2012


2011






 (USD)


 (USD)






(Unaudited)



ASSETS













CURRENT ASSETS






Cash

$

713,944

$

534,501


Restricted cash


318,788


-


Accounts receivable, trade


38,493,508


19,680,682


Other receivables and prepayments


815,990


756,763


Consideration receivable from Sale of Honesty Group


-


57,477,790


Notes receivable


94,863


-


Inventories


1,707,445


1,864,011


Advances to Honesty Group


21,896,826


-


Advances to suppliers


26,647,857


4,609,506


Other current assets


181,233


60,548



Total current assets


90,870,454


84,983,801









PLANT AND EQUIPMENT, NET


254,057


217,586












Total assets

$

91,124,511

$

85,201,387









LIABILITIES AND SHAREHOLDERS' EQUITY













CURRENT LIABILITIES






Accounts payable, trade

$

4,470,910

$

4,608,600


Accrued liabilities


434,573


353,147


Notes payable


318,788


-


Short-term loan - shareholder


208,958


208,958


Other payables


1,018,926


343,883


Customer deposits


1,586,038


153,436


Taxes payable


6,812,729


5,552,293



Total current liabilities


14,850,922


11,220,317









OTHER LIABILITIES






Warrant derivative liability


44,989


92,966



Total other liabilities


44,989


92,966












Total liabilities


14,895,911


11,313,283









SHAREHOLDERS' EQUITY






Preferred stock, $0.001 par value, 1,000,000 shares authorized,







nil issued and outstanding as of June 30, 2012 and







December 31, 2011, respectively


-


-


Ordinary shares, $0.001 par value, 50,000,000 shares authorized,






17,465,356 and 17,258,356 issued and outstanding as of







June 30, 2012 and December 31, 2011, respectively


17,465


17,258


Additional paid-in-capital


24,828,448


24,555,415


Statutory reserves


54,031


54,031


Retained earnings


51,327,476


49,177,643


Accumulated other comprehensive income


1,180


83,757



Total shareholders' equity


76,228,600


73,888,104












Total liabilities and shareholders' equity

$

91,124,511

$

85,201,387









 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR JUNE 30, 2012 AND 2011 (UNAUDITED)
















 Three Months Ended


 Six Months Ended





 June 30,


 June 30,





2012


2011


2012


2011





 (USD)


 (USD)


 (USD)


 (USD)

REVENUES:










Revenues

$

42,702,117

$

85,580,821

$

77,224,442

$

172,556,445



Total revenues


42,702,117


85,580,821


77,224,442


172,556,445












COST OF GOODS SOLD:










Cost of goods sold


38,745,777


74,834,917


70,586,245


154,511,022



Total cost of goods sold


38,745,777


74,834,917


70,586,245


154,511,022












GROSS PROFIT    


3,956,340


10,745,904


6,638,197


18,045,423












OPERATING EXPENSES:










Selling expenses


129,817


270,124


247,219


486,496


General and administrative expenses


1,772,241


1,548,481


2,684,417


2,911,407



Total operating expenses


1,902,058


1,818,605


2,931,636


3,397,903












INCOME FROM OPERATIONS


2,054,282


8,927,299


3,706,561


14,647,520












OTHER INCOME (EXPENSES):










Interest income


1,214


45,966


1,623


60,805


Interest expense


(24,406)


(536,898)


(38,961)


(933,050)


Other income (expenses), net


2,418


651,902


(11,980)


415,955


Change in fair value of warrant derivative liability


47,371


(596,040)


47,977


132,345



Total other income (expenses), net


26,597


(435,070)


(1,341)


(323,945)












INCOME BEFORE PROVISION FOR INCOME TAXES


2,080,879


8,492,229


3,705,220


14,323,575












PROVISION FOR INCOME TAXES


849,539


1,348,785


1,555,387


2,042,725












NET INCOME


1,231,340


7,143,444


2,149,833


12,280,850












OTHER COMPREHENSIVE INCOME:










Foreign currency translation adjustment


(10,694)


1,044,966


(82,577)


1,384,963

COMPREHENSIVE INCOME

$

1,220,646

$

8,188,410

$

2,067,256

$

13,665,813












EARNINGS PER SHARE:










Basic

$

0.07

$

0.45

$

0.12

$

0.76


Diluted

$

0.07

$

0.45

$

0.12

$

0.76












WEIGHTED AVERAGE NUMBER OF COMMON SHARES:









Basic


17,059,860


16,032,343


17,059,860


16,100,378


Diluted


17,059,860


16,032,343


17,059,860


16,216,126












 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2012














 March 31,


 December 31,






2012


2011






 (USD)


 (USD)






(Unaudited)



ASSETS













CURRENT ASSETS






Cash

$

6,782,742

$

534,501


Restricted cash


65,122


-


Accounts receivable, trade


29,211,944


19,680,682


Other receivables and prepayments


365,713


756,763


Consideration receivable from Sale of Honesty Group


33,873,594


57,477,790


Inventories


4,396,592


1,864,011


Advances to Honesty Group


5,017,489


-


Advances to suppliers


7,913,646


4,609,506


Other current assets


18,164


60,548



Total current assets


87,645,006


84,983,801









PLANT AND EQUIPMENT, NET


270,314


217,586












Total assets

$

87,915,320

$

85,201,387









LIABILITIES AND SHAREHOLDERS' EQUITY













CURRENT LIABILITIES






Accounts payable, trade

$

4,889,942

$

4,608,600


Accrued liabilities


335,129


353,147


Notes payable


65,122


-


Short-term loan - shareholder


208,958


208,958


Other payables


1,133,006


343,883


Customer deposits


113,498


153,436


Taxes payable


6,069,351


5,552,293



Total current liabilities


12,815,006


11,220,317









OTHER LIABILITIES






Warrant derivative liability


92,360


92,966



Total other liabilities


92,360


92,966












Total liabilities


12,907,366


11,313,283









SHAREHOLDERS' EQUITY






Preferred stock, $0.001 par value, 1,000,000 shares authorized,







nil issued and outstanding as of March 31, 2012 and







December 31, 2011, respectively


-


-


Ordinary shares, $0.001 par value, 50,000,000 shares authorized,






17,465,356 and 17,258,356 issued and outstanding as of







March 31, 2012 and December 31, 2011, respectively


17,465


17,258


Additional paid-in-capital


24,828,448


24,555,415


Statutory reserves


54,031


54,031


Retained earnings


50,096,136


49,177,643


Accumulated other comprehensive income


11,874


83,757



Total shareholders' equity


75,007,954


73,888,104












Total liabilities and shareholders' equity

$

87,915,320

$

85,201,387









 


 

SGOCO GROUP LTD. AND SUBSIDIARIES

CONDENSDED CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR MARCH 31, 2012 AND 2011 (UNAUDITED)












 Three Months Ended





 March 31,





2012


2011





 (USD)


 (USD)

REVENUES:






Revenues

$

34,522,325

$

86,975,624



Total revenues


34,522,325


86,975,624








COST OF GOODS SOLD:






Cost of goods sold


31,840,468


79,676,105



Total cost of goods sold


31,840,468


79,676,105








GROSS PROFIT    


2,681,857


7,299,519








OPERATING EXPENSES:






Selling expenses


117,402


216,372


General and administrative expenses


912,176


1,362,926



Total operating expenses


1,029,578


1,579,298








INCOME FROM OPERATIONS


1,652,279


5,720,221








OTHER INCOME (EXPENSES):






Interest income


409


14,840


Interest expense


(14,555)


(396,151)


Other income (expenses), net


(14,398)


(235,949)


Change in fair value of warrant derivative liability


606


728,384



Total other income (expenses), net


(27,938)


111,124








INCOME BEFORE PROVISION FOR INCOME TAXES


1,624,341


5,831,345








PROVISION FOR INCOME TAXES


705,848


693,939








NET INCOME


918,493


5,137,406








OTHER COMPREHENSIVE INCOME:






Foreign currency translation adjustment


(71,883)


339,998

COMPREHENSIVE INCOME

$

846,610

$

5,477,404








EARNINGS PER SHARE:






Basic

$

0.05

$

0.32


Diluted

$

0.05

$

0.32








WEIGHTED AVERAGE NUMBER OF COMMON SHARES:






Basic


17,053,036


16,169,170


Diluted


17,053,036


16,280,942










 

SOURCE SGOCO Group, Ltd.

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