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AAC Acoustic Announces * * *
Financial Highlights
(7th April, 2008 ¨C Hong Kong) ¨C AAC Acoustic Technologies Holdings Inc. (¡°AAC Acoustic¡± or ¡°the Company¡±; HKEx: 2018), a world leading manufacturer of miniature components, announced today its results for the full year 2007 and the three months ended 31st December, 2007. For the full year 2007, turnover of RMB1,952.2 million was the highest that AAC Acoustic has ever achieved, representing an increase of 10.1% versus the turnover of RMB1,773.4 million in 2006. During the first half of the year, turnover declined due to lower demand from selected customers. Yet during the second half of the year, the Company managed to win new businesses from three reputable global companies and was able to ramp up new product platforms for these new customers very quickly. As a result, growth momentum resumed in the second half of the year so that turnover for the full year of 2007 was still higher than that in 2006. Gross profit was also record high at RMB923.5 million, representing an increase of 6.0% versus the RMB871.3 million in 2006. The Company was able to maintain gross margin at a healthy level of 47.3% in 2007 (versus 49.1% in 2006) despite a tough operating environment in 1H¡¯2007. Profit attributable to equity holders of the Company and EPS for the full year 2007 were RMB551.1 million and RMB44.37 cents, respectively, representing a decrease of 3.4% and 2.9%, respectively, from 2006. The decrease was mainly due to higher research and development expenses, lower interest income, higher finance costs and higher income tax. For the three months ended 31st December, 2007, the Company recorded a turnover of RMB665.0 million, representing an increase of 35.0% from RMB492.5 million for the three months ended 31st December, 2006.? Gross profit for the quarter was RMB321.8 million, representing an increase of 46.6% from RMB219.5 million in the fourth quarter of 2006. Gross margin was 48.4%, significantly higher than the 44.6% achieved in the fourth quarter of the previous year, as a result of change in product mix and the ramp up of new product platforms and new customers.? Profit attributable to equity holders of the Company and EPS for the three months ended 31st December, 2007 were RMB206.4 million and RMB16.67 cents, respectively, representing an increase of 66.5% and 68.1%, respectively, from the same quarter in 2006. Net margin was 31.0% for the fourth quarter, significantly higher than the 25.2% achieved in the same quarter of the previous year, as a result of lower legal fees and lower exchange loss. Riding on the strong momentum gathered in the third quarter, AAC Acoustic¡¯s operations continued to thrive in the fourth quarter. In addition to an overall more favorable operating environment, the Company was able to secure more new customers and ramp up more product platforms. In total, AAC Acoustic received 3 new customer qualifications in the second half of 2007. These new customers are leading global companies that design and produce mobile handsets and other consumer handheld devices. They are well-known for their stringent requirements on performance, quality, technology and reliability that they demand from their suppliers. AAC Acoustic is proud to have been qualified by these customers as this is a strong endorsement of its superior research, product development and manufacturing capabilities. In December 2007, AAC Acoustic and Knowles resolved all litigations in the US and China and entered into a world-wide cross-license agreement which should reinforce the strength of both companies¡¯ patent portfolios related to MEMS technology. AAC Acoustic is happy with this arrangement as it encourages competition and stimulates innovation. The Company will continue to push ahead with the development of MEMS technology and there is no restriction on the sale of MEMS microphones from AAC Acoustic. The strong results achieved in both the third and fourth quarter of the year are evidence of AAC Acoustic achieving a turn-around in its business since the second quarter. The Company is very optimistic about its business outlook going into 2008 and beyond. Despite intensifying competition, the Company is confident in gaining market share and obtaining more new customers in mobile handset and other consumer electronic industries such as those that design and manufacture game consoles, notebook computers, and MP3 and MP4 players. The Company remains committed to technology advancement and development of in-house intellectual properties. In 2007, AAC Acoustic received 10 additional patents so that there is now a total of 55 patents. As of December 31st, 2007, there were another 63 patent applications pending for approval. Going forward, the Company may also acquire technology companies in different parts of the world to further strengthen its existing technology platform. The Management team is proud of the Company¡¯s achievements in 2007. AAC Acoustic managed to win new customers and ended the year with strong revenue growth despite intensifying competition and a difficult business environment. The Company promises to continue to strive for growth in its business and generate higher returns to shareholders in the years to come. -end- About AAC Acoustic Technologies Holdings Inc. Contact: For press enquiries: |
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