Acorn International recently announced fourth quarter and full year 2011 unaudited financial results indicating considerable growth.
Acorn is a multi-platform media and branding company that markets and sells consumer products through a national distribution network, using TV and non-TV direct sales programs. While maintaining its position as one of China's most fiscally successful TV direct sales operators, the company operates a developed and comprehensive media platform.
The company reported a 23.5-perecent increase in its net revenue which reached $87.5 million. The gross profit was $38.7 million, implying an increase of 84.7 percent compared to $21.0 million in the fourth quarter of 2010, the company stated in a press release.
“2011 was a year of transformation for Acorn,” said Mr. Don Yang, CEO and President of Acorn. “We made good progress in our strategy to develop Acorn into a media and branding company supported by strong media resources with a portfolio of high quality, proprietary branded products. Mobile handsets sales were the largest contributor to our revenues during 2011, due to the sustained market recognition of the Gionee A320 model.”
Compared to an operating loss of $12.8 million for 2010, the company’s operating income was $1.1 million in this quarter. The company also announced its diluted earnings per ADS from continuing operations were $0.17 for 2011.
The company also announced it will release its financial results for the fourth quarter and fiscal year 2011 before the market opens on Tuesday, March 20, 2012. A copy of the earnings release will be available on the Company's website at http://ir.chinadrtv.com, and publicized on a conference call at 8:00 a.m. ET on March 20, 2012 (8:00 p.m. Beijing Time) to review the Company's financial results and answer questions.
Edited by Braden Becker