TechFaith announced financial results for Q4 and full year 2014

British Virgin Islands-registered company TechFaith Wireless Communication Technology Limited reported its unaudited financial results for the fourth quarter and the year period ended December 31, 2014. For the fourth quarter, the company reported total net revenues of US$25.9 million – compared to US$21.5 mln in the third quarter of 2014 and US$31.2 mln in the fourth quarter of the last year. Gross profit for the reported period of 2014 was US$3.0 mln (US$1.3mln in the third quarter of 2014, and US$4.o mln in the same quarter of 2013). Operating expenses were US$9.0 mln (US$6.2 mln for the third quarter of 2014 and US$8.8 mln in the fourth quarter of 2013). Net loss of the BVI company was US$3.9 mln in the fourth quarter of 2014, or US$0.07 per basic and diluted ADS, as compared to a net loss of US$2.1 mln, or US$0.04 per basic and diluted ADS in the fourth quarter of the previous year.

For the year period ended December 31, 22014, TechFaith announced that its total revenues made US$96.7 mln – a significant decline if compared to US$119.5 mln for the year 2013. Company’s gross profit for the year 2014 was US$8.2 mln (US$16.8 mln for the full year 2013). Operating expenses were US$27.2 mln (US$22.0 mln for 2013). Net loss attributed to TechFaith for year 2014 was US$13.4 mln, or US$0.25 per basic and diluted ADS, as compared to a net loss for 2013 that made US$2.5 mln, or US$0.05 per basic and diluted ADS.

According to company’s outlook for the first quarter period of this year, total revenues for Q1 2015 are expected in the range of US$22.0 mln to US$26.0 mln.

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