Monthly Archives: March 2010

UTi Worldwide Inc. announced fiscal results for Q4 2010

UTi Worldwide Inc. (http://bvi-companies.blogspot.com/2008/10/uti-worldwide-inc.html), an international supply chain services and solutions company registered in the British Virgin Islands, reported financial results for the fourth quarter period ended January 31, 2010. In this period, company’s revenues were $991.5 million – an 11 percent increase from $894.1 million in fiscal fourth quarter period ended January 31, 2009 (http://bvi-company-financials.bviincorporation.com/89/uti-worldwide-inc-reports-losses-for-quarter-and-full-year-2008/). Net revenues were $350.6 million – a 5 percent increase from $332.7 million in Q4 2009. Net income was $1.5 million, or $0.02 per diluted share (compared to a net loss of $89.8 million, or $0.90 per diluted share). Adjusted net income attributable to UTi Worldwide Inc. for the reported period was $10.9 million, or $0.11 per diluted share. Operating expenses in the fourth quarter of fiscal 2010, excluding purchased transportation costs, were $338.8 million. Operating income reported by the company made $11.8 million. UTi Worldwide Inc. recorded an effective tax rate of 79 percent in the fourth quarter, and 35 percent for the year 2009.
According to company’s CEO Eric W. Kirchner, financial results in the fourth quarter were severely affected by sharply higher transportation costs. He said that the circumstances leading to the industry-wide yield contraction are to stabilize over time and this will allow the company to pass through higher prevailing transportation rates to clients.

UTi Worldwide Inc., an international supply chain services and solutions company registered in the British Virgin Islands, reported financial results for the fourth quarter period ended January 31, 2010. In this period, company’s revenues were $991.5 million – an 11 percent increase from $894.1 million in fiscal fourth quarter period ended January 31, 2009. Net revenues were $350.6 million – a 5 percent increase from $332.7 million in Q4 2009. Net income was $1.5 million, or $0.02 per diluted share (compared to a net loss of $89.8 million, or $0.90 per diluted share). Adjusted net income attributable to UTi Worldwide Inc. for the reported period was $10.9 million, or $0.11 per diluted share. Operating expenses in the fourth quarter of fiscal 2010, excluding purchased transportation costs, were $338.8 million. Operating income reported by the company made $11.8 million. UTi Worldwide Inc. recorded an effective tax rate of 79 percent in the fourth quarter, and 35 percent for the year 2009.

According to company’s CEO Eric W. Kirchner, financial results in the fourth quarter were severely affected by sharply higher transportation costs. He said that the circumstances leading to the industry-wide yield contraction are to stabilize over time and this will allow the company to pass through higher prevailing transportation rates to clients.

China Cablecom reported additional debt cancellation and announced the date of publishing Q4 results

China Cablecom Holdings, Ltd., a British Virgin Islands-registered joint venture provider of cable television services in PRC, reported a third round of reductions of its outstanding debt in the amount of approximately $422 K, which resulted from the conversion of approximately 1.2 mln of the Company’s Series A Preferred Shares into Ordinary Shares.

The BVI company will continually announce updates on its Preferred Shares conversions of its debt holders as a result of provisions from the closing of the restructuring in autumn 2009.

It is provided by the terms of the Junior Secured Notes that during 14 months following the closing of the restructuring, conversions of any Series A Preferred Shares issued to that noteholder will result in an automatic cancellation of debt. China Cablecom’s outstanding debt from the secured and unsecured promissory notes is approximately $21.8 million. Now, cumulatively $1.7M in principal debt is reduced.

Also, China Cablecom announced that on April 6, 2010, before the US markets opening, it will report the financial results for the fourth quarter and full year period ended  December 31, 2009. Additionally, China Cablecom’s management team will host an earnings conference call on April 6.

LJ International reported financial results for the fourth quarter and fiscal year 2009

LJ International Inc. (http://bvi-companies.blogspot.com/2008/01/lj-international-incorporated.html), a jewelry manufacturer and retailer having registered address in the British Virgin Islands, and operating in Hong Kong and China, announced financial results for the fourth quarter of the year ending December 31, 2009. The company also announced an upward revision of earlier guidance, to $39 million for the fourth quarter and $110 million for the fiscal year 2009. Earlier guidance, issued in November 2009, provided for quarterly and annual revenues of $30 million and $100 million. Based on these projections, revenues will be down approximately 6% and 19% year-over-year for the fourth quarter and fiscal year 2009, with lower sales in company’s wholesale operations.
The newly revised figures for the fourth quarter of 2009 showed 56% year-over-year sales increase at BVI Company’s ENZO chain of retail stores in mainland China, and an estimated total amount made approximately $16.7 million.
On a comp-store basis, net sales increased 19% in the fourth quarter of 2009 compared to the corresponding period of the previous year.
The company has also increased its guidance for earnings per fully diluted share at $0.09 for the fourth quarter of 2009 and $0.15 for the whole year.

LJ International Inc., a jewelry manufacturer and retailer having registered address in the British Virgin Islands, and operating in Hong Kong and China, announced financial results for the fourth quarter of the year ending December 31, 2009. The company also announced an upward revision of earlier guidance, to $39 million for the fourth quarter and $110 million for the fiscal year 2009. Earlier guidance, issued in November 2009, provided for quarterly and annual revenues of $30 million and $100 million. Based on these projections, revenues will be down approximately 6% and 19% year-over-year for the fourth quarter and fiscal year 2009, with lower sales in company’s wholesale operations.

The newly revised figures for the fourth quarter of 2009 showed 56% year-over-year sales increase at BVI Company’s ENZO chain of retail stores in mainland China, and an estimated total amount made approximately $16.7 million.

On a comp-store basis, net sales increased 19% in the fourth quarter of 2009 compared to the corresponding period of the previous year.

The company has also increased its guidance for earnings per fully diluted share at $0.09 for the fourth quarter of 2009 and $0.15 for the whole year.

OpenTV reported financial results for the fourth quarter and full year 2009

BVI-registered OpenTV Corp. (http://bvi-companies.blogspot.com/2007/06/opentv-corp.html), a leading software and technology provider of advanced digital television solutions, announced financial results for the fourth quarter and full year period ended December 31, 2009.
For the year ended December 31, 2009, the BVI company reported revenues in the amount of $120 million – a 3% increase compared to $116.5 million in 2008. Also, in this period royalties and licenses revenues increased 8.9% and made $84 million. Services and other revenues decreased 8.6% and made $36 million. Net income for the year ended December 31, 2009 was $6.2 million, or $0.05 per share, compared to $9.6 million, or $0.07 per share, in 2008.
In 2009, OpenTV’s cash flows from operations were $20.3 million, compared to $14.2 million in 2008.
As of December 31, 2009, the  BVI company had cash, cash equivalents and short and long-term marketable debt securities totaling $118.5 million, compared to $102.8 million as of December 31, 2008.
For the fourth quarter 2009, OpenTV (http://finance.yahoo.com/q?s=optv) reported revenues in the amount of $31.2 million, compared to $28.9 million in the same period of 2008. Royalties and licenses revenues in Q4 2009 were $22.2 million, compared to $8.7 million in the fourth quarter 2008. Adjusted Earnings Before Interest, Tax, Depreciation and Amortization were $4.4 million, compared to $3.9 million in the same period of 2008. Net income in the fourth quarter of 2009 was $0.7 million, or $0.01 per diluted share, compared to $2.3 million, or $0.02 per diluted share, in the fourth quarter of 2008.

BVI-registered OpenTV Corp., a leading software and technology provider of advanced digital television solutions, announced financial results for the fourth quarter and full year period ended December 31, 2009.

For the year ended December 31, 2009, the BVI company reported revenues in the amount of $120 million – a 3% increase compared to $116.5 million in 2008. Also, in this period royalties and licenses revenues increased 8.9% and made $84 million. Services and other revenues decreased 8.6% and made $36 million. Net income for the year ended December 31, 2009 was $6.2 million, or $0.05 per share, compared to $9.6 million, or $0.07 per share, in 2008.

In 2009, OpenTV’s cash flows from operations were $20.3 million, compared to $14.2 million in 2008.

As of December 31, 2009, the  BVI company had cash, cash equivalents and short and long-term marketable debt securities totaling $118.5 million, compared to $102.8 million as of December 31, 2008.

For the fourth quarter 2009, OpenTV reported revenues in the amount of $31.2 million, compared to $28.9 million in the same period of 2008. Royalties and licenses revenues in Q4 2009 were $22.2 million, compared to $8.7 million in the fourth quarter 2008. Adjusted Earnings Before Interest, Tax, Depreciation and Amortization were $4.4 million, compared to $3.9 million in the same period of 2008. Net income in the fourth quarter of 2009 was $0.7 million, or $0.01 per diluted share, compared to $2.3 million, or $0.02 per diluted share, in the fourth quarter of 2008.