Monthly Archives: September 2015

China TechFaith reported unaudited financial results for Q2 2015

BVI-registered and China-headquartered mobile solutions provider China TechFaith Wireless Communication Technology Limited has issued its unaudited financial results for the second quarter of 2015. For the period ended June 30, 2015, company’s total net revenues were US$23.6mln, as compared to US$23.7mln in the second quarter of the previous year, and to US$24.7mln in the first quarter of 2015. Gross profit of the BVI company for Q2 2015 was US$2.8mln, as compared to US$2.4mln in the same quarter of 2014, and to US$2.2mln in the first quarter of 2015. Also, TechFaith reported gross margin of 11.9% for the second quarter of 2015, compared to 10.1% in the second quarter of 2014, and to 9% in the previous quarter of 2015.

For the second quarter of 2015, net loss attributed to the BVI company was US$1.8mln, or US$0.03 per basic and diluted weighted average outstanding American Depositary Share (ADS), compared to net loss of US$2.1mln or US$0.04 per basic and diluted weighted average outstanding ADS in the same quarter of last year, and to a net loss of US$3.1mln or US$0.06 per basic and diluted weighted average outstanding ADS in the first quarter of 2015.

According to the Third Quarter Outlook, TechFaith expects its total net revenues to be in the range of US$4.5mln to US$8.0mln – a decrease as compared to the second quarter of 2015, reflecting the expected significant impact from orders reduction from one of company’s large customers.

Orca Exploration Group announced results for Q2 2015

Orca Exploration Group, Inc. announced preliminary financial results for the second quarter of 2015. For this period ended June 30, 2015, company’s revenues were CAD15.44mln, net earnings were CAD4.38mln, and earnings per share (EPS) were CAD0.12. Year-on-year decline in earnings was primarily related to narrowing of gross margins from 75.04% to 69.82%, as compared to the second quarter of the previous year. Operating margins were 71.58%, from 72.64%. Weakening of operating margins also influenced the change in earnings.

Orca Exploration reported year-on-year change in operating cash flow of -144.69%. Company’s change in revenue this quarter was -25.80%, as compared to the same quarter of 2014, ad is almost the same as the change in earnings. To compare with the previous quarter of 2015, revenues changed by 27.97%, and earnings changed by 310.70%.

BVI-based logistics company reported results for the Second Quarter of Fiscal 2016

UTi Worldwide Inc., a global provider of freight forwarding services, domiciled in the British Virgin Islands and having its headquarters in California, announced financial results for fiscal 2016 second quarter period, ended July 31, 2015.

For the reported three months, company’s revenues made US4913.9mln – a 16.5% decrease if compared to the same period of fiscal year 2015. Net revenues were US$338.5mln, which is 14.0% decrease from the same period of the previous year. This is mainly due to lower air and ocean volumes in freight forwarding, and to the strengthening of the USD to Euro and South African Rand. Revenues and net revenues on a constant currency basis were down 8.8% and 5.4%, respectively.

In the second quarter of fiscal 2016, the company reported US$61.2mln operating loss, compared to $1.0mln operating income for the same period of fiscal 2015, which is primarily related to the goodwill impairment and lower freight forwarding net revenues.

Earnings before interest, taxes, depreciation and amortization, excluding goodwill impairment and severance and other items, was US$11.2mln (US$23.8mln for the prior year period). Free cash flow (cash flow from operations less capital expenditures) was US$60.0mln, compared to negative US$10.3mln for the second quarter of fiscal 2015.