SOURCE: Zoom Technologies
December 22, 2010 07:30 ET
Zoom Technologies Guides for Record 2011 Results
Expects 30% Growth in Revenue and Net Income; Underscores Robust Chinese Mobile Phone Market; Zoom Proprietary Brand Sales to Double
BEIJING--(Marketwire - December 22, 2010) - Zoom Technologies, Inc. (NASDAQ: ZOOM), a leading China based manufacturer of mobile phones and related products, today announced its guidance for the full year ending December 31, 2011. The Company expects a second record year of financial performance since listing on NASDAQ, highlighting a 30% growth in both revenue and net income from previously stated 2010 guidance, and a 100% increase in sales of the Company's proprietary brand ZOOM/Leimone mobile phones.
- Full Year 2011 net income between $16 and $17 million
- Full Year 2011 revenues between $320 and $340 million
- Full Year 2011 manufacturing volumes expected to reach 15 million units
- Expects to sell 1.4 million ZOOM/Leimone brand phones in 2011, with 5 new 3G models and 20 new non-3G models
Mr. Leo Gu, Chairman and Chief Executive Officer of Zoom Technologies, stated, "We are pleased to announce our guidance for 2011 which shows our confidence in gaining market share. In 2011, we continue to fuel the rapidly expanding China mobile market by introducing 25 new models, including 5 3-G models, of our ZOOM/Leimone brand proprietary mobile phones to complete our feature-rich sleek-designed product line. In addition, we continue to increase our manufacturing capacity and produce mobile products for top tier Chinese mobile phone companies. We are proud of the growth we have achieved in 2010 and excited about significantly increasing manufacturing capabilities going into 2011."
About Zoom Technologies
Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry, and related software products. Zoom Technologies' subsidiary, Jiangsu Leimone, owns a majority stake of TCB Digital, which offers highly customized and high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as its Own Brand Manufacturing (OBM) under the Leimone brand name. The company's products are both exported and sold domestically.
Certain statements in this press release may constitute "forward-looking statements" that involve risks and uncertainties. These include statements about our guidance, expectations, plans, objectives, assumptions or future events. You should not place undue reliance on these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.