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Newsroom - Clients - TBYH
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
T-BAY Holdings, Inc.
T-Bay Holdings Reports 50% Earnings Growth
Net Income of $4,650,000 in Third Quarter, 50% growth compared to $3,090,000 in the Prior Year
EAGLE, Idaho, Feb. 9 /PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH - News) today reported significant growth in earnings for the three months ended Dec. 30, 2005 as compared to the same quarter of the previous year. The Company reported net income of $4,650,000 or .145 EPS as compared to net income of $3,090,000 or .10 EPS for the same period in the prior year. Net income for the nine months ending Dec. 31, 2005 was $7,833,000 or .25 EPS as compared to $4,229,000 or .14 EPS for the same period in 2004. The management of T-Bay is excited with the operational results in Q3, and is optimistic to meet the $10.5 million net profit goal in financial year 2005- 2006.
"The fast growth in design fee revenue brought about higher profit margins and 40% growth in net income compared with the same period 2004 demonstrating that focusing on design fee revenue was the right decision. Our advantages in design field will attract more new clients in the near future."
Murry Zuhe Xiao, Chief Financial Officer of the Company said, "We are one step closer to the expected $10.5 million net profit goal. The sale of products in 4th quarter, usually to be the best in the year around, suggest we are on track to meet this goal."
He also mentioned the settlement of about $4.5 million Accounts receivable, which was used for purchasing new equipment. "It is common in design area that manufacturers delay the payment. Management of accounts receivable is very important, and we are paying more attention to it."
About T-Bay Holdings, Inc.
T-Bay conducts its mobile phone design business through its 95% owned subsidiary, Shanghai Sunplus Communication Technology Co., Ltd. ("Sunplus"). Established in October 2002, Sunplus is a Sino-foreign joint venture providing total solution and full-range design services to leading mobile handset brand owners in China. The broad spectrum of services that Sunplus provides include overall product design, mechanical design, module architecture design, software design, prototype production, product testing, manufacturing and after-sale technical support. The Company currently has a staff of 160, comprised mostly of engineers and software programmers.
Sunplus develops its mobile phone modules based mainly on the chipset platform provided by Skyworks. Currently, major customers of Sunplus include CECT, Panda Electronics and Siemens Mobile.
Sunplus was jointly formed by Wise Target International Limited, Amber Link International Limited and Shanghai Fanna Industrial Product Design Co., Ltd. Wise Target and Amber Link are 100% subsidiaries of T-Bay Holdings, Inc. and they altogether hold 95% shareholding in Sunplus.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
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About T-BAY Holdings
T-BAY Holdings, Inc. owns 95% of Shanghai Sunplus Communication Technology Co., LTD. (“Sunplus”). Sunplus is a leading telecommunications device design company specializing in products in the cellular phone, MP3 players, PDA's and other hand-held electronic products.
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