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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 Record Earnings
Earnings increased 113% during first nine months of fiscal year
EAGLE, Idaho, Feb. 14 /PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH - News) today reported significant growth in earnings for the three months and nine months ending Dec. 31, 2005. The Company reported net income for the three months ending Dec. 31, 2005 of $4,732,000 or $.16 EPS as compared to net income of $2,584,000 or $.09 EPS for the same period in the prior year. Net income for the nine months ending Dec. 31, 2005 was $7,915,000 or $.27 EPS as compared to $3,723,000 or $.12 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, or $.35 EPS, for the financial year ending Mar. 31, 2006.
Gross profit margins increased to 83% for the quarter up from 38% during the third quarter last year. This is largely due to the change to design fees accounting for 90% of revenues as opposed to 65% during the previous quarter and a corresponding decrease in cost of revenue. Total assets increased to $27,327,000, up $5,175,000 for the quarter. The largest portion of this increase was property, plant and equipment that increased $4,473,000 during the quarter as much of the new cash generated was invested in future growth. Current Assets totaled $22,340,000. Total liabilities are $10,718,000, with current liabilities accounting for $7,156,000. Revenues for the quarter totaled $7,851,000.
For further information please visit the company's filing at sec.gov.
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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