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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 Robust Earnings Growth for Second Quarter of 2005
Net Income for the Second Quarter Is $2,468,000 as Compared to $185,000 in the Prior Year
NEW YORK, Nov. 21 /PRNewswire-FirstCall/ -- T-Bay Holdings, Inc. (OTC Bulletin Board: TBYH - News) today reported significant growth in earnings for the three months ended September 30, 2005 as compared to the same quarter of the previous year. The Company reported net income of $2,468,000 as compared to net income of $185,000 for the same period in the prior year. Net income for the six months ended September 30, 2005 was $3,183,000 as compared to $1,139,000 for the same period in 2004. The revenues for the three months ended September 30, 2005 were $8,335,000 compared to revenues of $8,305,000 for the same period in the prior year.
"We are pleased to report an exceptional quarter for our shareholders while we witness favorable business trends for our company," stated Mr. Xiaofeng Li, Chief Executive Officer of T-Bay Holdings. "For the quarter, our cost of revenue declined from $7,167,000 to $4,513,000 which is an extremely favorable trend for our business. Revenues from design fees for the quarter were about 60% of total revenues, in which our design business operates with much higher margins than our manufacturing operations in Shanghai."
Murry Zuhe Xiao, Chief Financial Officer of the Company added, "We are seeing more and more design wins in the marketplace. This quarter represents a significant increase in revenues from our designing operations. Our design fees consist of the fee from the overall design and also a royalty stream from the sale of our clients' products. Therefore, the increase in revenues could also be attributed to strong sales increases of our designs in our clients' products."
The information contained in this press release should be read only in connection with the company's Quarterly Report filed on Form 10-QSB for the quarter ended September 30, 2005. All financial results reported in this press release and the 10-QSB are unaudited.
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.
Jack Zeng
Tel:(86) 135 0228 9836
Email: zeng888888@hotmail.com
Philip Wang
Tel:(86) 021 2402 8587
Email: philipw@sunpluschina.com.cn
Kenneth Maciora at: (516) 750-9719
URL: www.empirerelations.com
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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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