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Silverstar Holdings, Ltd. (Nasdaq: SSTR) (Thu, September 27, 2007, 4:13pm EDT) Silverstar Holdings, Ltd., an international publisher and developer of interactive entertainment software, reported record financial results for its fourth quarter and fiscal year 2007 ended June 30, 2007.
Fourth Quarter Fiscal 2007 Financial Results As compared to the previous quarter and same period a year ago:
* Revenues for the quarter totaled $12.0 million, an increase of 161% from $4.6 million in the previous quarter, and a 2500% increase from $470,000 a year ago. The increase over the previous and year-ago quarters is primarily due to the performance of Empire Interactive, PLC, which Silverstar acquired in December 2006.
* Net income totaled $2.6 million or $0.25 per share, compared to a loss of $2.8 million in the previous quarter or ($0.27) per share and a loss of $868,000 or ($0.10) per share a year-ago.
* Operating EBITDA (Earnings before Interest Taxes Depreciation and Amortization), a non-GAAP measure, totaled a record $4.6 Million or $0.45 per share, as compared to an operating EBITDA loss of $0.3 million or ($0.03) per share in the previous quarter and operating EBITDA loss of $0.6 million or ($0.06) per share a year ago. The company recorded depreciation and amortization charges of approximately $2.0 million in the fourth quarter, compared to $950,000 in the same period last year. A reconciliation of operating EBITDA to operating income is included at the end of this release.
Full Year Fiscal 2007 Financial Results
* Revenues for fiscal 2007 totaled a record $19.8 million, an increase of 500% from $3.3 million in fiscal 2006. The gain is primarily attributable to the contribution of seven months of increasing revenues from the company's Empire Interactive subsidiary, which generated revenues of approximately $17.2 million in fiscal 2007. During fiscal year 2006, revenues were generated solely by the operations of the company's Strategy First subsidiary.
* Net loss totaled $2.4 million or $0.25 per share compared to a loss of $2.0 million or $0.21 per share in 2006. Depreciation and amortization charges totaled $4.7 million in fiscal 2007, as compared to $180,000 in fiscal 2006.
* Operating EBITDA, a non-GAAP measure, totaled a record $3.1 Million or $0.31 per share, as compared to an operating EBITDA loss of $1.1 million or $0.12 per share in fiscal 2006.
''The record results for the fourth quarter exceeded our expectations,'' said Clive Kabatznik, CEO of Silverstar Holdings Ltd. ''Revenues, operating EBITDA and net income improved dramatically as we expeditiously leveraged the company's new large back catalog and began the transition to next gen game platforms, like Xbox 360, Nintendo, DS and Wii; and introduced new titles. We also stepped up our release schedule, releasing 12 skus in the fourth quarter, up more than 50% over last quarter. Finally, we continued to build on Empire's international presence, particularly its strong and unique European distribution network. The outlook for next fiscal year is already looking strong, with at least 50 more SKUs due out in 2008.''
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Sutor Technology Group Limited (OTCBB: SUOT) (Fri, September 28, 2007, 8:00am EDT) Sutor Technology Group Limited (the "Company" or "Sutor") today announced financial results for the fiscal year, ended June 30, 2007.
Year to year comparison
For the fiscal year ended June 30, 2007, the Company reported revenue of $303.4 million, an increase of 59.2% compared to the $190.6 million reported for the same period last year. Gross profits for the fiscal year 2007 were $30.5 million, or 10.1% of sales, compared to gross profit of $15.9 million, or 8.4% of revenue, for the same period last year. Total operating expenses for the fiscal year ended June 30, 2007 were $7.1 million, or 2.3% of revenue, compared to $3.1 million, or 1.7% of revenue, for the same period last year. Net income for the fiscal year ended June 30, 2007 was $20.5 million, or $.59 per fully diluted common share outstanding (based on 34.6 million weighted average shares), an increase of 78.0% compared to net income of $11.5 million, or $.39 per common share outstanding (based on 29.4 million weighted average shares) in the same period a year ago.
Balance sheet items
The Company's cash and cash equivalents balances as of June 30, 2007 were $8.8 million, compared to cash equivalents of $6.5 million as of June 30, 2006. As of June 30, 2007, the Company had working capital of $38.8 million. Stockholders' equity increased 69.5% to $89.4 million, compared to $52.7 million as of June 30, 2006.
Sutor manufactures and sells steel finishing fabrication products through its wholly owned subsidiaries Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Cold-Rolled Technology Co., Ltd. Its products are typically used in the construction, electrical household appliances, infrastructure and manufacturing industries.
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Guangzhou Global Telecom Inc. (OTCBB: GZGT) (Thu, September 27, 2007, 8:30am EDT) Guangzhou Global Telecom Inc., a mobile phone handset and pre-paid calling card distributor and mobile handset value-added services provider in the PRC, announced today that the company has successfully set up a retail branch in Beijing, the capital of China. The
Ms. Li Yankuan, the CEO of the Company stated, "The setup of the
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