QualityStocks would like to highlight VLOV, Inc. (OTCBB: VLOV). The Company, a leading lifestyle apparel designer based in China, designs, sources and markets VLOV brand fashion-forward apparel for men ages 18 to 45 throughout China. As of June 30, 2011, VLOV products were sold through 556 points of sale across northern, central and southern China.
In the company’s news yesterday,
VLOV Inc. announced financial results for the second quarter and six months ended June 30, 2011.
Net sales for the second quarter of 2011 were $20,588, a 14.7 percent increase from $17,946 for the same period in 2010. Net sales for the six months ended June 30, 2011, were $41,761, a 15.9 percent increase from $36,013 for the same period of 2010.
Gross margin as a percentage of total net sales increased to 44.9 percent and 44.4 percent for the three and six months ended June 30, 2011, respectively, compared to 38.1 percent and 38.2 percent in the same periods in 2010, respectively.
VLOV reported a 15.8 percent decrease in net income to $3, 762 for the second quarter of 2011 compared to net income of $4,467 for the comparable quarter of 2010. For the six-month period of 2011, net income increased by 48.5 percent to $8,233 compared to $5,544 for the six months ended June 30, 2010.
As of June 30, 2011, VLOV had cash and cash equivalents of $15.7 million, total current assets of $42.7 million and current liabilities of $6.2 million.
The company noted its acquisition of several store locations from its distributor, which boosted financial performance in the second quarter, and is expected to continue to drive growth.
“We are pleased to report another quarter of solid financial performance, which reflects strong consumer response to our designs and increasing excitement around our brand. As part of our strategy to further evolve the VLOV brand to appeal to upscale consumers, we made the decision to acquire 13 VLOV store locations from our Fujian distributor,” Qingqing Wu, chairman and CEO of VLOV stated in the press release. “We believe direct ownership of these stores — located near our corporate and design headquarters — will allow us to showcase VLOV’s design aesthetic and brand image, while at the same time further educating the company’s distributors about our brand DNA.”
About QualityStocks
QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.
To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
