Chinese electronics retailer and distributor China 3C Group announced its revenue for the first quarter of 2007 was US$84.5 million versus US$13.4 million in the comparable quarter last year, an increase of 530%.
China 3C Group's Chief Executive Officer Zhenggang Wang said, "We are pleased to report another robust quarter with strong sequential and year over year growth. Our revenues experienced a sharp increase, buoyed by a rise in sales and our acquisitions last year. On a sequential basis, revenues increased 33% to US$84.5 million from US$63.6 million in the fourth quarter of 2006. First quarter 2007 net income also increased 33% on a sequential basis to US$6.5 million, or US$0.12 earnings per share from US$4.9 million, or US$0.09 earnings per share in the fourth quarter of 2006."
Net income for the quarter was US$6.5 million, or US$0.12 per basic and diluted share, up 607% from US$913,548 or US$0.02 earnings per share for the same quarter last year.
The company realized US$13.9 million in gross profit for the quarter, up 621% from US$1.9 million in gross profit for the same quarter last year. The increase in revenue and net income was due to increased sales and the assimilation of the acquisitions made during fiscal year 2006.
The company generated US$2.6 million in cash from operating activities during the quarter and had US$9.1 million in cash at the end of the first quarter.