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Lenovo Reports Annual, Quarterly Results

May 22, 2008
Computing

Lenovo Group (LNVGY) today reported results for its fourth fiscal quarter and full year ended March 31, 2008.

"Lenovo continued to demonstrate strong execution of our strategies in the past quarter, achieving the eighth consecutive quarter of profitable growth," said Lenovo Chairman Yang Yuanqing. "In the past three years since the acquisition, Lenovo has successfully achieved the financial targets which we set and accomplished numerous milestones."

Consolidated sales for the quarter from continuing operations rose 13.5% year over year to US$3.7 billion. The company's gross profit margin for the fourth quarter reached 15.0%. Including the impact of restructuring, Lenovo reported pre-tax income of US$103 million from continuing operations. Including the net profit of US$36 million from discontinued operations, profit attributable to shareholders for the quarter grew 133% to US$140 million.

As previously announced, Lenovo completed the sale of its mobile handset business in March 2008 in order to better focus on its core PC business. As a result, the Company recorded approximately US$65 million as a pre-tax gain on disposal. Taking into consideration the operating loss, the profit from the mobile handset business amounted to US$36 million and US$20 million in the fiscal fourth quarter and full year, respectively.

During the fourth quarter, Lenovo's worldwide PC shipments grew 21%, well ahead of the industry average growth of approximately 15%.

Net cash reserves for Lenovo as of March 31, 2008, totaled US$1.6 billion.

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