The Digital Source For China's Tech Innovation Since 2000

Search
Close this search box.

Chinese Communication Equipment Distributor Targeted By Acorn

October 9, 2008
Business

Chinese consumer products direct marketing and television shopping company Acorn (ATV) says it is in negotiations to acquire Yiyang Yukang Communication Equipment Company, a domestic communication equipment and electronic component producer and distributor.

Acorn says the negotiations remain ongoing and the terms of the acquisition have not yet been finalized, and all details remain subject to final approval by Acorn's board of directors. The company has not released any specifics on timing or the amount the transaction could be worth. Acorn has been struggling as its second quarter 2008 net revenues were USD47.2 million, a decrease of 25.4% compared to USD63.3 million in the second quarter of 2007.

Acorn's revenues fell in the second quarter of 2008 due to more intense competition in the TV direct sales industry as well as a tougher operating environment brought about by Sichuan's Wenchuan earthquake. Direct sales net revenues were USD37.6 million, down 27.6% compared to the second quarter of 2007. The decrease in direct sales net revenues was largely due to a 74.7% year-over-year decline in sales of mobile handsets, despite growth in its GPS products, cosmetics and posture correction products.

Acorn's cash and cash equivalents totaled USD147.5 million at the end the second quarter of 2008, nearly the same as at the end of the first quarter of 2008.

Tags: Academy of Broadcasting Planning | Acorn | acquisition | board of directors | cash | Chinese | communication | consumer | cosmetics | direct marketing | distributor | earthquake | environment | equipment | Gadgets & Electronics | GPS | IT | marketing | mobile | sales | shopping | sichuan | television | television shopping | TV | TV direct sales | Wenchuan | Yiyang Yukang

Other Related News:

Taiwan Excellence Gaming Cup (TEGC) 2021 to kick off from Sept 16

August 20, 2021

China's Alibaba Group Completes Acquisition Of CNZZ

May 10, 2011

‘Huge deficiency:’ Crypto industry reels from US$600 million hack

April 1, 2022

5G smartphone sales in China up 63.5% in 2021

January 15, 2022

Taiwan official pushes for approval of U.S. computer chip subsidies

June 29, 2022

Chinese blogger goes silent after showing 'tank cake' before Tiananmen anniversary

June 7, 2022

Elon Musk Says Tesla Made More Than 3 Million Vehicles, One Million Made in China

August 16, 2022

Beijing Gives Initial Nod To Revive Ant IPO After Crackdown Cools, Says Report

June 10, 2022

The deadly 3G of Indian equities FPIs will have to pay double the price to join party again, says Nilesh Shah of Kotak AMC

June 27, 2023
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter