By Jonathan
June 15, 2010 1:50 PM EDT
Funtalk China Holdings Ltd. reported net income of $13.7 million, or $0.27 per diluted share, in the fourth quarter of fiscal 2010. The company earned net income of $2.6 million, or $0.06 per diluted share, in the same quarter of fiscal 2009.
Funtalk China Holdings Limited also reported a large increase in net income in fiscal 2010 over last year. The company earned net income of $31.8 million, or $0.63 per diluted share, in fiscal 2010, compared to net income of $20.1 million, or $0.45 per diluted share, in fiscal 2009.
Sales increased by 50% during the same time frame, from $570.7 million in fiscal 2009 to $854.1 million in fiscal 2010. Funtalk China Holdings Limited saw the most strength in its retail segment, where sales more than doubled in the fourth quarter of fiscal 2010 over last year.
Funtalk China Holdings Limited ended the fiscal year in solid financial condition. The company reported cash, cash equivalents and pledged deposits of $35.5 million and debt of $23.3 million.
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Funtalk China Holdings Limited owns and operates a chain of retail mobile phone stores located in various provinces in China. The company had 544 stores in 106 cities as of the end of the quarter.
For more information on the company, go to funtalk.investorroom.com
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