NIVS IntelliMedia Technology Group Inc. is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Asia, Europe and North America. The company has developed leading Chinese speech interactive technology, which forms a foundation for the company’s intelligent audio and video systems.
The company announced today strong financial numbers. Net sales for the three months ended December 31, 2009 were $62.7 million compared to $42.6 million in the same period last year, an increase of 47.2 per cent. Net sales for the full year of 2009 were $185.2 million, an increase of $41.6 million or 29 percent from 2008.
Income from operations during the fourth quarter of 2009 was $12.5 million, an increase of $8.6 million or 220.5 percent from the $3.9 million in the same period last year. For the year ended December 31, 2009, NIVS reported income from operations of $28.5 million, up from $18.5 million in 2008.
During the fourth quarter of 2009, the company reported net income of $11 million or $0.28 per diluted share. This compares to $1.9 million or $0.04 per diluted share last year. For the year ended December 31, 2009, NIVS reported net income of $23.5 million or $0.59 per diluted share, an increase of $10.5 million or 80.8 per cent from $13 million or $0.41 per diluted share in 2008.
NIVS Intellimedia attributed its strong performance to the increased demand for and sales of the company’s intelligent audio and video products. This increased demand is a result of its market expansion efforts. For the remainder of 2010, NIVS intends to continue its strong marketing and new product launch momentum. The company believes its integrated strengths should allow it to expand market share within its core market and help to capture opportunities in new markets as it moves towards its goal of becoming China’s preeminent integrated consumer electronics company.