NIVS IntelliMedia Technology Group Inc., an integrated consumer electronics company, today posted significant increases for the fourth quarter ended Dec. 31, 2009, driven by increased demand for the company’s intelligent audio and video products and its market expansion efforts.
Net sales grew 47.2 percent to $62.7 million compared to $42.6 million for the fourth quarter of 2008. Net sales for the full year ended Dec. 31, 2009, were $185.2 million, a 29 percent increase compared to $143.6 million for the year ended Dec. 31, 2008.
Income from operations during the fourth quarter was $12.5 million, a 220.5 percent increase compared to $3.9 million for the fourth quarter of 2008. The company attributes the increase partially to the reversal of $2.7 million of bad debt charges in the fourth quarter. For the full year ended Dec. 31, 2009, NIVS reported income from operations at $28.5 million, a 54.1 percent increase from $18.5 million in the comparable prior year period.
The company reported net income of $11.0 million, or $0.28 per diluted share compared to $1.9 million, or $0.04 per diluted share, for the same comparable quarter of 2008.For the year ended Dec. 31, 2009, NIVS reported net income of $23.5 million, or $0.59 per diluted share, an increase of $10.5 million, or $0.41 per diluted share, in 2008.
“I am delighted at our strong 2009 fourth quarter and full year performance and completing our first year of trading on the NYSE Amex. We acquired our U.S. listing during a challenging economic environment and succeeded in expanding our business within the Chinese domestic market as well as in international markets. We believe our 2009 performance provides a solid foundation from which to grow in 2010. Our management team is focused on achieving outstanding operational performance and the continuance of increasing shareholder value,” Tianfu Li, NIVS’ chairman and CEO, stated in the press release.