SOYO Group Inc (SOYO)

[JimProfit]

SOYO Group Reports First Quarter 2007 Results
Tuesday May 15, 5:00 pm ET
Revenue Increases 27 Percent to $14,691,027


Net Income $460 K vs. loss of $99 K year ago

ONTARIO, Calif., May 15, 2007 (PRIME NEWSWIRE) -- SOYO Group, Inc. (OTC BB:SOYO.OB - News), a provider of LCD TV's, LCD Monitors, Portable Storage, Bluetooth and Home Theater Furniture, announced today first quarter results for the period ended March 31, 2007.

The Company reported first quarter revenue of $14,691,027, an increase of 27% compared to $11,548,187 for the same period in fiscal 2006.

2007 first quarter pre-tax net income was $523,512, versus a loss $99,027 in the first quarter of 2006.

The Company earned $0.01 per basic and diluted share. Ming Chok, CEO, said, ``We are pleased to announce double digit sales growth this quarter. We have recently promoted one of our top sales executives to Director of Sales, and the results are starting to show. We've begun shipping the Prive series during the second quarter, and we continue towards our goal to begin shipping products under our recently announced venture with Honeywell. We hope to see the double digit sales increases continue.''

The Company was able to leverage its' $12 million credit line to purchase additional inventory, which was critical to the sales increase. Additionally, the Company opened several new key accounts during the quarter with national retail chains. The company increased its marketing efforts specifically in Mixed Martial Arts and various sports sponsorships.

Source: SOYO Group Inc.