Huge Q reported earlier today. Should see more upside from here.
"Net sales for fiscal year 2009 were $304,655,159, which increased by 45.4% or $95,098,233 compared to fiscal year 2008. The net sales for the quarter ended December 31, 2009 ("2009 4th Quarter") was $90,357,166, representing an increase of 56.8% compared to $57,613,777 for the quarter ended December 31, 2008 ("2008 4th Quarter"). The net sales increase was mostly due to limited supplies as well as higher selling prices for memory products due to the increasing demand. The increase in net sales also provided higher rebate income from Samsung.
The Company's gross profit for fiscal year 2009 was $8,478,982, representing a 103.4% increase compared to $4,168,640 for fiscal year 2008. Gross profit margin for fiscal year 2009 was improved from 2.0% for fiscal year 2008 to 2.8%. The Company reported income before income taxes of $3,573,873, representing a 3,780,616 increase compared to $206,743 loss before income taxes for fiscal year 2008. The results were mainly due to the increase in gross profit and decrease in bank interest expense due to reduction on external financing from banks
The Company had recorded its net income of $2,922,483, representing a $3,095,355 increased from net loss of $172,872 for fiscal year 2008. The amazing growth was due to better market condition and supply shortage, which led to higher selling prices compare to the fiscal year 2008. The gross profit for 2009 4thQuarter was $653,721, as compared to $696,623 for 2008 4th Quarter, representing a 6.2% decrease. The gross profit margin for the Company for 2009 4th Quarter was 0.7%, compared to 1.2% for the corresponding quarter in 2008. The decrease in gross profit margin was mainly due to the increase of cost of goods sold compare to the 2008 4th Quarter.
The Company predicts that the supply shortage will continue in 2010, while the average selling price and demand for memory components will be steady. The Company believes its sales turnover and gross profit margin will continue to increase in 2010 as the Company is expanding its business."
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