TSTC - great numbers posted
Telestone Technologies Corporation (Nasdaq: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local access networks in China, today announced preliminary, unaudited results indicating strong revenue and net-income growth for the year ended December 31, 2010.
Based on unaudited, preliminary results, Telestone expects to report 2010 annual revenues of $130.5 to $132.5 million and non-GAAP net income of $30.0 to $31.5 million. These results exceed guidance of $129.4 million in revenue and $22.9 million in net income for the 2010 business year. The non-GAAP results exclude stock payments related to acquisitions and employee stock-based compensation expense. Telestone expects to report audited GAAP and non-GAAP results in late March 2011.
"We are pleased that 2010 was such a stellar year for Telestone, with our preliminary financial results exceeding our guidance," commented Mr. Daqing Han, Chairman and Chief Executive Officer of Telestone. "In 2011, we look forward to further growth in revenues and net income as we expand our business, in particular from the deployment of our proprietary Wireless Fiber-Optic Distribution System (WFDS) technology in China and internationally."
Separately, Telestone will host an investor conference call at 9:00 a.m. EST on Monday, January 24, 2011 to address preliminary 2010 results and answer recent investor questions regarding the Company's accounting practices and other issues.
