Telestone Technologies Corporation Announces Second Quarter 2011 Results
-- Revenues Grew 46.4% and Net Income Grew 163.0% versus the Year-Ago Quarter
BEIJING, Aug. 15, 2011 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation (NASDAQ: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local access networks in China, today announced its financial results for the second quarter ended June 30, 2011.
Second-Quarter 2011 Highlights
Revenues increased 46.4% year-over-year to $24.3 million
Gross profit increased 41.8% year-over-year to $10.6 million, with a gross margin of 43.7%
Operating income increased 154.1% to $5.5 million, as compared to $2.2 million in the second quarter of 2010
Net income increased 163.0% to $4.5 million, or $0.37 per diluted share, as compared to $1.7 million, or $0.16 per diluted share in the second quarter of 2010
Non-GAAP income increased 173.4% year-over year to $5.0 million, or $0.40 per diluted share
On May 12, 2011, the Company signed a letter of intent to acquire 100% of Sichuan Ruideng Telecom Corporation.
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