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For the fourth quarter of 2011, TechFaith reported net revenue of US$81.7 million, a 6.2% increase compared to US$76.9 million in the fourth quarter of 2010 due to increased sales volume in the branded mobile phone segment and higher revenue from the Company's motion gaming business. Gross profit for the fourth quarter of 2011 was US$19.1 million, an 11.2% decrease compared to US$21.5 million in the same quarter last year, due to a materials cost increase combined with a higher inflation rate in China. As a result, gross margin for the fourth quarter of 2011 was 23.4% compared to 27.9% in the same quarter in 2010. Operating expense for the fourth quarter of 2011 was US$15.9 million compared to US$10.2 million in the fourth quarter of 2010, due to increased sales and marketing expenses in support of higher branded mobile phone sales and the Company's motion gaming business. Net income attributed to TechFaith for the fourth quarter of 2011 was US$2.7 million or US$0.05 per basic and diluted weighted average outstanding ADS, compared to US$8.9 million or US$0.17 per basic and diluted weighted average outstanding ADS in the fourth quarter of 2010.
For the full year ended December 31, 2011, TechFaith reported net revenue of US$323.8 million, a 19.1% increase compared to US$271.9 million for the full year 2010, led by growth in the Company's branded mobile sales and motion gaming business. Gross profit for the full year 2011 was US$85.2 million, a 27.0% increase compared to US$67.1 million for the full year 2010. Gross margin for the full year 2011 was 26.3% compared to 24.7% for the full year 2010. Operating expense for the full 2011 was US$50.2 million compared to US$32.3 million for the full year 2010, led by higher sales and marketing expenses in support of higher branded mobile phone sales and its motion gaming business. Net income for the full year 2011 was US$27.1 million or US$0.51 per basic and diluted weighted average outstanding ADS, compared to net income of US$27.8 million or US$0.57 and US$0.50 per basic and diluted weighted average outstanding ADS for the full year 2010.
Mr. Defu Dong, Chairman and chief executive officer of TechFaith, said, "TechFaith achieved nearly 20% revenue growth in 2011, as our branded smartphones, mobile phones and ODP (Original Developed Products) helped differentiate us in a challenging global marketplace. We saw pressure on our business throughout the year and expect this to continue in 2012, as the global economic environment has created nearly constant headwinds with weakness in the key end markets we serve."
Ms. Ouyang Yuping, TechFaith's chief financial officer, said, "We continue to focus on business opportunities in the ODP, branded mobile phone and gaming markets. We are working to put the appropriate resources in place to support the areas of our business that have the highest potential, while also actively managing our operating expenses. Our strong balance sheet gives us the continued ability to support the long-term business initiatives and strategy central to our long-term success, despite continued expected near-term market weakness."
Mr. Deyou Dong, President and chief operating officer of TechFaith, said, "We have made considerable headway in our efforts to establish TechFaith as a globally recognized brand. Our success is evidenced by the geographic mix of our revenue 2011, with shipments of our phones to diverse markets including China, South East Asia, Europe, Latin America and Japan. We continue to gain attention due to the value prospect we offer with tailored phones and compelling enterprise solutions. Our history of design expertise allows us to move quickly and to deliver the technically sound, tailored solutions that customers are seeking."
First Quarter 2012 Outlook
The following forecast reflects the expected material impact of seasonality in the first quarter of 2012. The forecast is TechFaith's current and preliminary view, which is subject to change. TechFaith currently expects total revenue for its ODP, branded and gaming businesses to be in the range of US$41 million to US$45 million in the first quarter of 2012. The anticipated decline from the fourth quarter of 2011 and recent revenue levels is driven primarily by the expected material impact of seasonality in the first quarter, combined with higher competition and expected lower overall demand for its ODP and branded mobile phone business.
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