The company announces financial results of merger partner:
Asia Automotive Acquisition Corporation Announces Unaudited Financial Results of Merger Partner for the Three and Nine Months Ended September 30, 2007
Monday November 5, 8:00 am ET
Q3 Revenue Increases 43% to $21.8 Million from $15.2 Million
Q3 Net Income Increases 39% to $2.5 Million from $1.8 Million at 9/30/2007
http://biz.yahoo.com/prnews/071105/clm059.html?.v=101
NEW YORK, Nov. 5 /PRNewswire-FirstCall/ -- Asia Automotive Acquisition Corporation (OTC Bulletin Board: AAAC - News, AAACU - News, AAACW - News; "AAAC"), announced today the unaudited financial results for the three and nine months ended September 30, 2007 for its merger partner, Hunan Tongxin Enterprise Co., Ltd. ("Tongxin") (see attached table). As previously announced on July 25, 2007, AAAC signed an Equity Acquisition Agreement with Tongxin pursuant to which Tongxin and AAAC will merge into a newly created British Virgin Islands company, Tongxin International, Ltd.
For the three months ended September 30, 2007 Tongxin had:
* Revenue of approximately $21.8 million, an increase of 43% from $15.2
million for the same period in the prior year;
* Operating income of approximately $4.1 million, an increase of 41%
from $2.9 million for the same period in the prior year;
* Net income totaled approximately $2.5 million, an increase of 39% from
$1.8 million for the same period the prior year.
For the nine months ended September 30, 2007 Tongxin had:
* Net Income of $7.75 million, an increase of 102 % from $3.83 million
for the same period in the prior year. Net income for the current
period excludes one time costs of $230,000 for legal, accounting and
audit fees associated with the proposed transaction with AAAC.
* EBITDA of $14.6 million, or 23.2% of net revenues
p
Monday, November 5, 2007
Subscribe to:
Posts (Atom)
Disclaimer
This site contains information about the stock market. The material is provided for information only and no information contained herein constitutes a solicitation for the purpose of purchase or sale of any commodity, security or investment, nor should it serve as the basis for any investment decision where the responsibility is under taken by any member or affiliate from this website. I do not guarantee the accuracy or completeness of any information or analysis supplied by members, Links or data provided. I shall not be liable to any customer or third person for the accuracy of the information offered from Links obtained from this website. I accept no responsibility or liability for the contents of any other site, whether linked to this site or not, or any consequences from your acting upon the contents of another site. the website does not take into account special investment goals, the financial situation or specific requirements of individual users. You should carefully consider your financial situation and consult your financial advisors to the suitability to your situation prior to making any investment or entering into any transactions due to any information found at this or any website.
No contributor of the his site is a registered investment advisor or a broker / dealer. We DO NOT recommend whether to buy, sell, or hold securities . Although we believe the information on this site to be accurate, we DO NOT GUARANTEE the accurateness and completeness of statements made regarding stocks discussed on the site or in email alerts.
This website and email alerts contain "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will," "anticipates," "estimates," believes," or statements indicating certain actions "may," "could," or "might" occur.
Consult your financial advisors to the suitability to your situation prior to making any investment or entering into any transactions due to any information found at this or any website.
