Monday, November 5, 2007
Update on Asia Automotive Acquisition (AAAC.OB)
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
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