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Telestone Technologies Corporation Announces Third-Quarter 2012 Results

BEIJING, Nov.19, 2012 /PRNewswire-FirstCall/ -- Telestone Technologies Corporation (NASDAQ: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local-access networks in China, today announced financial results for the third quarter ended September 30, 2012.

Third-Quarter 2012 Highlights:

  • Revenues were $17.4 million, a decrease of 41.2%, as compared to $29.6 million in the year-ago quarter
  • Gross profit was $6.8 million, as compared to $12.9 million in the year-ago quarter
  • Net loss was $13.1 million, or $0.92 per diluted share. Non-GAAP net income, which excluded stock-based compensation and allowance for doubtful accounts, was $1.3 million, or $0.09 per diluted share

Third-Quarter 2012 Results

Revenues in the third quarter of 2012 were $17.4 million, a 41.2% decrease from $29.6 million in the year-ago quarter.  The year-over-year decrease in revenue was primarily attributable to a slow start to 4G network construction, the maturity of 3G deployment, intensified competition, and the Company's strategic moderation of growth in certain cities with longer accounts receivable collection periods.

Equipment sales decreased 48.5% to $5.9 million from $11.4 million in the year-ago quarter. Sales of professional services declined 36.7% to $11.5 million, as compared to $18.2 million in the year-ago quarter. Equipment sales declined by more than sales of professional services due to market share changes in a more competitive equipment market.

Sales to non-telecom operators and overseas customers amounted to approximately $3.4 million in the third quarter, or 19.4% of total revenue. Sales of WFDS-enabled products were $5.9 million, accounting for 33.8% of sales in the quarter, representing a decrease of 44.4% from $10.6 million, or 35.7% of sales in the year-ago quarter. The significant decrease in WFDS sales was primarily due to slow progress of the Integration of Networks initiative of China's State Council, as well as slower-than-expected business development in the U.S., as U.S. carriers are cautious about ordering equipment from Chinese companies following a government report questioning the security of telecommunications equipment produced by large Chinese manufacturers.

In the third quarter, revenue from the "Big-3" telecom carriers - China Mobile, China Unicom, and China Telecom - comprised 80.6% of total quarterly revenue, as compared to 97.4% in the year-ago quarter.

Gross profit in the third quarter was $6.8 million, as compared to $12.9 million in the year-ago quarter. The gross margin decreased to 39.2% from 43.5% in the year-ago quarter, as traditional lower-margin products, including Sichuan Ruideng's engineering integration services, still contributed a large percentage of the Company's revenues.

Total operating expenses were $20.0 million, an increase of 225.0% from $6.2 million in the year-ago quarter. Sales and marketing expense was $2.8 million, with a decrease of 22.5% from $3.6 million in the year-ago quarter. Research and development expense stayed roughly flat at $0.5 million, or 2.8% of revenues for the quarter. However, general and administrative expenses were $16.6 million, as compared to $2.0 million in the year-ago quarter. The substantial increase in general and administrative expenses was primarily due to a $14.2 million allowance for doubtful accounts.

The operating loss was $13.2 million, as compared to operating income of $6.7 million in the year-ago quarter.

The net loss was $13.1 million, as compared to net income of $5.2 million in the year-ago quarter. Diluted loss per share in the third quarter of 2012 was $0.92, as compared to diluted earnings per share of $0.42 in the year-ago quarter.  Non-GAAP net loss, which excludes $0.2 million of non-cash stock compensation expense and $14.2 million allowance for doubtful accounts, was $1.3 million, as compared to non-GAAP net income of $6.1 million in the year-ago quarter.  The non-GAAP loss per diluted share was $0.09, versus non-GAAP earnings per diluted share of $0.50 in the year-ago quarter.

Nine-Month Results

Revenue for the nine months ended September 30, 2012 was $52.4 million, a 23.5% decrease as compared to $68.4 million in the same period of 2011. Gross profit decreased 33.6% to $20.0 million from $30.1 million in the year-ago period.  Operating loss was $13.3 million, compared to operating income of $14.3 million in the year-ago period.  Net loss was $13.9 million, or $0.98 per diluted share for the nine months ended September 30, 2012, compared to net income of $11.4 million, or $0.92 per diluted share in the year-ago period. Non-GAAP net income, which excludes $0.5 million of non-cash stock compensation expense and $16.1 million of allowance for doubtful accounts, was $2.7 million, or $0.19 per diluted share, compared to non-GAAP net income of $13.2 million, or $1.07 per diluted share in the year-ago period. Weighted average diluted shares outstanding increased to 14.1 million shares from 12.3 million shares in the first nine months of 2011.

Financial Condition

As of September 30, 2012, Telestone had $9.3 million in cash and cash equivalents, as compared to $18.9 million on December 31, 2011. Inventory was $10.2 million on September 30, 2012, as compared to $6.8 million at the end of 2011. Working capital was $112.2 million as of September 30, 2012, versus $126.7 million at the end of 2011. The Company had $11.6 million in short-term debt, as well as $52.2 million in accounts payable at the end of third quarter of 2012. Shareholders' equity, including $1.5 million of non-controlling interests, totaled $130.2 million at the end the second quarter of 2012, as compared to $142.8 million at the end of 2011.  Cash used in operating activities was $6.1 million in the first nine months of 2012, as compared to $17.4 million of cash used in operating activities in the year-ago period.

As of September 30, 2012, Telestone's accounts receivable were $243.9 million, versus $251.5 million at the end of 2011. The accounts receivable turnover period (DSOs) for the quarter ended September 30 was 1,232 days. During the third quarter, Telestone collected $18.5 million in accounts receivable.

Business Outlook

For the full-year 2012, Telestone now expects revenues of approximately $ 71-79 million, as compared to its previous estimate of approximately $117 million.

"While we are disappointed in reporting a decline in sales and a loss in the second quarter, the loss was largely due to an allowance for doubtful accounts. This year, we have deliberately moderated our top-line growth in order to improve collections so that we can position Telestone for a return to growth and a renewed focus on our U-DAS (WFDS) and TIPS technologies next year. Our updated guidance reflects the slow start of the carriers' large-scale 4G network construction in China and some unexpected headwinds in the US, and therefore we have adjusted our business-development strategies there to focus on large orders from U.S. carriers. The Company is currently successfully navigating a technology cycle, as investment in certain wireless technologies wanes and new technologies such as TIPS start to draw customer interest," commented Mr. Daqing Han, Telestone's Chairman and CEO.

"While we are disappointed in reporting a decline in sales and a loss in the second quarter, the loss was largely due to an allowance for doubtful accounts. This year, we have deliberately moderated our top-line growth in order to improve collections so that we can position Telestone for a return to growth and a renewed focus on our U-DAS (WFDS) and TIPS technologies next year. Our updated guidance reflects the slow start of the carriers' large-scale 4G network construction in China and some unexpected headwinds in the US, and therefore we have adjusted our business-development strategies there to focus on large orders from U.S. carriers. We are currently soliciting bids for projects in Houston and Dallas, TX, as well as in Mexico and Chile and we believe these initiatives will improve orders in the near future," commented Mr. Daqing Han, Telestone's Chairman and CEO.

Non-GAAP Financial Measures

This release contains adjusted non-GAAP financial measures.  These adjusted financial measures, which are used as measures of the Company's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP").  The Company's adjusted financial measures may be defined differently than similar terms used by other companies.  Accordingly, care should be exercised in understanding how the Company defines its adjusted financial measures.

Reconciliations of the Company's adjusted measures to the nearest GAAP measures are set forth in the section below titled "Reconciliation of GAAP to Non-GAAP Results."  These adjusted measures include adjusted net income, and adjusted diluted net income per share.

The Company's management uses adjusted financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects.  The Company's adjusted financial measures exclude certain special items, including stock-based compensation charge and allowance for doubtful accounts from its internal financial statements for purposes of its internal budgets.  Adjusted financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparisons.  The Company's management believes that these adjusted financial measures provide useful information to investors and others in the following ways: 1) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose, and 2) in comparing in a consistent manner the Company's current financial results with the Company's past financial results.

The Company's management believes excluding stock-based compensation and allowance for doubtful accounts from its adjusted financial measures is useful for itself and investors, as such expense will not result in future cash payment and is not an indicator used by management to measure the Company's core operating results and business outlook.

The adjusted financial measures have limitations.  They do not include all items of income and expense that affect the Company's operations. Specifically, these adjusted financial measures are not prepared in accordance with GAAP, may not be comparable to adjusted financial measures used by other companies and, with respect to the adjusted financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company.  Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

The Company will host a conference call on Monday, November 19, 2012 at 8:00 a.m. Eastern Standard Time to discuss its financial results for the third quarter ended September 30, 2012.

The conference call may be accessed by calling:

U.S. Toll Free:

800-860-2442

U.S. Toll / International:

412-858-4600

Canada Toll Free:

866-605-3852

China North Toll Free:

10-800-712-2304

China South Toll Free:

10-800-120-2304

Hong Kong Toll Free:

800-962475

The conference pass code is 10021565.

A replay will be available for seven days starting on Monday, November 19, 2012, at 9:00 a.m. Eastern Standard Time and can be accessed by dialing (877) 344-7529. International callers should dial +1 (412) 317-0088. When prompted, enter conference pass code 10021565.

About Telestone Technologies Corporation

Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than ten years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, WFDS(TM) (Wireless Fiber-optic Distribution System), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,500 employees.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of Telestone Technologies Corporation and its subsidiary companies. Forward looking statements can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Telestone Technologies is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

– Financial Tables Follow –


 

Telestone Technologies Corporation

Condensed Consolidated Balance Sheets

 



 As of
September 30,


As of
 December 31,



2012


2011

ASSETS


US$'000


US$'000



(Unaudited)



Current assets:





Cash and cash equivalents


9,324


18,850

Accounts receivable, net of allowance


243,913


251,460

Due from related parties


1,540


1,534

Inventories, net of allowance


10,151


6,755

Prepayments


1,964


2,351

Other current assets


4,510


2,797






Total current assets


271,402


283,747






Goodwill


4,268


4,268

Property, plant and equipment, net


11,252


9,264

Lease prepayment


2,540


2,571








18,060


16,103






Total assets


289,462


299,850






LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:





Short-term bank loans


11,606


14,941

Accounts payable – Trade


52,231


46,450

Service cost payable


39,589


35,254

Customer deposits for sales of equipment


2,515


2,684

Due to related parties


1,838


1,831

Income tax payable


19,042


18,695

Accrued expenses and other accrued liabilities


32,393


37,229






Total current liabilities


159,214


157,084






Commitments and contingencies










Stockholders' equity:





Preferred stock, US$0.001 par value, 10,000,000 shares
authorized, no shares issued


-


-

Common stock and paid-in-capital, US$0.001 par value:

Authorized – 100,000,000 shares as of September 30, 2012
           and December 31, 2011





Issued and outstanding – 12,333,264 shares as of September 30,
           2012 and December 31, 2011, respectively


12


12

Additional paid-in capital


49,580


50,148

Dedicated reserves


6,871


6,871

Other comprehensive income


12,812


12,329

Retained earnings


59,513


73,406






Total Telestone Technologies Corporation stockholder's equity


128,788


142,766






Non-controlling interests


1,460


-






Total equity


130,248


142,766






Total liabilities and stockholders' equity


289,462


299,850

 

 


 

Telestone Technologies Corporation

Condensed Consolidated Statements of Operations and Other Comprehensive Income

 


Three months ended September 30,


Nine months ended September 30,


2012


2011


2012


2011


US$'000


US$'000


US$'000


US$'000


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Operating revenues:








    Net sales of equipment

5,889


11,443


15,373


27,269

    Service income

11,508


18,167


36,993


41,150









    Total operating revenues

17,397


29,610


52,366


68,419









Cost of operating revenues:








    Cost of net sales

3,466


6,475


9,128


15,611

    Cost of service

7,106


10,256


23,253


22,697









    Total cost of operating revenues

10,572


16,731


32,381


38,308









Gross profit

6,825


12,879


19,985


30,111









Operating expenses:








Sales and marketing

2,754


3,552


9,403


8,709

General and administrative

16,616


1,988


21,744


5,353

Research and development

483


510


1,513


1,378

Depreciation and amortization

190


118


583


340









Total operating expenses

20,043


6,168


33,243


15,780









Operating (loss)/income

(13,218)


6,711


(13,258)


14,331

Interest expense

(328)


(394)


(858)


(730)

Other income, net

425


108


709


432









(Loss)/Income before income taxes

(13,121)


6,425


(13,407)


14,033

Income taxes                                                   

73


(1,182)


(464)


(2,647)









Net (loss)/income

(13,048)


5,243


(13,871)


11,386









Net income attributable to non-controlling interests

(11)


-


(23)


-









Net (loss)/income attributable to
    Telestone Technologies Corporation
    common stockholders

(13,059)


5,243


(13,894)


11,386









Other comprehensive income








Foreign currency translation adjustment

(261)


804


483


2,715









Total comprehensive (loss)/income
    attributable to Telestone
    Technologies Corporation
common
    stockholders

(13,320)


6,047


(13,411)


14,101









(Loss)/Earnings per share:
















Weighted average number of common
    stock outstanding








Basic

14,133,264


12,333,264


14,133,264


12,333,264

Effect of dilutive warrants and stock options

-


4,947


-


10,448









Diluted

14,133,264


12,338,211


14,133,264


12,343,712










US$


US$


US$


US$

Net (loss)/income per share of
    common stock








Basic

(0.92)


0.43


(0.98)


0.92

Diluted

(0.92)


0.42


(0.98)


0.92

 

 


 

Telestone Technologies Corporation

Condensed Consolidated Statements of Cash Flows

 


Nine months ended September 30,


2012


2011


US$'000


US$'000


(Unaudited)


(Unaudited)

Cash flows from operating activities




Net (loss)/income

(13,871)


11,386

Adjustments to reconcile net income to net cash used in operating activities:




   Depreciation and amortization

583


340

Loss on disposal of property, plant and equipment

4


3

Provision for slow-moving and obsolete inventories

428


-

Provision for doubtful debt

16,089


411

Stock-based compensation

475


1,356

Changes in assets and liabilities:




   Accounts receivable

(7,535)


(25,182)

   Inventories

(3,797)


(3,070)

   Prepayments

395


93

   Other current assets

(1,700)


(2,643)

   Accounts payable

5,594


284

Customer deposits for sales of equipment

(180)


189

Due to related parties

-


(1,916)

   Income tax payable

272


2,451

   Service cost payable, accrued expenses and other accrued liabilities

(2,839)


(1,141)





Net cash used in operating activities

(6,082)


(17,439)





Cash flows from investing activities




Proceeds from disposal of property, plant and equipment

8


-

Purchase of property, plant and equipment

(459)


(2,461)





Net cash used in investing activities

(451)


(2,461)





Cash flows from financing activities




Capital injection by non-controlling interests

395


-

Repayment of short-term bank loans

(8,842)


(7,029)

Short-term bank loans raised

5,448


10,044





Net cash (used in) from financing activities

(2,999)


3,015





Net decrease in cash and cash equivalents

(9,532)


(16,885)





Cash and cash equivalents, beginning of the period

18,850


31,020





Effect on exchange rate changes

6


183





Cash and cash equivalents, end of the period

9,324


14,318





Supplemental disclosure of cash flow information




Interest received

65


30

Interest paid

(722)


(525)

Tax paid

(191)


(194)

The following table reconciles GAAP measures to non-GAAP measures:

Telestone Technologies Corporation

Reconciliation of GAAP to Non-GAAP Results

(U.S. Dollars in Thousands, Except Per-Share Amounts)

 


Three Months Ended

June 30,

Six Months Ended
March 30,


2012

2011

2012

2011

Net Income                                                                          

($13,059)

$5,243

($13,411)

$14,101

Add back: Stock-based compensation

159

452

475

1,356

Allowance for doubtful accounts

14,219

411

16,089

411

Non-GAAP Net Income

1,319

6,106

3,153

15,868

Non-GAAP Diluted EPS

$0.09

$0.50

$0.22

$1.29

 

 

SOURCE Telestone Technologies Corporation

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