IBMC China AG
IBMC China AG: First Year 2008 Annual Report
IBMC China AG / Quartalsergebnis/Planzahlen News, übermittelt durch die DGAP - ein Unternehmen der EquityStory AG. Für den Inhalt der Mitteilung ist der Herausgeber verantwortlich. --------------------------------------------------------------------------- SHANGHAI, June 10, 2009 – IBMC China, AG (‘IBMC’ or the 'Company') has engaged Ferax Treuhand AG, the Swiss CPA firm as its new independent registered public accountants in April of 2009. Ferax Treuhand AG is currently conducting an audit of the Company's consolidated financial statements for the 2008 fiscal year, which was audited by a local Chinese CPA firm. The Company is working with Ferax Treuhand AG to ensure that the Consolidated Annual Report for the first year of business in 2008 is based upon Switzerland and German Accounting Practice. The Company plans to file by end of April. Key Highlights from the Consolidated Annual Report 2008 Include: -- Total Revenue $7.07 million -- Operating Income $1.58 million -- Gross profit $218,872 -- Net profit of $212,180 Mr. Frank Yuan, Chief Executive Officer of IBMC, stated 'Our merger with BBS-ex enhanced our revenue and operating income performance. The original franchise store operation has stagnated due to the tough economic crisis worldwide. Opening factory outlet stores can catch the middle income market for consumers searching for the best deals with top brands.' Revenue for the year of 2008 was $7.07 million. The increased popularity of the BBS-ex store in Shanghai continued to drive revenue growth. The Company believes its total sales volume increased by operating quarter. IBMC is confident that its leading brands continue to drive growth. Use of Capital Mr. Yuan stated, 'During the last year, we executed two important steps in our China expansion plan. First, we finalized the Equity Purchase Agreement with BBS-ex. BBS-ex is complementary to our IBMC business philosophy and is mutually beneficial. We look forward to bolstering our presence in top tier cities using BBS-ex's existing brands, and certainly their high-margin products are expected to benefit from our leadership in China's many smaller cities.' 'Second, we are investing in our brands so that we can capitalize on the growing demand for our premium products as well as for international products. We invested approximately $1.3 million to build two flagship stores, which will increase our overall presence and will also provide us the opportunity to roll out new product offerings. We are optimistic about the fashion market and we'll continue to keep our shareholders informed about this exciting use of capital,' Yuan concluded. Business Update As previously announced IBMC is evaluating a several new BBS-ex store locations and plans to engage a new lease agreement in the near future. Financial Outlook Today, the Company is increasing its full year 2009 revenue guidance. IBMC expects to generate revenue of at least $9.5 million in 2009, a year over year increase of at least 35%. The Company continues to anticipate operating income of at least $2.5 million, a year over year increase of 66% and in line with the Company's first quarter 2009 operating margin of roughly 19%. IBMC’s financial outlook excludes potential incremental benefits from acquisitions and strategic partnerships. ABOUT IBMC CHINA AG (‘IBMC’) http://www.ibmcchina.de IBMC purpose is to open multiple International fashion brands franchise stores all over China. Acting as the master licensee for international fashion brands and retailers, and leveraging its brands recognition, designs, marketing experience and skills, IBMC will open multiple stores for each brand. IBMC stores will either be company owned or franchisee operations to penetrate China, the fastest growing economy in the world. These stores may be in the form of free standing, independent stores or stores/corners within large department stores. Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail partners, and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed. CHINA Press Contact: Jerome Yuan Director of Operations 8621-6230-3101 E-mail: info@ibmcchina.com 10.06.2009 Finanznachrichten übermittelt durch die DGAP ---------------------------------------------------------------------------
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