BEIJING,
2H and Full Year 2016 Financial Results
For the second half of 2016, TechFaith reported total net revenues of
For the full year ended
Through its wholly owned subsidiary,
The Company will continue to own and manage its real estate portfolio consisting of 3 completed buildings in
Miss
Mr.
Mr.
Investor Conference Call / Webcast Details
TechFaith will hold a conference call on
A replay of the call will be available approximately 2 hours after the conclusion of the live call by telephone at +1-646-254-3697, with passcode 1775219. A webcast replay will also be available at www.techfaithwireless.com.
About TechFaith
TechFaith (NASDAQ: CNTF) is a developer, owner and operator of commercial real estate properties across
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
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(In Thousands of |
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Six Months Ended |
Six Months Ended |
Twelve Months Ended |
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2016 |
2016 |
2015 |
2016 |
2015 |
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Revenues: |
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Mobile phone business |
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Third parties |
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|
|
|
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Related party |
3,536 |
113 |
2,195 |
3,649 |
2,195 |
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Real estate |
1,796 |
1,531 |
1,840 |
3,327 |
3,474 |
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Total net revenues |
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Cost of revenues: |
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Mobile phone business |
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Third parties |
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|
|
|
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Related party |
3,313 |
104 |
2,167 |
3,417 |
2,167 |
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Real estate |
552 |
536 |
569 |
1,088 |
1,022 |
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Total cost of revenues |
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Gross Profit |
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Operating expenses: |
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General and administrative, including real |
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Research and development |
3,303 |
3,298 |
4,164 |
6,601 |
8,084 |
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Selling and marketing |
398 |
3,861 |
536 |
4,259 |
1,331 |
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Total operating expenses |
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|
|
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Government subsidy income |
93 |
(73) |
127 |
20 |
162 |
|||
Other operating income |
– |
– |
(143) |
– |
(132) |
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Other operating income-net gain from sale |
– |
14,939 |
– |
14,939 |
– |
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(Loss) income from operations |
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|
|
|
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Interest expense |
(604) |
(706) |
(617) |
(1,310) |
(1,102) |
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Interest income |
22 |
43 |
105 |
65 |
412 |
|||
Other income |
– |
84 |
112 |
84 |
110 |
|||
Change in fair value of put option |
(90) |
(120) |
(120) |
(210) |
(210) |
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(Loss) income before income taxes |
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|
|
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Income tax expenses |
– |
– |
(691) |
– |
(996) |
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Net (loss) income from continuing |
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Net income from discontinued operations |
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Net (loss) income |
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Less: net income (loss) attributable to the |
337 |
(310) |
(363) |
27 |
(292) |
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Net (loss) income attributable to TechFaith |
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Net (loss) income per share attributable to |
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Continuing operations |
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Discontinuing operation |
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Net (loss) income per share attributable to |
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Net (loss) income per ADS attributable to |
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Continuing operations |
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Discontinuing operation |
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Net (loss) income per ADS attributable to |
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Net (loss) income |
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Other comprehensive income (loss), net of |
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Foreign currency translation adjustment |
(7,730) |
(13,404) |
(13,611) |
(21,134) |
(13,695) |
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Comprehensive loss |
(8,592) |
(2,383) |
(21,799) |
(10,975) |
(26,792) |
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Less: Comprehensive loss attributable to |
(314) |
(1,374) |
(1,583) |
(1,688) |
(1,497) |
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Comprehensive (loss) income attributable |
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Weighted average shares |
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Basic |
794,003,193 |
794,003,193 |
794,003,193 |
794,003,193 |
794,003,193 |
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Diluted |
794,003,193 |
794,003,193 |
794,003,193 |
794,003,193 |
794,003,193 |
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*Giving retroactive effect to the 1-for-5 reverse ADS split effected on |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In Thousands of |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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Restricted cash |
2,881 |
16,783 |
– |
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Accounts receivable, net of allowances of |
25,459 |
33,457 |
21,864 |
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Accounts receivable due from a related |
2,247 |
2,536 |
821 |
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Amount due from a related party |
950 |
38 |
66 |
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Inventories, net |
4,646 |
4,083 |
3,108 |
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Prepaid expenses and other current |
40,948 |
19,682 |
31,397 |
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Assets held for sale |
3,352 |
11,628 |
11,445 |
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Total current assets |
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Property, plant and equipment, net |
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Construction in progress |
69,792 |
40,254 |
36,389 |
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Land use rights, net |
1,966 |
2,052 |
2,129 |
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Acquired intangible assets, net |
3,785 |
6,011 |
8,157 |
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Other non-current assets |
19,126 |
52,693 |
57,380 |
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Other assets held for sale |
152,904 |
158,520 |
160,850 |
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Total assets |
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Liabilities and equity |
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Current liabilities: |
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Accounts payable |
6,120 |
8,840 |
9,433 |
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Notes payable |
5,761 |
13,542 |
– |
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Short-term loans |
7,850 |
18,681 |
21,402 |
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Accrued expenses and other current |
22,597 |
35,079 |
30,346 |
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Advance from customers |
10,136 |
11,360 |
9,028 |
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Deferred revenue |
5,138 |
5,166 |
7,394 |
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Income tax payable |
896 |
933 |
1,065 |
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Put option liability |
2,460 |
2,340 |
2,250 |
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Liabilities held for sale |
27,644 |
14,315 |
14,656 |
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Total current liabilities |
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Long-term loans |
12,605 |
13,155 |
1,062 |
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Total liabilities |
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Equity |
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Ordinary shares ( |
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Additional paid-in capital |
144,836 |
144,836 |
144,836 |
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Accumulated other comprehensive income |
16,159 |
28,499 |
35,578 |
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Statutory reserves |
22,258 |
22,258 |
22,258 |
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Retained earnings |
75,777 |
64,446 |
65,645 |
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Total Techfaith shareholders’ equity |
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Noncontrolling interest |
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Total equity |
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Total liabilities and equity |
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/techfaith-reports-its-unaudited-2h-and-full-year-2016-financial-results-and-the-sale-of-certain-beijing-real-estate-assets-300438599.html
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