China Tracker - Details for Funtalk China Holdings (FTLK)


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 WARNING: Form 15 filed with the SEC!
 Funtalk China Holdings
 Business Outlook

Under the terms of the definitive agreement, which was adopted by the Company's shareholders at an extraordinary general meeting held on August 22, 2011, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the Transaction has been cancelled in exchange for the right to receive US$7.20 per share in cash. The Company also announced today that it requested that trading of its ordinary shares on the NASDAQ Global Market be suspended.

Trading China is discontinuing coverage of FTLK, effective immediately.

(Source: PR Newswire, 2011-08-25)

Funtalk China Holdings announced today that the Company's shareholders voted in favor of the proposal to adopt the previously announced definitive agreement, pursuant to which the Company will be the surviving entity in the going private transaction. The parties currently expect to complete the transaction by the end of August 2011, subject to the satisfaction or waiver of the conditions set forth in the Agreement. If completed, the proposed transaction would result in the Company becoming a privately held company and its ordinary shares would no longer be listed on the NASDAQ Global Market.

(Source: PR Newswire, 2011-08-22)

Funtalk China Holdings Limited announced today that it has entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for US$7.20 per share. The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis, and represents a 35.9% premium over the Company's 30 trading day average price as quoted by NASDAQ on March 24, 2011, the last trading day prior to the Company's announcement on March 25, 2011 that it had received a "going private" proposal.

(Source: PR Newswire, 2011-05-31)

Funtalk China Holdings Limited announced today that its Board of Directors has received a preliminary non-binding proposal letter dated March 25, 2011 from ARCH Digital Holdings Ltd., Capital Ally Investments Limited, GM Investment Company Limited, Sinowill Holding Limited, which is controlled by the Chairman of its Board of Directors, Mr. Kuo Zhang, Huge Harvest Enterprises Limited, which is wholly owned and controlled by the Chief Executive Officer of the Company, Mr. Dongping Fei, Kingstate Group Limited, which is wholly owned and controlled by Mr. Hengyang Zhou, executive president of Beijing Funtalk Century Technology Group Company Limited, an indirect wholly owned subsidiary of the Company, and Trend Focus Limited, which is wholly owned and controlled by its senior vice president of corporate investor relations, Mr. Francis Kwok Cheong Wan, to acquire all of the outstanding ordinary shares of the Company not already owned by the Consortium Members in a "going-private" transaction for $7.10 per ordinary share in cash, subject to certain conditions, including, among other things, successful completion of due diligence to the satisfaction of the Consortium Members. The Consortium Members currently own, in the aggregate, 46,458,314 ordinary shares, or approximately 77.13% of the outstanding shares of the Company (excluding outstanding warrants and options of the Company).

(Source: PR Newswire, 2011-03-25)

The Company expects its revenue for 4Q FY2011 to be in the range of $280 million to $300 million and its net income attributable to the Company to be in the range of $10.0 million to $12.0 million. The Company expects a revenue split of approximately 55% for its retail business segment and 45% for its distribution business segment in 4Q FY2011. Gross margin and operating income margin are projected to be in the ranges of 15.0% to 16.0% and 6.5% to 7.5%, respectively.

Correspondingly, the Company expects FY2011 revenue of approximately $1.1 billion and FY2011 net income attributable to the Company to be in the range of $42 million to $44 million, as compared to its previous FY2011 outlook of $1.0 billion to $1.2 billion and $40 million to $45 million, respectively. Such projections are based on the Company's current views on operating and market conditions and are subject to change.

"Continuing on our consistent track record, Funtalk's third quarter FY2011 performance marks another quarter of sound execution of our business plans. We plan to continue with our core growth strategy to further deepen and strengthen our partnership with mobile carriers, and expand our multi-brand portfolio in our distribution business. At the same time, we remain nimble and will make both the strategic and necessary operational improvements in order to deliver superior financial results to our shareholders. I'm confident that Funtalk is firmly on track to achieve another strong year in FY2011."

(Source: PR Newswire, 2011-03-11)

"We once again exceeded our revenue guidance, as total revenue grew more than 25% year-over-year. We also achieved the highest quarterly gross margin in our retail history, and as a result, our net income more than doubled year-over-year. We continued the strong momentum in our retail business segment, and increased our retail network to 662 retail stores in 109 cities across 14 provinces and 3 municipalities. Going forward, we will continue to leverage our strong competitive position to further expand self-built stores and co-branded stores with carriers, as we march towards our goal of 2,000 stores nationwide by the end of our fiscal year 2013."

The Company expects its revenue for 3Q FY2011 to be in the range of $260 million to $280 million and its net income attributable to the Company to be in the range of $9.0 million to $11.0 million. The Company expects approximately a revenue split of approximately 55% for its retail business segment and approximately 45% for its distribution business segment in 3Q FY2011. Gross margin and operating income margin are projected to be in the ranges of 15.0% to 16.0% and 6.5% to 7.5%, respectively.

For FY2011, the Company reaffirms its revenue outlook to be in the range of $1.0 billion to $1.2 billion and its net income attributable to the Company to be in the range of $40 million to $45 million. The Company expects a revenue split of approximately 55% for its retail business segment and approximately 45% for its distribution business segment in FY2011. Gross margin and operating margin for the full fiscal year are projected to be in the range of 15.5% to 16.5% and 7.5% to 8.5%, respectively.

(Source: PR Newswire, 2010-11-30)

The Company expects its revenue for 2Q FY2011 to be in the range of $240 million to $260 million and its net income attributable to the Company to be in the range of $8.0 million to $10.0 million. The Company expects approximately even revenue split between its retail and distribution business segments in 2Q FY2011. Gross margin and operating income margin are projected to be in the ranges of 13.5% to 14.5% and 5.8% to 6.8%, respectively. For FY2011, the Company reaffirms its revenue outlook to be in the range of $1.0 billion to $1.2 billion and its net income attributable to the Company to be in the range of $40 million to $45 million. The Company expects a revenue split of approximately 57% for its retail business segment and approximately 43% for its distribution business segment in FY2011. Gross margin and operating margin for the full fiscal year are projected to be in the range of 15.0% to 16.0% and 8.5% to 9.5%, respectively.

(Source: PR Newswire, 2010-08-31)

The Company expects its revenue for 1Q FY2011 to be in the range of $220 million to $240 million and its net income attributable to the Company to be in the range of $7.0 million to $9.0 million. The Company expects an approximately even revenue split between its retail and distribution business segments in 1Q FY2011. Gross margin and operating income margin are projected to be in the range of 12.5% to 13.5% and 5.5% to 6.5%, respectively. The first quarter is typically a seasonally slow period primarily due to consumer purchasing trends.

For FY2011, the Company expects its revenue to be in the range of $1.0 billion to $1.2 billion and its net income attributable to the Company to be in the range of $40 million to $45 million. The Company expects a revenue split of approximately 57% for its retail business segment and approximately 43% for its distribution business segment in FY2011. Gross margin and operating income margin for the full fiscal year are projected to be in the range of 15.0% to 16.0% and 8.0% to 9.0%, respectively.

(Source: PR Newswire, 2010-06-15)

We are thrilled to enter into our second nationwide cooperation agreement with a major national wireless operator in China since the start of the year. This is our first nationwide agreement between Funtalk and China Telecom and we expect to generate revenue from this partnership agreement in FY2011, which begins in April 2010. The adoption of 3G standards in China has resulted in increased competition among the wireless carriers and our growing retail locations serve as an attractive destination for China Telecom to directly reach end users of mobile phone products and services. We look forward to helping them reach their goal in subscriber growth while adding to our revenue stream and enhancing our gross margin performance at the same time. We are pleased with our business initiatives thus far in 2010 and continue to explore and cultivate new opportunities to enhance our revenues and maximize our margin performance.

(Source: PR Newswire, 2010-04-05)

The Company expects its revenue for 4Q FY2010 to be in the range of $200 million to $240 million and its net income attributable to the Company to exceed $10 million. The Company anticipates an even revenue split between its retail and distribution business segments in 4Q FY2010 and projects gross margin to be in the range of 12% to 13% and operating income margin to be in the range of 5% to 6%.

(Source: PR Newswire, 2010-03-02)
FTLK
Telecommunications

COVERAGE SUSPENDED OR TERMINATED
 
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Current Price:  $7.20
F10k Day (2009-11-13): -20.00%$9.00
2009 Close: 7.62%$6.69
2010 Close: 26.98%$5.67
High (2010-10-15): -11.01%$8.09
Low (2011-02-25): 50.00%$4.80
Exchange: PRIVATE
Market Capitalization: 423.74 mill
Total Shares: 58.85 mill
Float: n/a
Avg Volume: 102.20 k
Short Interest: 1.30 mill
Short Ratio: 4.88%12.7 d
Last Quarter: 2010-12-31
Revenue (MRQ): 300.23 mill
Net Income (MRQ): 12.67 mill
all financial data provided without warranty