Acorn International Reports Financial Results for the Fourth Quarter and Full Year 2019
ACORN INTL (ATV)
US:NYSE Investor Relations:
acorninternationalir.com/home/category/press-release
Company Research
Source: PR Newswire
SHANGHAI, March 12, 2020 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a leading marketing and branding company in China, today announced its preliminary unaudited financial results for the fourth quarter and year ended December 31, 2019.Fourth Quarter 2019 Financial HighlightsNet revenues increased 21.9% year-over-year in Q4 2019 to US$9.1 million. Gross profit rose 16.8% year-over-year in Q4 2019 to US$6.3 million. Gross margin was 68.8% in Q4 2019, compared to 71.8% in Q4 2018. Income from continuing operations was US$0.4 million in Q4 2019, compared to US$1.6 million in Q4 2018. Net income was US$1.7 million in Q4 2019 as compared to net income of US$3.7 million in Q4 2018. In Q4 2019, the Company recorded a $1.3 million gain from the sale of its subsidiary Zhuhai Acorn Electronic Technology Co., Ltd. ("Zhuhai Acorn"). The year-ago period includes a US$2.0 million gain from the sale of the Company's Bright Rainbow Investments Limited ("Bright Ra
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