Acorn International Reports First Quarter 2020 Financial Results
ACORN INTL (ATV)
US:NYSE Investor Relations:
acorninternationalir.com/home/category/press-release
Company Research
Source: PR Newswire
SHANGHAI, April 30, 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 quarter ended March 31, 2020.First Quarter Estimated Results HighlightsNet revenues decreased 7.2% year-over-year in Q1 2020 to US$8.0 million. Gross profit decreased 12.3% year-over-year in Q1 2020 to US$5.5 million. Gross margin was 68.8% in Q1 2020, compared to 72.8% in Q1 2019. Loss from continuing operations was US$0.3 million in Q1 2020, compared to income from continuing operations of US$0.6 million in Q1 2019. Net income was US$2.7 million in Q1 2020 as compared to net income of US$4.8 million in Q1 2019. In Q1 2020, the Company recorded a $3.0 million gain from the sale of shares of E-Money Holding Co., Ltd. ("E-Money") (formerly known as Shanghai Yimeng Software Technology Co., Ltd.). The year-ago period includes a US$3.8 million gain on the sale of the
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