Zoom Technologies Beats Guidance

Zoom Technologies, Inc. (ZOOM), a China based manufacturer of mobile phones and other mobile electronic products, reported financial results for the fourth quarter and full year ended December 31, 2009. The co. said its full year net income increased by 121% on a year over year basis to $6.24 million, exceeding upper end of guidance. FY09 EPS came in at $1.22 vs $1.13. Revenue grew 135% over last year to $189.06 million. For the fourth quarter of 2009, Zoom reported net revenue of $51.82 million, up 31% over $39.47 million for the fourth quarter 2008. Co said it sees FY’10 net income in the range of $10.5-11.5 million ; revenues $240-260 million.

Lei Gu, Chairman and CEO of Zoom Technologies said his co.’s 2009 financial results “directly reflect the strength of the Chinese macroeconomic environment, the robust mobile phone industry and Zoom’s strategy to gain market share.”

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