LOS ANGELES, April 14 /PRNewswire-FirstCall/ -- Asia Global Holdings Corp (BULLETIN BOARD: AAGH) ("Asia Global") today announced financial results for the fourth quarter and year ended December 31, 2007.
2007 Financial Highlights -- Net sales growth of 108% year-over year to $10.78 million compared with $5.18 million for 2006; -- EBITDA excluding non-recurring share-based compensation and impairment charges was $2.71 million or $0.021 per diluted share; -- Gross profit increased 93% to $6.33 million up from $3.28 million in 2006; and Fourth Quarter Financial Highlights -- Net sales growth of 148% year-over year to $3.92 million compared with $1.58 million for the fourth quarter of 2006; -- Gross Profit increased 165% to $1.9 million up from $0.72 million in 2006. Full Year 2007 Financial Results
Net sales for the year ended December 31, 2007 increased 108% to $10.78 million, compared with $5.18 million for the year ended December 31, 2006.
For the 2007 full year, gross profit increased 93% to $6.33 million, compared with $3.28 million for the 2006 full year.
Operating expenses totaled $11.37 million for 2007 including stock-based compensation charges of $5.55 and a one-time $2 million impairment charge.
Income taxes for 2007 were $0.81 million, or 7.52% of net sales. Depreciation and amortization totaled $0.2 million.
Excluding the effect of the two aforementioned non-recurring non-cash items totaling $7.55 million, Asia Global generated an EBITDA for 2007 in the amount of $2.71 million. For further details, please refer to the Form 10K filing.
At December 31, 2007, Asia Global's cash, cash equivalents totaled $846,907 and restricted Cash of $558,104; total assets were $5.35 million.
Going Forward in 2008
In 2008 Asia Global plans to continue expanding upon our proven-successful Media and Advertising business. Also we plan to develop a new stream of revenue from our TV entertainment business by building on what we've learned so far from the Who Wants To Be A Millionaire? TV show experience. We also plan to continue to seek new opportunities in China TV entertainment. We expect these objectives will dominate our operations in 2008.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website: http://www.asiaglobalholdings.com/
Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-Looking statements are not guarantees of future performance. Our Forward-Looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov/.
