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| Tuesday, June 20, 2006 |
Qiao Xing Universal Telephone Shares Hit New 52-Week High on Release of 2005 Earnings
NEW YORK -- Shares of Qiao Xing Universal Telephone Inc. surged to a new 52-week high on heavy trading volume Tuesday after the Chinese telephone maker reported 2005 results that surpassed earlier forecasts.
Qiao Xing shares climbed $1.91, or 20.5 percent, to $11.25 in midday trading on the Nasdaq at more than 13 times their average volume. The stock, which has traded between $5.02 and $10.87 over the past 12 months, reached a new 52-week high of $12.15 earlier in the session.
The Huizhou City, China-based company, which also makes consumer electronics, reported net income of $30.8 million, or $1.44 per share, for the year, up from $2.8 million, or 17 cents per share, in 2004, driven by performance in its CEC Telecom Co. unit. Excluding an extraordinary gain on the acquisition of minority interests, the company reported earnings per share of $1.68 for the year.
On Wednesday, the company forecast that earnings per share, before one-time gains, would "increase significantly" to well above $1.
Revenue increased 42 percent to $356.2 million from a year ago. |
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