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Neuester Beitrag: 24.05.12 13:18
|Eröffnet am:||20.08.10 19:47||von: be57||Anzahl Beiträge:||12|
|Neuester Beitrag:||24.05.12 13:18||von: Leo4Essen||Leser gesamt:||3.664|
chinesische Small and Midcaps, die mit solchen KGVs bewertet werden...ich werde auch kaufen, denn ich bin mir sicher, dass solche Werte wieder stark steigene werden.
ist wie leicht Firmen wie UTA durch einen Blogger im Internet diskreditiert werden können. Das ist ja mittlerweile eine echte Seuche geworden und offensichltich kämpfen viele dieser Firmen damit, sich zur Wehr zu setzen.
Bitter ist nur, dass die Blogger sehr schön von ihrer Short-Attacke profitieren können, wie mn bei anderen Firmen ja gesehen hat, funktioniert das sehr gut. Die Firma selbst muss sich wehren und die Beschuldigungen aufklären, was Zeit und Geld kostet und die Aktionäre müssen warten und können nur hoffen, dass sich alles aufklärt.
Na ja, jetzt wurde eine neuer Auditor benannt, der kann ja dann alles klären.
SHENZHEN, China, Oct. 5 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group (NYSE:UTA - News) ("Universal Travel Group" or the "Company"), a leading travel services provider in China, today announced that its Board of Directors, in consultation with its Audit Committee, has appointed Windes & McClaughry Accountancy Corporation ("Windes") as the Company's independent auditor to replace Goldman Kurland Mohidin, LLP ("GKM"), effective September 30, 2010.
In einem dt. Nachrictenmagazin aus Hamburg gibt es gerade einen Bericht über die deutsche Schutzgemeinschaft der Kapitalanleger (SdK). Mindestens zwei dort angestellte Herren haben nicht mnur bei Wirecard Gerüchte in die Welt gesetzt, sondern wohl noch bei 20 anderen Firmen und sind dann Short gegangen. Jetzt hat die Staatsanwaltschaft in München alle Büros beschlagnahmt und die Manipulation ist aufgeflogen...aber nur weil Wirecard sich massiv gewehrt hat.
Ein bisschen erinnert mich das daran was gerade mit der ein oder anderen kleinen chinesischen Firma passiert hier...
SHENZHEN, China, March 29, 2011 /PRNewswire-Asia/ -- Universal Travel Group ("Universal Travel Group" or the "Company") , a leading travel services provider in China, offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced that it has postponed its year 2010 earnings conference call previously scheduled for March 30, 2011 at 09:00 a.m. EDT to a later day in 2011 to be determined. The postponement was not due to any accounting irregularities and will allow the Company and its independent auditors to complete their work on the financial statements and audit. The Company regrets any inconvenience that the postponement may have created.
SHENZHEN, China, April 14, 2011 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group Inc. ("Universal Travel Group" or the "Company") , a leading travel services provider in China, offering package tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced it has engaged EFP Rotenberg&Co, LLP as its independent registered public accounting firm with immediate effect to take over from Windes&McClaughry Accountancy Corporation ("Windes") subject to the Company clearing Rotenberg's client acceptance procedures.
On April 10, 2011, the Company received notification that its principal independent accountants, Windes, had resigned its engagement with the Company effective April 9, 2011. Windes was engaged by the Company on September 30, 2010. Windes' resignation as the Company's principal independent accountant was accepted by the Audit Committee on April 11, 2011.
Windes had informed the Company in its resignation letter that it was no longer able to complete the audit process. Windes stated this was due in part to the Company's management and/or the Audit Committee being non-responsive, unwilling or reluctant to proceed in good faith and imposing scope limitations on Windes' audit procedures.
Windes also stated that it had lost confidence in the Board of Director's and the Audit Committee's commitment to sound corporate governance and reliable financial reporting.
Prior to its resignation, Windes raised the following issues, some of which may be considered to be disagreements, encountered during the audit, including issues related to the authenticity of confirmations, a loss of confidence in confirmation procedures carried out under circumstances which Windes believed to be suspicious; issues concerning the lack of evidence of certain tour package contracts and related cash payments.
As a result, Windes had requested authority to perform additional audit procedures and the above issues to be addressed by an independent Audit Committee investigation. Windes stated in its resignation letter that, in its view, the Company was not willing to proceed in good faith with the course of action requested by Windes. Windes also stated in its resignation letter that in its opinion, it believed that certain statements made by Management and the Audit Committee, between March 29, 2011 and its resignation letter, impaired its independence as it related to the Company.
Universal Travel Group disagrees with Windes' reasons for resignation, in particular, the Company and/or the Audit Committee's purported unwillingness or reluctance and/or non-responsiveness to proceed in good faith and imposition of scope limitations on Windes' audit procedures, the Company's purported unwillingness to proceed in good faith with courses of action requested by Windes and the Company's management and the Audit Committee's purported impairment of Windes' independence in relation to the Company a result of certain statement made by them.
Universal Travel Group believes that it has acted responsively, prudently and in good faith to address the numerous issues raised by Windes during the entire audit process. Windes disagrees. The Company's management, the Audit Committee and Windes attempted to resolve these disagreements to no avail.
The Company has authorized Windes to respond fully to the inquiries of its successor accountant regarding the subject matter of each of such disagreements.
Windes has not provided any opinions, qualification or modification to the Company's financial statements for each of the past two fiscal years. The Company does not have, as otherwise disclosed above, any other disagreements or reportable events as described under Item 304(a)(1) of Regulations S-K.
New Independent Accountants
The Company's Audit Committee approved the appointment of EFP Rotenberg&Co., LLP as its new independent registered public accounting firm effective as of April 12, 2011 and Rotenberg has agreed, subject to the Company clearing their client acceptance procedures, to act as the Company's new independent registered public accounting firm. During the two most recent fiscal years and through the date of the engagement, the Company did not consult with Rotenberg regarding either (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on its financial statements, or (2) any matter that was either the subject of a disagreement (as defined in Regulation S-K Item 304(a)(1)(v)).
Prior to engaging Rotenberg, Rotenberg did not provide the Company with either written or oral advice that was an important factor considered by the Company in reaching a decision to continue the appointment of Rotenberg as its new independent registered public accounting firm.
As a result of Windes' resignation, the Company will not be able to file the Annual Report on Form 10-K by April 15, 2011. Management is committed to work with Rotenberg to complete the audit for fiscal year 2010 as soon as practicable and will file a Current Report on Form 8-K to announce when the annual report for fiscal year 2010 will be filed once timing is ascertained.
Of the 15 stocks halted on the New York Stock Exchange, the Amex or the Nasdaq as of April 11, 12 were Chinese companies.
Universal Travel has long been criticized by short sellers, especially the Australian hedge fund manager John Hempton, who often writes on his blog about the stocks he's selling short. Last September, he wrote an item questioning the company's bona fides.
Universal Travel announced on March 31 that it would need to delay the filing of its 10-K annual report with the Securities and Exchange Commission.
UTA hat mittlerweile des Jahresbericht 2010, sowie Q1 2010 und Q1 2011 publiziert. Ich denke mal ,dass bald auch das Handelsverbot wieder aufgehoben werden sollte.
nach dem neuen Listing im OTC.:-)
Ich werde mal auf deren Webseite nachschauen, wasd es Neues gibt und melde mich wieder.
Was fällt auf?
- Der Umsatz in in 2011 im Vergelich zu 2010 nur noch um 1,4 % gestiegen
- EPS liegt bei 1,08 USD für 2011, d.h. KGV ca. 1,25
- Der Nettogewinn ist 20,8 Mio USD, 5,5 % weniger im Vergleich zu 2010
KGV ist natürlich sensationell niedrig, die Probleme der Bilanzierung sind nach wie vor nicht wirklich gelöst. Aber was auffällt, ist dass das Unternehmen zur Zeit nicht wächst bei Umsatz/Gewinn im Vergleich zur Konkurrenz eLong und Ctrip.com. Würde man ein KGV con 10-15 annehmen, dann müsset der Kurs jetzt beo ca. 15 USD stehen = 11,8 Euro. Es gibt alsonoc bviel zu tun für UTG, sowohl was eine glaubwürdige Bilanz angeht, als auch was das Geschaftswachstum anbelangt!
Hier die Ergebnisse der Konkurrenz in China:
eLong (2011): Umsatz = 93,1 Mio USD (+22%); Gewinn = 6,2 Mio USD (+96%); Hotelbuchungen + 44% auf 9,2 Millionen; EPS = 0,20 Euro (0,14 Euro in 2010); KGV (2011)=70
Ctrip.com (2011): Umsatz = 556 Mio USD (+21%); Nettogewinn: 171 Mio USD (+1%); EPS = 1.12 USD (1.06 in 2010); Cash: 795 Mio USD; KGV (2011) = 17
Universal Travel Group Announces Unaudited Fourth Quarter and Full Year 2011 Results
SHENZHEN, China, May 21, 2012 /PRNewswire-Asia-FirstCall/ -- Universal Travel Group ("Universal Travel Group" or the "Company") (OTC Pink: UTRA ), a leading travel services provider in China, offering packaged tours, air ticketing, and hotel reservation services online and via customer service representatives, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2011.
Strategic shift in the hotel reservation segment, tighter risk management and goodwill impairments position the Company for sustainable business performance.
Fourth Quarter 2011 Highlights
Full Year 2011 Highlights
Fourth Quarter 2011 Financial Results
Revenue for the three months ended December 31, 2011, was $47.0 million compared to $55.5 million for the same period in 2010, a decrease of approximately 15.4%. The decrease in revenue was associated with decreased revenue in air ticketing and packaged tour segments compared to the same period of 2010.
Revenue from air-ticketing was $7.9 million, compared to $9.8 million for the same period last year, a decrease of 19.2%. This decrease was mainly due to lower air-ticket sales in 2011 compared to the previous year, when Shanghai World Expo contributed significantly to higher air-ticket sales. In view of China's continued economic prosperity and strong growth in China's civil aviation transportation volume we believe that our revenue from the air-ticketing segment will grow in the foreseeable future.
Revenue generated by the Company's hotel reservation segment was $4.1 million compared to $3.4 million for the same period in 2010, an increase of 19.8%. The segment benefited from the new strategy implemented in the second quarter of 2011 when the Company discontinued all hotel room wholesale operations previously conducted through the China Booking Association platform. Since then, the Company has focused on the more profitable direct sales of packaged hotel products. After transitioning in the second and third quarters of 2011, revenue in the fourth quarter of 2011 increased compared to the same period in 2010.
Revenue generated by packaged tours was $34.9 million compared to $42.3 million for the same period in 2010, a decrease of 17.4%. Revenues in 2010 benefited significantly from higher business volumes related to the Shanghai World Expo.
Gross profit was $14.5 million for the three months ended December 31, 2011 compared to $14.6 million for the three months ended December 31, 2010, a slightly decrease of 1.2%.Gross profit margin for the fourth quarter of 2011 was 30.8% compared to 26.4% for the same period the previous year. The increase in gross profit margin was mostly due to the growth in revenue generated by the Company's strategic shift to direct sales in its hotel reservation segment.
Selling, general and administrative ("SG&A") expenses totaled $2.8 million compared to $6.1 million for the same period last year, a decrease of 54.1%.The SG&A expenses were 5.9% of revenue for the three months ended December 31, 2010, compared to 11.0% for the same period last year.The decrease in percentage was mainly associated with higher stock based compensation of 2009 incentive stock option plan with accelerated vesting period from six years to three years after the Company reportedafter tax Net Income of $14,000,000, $18,000,000, and $22,000,000 in its Annual Report on Form 10-K filed with the SEC for its fiscal years 2008, 2009, and 2010, respectively.
Income from operations increased 3.8% to $8.9 million from $8.5 million in the same period last year. The Company incurred non-cash charges related to stock-based compensation in the fourth quarter of $0.7 million and impairment loss of goodwill $2.5 million. Excluding this non-cash charge, the Company's adjusted income from operations would be $12.1 million for the fourth quarter of 2011, a decrease of 2.7% from the same period last year. Adjusted operating margin was 25.8%.*
Net income was $6.0 million compared to $5.5 million for the same period last year.The Company incurred non-cash charges related to the change in fair value of derivative liabilities of $0.05 million, stock-based compensation of $0.7 million, and impairment loss of goodwill of $2.5 million in the fourth quarter.Excluding these non-cash charges, the Company's adjusted net income from continuing operations would be $9.2 million, or $0.46 per fully diluted share, a slight decrease of 4.4% compared to $9.6 million, or $0.50 per fully diluted share, in the fourth quarter of 2010.*
Full Year 2011 Financial Results
Revenue for full year 2011 was $155.4 million compared to $153.3 million for the same period in 2010, an increase of 1.4%. Revenue from air-ticketing was $23.6 million compared to $24.2 million last year, a decrease of 2.3%. Revenue generated by the hotel reservation segment was $13.5 million compared to $14.3 million in 2010, a decrease of 6.0%. Revenue generated by package tours was $118.3 million compared to $114.8 million in 2009, an increase of 3.1%.
Gross profit was $42.2 million compared to $41.1 million for full year 2010, an increase of 2.6%. Gross profit margin for the full year of 2011 was 27.1% compared to 26.8% last year.
SG&A expenses totaled $10.7 million compared to $11.8 million for the same period last year, a decrease of 9.4%. SG&A expenses were 6.9% of revenue compared to 7.7% for the same period last year.
Income from operations decreased 2.1% to $28.8 million from $29.4 million in the full year 2010. The Company incurred non-cash charges related to stock-based compensation in the full year 2011 of $3.1 million compared to $4.9 million in the year earlier period. In addition, the Company recognized the impairment of its goodwill in the amount of $1.54 million, $0.63 million, and $0.35 million in its subsidiary Shanghai Lanbao Travel Service Co., Ltd. and affiliated entities, Huangshan Holiday Travel Service Co. and Hebei Tianyuan Travel Agency Co., Ltd., respectively, for the year ended December 31, 2011.
Excluding this non-cash charge, the Company's adjusted income from operations would be $34.4 million for the full year 2011, similar to 2010 Adjusted operating margin was 22.1%.*
Net income was $20.8 million compared to $22.0 million for the same period last year. The Company incurred non-cash charges related to the change in fair value of derivative liabilities of $0.5 million, stock-based compensation of $3.1 million, and impairment loss of goodwill of $2.5 million in the full year 2011.
Excluding these non-cash charges, adjusted net income would be $25.9 million, or $1.29 per fully diluted share, no change from $25.9 million, or $1.34 per fully diluted share, in the full year 2010.*
* See Table 1 for a reconciliation of operating income, net income and EPS to exclude non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation.
Cash and cash equivalents were $10.0 million as of December 31, 2011. Current assets and current liabilities as of December 31, 2011, were $142.7 million and $11.5 million, respectively, yielding working capital of $131.2 million. The Company has no long-term debt.For the twelve months ended December 31, 2010, net cash provided by operating activities was approximately $18.0 million.
Use of Adjusted Financial Measures
GAAP results for the three months ended December 31, 2011 include non-cash charges related to the change in fair value of derivative liabilities, stock-based compensation, and goodwill impairment loss. To supplement the Company's unaudited consolidated financial statements presented on a GAAP basis, the Company has provided adjusted financial information excluding the impact of these items in this release. It is a departure from US GAAP, however, the Company's management believes that this adjusted measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.