In these days of advanced mobile technology, Asia Time Corporation is a continuing success story in the growing Asian marketplace, providing one of the most basic of human devices: the watch. Asia Time distributes watch movements, the complex and diminutive mechanism inside the watch that makes it work, to wholesalers, retailers, and watch manufacturers in Hong Kong and throughout China.
Using its expanding direct sales force, the company distributes hundreds of different watch movement products, which it gets from market leading vendors like Citizen and Seiko. On a smaller scale, Asia Time also designs and manufactures some watches, mostly for online retailers. In addition, they provide related services, such as automated inventory management, in support of their distribution operations.
The company’s ongoing growth was highlighted in an earlier press release, where Chairman and CEO Kwong Kai Shun said, “Our core quartz movements and complete watch businesses continue to demonstrate solid growth despite the worldwide economic crisis. We generated approximately $14.0 million in revenue and $2.6 million in gross profit for the month of August, representing growth of approximately 51% and 55%, respectively, compared to the month of August 2007. Current backlog of approximately $3.3 million, compared to $2.4 million at June 30, 2008, offers visibility to continuing order fulfillments during the fourth quarter and 2008 holiday selling season.”
Mr. Kwong went on to talk about plans for the future. “Looking ahead, to further broaden our revenue streams and reduce our reliance on third party quartz movement suppliers, we are seeking to expand our capabilities in both our core quartz movements and complete watch and emerging mechanical watch business segments where there remain significant growth opportunities long-term.”
Asis Time indicates it is targeting revenue and net earnings growth of more than 50% in 2008, as compared to 2007.
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