New Market China, Inc., is a technology leader in the rapidly developing Chinese market specializing in software engineering, high quality software development, and digital multimedia outsourcing services delivered to customers globally. Yesterday the company’s CEO, John T. Verges, and CFO, Philip J. Rauch, conducted a webcast to review the Company’s 2007 business operations and financial performance filed last week on SEC Form 10-KSB.
The webcast is available in its entirety at: www.investorcalander.com. The company proudly reported total revenues of $40 million for 2007 a drastic 36% increase from only $29.5 million the prior year. Verges and Rauch reported that gross profit margin for the company has risen to 41% this year, and net income has risen 83% from 2006 to $991,000. The company now has positive cash flows from operations which translates to a 55% increase in stockholders equity from the end of 2006.
Management expects a further increase to $50 million in annual revenue for 2008 through mostly organic growth, but has not ruled out the possibility of possible mergers and acquisitions. They declared that the breakeven point for the company is $40 million in revenues, so they expect 2008 to be the first year of profitability for the company. The company hopes to achieve increased profits by further improving margins and reducing costs.
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