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Acorn Int'l swings to loss in Q1

May. 25, 2012 (China Knowledge) - Acorn International Inc<ATV>, a leading integrated multi-platform marketing company in China, has posted US$2.3 million-net loss attributable to shareholders for the first quarter of this year, whereas it earned almost USD 1 million in net profit in the same period of last year.

Diluted loss per American Depositary Share was US$0.08 in the first quarter of 2012, compared with earnings per ADS of US$0.03 for the first quarter of 2011.

Total revenues amounted to US$68.1 million in the three months ended Mar. 31, 2012, reflecting a YoY decline of 18.9% from US$84 million. Advertising expenses stood at US$15.8 million in the reporting period.

As of Mar. 31, 2012, U.S.-listed Acorn International had US$122.6 million in cash, whereas it had US$122.7 million at the end of 2011.  

For the whole year 2012, the company expects its revenue to be in the range of US$380 million to US$400 million, and its net profit is expected to reach between US$6 million and US$8 million this year.

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