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| | Business Summary: ACL Semiconductors Inc., together with its subsidiaries, engages in the distribution of `Samsung' branded electronic components and other memory chip products in Hong Kong and southern China. | | | Address
6 Wang Kwun Rd
Kowloon
Phone: 852-2799-1996
| | Auditor |
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JEFERRY TSANG & CO.
Hong Kong | | Transfer Agent |
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American Stock Transfer & Trust Co.
| Employees: 43
ShareHolders: 211 | Founded: 1984
Domicile: Delaware | | | |
| | ACL Semiconductors Inc., together with its subsidiaries, engages in the distribution of `Samsung' branded electronic components and other memory chip products in Hong Kong and southern China. Its products include synchronous dynamic random access memory (SDRAM), dynamic random access memory (DRAM), double data rate ram (DDR), graphic random access memory (graphic RAM), flash products, and multi-chip packing. SDRAMs are random access memory components, which are used in semiconductor memory component in computer peripherals, digital still cameras, modems, ADSL applications, DVD players, set-top boxes, digital TVs, and portable multimedia players. DDRs are random access memory components that transfer data on 0-1 and 1-0 clock transitions, theoretically yielding twice the data transfer rate of normal RAM or SDRAM. Graphic RAM is a special purpose DDR as graphic products request 3-Dimensional calculation performance and large memory size as data storage buffer for DVD display and computer game display. Flash memory is a memory component used to store user data and program code, and retains the information even when the power is off. ACL Semiconductors' principal customers include memory product traders and PC/Servers OEM manufacturers. The company was founded in 1984 and is based in Kowloon, Hong Kong. | | History: INCORPORATED in Delaware Sept. 17, 2002 as Print Data Corp., a wholly owned subsidiary of Print Data Corp., a Nevada concern (Print Data Nevada). Name changed to ACL Semiconductors Inc. Dec. 16, 2003.
October 11, 2002, merged Print Data (Nevada), its former parent, with each Print Data (Nevada) Common share converted into one Common share and each Print Data (Nevada) Preferred share converted into five Common shares of the company, which continued as the surviving concern. Print Data (Nevada) was originally incorporated in Delaware Aug. 15, 1984, and on Sept. 13, 2001, merged Odyssey Capital Group, Ltd., a Nevada concern, which then changed its name to Print Data Corp. (Nevada) on that date. In the merger, shareholders of the Delaware concern received 7,500,000 Odyssey Capital Common and 642,576 Odyssey Capital Convertible Preferred shares. Concurrently, an additional 790,000 Odyssey Capital Preferred shares were issued to certain advisors and consultants as part of the merger transaction.
Odyssey Capital Group, Ltd. was incorporated in Nevada June 26, 1987 as Dayton Filmcorp, and on July 8, 1987, merged World Energy Solar Technology Corp. (a Utah concern), with Dayton Filmcorp as the surviving corporation. Name changed to Universal Marketing and Entertainment, Inc. Nov. 10, 1994; and to Odyssey Capital Group, Ltd. May 11, 2001.
September 30, 2003, issued 22,380,000 Common shares to acquire all shares of Atlantic Components Limited, a Hong Kong concern incorporated on May 30, 1991. In connection with the acquisition, the company conveyed the assets of its historic information supply business to New Print Data Corp., in exchange for 999,999 New Print Data Corp. Common shares. On Oct. 1, 2003, the company sold its entire holdings in New Print Data Corp. to holders of the company's Series A Preferred shares in exchange for cancellation of the company's outstanding 500,400 Series A Preferred shares, representing 100% of that outstanding series of Preferred. | | | | Subsidiaries: |
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Alpha Perform Technology Limited
Atlantic Components Limited
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Management
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| Officers | Position |
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| Chung-Lun Yang | Chairman, President & Chief Executive Officer | | Lap-Yin Chan | Treasurer, Chief Financial Officer, Chief Accounting Officer & Controller |
| | Directors |
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| Ben Wong | | Chung-Lun Yang | | | |
| | | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 50,000,000 | 28,329,936 |
| | | | LONG TERM DEBT: $2,527,350. | | | | Common $0.001 par | | | |
Stockholders:
04/11/2008,
211.
| | PRINCIPAL STOCKHOLDERS: December 31, 2007, Chung-Lun Yang owned or controlled 78.9% of the Common. | | | |
Transfer Agent: American Stock Transfer & Trust Co.
New York
, NY | | | | OTC Bulletin Board( Primary): ACLO | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2007 | 0.1500 | 0.0600 | | OTC Bulletin Board | 2006 | 0.3400 | 0.0500 | | OTC Bulletin Board | 2005 | 0.4800 | 0.0600 | | OTC Bulletin Board | 2004 | 2.2800 | 0.2300 | | OTC Bulletin Board | 2003 | 3.0000 | 0.0050 | | OTC Bulletin Board | 2002 | 1.4000 | 0.0050 |
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| | | | DIVIDENDS: Common $0.001 par: None.
Common reverse split 1-for-20, Oct. 7, 2002. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 | 2005 |
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| NET SALES | 160,404,924 | 105,642,123 | 110,207,743 | | COST OF SALES | 156,533,635 | 101,544,098 | 107,004,491 | | GROSS PROFIT | 3,871,289 | 4,098,025 | 3,203,252 | | OPERATING EXPENSES: |
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| | Selling | 69,260 | 791,367 | 745,755 | | General and administrative | 3,047,542 | 2,167,057 | 2,059,150 | | Rental income | 37,179 | -- | 3,502 | | Interest expense | 1,009,006 | 688,693 | 203,192 | | Gain on disposal of property and equipment | 218 | -- | -- | | Unrealized gain on marketable securities | 404,780 | -- | -- | | Miscellaneous | 331,267 | 267,911 | 184,093 | | INCOME (LOSS) BEFORE INCOME TAXES | 518,925 | 718,819 | 382,750 | | INCOME TAXES | 187,833 | 163,415 | 123,235 | | NET INCOME (LOSS) | 331,092 | 555,404 | 259,515 | | Share earns. basic | $0.01 | $0.02 | $0.01 | | Share earns. diluted | $0.01 | $0.02 | $0.01 |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| ASSETS: |
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| | Cash and cash equivalents | 2,002,454 | 1,447,486 | | Restricted cash | 4,972,288 | 2,708,577 | | Accounts receivable, net | 7,594,784 | 2,008,474 | | Accounts receivable, related parties | 7,955,764 | 7,372,467 | | Inventories, net | 3,483,994 | 3,253,255 | | Income tax | 49,375 | -- | | Other current assets | 83,061 | 40,937 | | Total current assets | 26,141,720 | 16,831,196 | | PROPERTY, EQUIPMENT AND IMPROVEMENTS, net | 6,933,998 | 3,909,121 | | OTHER DEPOSITS | 387,245 | 381,038 | | Total assets | 33,462,963 | 21,124,355 | | LIABILITIES AND STOCKHOLDERS' EQUITY |
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| | CURRENT LIABILITIES: |
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| | Accounts payable | 12,592,685 | 5,009,723 | | Accrued expenses | 186,738 | 314,224 | | Lines of credit and loan facilities | 15,610,488 | 10,838,467 | | Current portion of long-term debt | 180,228 | 107,739 | | Income tax payable | -- | 74,839 | | Due to shareholders for converted pledged collateral | 112,385 | 112,385 | | Other current liabilities | 284,044 | 302,430 | | Total current liabilities | 28,966,568 | 16,759,807 | | Long-term debt, less current portion | 2,589,213 | 1,900,997 | | Common stock, $0.001 par value | 28,330 | 27,830 | | Additional paid-in capital | 3,593,027 | 3,488,527 | | Amount due from stockholder/director | (75,998) | 913,463 | | Accumulated deficit | (1,638,177) | (1,969,269) | | Total stockholders' equity | 1,907,182 | 2,460,551 | | Total liabilities | 33,462,693 | 21,121,355 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 52,910,000 | | 2008 |
2 | 45,250,000 | | 2007 |
2 | 31,730,000 | | 2007 |
3 | 43,890,000 | | 2007 |
4 | 52,740,000 | | 2007 |
Full Year
| 160,400,000 | | 2006 |
1 | 25,180,000 | | 2006 |
2 | 21,040,000 | | 2006 |
Full Year
| 105,640,000 | | 2005 |
1 | 28,650,000 | | 2005 |
2 | 26,500,000 | | 2005 |
3 | 28,810,000 | | 2005 |
Full Year
| 110,210,000 | | 2004 |
2 | 33,280,000 | | 2004 |
3 | 34,720,000 | | 2004 |
Full Year
| 133,240,000 | | 2003 |
1 | 15,080,000 | | 2003 |
2 | 17,080,000 | | 2003 |
3 | 20,300,000 | | 2003 |
4 | 20,210,000 | | 2003 |
Full Year
| 72,670,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (600,000) | | 2008 |
2 | 400,000 | | 2007 |
2 | (170,000) | | 2007 |
3 | 540,000 | | 2007 |
4 | (100,000) | | 2007 |
Full Year
| 330,000 | | 2006 |
1 | 110,000 | | 2006 |
2 | (80,000) | | 2006 |
Full Year
| 555,400 | | 2005 |
1 | 190,000 | | 2005 |
2 | (300,000) | | 2005 |
3 | 110,000 | | 2005 |
Full Year
| 259,500 | | 2004 |
2 | (110,000) | | 2004 |
3 | (360,000) | | 2004 |
Full Year
| (454,000) | | 2003 |
1 | 180,000 | | 2003 |
2 | 220,000 | | 2003 |
3 | (2,190,000) | | 2003 |
4 | 350,000 | | 2003 |
Full Year
| (1,437,700) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (.02) | | 2008 |
2 | .01 | | 2007 |
2 | .01 | | 2007 |
3 | .02 | | 2007 |
4 | Nil | | 2007 |
Full Year
| .01 | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2006 |
Full Year
| .02 | | 2005 |
1 | .01 | | 2005 |
2 | (.01) | | 2005 |
3 | Nil | | 2005 |
Full Year
| .01 | | 2004 |
2 | Nil | | 2004 |
3 | (.01) | | 2004 |
Full Year
| (.02) | | 2003 |
1 | .01 | | 2003 |
2 | .01 | | 2003 |
3 | (.10) | | 2003 |
4 | .01 | | 2003 |
Full Year
| (.06) |
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