Acorn International Inc. (ATV: Quote) announced its unaudited financial results for the second-quarter ended June 30, 2012. Net loss attributable to the company was $5.2 million, compared to net income of $3.8 million in the second quarter of 2011. Loss per American Depositary Share or ADS was $0.17, as compared to earnings per ADS of $0.13 for the second quarter of 2011.
Total net revenues were $46.1 million for the second quarter of 2012, a decrease of 44.3% from $82.9 million for the second quarter of last year. Direct sales contributed to 93.4%, or $43.1 million, of the total net revenues for the second quarter of 2012, a decrease of 44.3% from $77.3 million for the same period last year. The decrease in direct sales levels resulted mainly from a decline in sales generated from mobile phones, cosmetics and collectible products.
The company said it lowered its 2012 guidance, due to lower-than-anticipated performance in the first half of 2012 and the overall macro-economic environment in China. The company now anticipates revenues between $260 million and $280 million and a net loss between $14 million and $16 million. Earlier, the company had expected revenues to be between $380 million and $400 million and net income between $6 million and $8 million.
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by RTT Staff Writer
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