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Trunkbow Announces First Quarter 2012 Financial Results

BEIJING May 21, 2012 March 31, 2012

First Quarter and Recent Financial and Business Highlights

  • $6.8 million $5.1 million
    • $2.4 million $3.7 million
    • $4.4 million $1.4 million
  • $5.3 million $4.4 million
  • $2.2 million $0.06 $3.4 million $0.09 $1.3 million $1.0 million April 2012
  • March 31, 2012 $6.1 million December 31, 2011
  • Sichuan Heilongjiang Province
  • Shandong
  • $23 million

"Our first quarter operational performance has Trunkbow firmly on-track to meet our 2012 objectives with respect to overall growth and the continued development of our emerging MPS segment. We achieved solid growth over the first quarter of last year, with gross revenue up more than 30% in addition to gains in both gross profit and operating income. The year-over-year decline in net income was primarily caused by the timing of receipt of our VAT refund, which was recognized in the first quarter of 2011, but it expects to record in the second quarter this year," said Mr. Qiang Li, Chief Executive Officer of Trunkbow. "Our most notable accomplishment in the first quarter was the growth of our mobile payments business, in which we increased revenue more than three-fold on a year-over-year basis with shared revenue growing over 100% from the level we achieved in the first quarter of 2011. We continued increasing the reach of our technology through expansion of our partnerships with China Unicom and China UnionPay, which have strengthened our nationwide merchant acquisition efforts, which are critical to Trunkbow’s long-term success and the continued advancement of our business model."

China

First Quarter 2012 Results

$6.8 million $5.1 million $2.4 million $3.7 million $4.4 million $1.4 million

$1.3 million $0.6 million

$5.3 million $4.4 million

$2.7 million

$2.6 million $2.4 million

$2.2 million $0.06 $0.10 $0.09 $1.0 million April 2012

Balance Sheet and Cash Flow

March 31, 2012 $6.1 million December 31, 2011 March 31, 2012 $65.5 million $84.9 million March 31, 2012 $42.3 million May 18, 2012 $4.6 million

Business Outlook

$23 million China

Mr. Li concluded, "We are proud of what we have accomplished in the first quarter with regard to the ongoing development of our MPS operations and our efforts to migrate this segment of the business from a model focused on one-time platform installations to one that is built upon a solid foundation of recurring revenue from transaction processing and shared services. Our efforts last year were centered around the development of infrastructure needed to support a concentrated merchant acquisition and consumer engagement program. With these resources in place nationwide, we are working closely with our carrier partners and China UnionPay to build awareness of the benefits of MPS among merchants and mobile subscribers to make the technology more prevalent in the market. Our ultimate goal is to help make the mobile phone as synonymous with payments as cash, credit and debit cards. We not only believe that this goal can be accomplished, but that 2012 will be a transformational year for the MPS industry and our Company, in which substantial progress can be made toward this objective."

Conference Call

May 21, 2012 8:00 a.m. EDT

May 21, 2012

About Trunkbow

China www.trunkbow.com

Safe Harbor Statement

China

Contact Information

In China:

In the U.S.

Trunkbow International Holdings Limited

The Piacente Group

Ms Alice Ye, Chief Financial Officer

Brandi Floberg/Lee Roth

Phone: +86 (10) 8571-2518 (Beijing)

Phone: + (1) 212-481-2050 (New York)

[email protected]

[email protected]

The Piacente Group

Wendy Sun

Phone: +86 (10) 6590-7991(Beijing)

[email protected]

 

– FINANCIAL TABLES FOLLOW –

 


 

March 31,

December 31,

2012

2011

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

6,071,371

$

6,139,589

Accounts receivable

42,262,303

41,147,767

Advances to suppliers

11,926,430

13,270,125

Prepayment

2,148,201

316,258

Other current assets, net

6,944,759

4,040,152

Due from directors

577,801

758,033

Inventories

12,292,660

11,297,513

Deferred tax asset

118,699

117,952

Total current assets

82,342,224

77,087,389

Property and equipment, net

12,352,836

11,561,034

Land use right, net

5,912,852

5,905,583

Intangible assets, net

279,971

33,958

Long-term prepayment

792,899

2,733,363

TOTAL ASSETS

$

101,680,782

$

97,321,327

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$

1,194,843

$

2,238,179

Accrued expenses and other current liabilities

2,298,441

2,216,128

Short-term loan

10,097,333

6,460,945

Due to directors

11,959

Taxes payable

3,240,015

4,209,907

Total current liabilities

16,830,632

15,137,118

Total liabilities

16,830,632

15,137,118

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