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Acorn International, Inc. (NYSE:ATV)

Q2 2009 Earnings Call

August 20, 2009 8:00 am ET

Executives

Chen Fu - IR

James Hu - CEO

Gordon Wang - CFO

Analysts

David Garceau - Advisors Search Group

John Ma - Roth Capital Partners

Richard Stefanik - Barbara Investment Group

Steven Monticelli - Mosaic Investments

Operator

Welcome to the ATV Earnings Call. (Operator Instructions)

I would now like to turn the presentation over to Chen Fu, Director of Investor Relations of Acorn International.

Chen Fu

Thank you for joining us today for our second quarter 2009 earnings conference call. With me today are, Mr. James Hu, Chief Executive Officer, and Mr. Gordon Wang, Chief Financial Officer. After our prepared remarks, we will open the line for questions. As a reminder this conference call is being recorded. A live webcast and replay of this conference call will be available in Investor Relations section of our website.

Before we continue, I would like to remind you that the discussion today will contain forward-looking statements. Forward-looking statements include, among others, those regarding Acorn’s anticipated future media purchases, revenue mix and operating results. Acorn's business involves a number of inherent risks and uncertainties as such actual results may be materially different from the views expressed or anticipated results described today. A number of potential risks and uncertainties are outlined in the company's public filings with the US Securities and Exchange Commission. Acorn International does not undertake any obligation to update any forward-looking statements, except as required by applicable law.

On the call today, we will also mention non-GAAP financial measures during the discussion of our performance. Reconciliation of those measures to comparable GAAP information can be found in the second quarter 2009 earnings release that was distributed earlier.

Now, please allow me to turn over the call to our CEO, Mr. James Hu.

Gordon Wang

[Foreign Language]

Chen Fu

In interests of time, please allow me to comment on the company's financial and operational results on behalf of our CEO, Mr. James Hu. Despite the second quarter being seasonally slow, our business continued its past recovery. We achieved topline growth of 15.9% and significantly reduced the net loss from continuing operations from the same period last year.

Moreover, our gross profit margins grew by 3.6 percentage points from 48.5% to 52.1%. This result is built on our successful performance in the first quarter and reflects our renewed focus on developing and marketing proprietary products, and on improving media efficiency through more prudent media purchasing.

We also continued to enhance our knowledge about our customers and employed targeted direct marketing through effective customer database mining. Based on our progress in the first half of this year, we are confident in our corporate strategy, which has placed Acorn on the resumed growth path and our sales and marketing platform is growing stronger, more efficient and more profitable.

As the leader in China’s TV direct sales industry, our direct sales programs air on 46 channels, 34 of which are national, including five national CCTV channels, this gives us the ability to reach over 90% of TV households in China or approximately 500 million people. Our integrated platform combines TV direct sales with a distribution channel that covers 20,000 retail outlets, catalog sales, Internet sales, outbound calls and third party bank channels to create powerful synergies and enable successful products to scale their sales and to reach national consumer markets.

We have an unmatched ability to help new products achieve broad adoptions and profitability in a short period of time. As part of our renewed strategy to growing proprietary brand of products, we focus our efforts on developing our English learning products such as Ozing and Meijin, our own branded cosmetics line and branded mobile phones in 2009.

The recovery of Ozing sales has been particularly impressive and demonstrates the effectiveness of our multi-channel marketing and sales platform. Second quarter Ozing sales nearly tripled from the corresponding quarter last year. The growth in Ozing includes sales from our touch reader product series, which we introduced in third quarter 2008.

Sales of Meijin, our electronic dictionary grew 12.4% for the quarter. Our student related products have continued as the main drivers of growth due to improved technology, intensive TV marketing and consolidated distribution channels. We sell our products through direct sales channels, as well as through third-party distributors and focus on quality, advanced functionality and competitive pricing.

Our cosmetic products' segment represents a second area of expansion. For the quarter, cosmetic sales grew more than 50%, driven mainly by the strong performance of our Cobor branded cosmetics line, and were the largest contributor to direct sales in the quarter. We plan to continue to expand our focus on cosmetics as this category managed itself to [reap] the customers.

We have been promising early success with the Dr. Cell cosmetics brand and MAYWUFA, a popular line of hair dye products from Taiwan. Those products have created excellent customer satisfaction rate of over 90%.

We are also pleased with our progress in developing our third-party bank sales. As a promising new sales channel, for the second quarter of 2009, our third-party bank sales contributed to $3.4 million of revenues, an increase of 69.1% from $2.0 million in second quarter of 2008. We also added eight new banking partners to the 16 partners we had in the first quarter of 2009 and intend to continue establishing new cooperative relationships.

We're encouraged by recent initiatives to expand our catalog sales to more effectively stimulate continuity business by including these catalogs with product shipments. We believe more effective customer database mining will help us better track sales and encourage reap the customer sales.

Our handset sales grew 28.5% year-on-year due to the successful marketing of our Uking A300 series in the second quarter. Despite an overall decline in consumer electronic sales in the first half of this year, our mobile phone handsets continued to grow, leveraging Acorn’s effective multi-channel marketing and distribution platform. In the second half of 2009, we expect to launch, what we believe will be the first dual-band, GSM and WCDMA cell phones for the domestic Chinese market under the Uking brand, which will further solidify our position in an otherwise competitive mobile handsets market.

Following the regulation banning of TV advertisement for stock tracking software products, we have made a decision to divest 33% of our ownership in Yimeng in the second quarter of 2009. We received $15.3 million in dividends and $10.5 million in cash for our stake in Yimeng on an original investment of $160,000 in December, 2005 and retained the remaining 18% as a long-term investment. We believe that the divestiture will sharpen our strategic focus on the synergy of our on-air and off-air marketing platform.

Regarding expected starts, new regulations on TV direct sales industry, we continue to monitor development in this area and welcome the establishment and an enforcement of stricter rules in this industry, as ways to raise the entry barriers and eliminate unscrupulous [black] players.

In summary, we're encouraged by our improved operational performance in the second quarter, which provide us with a confidence that our company has returned to a path of sustainable growth and profitability in 2009. While we still consider Ozing and Meijin as the main drivers of growth for the year, we expect to see increased contribution from our cosmetic products and mobile handsets.

By continuing to execute along our strategy, we're confident of our ability to deliver a remarkable financial turnaround for 2009, and reemerge as the clear industry leader in the TV direct sales industry. This concludes James’s remarks.

Now, I would like to transfer the call to Gordon.

Gordon Wang

I will now review our financial performance for the second quarter of 2009. Before we proceed, I have been mentioning it every quarter. I would like to remind you that, because of seasonality in the sales of some of our products, we'll focus on year-on-year and not on sequential quarterly comparisons. Also, as a result of 33% equity interest disposal of Yimeng, just described above, Yimeng has been reported as a discontinued operation. Accordingly, the company's consolidated statements of operations separate the discontinued operations from all historical numbers presented.

For the second quarter of 2009, total net revenues grew 16% to $49 million from $42.3 million in the second quarter of 2008. Direct sales contributed 74.4% or $36.4 million to total net revenue and remained approximately at levels with the second quarter of 2008. Gross profit for the quarter was $25.5 million, up 24.3% from $20.5 million in the second quarter 2008.

Gross margin was 52% up from 48.5% a year ago. Gross margin for direct sales for the second quarter 2009 was 59.7% up from 51.1% in the same period last year. The increase in gross margin was largely due to the increase in sales of products with higher gross margins, such as cosmetics and Uking A300 series.

Gross margin for distribution sales for the second quarter 2009 was 29.9%, down from 32.3% in the same period last year. The decrease in gross margin was due to the addition of lower margin mobile handset sales from the consolidation of Yiyang Yukang. Media return calculated as a gross profit of advertising expenses, a benchmark Acorn uses to measure return on multiple sales platforms was 1.76 in the second quarter of 2009, up from 1.13 in the second quarter of 2008.

Other selling and marketing expenses increased 12.9% to $8.4 million from $7.4 million a year ago. The increase was mainly due to the amortization of intangible assets related to the acquisition of Yiyang Yukang and the increase in shipping cost, in shipping, packaging and printing costs, due to one-time litigation cost and to a lesser extent, the increase of salaries and benefits.

General and administrative expenses were $8.6 million in the second quarter, a 37% increase from $6.3 million in the second quarter of 2008. Other operating income was $1.4 million down from $2 million a year ago. As a result of these factors, loss from operations was $4.6 million as compared to a loss of $9.3 million in the prior year period.

Share-based compensation expenses were $0.8 million compared to $1.2 million for the second quarter of 2008. Excluding share-based compensation expenses, non-GAAP loss from operations for the second quarter of 2009 was $3.8 million, compared to a loss from operations of $8.2 million for the same period of last year.

Net income attributable to the holders of ordinary shares was $11.4 million, compared to $7.8 million loss for the second quarter of 2008. We continue to maintain a healthy cash balance as of June 30, 2009, Acorn’s cash and cash equivalents totaled a $128.9 million, a decrease of $36.4 million for March 31, 2009. This change was mainly due to the deconsolidation of Yiyang Yukang and to the performance-based earn-out payment of Yiyang Yukang of $6.7 million.

Given the company's strong financial performance for the first half of 2009, and the positive outlook for the remainder of the year, we reaffirm our guidance for the net revenue in the range of $310 million to $350 million and a net income attributable to holders of ordinary shares including share-based compensation expenses and investment income to between $14 million and $16 million, in line with company's statements we made to 2009.

These estimates are subject to change and also I'd like to remind you that our operating results in each period are impacted significantly by mix of the product and services sold in the period and the platforms on which they are sold. With that, I'd like to conclude our formal presentation. We will now be happy to take your questions.

Question-and-Answer Session

Operator

(Operator Instructions). The first question comes from the line of David Garceau with Advisors Search Group. Please proceed.

David Garceau - Advisors Search Group

Thanks to your synopsis of events. With all of the cash and cash equivalents you have, do you plan on using any of that to force the growth through acquisitions?

Gordon Wang

As you know, Acorn's model has been always a development of new product and brands and accretive model in the past, although the accretion historical has been in the knowing the product type of companies and in the smaller type of amount, and they also involve the joint ventures, so we continue to execute our such a business model basically we'll look at the products that will fit into our model; and particularly in the cosmetics and health and beauty sector, and in addition, in term of the new type of sales platform, such as our non-TV sales platform, such as the catalog, radio and internet, et cetera. And we will also actively looking at the opportunities, but currently specifically we don't have any specific target at all to discuss.

Operator

Next question comes from the line of John Ma with Roth Capital Partners.

John Ma - Roth Capital Partners

I have a couple of questions. First question to Gordon is that, we notice you have, short-term expense investment has gone up in the second quarter. I'm just curious how much income you generate? What is your invested income in the second quarter?

Gordon Wang

The investment income from second quarter was not a significant. I believe it's just a couple of hundred thousand US dollar.

John Ma - Roth Capital Partners

Next question is, back to your guidance, you guided next for the whole year to Acorn to deliver $210 million to $215 million in revenues. Now, the first two quarters so far, you've done 136. So it looks like, your revenues are highly back-end loaded. So how much confidence or visibility do you have for the next two quarters?

Chen Fu

The question from John was our ability, our confidence to meet the revenue guidance of $310 million to $350 million. In response to that, James answer was, coming up the third quarter is actually one of our strongest revenue or earnings seasons throughout the year and it's largest contributor to our total revenues throughout the year. For the third quarter we are fairly confident that on one hand the ELP Ozing business will be the strongest season, traditionally so, and also there may be also upsides coming from the cosmetics business. Also with the recovery of mobile handsets starting in July and August in the domestic markets, as well as the launch of our proprietary Yukang mobile handsets model, we are fairly confident we will be able to meet that revenue guidance for the full year.

John Ma - Roth Capital Partners

If I may ask one more question, I know you only allow two questions, but it seems like your cosmetics business has grown quite strong. Now, going forward in the second half, will we see this product line be your biggest revenue contributor?

James Hu

[Foreign Language]

Chen Fu

The question is on the importance of the cosmetics product segment for Acorn going forward. James response is that, since the initiatives that we have launched in the last year, we have (inaudible) amount of resources and energy in developing cosmetics and we've seen very positive progress in the first half of this year. Looking into the future, we are still fairly positive or confident that it is going to be more than likely in at least the top three product segments for us and the sales that we have so far generated are actually mostly coming from the direct sales channels. So, with the continuing development we expect to increase our sales on the distribution channel for cosmetics. So it is very likely that the cosmetics will become a very important business segment for us.

James Hu

[Foreign Language]

Chen Fu

Regardless of discussion on the direct sales channel or distribution channel, cosmetics segment will be a very important business for Acorn in the remaining of the year and forward.

James Hu

[Foreign Language]

Chen Fu

Given that cosmetics is a consumer related business and the efforts that we have applied in, whether it’s in E-Commerce or third-party bank channels or catalogs, we have accumulated a wealth of customer database through the effective leveraging of customer database, data-mining. We're fairly confident that cosmetics will be a very important business segment going forward.

Operator

Next question comes from the line of [Richard Stefanik] with [Barbara Investment Group].

Richard Stefanik - Barbara Investment Group

Most of my questions pertain to the balance sheet. My first question is regard to the Yimeng sale. You were carrying it in the cash and cash equivalent section of the balance sheet. Why wasn't that carried as a long-term investment? It was a private company and presumably it was in a liquid investment. Why was it carried at cash and cash equivalence?

Gordon Wang

No, actually it is carried. Let me explain to you the two things that is related to Yimeng acquisition. Some of you may have same questions. The 18% of the remaining interest, it is carried out as long-term investment on the balance sheet and the cash changes from previous quarter right now results $128 million, because previously Yimeng had roughly about $40 million, which is fully consolidated into our balance sheet. Right now we already received roughly $7.5 million of the dividend payments.

Richard Stefanik - Barbara Investment Group

How much dividend payments did you receive?

Gordon Wang

Already got $7.5 million and the remaining $17.5 million to be received is also on the balance sheet on prepaid expenses and other current assets. On that line, which has increased from $13 million to $26 million, that's also including the $10 million from the stake from the disposal and also additional $7.5 million from the dividend payments.

Richard Stefanik - Barbara Investment Group

Prior to the transaction, shouldn't you have been carrying it in the cost? You should have been carrying it in the cost in your long-term investment line?

Gordon Wang

That's right. It is carrying cost. It's very low cost.

Richard Stefanik - Barbara Investment Group

I know, but from an accounting standpoint, it should have been carried in the long-term investment lines at cost. So that, when you completed this transaction, this should have been a markup in cash and a markup in your long-term investments?

Gordon Wang

This is exactly what is happening. Previously, the cash was a before they consolidated into our balance sheet, because it's control interest. So, what you are describing is exactly right. So there is a cash changes. So there are two changes. One is on the cash balance changes and one is actual receiving cash. We received more cash. The other one is also, because of the deconsolidation and the $40 million is not on the balance sheet. On the long-term investment, previously it was a very small part and now it has increased to $6.4 million something, which is the increase of a $4.2 million, with the 18% interest.

Richard Stefanik - Barbara Investment Group

That's the investment affiliates, it's not long-term investments. What are these long-term investments on the balance sheet?

Gordon Wang

The long-term investment is the investment in principal type fixed income investments.

Richard Stefanik - Barbara Investment Group

The other question was regarding your earn-out payments to Yiyang, Yukang. What's the current outstanding balance if they hit all their targets, how much more do you have to pay out to them?

Gordon Wang

We have a full disclosure, we can send you again, but basically, roughly, we already paid cash plus shares equivalent of roughly about $20 million and there will be remaining maximum additional $24 million if they meet their earnings target for this year 2009 and 2010.

Richard Stefanik - Barbara Investment Group

Just going back to the dividends on Yimeng. You've received all the dividends in full in this $7.5 million?

Gordon Wang

No, we received half of it right now so far.

Richard Stefanik - Barbara Investment Group

The last question on that is, in your press release you said that you would receive $15.5 million for the Yimeng disposal, and in this press release on your earnings you said you have booked a one-time gain of $14.4 million. What's the difference?

Gordon Wang

There is actually a change of structure of this transaction. The total consideration will still remain the same and previously, in the first press release the dividend part was smaller. The dividend increased to 15 point to $15 million and the disposal of 33% has increased to $10 million. Previously, I believe it was $15 million. So there are these changes. The changes of this structure of the payments was because of the optimization of the tax.

Operator

Next question comes from the line of Steven Monticelli with Mosaic Investments.

Steven Monticelli - Mosaic Investments

Just to continue on the last caller's question, is this the case that previously that business was consolidated throughout your balance sheet and so its cash balance was part of your total cash balances, and subsequent to the sale it's now recorded on a single line on your balance sheet?

Gordon Wang

Yes, that's right. Previously, this roughly $40 million of cash before the transaction is on our balance sheet. Now it is on the investment in affiliates. We only have 18%. Then we will get additional roughly about $25 million from this transaction. So before announcing the transaction on our balance sheet you can see there seems to be a decrease of $15 million, roughly $15 million.

Steven Monticelli - Mosaic Investments

Then in describing the consideration yet to be received, if I understood you correctly, the line item called "Other prepaid expenses in current assets," include $17 million of cash plus cash dividends that have yet to be received.

Gordon Wang

That's right.

Steven Monticelli - Mosaic Investments

So, when I total your cash and investments I get a $160 million, which is $128 million cash and equivalents, about $11 million short-term investments, $17 million embedded in the $26 million for prepaid expenses in current assets, that amount you'll be receiving, and finally, $5 million for long-term investments. Is that math correct?

Gordon Wang

That math is correct, yes.

Steven Monticelli - Mosaic Investments

Okay.

Gordon Wang

The $5 million was booked, the original booked cost was $10 million and supposedly it is a principle (inaudible). Right now there is no interest payment, so basically right now it's a write-down of $5 million or something.

Steven Monticelli - Mosaic Investments

So, that $5 million might turn out to be greater than $5 million ultimately?

Gordon Wang

Yes.

Steven Monticelli - Mosaic Investments

So taking the $5 million as it is, that's $160 million. Just to clarify, you have $29 million approximately ADSs?

Gordon Wang

Almost $30 million on a fully diluted basis.

Steven Monticelli - Mosaic Investments

I wanted to clarify that because the press release shows or it looks to be that ordinary shares are described as ADS?

Gordon Wang

That's correct. It's ordinary shares. The 89 million are ordinary shares.

Steven Monticelli - Mosaic Investments

So, cash per share is actually $6, approximately when you include the $17 million, that in your prepaid line?

Gordon Wang

That's right.

Operator

Next question comes from the line of Richard Stefanik with Barbara Investment Group.

Richard Stefanik - Barbara Investment Group

Just to follow-on on the previous caller's questions about the cash on the balance sheet. Even when you net out your liabilities, you're trading below the net cash on your balance sheet. You had a share repurchase going. I guess it ended in May. Are there any plans to extend that?

Gordon Wang

Right now, we don't have a near-term plan to make share repurchase, partly because the liquidity for the stocks was not too good.

Richard Stefanik - Barbara Investment Group

Given that it's so illiquid, why not consider a special dividend to shareholders and for this reason, when I look at the Shanghai Composite Index, year-to-date, it is up 55%, the Hang Seng China Equity Index is up 46% and your stock is up less than 1% this year.

Gordon Wang

I think that right now there is some request, such as from minority shareholders like you, and are proposing. In our next Board meeting we may have a discussion on this matter, but so far we don't have any plan.

Richard Stefanik - Barbara Investment Group

Given the illiquidity of your shares, I would highly encourage you to consider a special dividend.

Gordon Wang

We will relay this message to our Directors and also other colleagues.

Operator

Next question comes from the line of Steven Monticelli with Mosaic Investments.

Steven Monticelli - Mosaic Investments

Yes, now a business question. Can you speak to how much of your advertising expense for the year is already locked in, in terms of rate? How that rate compares in 2009 to 2008?

Gordon Wang

I'll give you a quick response, and I will let James to comment on the trend of the pricing. We have a pretty much locked in our commitments for advertising for the full year, probably 80% to 90%. It all depends on the performance of our product in the third quarter, this quarter and for next quarter. If there is excellent performance from some of our products we may purchase additional advertising from the open market, but so far, we have already made the commitment. Total year budget is $70 million, and we have already made that commitment and it's locked into the price. James will comment on the pricing trends.

James Hu

[Foreign language].

Chen Fu

We've already made the commitment of $70 million in advertising expenses for 2009, and even though it is third quarter, it will likely be very high season in some of our products and we might likely purchase additional time on the spot market, but the variance of the advertising expenditure will be no more than 10%, plus or minus the $70 million commitment.

James Hu

[Foreign language]

Chen Fu

2009, in terms of advertising costs actually has been the most stable in the last few years. With some television station, maybe roughly 10% to 15% of them have raised their prices and then about 15% of them actually dropped their prices. If you average that out, our advertising costs, 2009 comparison to 2008, is a roughly about 5% increase.

James Hu

[Foreign Language]

Chen Fu

James was saying that we cannot really focus really just on per minute cost of advertising rates. Instead, for example, on the [Jianqi] stations that we have purchased the airtime from, the prices actually increased about 15% for 2009, but in comparison the programming of Jianqi has much improved in 2009 and its coverage significantly increased as well. So the media efficiency for Acorn by working with Jianqi station actually has improved much larger than the unit price increase of its airtime.

James Hu

[Foreign Language]

Chen Fu

Actually we have refined our strategies working with these television stations, and in this year in particular, that we were able to effectively give feedbacks to the television stations on the popularity of their programming based on our sales, and then we were able to advise them to change their programming to better suit the customers needs and then also to improve Acorn's TV sales.

Steven Monticelli - Mosaic Investments

One final question. From the Yimeng business, do you expect any further dividends to be paid based on future earnings later in '09 or into 2010?

James Hu

[Foreign Language]

Chen Fu

James's answer to your question is that, really depending on the direction of future development for Yimeng, the reason we actually sold Yimeng was because of the CRSC's decision to forbid the advertisement of these types of software on TV that Yimeng has really lost the synergy of working with Acorn's platform. We still are very positive on its future and that's why we kept the investment at 18% as long-term investment. Yimeng business can be very seasonal with the changes in the domestic stock market. So there is a little bit of uncertainty of that, but we are still very positive of its future potential, and if all things go well, we are still hopeful that it might be able to go public and stay in a domestic market, and therefore, we'll have a much higher return on our investment.

Steven Monticelli - Mosaic Investments

Just finally, I'd like to also support the thought of a one-time cash dividend, which would distribute your overcapitalized cash for the benefit of all shareholders without impairing your trading volume. You may recall, I mentioned that in our meeting back in July. Thank you.

Gordon Wang

Thank you, Steven. We will relay the message to the Management and also the Board of Directors.

James Hu

[Foreign Language]

Chen Fu

James Hu said they will definitely consider all of your suggestions.

Operator

(Operator Instructions)

Chen Fu

If there aren't any more questions, we will just close the call. Thank you, everyone. Let me just remind you that an archived webcast of this conference call will be available on the company's website. For additional questions, please feel free to contact any member of IR team at ir@chinadrtv.com. Thank you all again and have a good day. Bye.

Operator

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation and you may now disconnect. Have a great day.

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