China Tracker - Details for NIVS IntelliMedia Technology (NIVS)

 NIVS IntelliMedia Technology
Shares Outstanding (MRQ): 47.97 mill 
New Shares / Dilution (TTM): 7.29 mill17.93% 
Cash (MRQ): 23.82 mill0.00%
Account Receivables (MRQ): 49.99 mill0.00%
Account Receivables (Q/Q): + 8.18 mill19.56% 
Long-Term Debt (MRQ): NO DEBT
Revenue Growth (Q/Q): 8.76% 
Revenue Growth (Y/Y): 61.12%
Net Income Growth (Q/Q): 19.92% 
Net Income Growth (Y/Y): 43.25%
EPS Growth (Y/Y): 21.46%
Net Margin (Q/Q): 9.4% (8.5%)0.90% 
Net Margin (Y/Y): 9.4% (10.6%)-1.20% 
EPS | P/E (2 MRQ Projection): $0.610.00 
CFPS | P/CF (2 MRQ Projection): -$0.180.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Friedman 
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-10-31): $0.580.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: IPO on 2009-03-13 
IPO Price: $3.50 (-100.00% since IPO)

 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2011-08-26 -- Last SEC Filing
2011-06-24 -- Delisting from NYSE Amex
2011-06-09 -- Auditor Engagement
2011-05-14 -- Auditor Resignation
2011-04-10 -- Auditor Engagement
2011-03-24 -- Trading halted by NYSE Amex
2011-03-23 -- Auditor Resignation
2010-11-04 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

On June 12, 2011, the special committee of the Board of Directors, established on March 28, 2011 to investigate certain allegations of the Company's former independent auditors, made certain interim remedial recommendations to the Company, including: the suspension of two employees; the engagement of an outside accounting firm to perform the Company's accounting functions; and the consolidation of the Company's cash in fewer bank accounts, and on June 15, 2011, the Board of Directors formally approved the Special Committee's recommendations.

On July 11, 2011, each of Messrs. Charles Mo and Robert Wasielewski resigned as a Director of the Company, effective immediately. In his resignation letter, Mr. Wasielewski's cited as a reason for his resignation, the Company's delay in implementing the Special Committee's recommendations. Mr. Wasielewski's resignation also noted that concurrent with his resignation, the Special Committee's legal counsel, Sidley Austin LLP, and its accounting advisors, Deloitte Financial Advisory Services LLP, have terminated their engagements with the Special Committee. The Company is in the process of engaging an outside consulting firm and consolidating the Company's bank accounts.

(Source: 8-K Filing, 2011-07-14)

NIVS IntelliMedia Technology Group today announced that the NYSE Amex LLC will suspend the Company's listing with the Exchange, effective as of the open of business on Thursday, June 23, 2011. On June 20, 2011, the Company was notified by the Exchange that a Listing Qualifications Panel of the Exchange's Committee on Securities had denied the Company's request for continued listing with the Exchange, following a hearing on June 15, 2011. The Company looks forward to the conclusion of the investigation of the Special Committee and the planned subsequent audit of the Company's 2009 and 2010 fiscal years. The Company hopes to provide accurate and complete financial information to its shareholders and the investing public as soon as possible.

(Source: PR Newswire, 2011-06-22)

    see all Business Outlook notes

 Analyst Coverage (show less)
2011-03-28Rodman & RenshawDowngradeUnder Reviewn/a
 

We are putting NIV's rating Under Review from Market Outperform. NIV's stock has been halted by the exchange driven by developments leading to the resignation / dismissal of the company's auditor Malone Bailey LLC. NIV's Audit Committee plans to investigate the issues raised by Malone Bailey with the help of an independent third party. The Company is also interviewing candidates to appoint as its independent auditor. We will revisit our rating on getting additional clarity on the issue.

We have tried to get additional color from management on how the company is planning to respond to these developments and work with the exchange to resume trading in its shares. However, we have not received any response yet. We are removing our projections for the company until its SEC filings are made current. 

2010-10-05Rodman & RenshawReiterationOutperform$7.00
 

NIV shares are currently trading at P/E multiples of ~3.6x and ~3.1x to our FY10 and FY11 earnings estimates, and ~0.85x P/B ratio, we conclude that the stock remains attractively priced. We are comfortable maintaining a $7.00 price target for NIV, which translates into P/E multiple of ~12x and ~10x to our estimates for FY10 and FY11.

2010-08-13Rodman & RenshawReiterationOutperform$7.00
 

Management raised its full year revenue by ~$10 MM to the range of $290 MM~$340 MM, compared to previously announced $280 MM~$330 MM. We currently maintain our revenue and net income estimates for 3Q10 at $77.2 MM and $6.8 MM, our EPS estimate for 3Q10 is $0.15. For full year FY10, we expect revenue and net income of $307.7 MM and $26.1 MM, with diluted EPS of $0.58. For FY11, our projections are $340.3 MM, $32.5 MM, and $0.68, respectively. With the stock trading at P/E multiples of ~3.9x and ~3.3x to our FY10 and FY11 earnings estimates, and ~1.2x P/B ratio, we conclude that the stock remains attractively priced. We are comfortable maintaining a $7.00 price target for NIV, which translates into P/E multiple of ~12x and ~10x to our estimates for FY10 and FY11.

2010-07-08Rodman & RenshawReiterationOutperform$7.00
 

We believe the primary near term catalyst for the stock will be its 2Q10 results where investors should see revenues from 3G handset sales to China Telecom materialize (this was previously delayed). We are maintaining our 2Q10 revenue, net income and EPS estimates of $74.9 MM, $6.5MM and $0.16 respectively. Given the strength in China’s consumer electronics and mobile space an earnings beat would not surprise us.

2010-06-18Rodman & RenshawInitiationOutperform$7.00
 

In our opinion, any multiple expansion for NIV should be driven primarily by management’s execution of its strategy, margin improvements and handset driven contract wins. We believe NIV’s new manufacturing facilities, established customer base and profitable margins provide it with enough tools to address any near term competitive threats that may arise. At current levels NIVS is trading at P/E multiples of ~3.6x and ~3.0x to our FY10 and FY11 earnings estimates. We are comfortable assigning NIVS a $7.00 price target, which translates into P/E multiple of ~11.1x and ~9.3x to our FY10 and FY11 estimates.

NIVS is currently followed by 2 analysts. 1 give the stock a positive rating, 0 rate it neutral and 1 give it a negative rating.


    see all Analyst Ratings

 Recent Financings
2010-04-20Priced$24.00 mill7.29 mill shares$3.29

 Investor Presentations
2009-09-01 (PDF)   DOWNLOAD (right click, save as)
NIVS
Retail/Consumer

COVERAGE SUSPENDED OR TERMINATED
 
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for NIVS
Current Price:  n/a
F10k Day (2009-03-13): -100.00%$4.20
2009 Close: -100.00%$2.58
2010 Close: -100.00%$2.26
2011 Close: -100.00%$0.08
High (2012-02-14): -100.00%$0.15
Low (2012-07-27): -100.00%$0.01
Exchange: N/A
Market Capitalization: n/a
Total Shares: 47.97 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 84.40 mill
Net Income (MRQ): 7.93 mill
Op. Cash Flow (MRQ): 1.32 mill
all financial data provided without warranty