Acquity Group Limited Reports Results for Fourth Quarter and Twelve Months Ended December 31, 2012
Acquity Group Limited Reports Results for Fourth Quarter and Twelve Months
Ended December 31, 2012
- Twelve Months Revenues up 32.2% to $141.0 Million -
- Twelve Months IFRS Operating Profit up 31.2% to $20.8 Million -
PR Newswire
CHICAGO, March 20, 2013
CHICAGO, March 20, 2013 /PRNewswire/ -- Acquity Group Limited ("Acquity Group"
or the "Company") (NYSE MKT: AQ) today reported the following financial
results for the fourth quarter and twelve months ended December 31, 2012.
Financial highlights for the three month period ended December 31, 2012,
compared to the three month period ended December 31, 2011
o Revenues increased by $3.2 million, or 10.3%, to $33.8 million, compared
to $30.6 million for the three month period ended December 31, 2011.
o IFRS operating profit was $3.1 million, or 9.1% of revenues, compared to
$4.1 million, or 13.5% of revenues, for the three month period ended
December 31, 2011.
o IFRS operating profit, excluding costs associated with our recent initial
public offering and amortization of purchased intangible assets was $3.7
million, or 11.0% of revenues, compared to $5.1 million, or 16.8% of
revenues, for the three month period ended December 31, 2011. Refer to the
"Reconciliation of Non-IFRS Financial Measures to IFRS Profit" in the
tables that follow for additional details for all non-IFRS financial
measures.
o We reported an impairment loss of $7.0 million related to our investments
in two associate companies.
o IFRS profit/(loss) attributable to equity holders of the Company was
$(4.9) million, or $(0.21) per American depositary share ("ADS"), compared
to $1.8 million, or $0.10 per ADS, for the three month period ended
December 31, 2011.
o Non-IFRS adjusted profit attributable to equity holders of the Company was
$1.9 million, or $0.08 per ADS, compared to $2.6 million, or $0.14 per
ADS, for the three month period ended December 31, 2011.
o Non-IFRS adjusted EBITDA was $4.4 million for the three month period ended
December 31, 2012, compared to $5.7 million for the three month period
ended December 31, 2011.
o As of December 31, 2012, the Company had unrestricted cash and cash
equivalents of $36.5 million.
Financial highlights for the twelve month period ended December 31, 2012,
compared to the twelve month period ended December 31, 2011
o Revenues increased by $34.3 million, or 32.2%, to $141.0 million, compared
to $106.7 million for the twelve month period ended December 31, 2011.
o IFRS operating profit increased by $5.0 million, or 31.2%, to $20.8
million, or 14.7% of revenues, compared to $15.8 million, or 14.8% of
revenues, for the twelve month period ended December 31, 2011.
o IFRS operating profit, excluding costs associated with our recent initial
public offering and amortization of purchased intangible assets, increased
by $5.9 million, or 30.1%, to $25.5 million, or 18.0% of revenues,
compared to $19.6 million, or 18.3% of revenues, for the twelve month
period ended December 31, 2011.
o We reported an impairment loss of $7.0 million related to our investments
in two associate companies.
o IFRS profit attributable to equity holders of the Company was $3.3
million, or $0.15 per ADS, compared to $8.6 million, or $0.46 per ADS, for
the twelve month period ended December 31, 2011.
o Non-IFRS adjusted profit attributable to equity holders of the Company
increased by $1.9 million, or 17.3%, to $13.3 million, or $0.61 per ADS,
compared to $11.4 million, or $0.61 per ADS, for the twelve month period
ended December 31, 2011.
o Non-IFRS adjusted EBITDA increased by $6.5 million, or 30.8%, to $27.8
million for the twelve month period ended December 31, 2012, compared to
$21.3 million for the twelve month period ended December 31, 2011.
"We grew the business substantially in 2012 amidst uncertain macro-economic
conditions in the second half of the year," said Christopher Dalton, Chief
Executive Officer of Acquity Group. While our fourth quarter performance was
impacted by these challenging conditions, we are seeing positive trends as we
close the first quarter that are supporting our objectives for 2013."
Mr. Dalton added, "We are entering the new year with improvements in our
corporate structure that will keep us focused on our core business, three new
markets in Ottawa, Toronto and Atlanta along with new senior talent with a
significant depth of experience, a strong business strategy, pipeline and
value proposition driving our long-term growth."
Fourth Quarter 2012 Financial Results
Three months ended December 31, 2012 compared to three months ended December
31, 2011
Revenues increased by $3.2 million, or 10.3%, to $33.8 million for the three
month period ended December 31, 2012, from $30.6 million for the three month
period ended December 31, 2011. Revenues continued to grow due to strong
demand seen in the market place for the Company's expertise and focused
approach to delivering customer value.
Cost of revenues increased by $2.4 million to $20.1 million for the three
month period ended December 31, 2012, from $17.7 million for the three month
period ended December 31, 2011, which was primarily driven by continued
organic growth of our staff to accommodate the demand for our services. These
costs increased as a percentage of revenues to 59.5% for the three month
period ended December 31, 2012, from 57.9% for the three month period ended
December 31, 2011.
Selling and marketing expenses increased by $0.5 million to $2.6 million for
the three month period ended December 31, 2012, from $2.1 million for the
three month period ended December 31, 2011. These costs increased as a
percentage of revenues to 7.7% for the three month period ended December 31,
2012, from 6.9% for the three month period ended December 31, 2011. This
result was due to continued investment in business development as we plan for
continued growth.
Administrative expenses increased by $1.7 million to $8.0 million for the
three month period ended December 31, 2012, from $6.3 million for the three
month period ended December 31, 2011. These costs increased as a percentage
of revenues to 23.8% for the three month period ended December 31, 2012, from
20.5% for the three month period ended December 31, 2011. The increase was
primarily due to an increase in operations headcount in order to support the
planned growth of our business.
Equity in losses of associate companies, prior to the impairment of associate
companies, was $0.2 million for the three month period ended December 31,
2012, compared to $0.5 million for the three month period ended December 31,
2011.
Impairment losses related to our investments in two associate companies were
$7.0 million for the three month period ended December 31, 2012. In the fourth
quarter, the board of directors, based on continued operational losses at the
two associate companies and significant uncertainty in the respective business
plans, determined to pursue strategic alternatives with these investments. As
part of these considerations, the Company believed that indicators of the
investment impairment were present. For the Huaren Commercial Trading, Co.
business, the Company engaged an independent valuation firm to determine the
fair value of its investment. Based on the results of this valuation, the
Company reduced the carrying value of its investment to zero and recorded a
$6.3 million impairment loss. For Digital Li-Ning Company Limited, the Company
carried out a net realizable value analysis based on a liquidation scenario
and recorded an impairment loss of $0.7 million, based on the difference
between the carrying amount of investment and the expected net realizable
value of $0.2 million.
Income tax expense was $1.4 million and $1.9 million for the three month
periods ended December 31, 2012 and 2011, respectively. Excluding the effect
of the impairment losses on associate companies in 2012, our effective tax
rate was 48.9% and 53.3% for the three month periods ended December 31, 2012
and 2011, respectively.
Twelve months ended December 31, 2012 compared to twelve months ended December
31, 2011
Revenues increased by $34.3 million, or 32.2%, to $141.0 million for the
twelve month period ended December 31, 2012, from $106.7 million for the
twelve month period ended December 31, 2011. Revenues increased as a result
of our continued focus on being one of the best providers in Brand eCommerce™
and Digital Marketing service capabilities and our ability to continue to
secure new accounts that are committed to the digital channel.
Cost of revenues increased by $18.6 million to $79.1 million for the twelve
month period ended December 31, 2012, from $60.5 million for the twelve month
period ended December 31, 2011, which was primarily driven by organic growth
of our staff to accommodate the demand for our services. These costs
decreased as a percentage of revenues to 56.1% for the twelve month period
ended December 31, 2012, from 56.8% for the twelve month period ended December
31, 2011.
Selling and marketing expenses increased by $1.6 million to $9.4 million for
the twelve month period ended December 31, 2012, from $7.8 million for the
twelve month period ended December 31, 2011. These costs decreased as a
percentage of revenues to 6.7% for the twelve month period ended December 31,
2012, from 7.3% for the twelve month period ended December 31, 2011. This
improvement as a percentage of revenues was the result of leveraging our sales
force.
Administrative expenses increased by $8.3 million to $29.6 million for the
twelve month period ended December 31, 2012, from $21.3 million for the twelve
month period ended December 31, 2011. These costs were 21.0% and 20.0% of
revenues for the twelve month periods ended December 31, 2012 and 2011,
respectively. The increase as a percentage of revenues was primarily due to an
increase in operations headcount in order to support the overall growth and
strategic initiatives of our business.
Equity in losses of associate companies was $1.4 million for the twelve month
period ended December 31, 2012, compared to $1.0 million for the twelve month
period ended December 31, 2011.
Impairment losses related to our investments in two associate companies was
$7.0 million for the twelve month period ended December 31, 2012 as discussed
above.
Income tax expense was $9.9 million and $6.5 million for the twelve month
periods ended December 31, 2012 and 2011, respectively. Excluding the effect
of the impairment losses on associate companies in 2012, our effective tax
rate was 50.9% and 43.7% for the twelve month periods ended December 31, 2012
and 2011, respectively. The increase for the twelve month period ended
December 31, 2012, compared to the twelve month period ended December 31, 2011
was primarily attributable to the impact of non-deductible costs related to
our initial public offering ("IPO") and losses from non-U.S. operations for
which no tax benefit was available.
First Quarter 2013 Outlook
The Company currently expects the following financial results for the first
quarter of 2013:
o Revenues are expected to be at or above $33.5 million; and
o IFRS operating profit margin, excluding amortization of purchased
intangible assets, is expected to be at or above 7.5%.
Webcast and Conference Call
A conference call and webcast have been scheduled for 4:30 p.m. EDT today to
discuss these results. Details of the conference call are as follows:
Date: Wednesday, March 20, 2013
Time: 4:30 p.m. EDT (please dial in by 4:15 p.m.)
Dial-In #: (800) 901-5241 U.S. & Canada
+1(617) 786-2963 International
Confirmation code: 23348258
Alternatively, the conference call will be available via webcast
at www.acquitygroup.com by clicking on the "Investors" tab.
Non-IFRS Financial Measures
Acquity Group provides non-IFRS financial measures to complement reported IFRS
results. Management believes these measures help illustrate underlying trends
in the Company's business and uses the measures to establish budgets and
operational goals, communicated internally and externally, for managing the
Company's business and evaluating its performance. The Company anticipates
that it will continue to report both IFRS and certain non-IFRS financial
measures in its financial results, including non-IFRS results that exclude
interest, income tax provisions, depreciation and amortization, costs
associated with its initial public offering, equity in losses of its
associates, acquisition costs and other related charges, among other costs.
Consequently, Acquity Group's non-IFRS financial measures should not be
evaluated in isolation or as a substitute for IFRS measures, but, rather,
should be considered together with its consolidated financial statements,
which are prepared according to IFRS.
Special Note Regarding Forward-Looking Statements
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by terminology such
as "aim," "anticipate," "believe," "confident," "continue," "estimate,"
"expect," "future," "intend," "is currently reviewing," "it is possible,"
"likely," "may," "plan," "potential," "will" or other similar expressions or
the negative of these words or expressions. The Company has based these
forward-looking statements largely on its current expectations and projections
about future events and financial trends that it believes may affect its
financial condition, results of operations, business strategy and financial
needs. In particular, the section entitled "First Quarter 2013 Outlook" in
this announcement consists of forward-looking statements. Statements that are
not historical facts, including statements about the Company's beliefs and
expectations, are forward-looking statements and are subject to change, and
such change may be material and may have a material adverse effect on the
Company's financial condition and results of operations for one or more
periods. Forward-looking statements involve inherent risks and uncertainties.
A number of important factors could cause actual results to differ materially
from those contained, either expressly or impliedly, in any of the
forward-looking statements in this announcement. Potential risks and
uncertainties include, but are not limited to, the risks outlined in the
Company's Registration Statement on Form F-1 and other documents filed with
the U.S. Securities and Exchange Commission. Unless otherwise specified, all
information provided in this announcement and in the attachments is as of the
date of this announcement, and the Company does not undertake any obligation
to update any such information, except as required under applicable law.
About Acquity Group Limited
Acquity Group Limited is a leading Brand eCommerce™ and Digital Marketing
company that leverages the Internet, mobile devices and social media to
enhance its clients' brands and e-commerce performance. It is the digital
agency of record for a number of well-known global brands in multiple
industries. Acquity Group Limited has served more than 600 companies and their
global brands through thirteen offices in North America. For more information
about Acquity Group Limited, visit www.acquitygroup.com.
Acquity Group Limited
Consolidated Statements of Comprehensive Income - Unaudited
(Amounts in thousands, except per share data)
Three Month Periods Ended Twelve Month Periods Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Revenues $ 33,788 100.0% $ 30,641 100.0% $ 141,011 100.0% $ 106,655 100.0%
Cost of revenues 20,088 59.5% 17,730 57.9% 79,148 56.1% 60,543 56.8%
Gross profit 13,700 40.5% 12,911 42.1% 61,863 43.9% 46,112 43.2%
Selling and marketing expenses 2,601 7.7% 2,125 6.9% 9,401 6.7% 7,750 7.3%
Administrative expenses 8,040 23.8% 6,292 20.5% 29,590 21.0% 21,336 20.0%
Costs associated with initial public offering - 0.0% 354 1.2% 2,120 1.5% 1,207 1.1%
Operating profit 3,059 9.1% 4,140 13.5% 20,752 14.7% 15,819 14.8%
Other non-operating expense (2) 0.0% - 0.0% (2) (0.0%) - 0.0%
Finance income/(costs), net 6 0.0% (7) (0.0%) 15 0.0% 26 0.0%
Equity in losses of associates (173) -0.5% (508) (1.7%) (1,388) (1.0%) (1,038) (1.0%)
Impairment losses in associates (6,970) -20.6% - 0.0% (6,970) (4.9%) - 0.0%
Profit/(loss) before tax (4,080) -12.1% 3,625 11.8% 12,407 8.8% 14,807 13.9%
Income tax expense 1,413 4.2% 1,932 6.3% 9,870 7.0% 6,472 6.1%
Profit/(loss) $ (5,493) -16.3% $ 1,693 5.5% $ 2,537 1.8% $ 8,335 7.8%
Profit/(loss) attributable to:
Equity holders of the Company $ (4,922) -14.6% $ 1,804 5.9% $ 3,254 2.3% $ 8,607 8.1%
Non-controlling interests (571) -1.7% (111) (0.4%) (717) (0.5%) (272) (0.3%)
Profit/(loss) $ (5,493) -16.3% $ 1,693 5.5% $ 2,537 1.8% $ 8,335 7.8%
Other comprehensive income:
Profit/(loss) $ (5,493) -16.3% $ 1,693 5.5% $ 2,537 1.8% $ 8,335 7.8%
Currency translation differences 15 0.0% 29 0.1% (96) (0.1%) 102 0.1%
Comprehensive profit/(loss) $ (5,478) -16.2% $ 1,722 5.6% $ 2,441 1.7% $ 8,437 7.9%
Total comprehensive profit/(loss) attributable to:
Equity holders of the Company $ (4,879) -14.4% $ 1,827 6.0% $ 3,186 2.3% $ 8,675 8.1%
Non-controlling interests (599) -1.8% (105) (0.3%) (745) (0.5%) (238) (0.2%)
Comprehensive profit/(loss) $ (5,478) -16.2% $ 1,722 5.6% $ 2,441 1.7% $ 8,437 7.9%
Profit/(loss) per share attributable to equity holders of the Company:
American depositary shares ^(1) $ (0.21) $ 0.10 $ 0.15 $ 0.46
Ordinary shares $ (0.10) $ 0.05 $ 0.07 $ 0.23
Shares used in computing profit per share:
American depositary shares ^(1) 23,516.4 18,738.6 21,989.1 18,738.6
Ordinary shares 47,032.8 37,477.3 43,978.2 37,477.3
(1) On May 2, 2012, the Company completed the initial public offering of its American depositary shares representing ordinary shares and is now listed on NYSE MKT under the stock symbol "AQ." Pursuant to our registration
statement filed with the U.S. Securities and Exchange Commission, each American depositary share presented in the consolidated statement of comprehensive income represents two ordinary shares outstanding.
Acquity Group Limited
Consolidated Statements of Financial Position - Unaudited
(Amounts in thousands)
December 31, 2012 December 31, 2011
Assets
Non-current assets:
Property and equipment, net $ $
5,872 3,648
Intangible assets 23,849 26,428
Other non-current assets 87 74
Investment in associates 189 3,887
Deferred tax assets 5,985 4,521
35,982 38,558
Current assets:
Trade receivables 26,641 19,906
Unbilled receivables 9,865 8,056
Due from customers under fixed-price contracts 62 456
Prepayments and other receivables 1,852 3,186
Restricted cash - 2,600
Cash and cash equivalents 36,454 6,875
74,874 41,079
Total assets $ $
110,856 79,637
Equity and liabilities
Equity:
Issued capital $ $
5 4
Capital reserve 96,577 71,030
Other comprehensive income - 68
Retained profit/(loss) (4,159) (7,413)
Equity attributable to equity holders of the Company 92,423 63,689
Non-controlling interests - 745
Total equity 92,423 64,434
Non-current liabilities:
Other non-current liabilities 6,590 5,379
6,590 5,379
Current liabilities:
Trade payables 2,343 1,589
Other payables and accruals 8,508 8,159
Due to customers under fixed-price contracts 154 41
Accrued income taxes 838 35
11,843 9,824
Total liabilities 18,433 15,203
Total equity and liabilities $ $
110,856 79,637
Acquity Group Limited
Consolidated Statements of Changes in Equity - Unaudited
(Amounts in thousands)
Other Retained profit/ Equity attributable Non-controlling
Issued capital Capital reserve comprehensive (losses) to equity holders of interests Total equity
income Company
As of 1 January 2011 $ $ $ $ $ $ 983 $ 55,997
4 71,030 - (16,020) 55,014
Profit/(loss) for the period - - - 8,607 8,607 (272) 8,335
Other comprehensive income - - 68 - 68 34 102
Total for the period - - 68 8,607 8,675 (238) 8,437
As of 31 December 2011 $ $ $ $ $ $ 745 $ 64,434
4 71,030 68 (7,413) 63,689
Profit/(loss) for the period - - - 3,254 3,254 (717) 2,537
Other comprehensive income - - (68) - (68) (28) (96)
Issuance of American depositary shares ^(1) 1 28,666 - - 28,667 - 28,667
American depositary shares offering costs ^(1) - (3,119) - - (3,119) - (3,119)
Total for the period 1 25,547 (68) 3,254 28,734 (745) 27,989
As of 31 December 2012 $ $ $ $ $ $ $ 92,423
5 96,577 - (4,159) 92,423 -
(1) During the three month period ended June 30, 2012, the Company recorded an additional issued capital and capital reserve related to the issuance of the Company's IPO of American depositary shares,
which began trading on NYSE MKT on April 27, 2012, and was offset by costs associated with the IPO in accordance with IFRS rules.
Acquity Group Limited
Consolidated Statements of Cash Flows - Unaudited
(Amounts in thousands)
Twelve Month Periods Ended
December 31, 2012 December 31, 2011
Operating activities:
Profit before tax $ $
12,407 14,807
Adjustments to reconcile profit before tax to net cash flows
from operating activities:
Non-cash:
Depreciation of property and equipment 2,200 1,436
Amortization of intangible assets and 2,650 2,592
straight-line rent
Impairment losses in associates 6,970 -
Impairment loss of trade receivables 271 21
Finance costs, net (15) (26)
Other 2 -
Equity in losses of associates 1,388 1,038
Working capital adjustments:
Trade receivables and unbilled receivables (8,815) (10,542)
Due from customers under fixed-price 394 451
contracts
Prepayment and other receivables (172) (646)
Trade payables 754 447
Other payables and accruals 428 2,736
Due to customers under fixed-price contracts 113 41
Other non-current assets (13) (18)
Other non-current liabilities - 66
Interest received - 87
Income tax paid (8,594) (7,828)
Net cash flows generated from operating activities 9,968 4,662
Investing activities:
Purchase of property and equipment (4,424) (2,388)
Purchase of intangible assets - (158)
(Increase)/decrease in restricted cash 2,600 (2,600)
Investment in associates (4,762) (4,822)
Loan to associate - (247)
Net cash flows used in investing activities (6,586) (10,215)
Financing activities:
Proceeds from issuance of American depositary shares 28,667 -
Payment of costs associated with initial public offering (2,470) -
Net cash flows generated from financing activities 26,197 -
Net increase/(decrease) in cash and cash equivalents 29,579 (5,553)
Cash and cash equivalents at the beginning of the period 6,875 12,428
Cash and cash equivalents at the end of the period $ $
36,454 6,875
Acquity Group Limited
Reconciliation of Non-IFRS Financial Measures to IFRS Profit - Unaudited ^(1)
(Amounts in thousands, except per share data)
Three Month Periods Ended Twelve Month Periods Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
IFRS profit/(loss) attributable to equity holders, as reported $ $ $ $
(4,922) 1,804 3,254 8,607
Finance costs, net (6) 7 (15) (26)
Income tax expense 1,413 1,932 9,870 6,472
Depreciation and amortization:
Property and equipment 647 429 2,200 1,436
Intangible assets 644 645 2,579 2,533
Costs associated with initial public offering ^(2) - 354 2,120 1,207
Equity in losses of associates 173 508 1,388 1,038
Impairment losses in associates attributable to equity holders 6,426 - 6,426 -
Non-IFRS adjusted EBITDA $ $ $ $
4,375 5,679 27,822 21,267
Three Month Periods Ended Twelve Month Periods Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
IFRS operating profit, as reported $ $ $ $
3,059 4,140 20,752 15,819
Costs associated with initial public offering ^(2) - 354 2,120 1,207
Amortization of intangible assets 644 645 2,579 2,533
Non-IFRS operating profit $ $ $ $
3,703 5,139 25,451 19,559
Three Month Periods Ended Twelve Month Periods Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
IFRS profit/(loss) attributable to equity holders, as reported $ $ $ $
(4,922) 1,804 3,254 8,607
Costs associated with initial public offering ^(2) - 354 2,120 1,207
Amortization of intangible assets, net of tax 380 393 1,522 1,545
Impairment losses in associates attributable to equity holders 6,426 - 6,426 -
Non-IFRS adjusted profit $ $ $ $
1,884 2,551 13,322 11,359
Adjusted profit per share attributable to equity holders of
the Company:
American depositary shares ^(3) $ $ $ $
0.08 0.14 0.61 0.61
Ordinary shares $ $ $ $
0.04 0.07 0.30 0.30
Shares used in computing profit per share:
American depositary shares ^(3) 23,516.4 18,738.6 21,989.1 18,738.6
Ordinary shares 47,032.8 37,477.3 43,978.2 37,477.3
(1) The Company includes these adjusted calculations for the three and twelve month periods ended December 31, 2012 and December 31, 2011 because management believes they are useful to investors in that they
provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
Accordingly, the Company believes that the presentation of this analysis, when used in conjunction with IFRS financial measures, is a useful financial analysis tool that can assist investors in assessing the
Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for profit/(loss) prepared in accordance with IFRS. This analysis, as well as the
other information in this press release, should be read in conjunction with the Company's financial statements and related footnotes contained in the documents that the Company files with the U.S. Securities
and Exchange Commission.
The three and twelve month periods ended December 31, 2012 and December 31, 2011 include costs associated with the Company's IPO of American depositary shares, which began trading on NYSE MKT on April 27, 2012.
(2) The Company recorded this charge in accordance with IFRS rules, which allow the Company to (1) fully capitalize costs directly attributable to the IPO and (2) capitalize a portion of costs indirectly
attributable to the IPO, based on the size of the offering.
On May 2, 2012, the Company completed the initial public offering of its American depositary shares representing ordinary shares and is now listed on NYSE MKT under the stock symbol "AQ." Pursuant to our
(3) registration statement filed with the Securities and Exchange Commission, each American depositary share presented in the Reconciliation of Non-IFRS Financial Measures to IFRS Profit represents two ordinary
shares outstanding.
SOURCE Acquity Group LLC
Website: http://www.acquitygroup.com
Contact: Jessica Barist Cohen, Ogilvy Financial, New York, +1(646)460-9989,
aq@ogilvy.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement
Rate this Page