Qiao Xing tumbles on missed FY06 sales estimate, restates financials
Seller of telecommunication terminals and equipment Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) reported sales for fiscal year 2006 below estimates and announced it will restate its financial data for 2003, 2004 and 2005.
The Chinese company booked sales for fiscal year 2006 of $412.8 million compared with sales of $356.2 million for fiscal year 2005. An analyst surveyed by Thomson Financial expected fiscal year 2006 sales of $438.8 million.
Qiao Xing filed a Form 20-F with the Securities and Exchange Commission Tuesday to release its 2006 annual report and to restate its financial data.
Shares of Qiao Xing tumbled 18.47%, or $2.64, to $11.33 in Tuesday morning trading.
