China TechFaith (CNTF) Reports Q1 Loss of $0.06/Share; Appoints New CEO

China TechFaith (NASDAQ: CNTF) reported Q1 EPS of ($0.06), versus ($0.07) reported last year. Revenue for the quarter came in at $24.7 million, versus $26.7 million reported last year.

The Company today announced that effective as of today, its Founder, Mr. Defu Dong, will serve solely as Chairman of the Board of Directors. The Company's President and Chief Operating Officer, Mr. Deyou Dong, will also serve as the Chief Executive Officer of TechFaith. Mr. Deyou Dong has been an executive with the Company since 2007, and has served as Chief Operating Officer since 2009 and President since 2011.

Mr. Defu Dong, Chairman of TechFaith, said, "It is with great pride that I am transitioning the role of CEO to Mr. Deyou Dong. Since founding the Company 13 years ago, we have worked hard to establish a global brand. Deyou has been working by my side the majority of this time, helping to develop and execute our business strategy. Now that we have gained critical scale with our real estate portfolio it is a logical decision to split the Company's executive roles as part of a planned transition. We will greatly benefit from having Deyou, a proven and trusted executive, serve in the day-to-day role of CEO to both motivate our employees to achieve greater results and infuse our corporation with powerful new ideas."

Mr. Deyou Dong, Chief Executive Officer of TechFaith, said, "I would like to thank Mr. Defu Dong for his leadership, commitment to the Company and its shareholders, and his confidence in me. I am excited about the opportunity to serve as TechFaith's CEO. This is a formal recognition of much of the work I have been doing, which will help smooth and accelerate the transition into my new role. We have added confidence in the Company's future, given the increasing strength of our diversified business model. We are working hard to capitalize on opportunities in our mobile business, particularly in those areas where we have an identified advantage and expertise, such as with our ruggedized handset models. In addition, we have developed a roadmap of 4G launches and expect to capture additional demand as a result of our tailored offerings to customers in the enterprise market, and from our entry into the wearables market. Finally, we will continue to develop our real estate portfolio, as evidenced by the rental income we recognized in the first quarter of 2015 and the contract we entered into for the sale of one floor in one of our buildings in Beijing at the end of 2014. We also started the process at the end of 2014 to secure contracts for the sale of another three floors in the same building."

For earnings history and earnings-related data on China TechFaith (CNTF) click here.

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