Acorn International, Inc.’s board of directors proudly announced the appointment of the new Director of the Company, Ms. Jenny Hseau-Jean Wang.
Acorn International, Inc.’s board of directors proudly announced the appointment of the new Director of the Company, Ms. Jenny Hseau-Jean Wang. Ms. Wang was also appointed as chair of the Audit Committee and will serve on the Compensation Committee and Corporate Governance and Nominating Committee of Acorn.
“We are pleased to enhance our board with the addition of Ms. Wang, a proven business leader and finance professional at large multinational companies operating in Asia. Her experience in business and corporate governance best practices will be invaluable to Acorn as we move forward with our plans to rebuild our business,” said Acorn International’s Executive Chairman.
Ms. Wang has a Bachelor’s degree in Business from Taiwan Providence University, a Master of Science in Accounting from the University of Houston and is a Certified Public Accountant in the United States.
Professionally, Ms. Wang adds over 30 years of experience in executive management, finance and business strategy for the Asia Pacific operations of several high-profile multinational organizations to the Acorn team. Ms. Wang has worked with companies such as Goodyear Tire and Rubber Company, Semiconductor Manufacturing International Company, Motorola’s Asia and Arthur Andersen. She has held several positions with the aforementioned companies ranging from Vice President to Tax Manager.
Acorn International, Inc. announced its unaudited financial results for the second quarter through a conference call lead by Acorn International’s Jacob A. Fisch.
Acorn International, Inc. announced its unaudited financial results for the second quarter ending June 30, 2017. The results were discussed through a conference call lead by Acorn International’s Jacob A. Fisch.
In the second quarter, Acorn continued to focus on its business turnaround strategy, delivering double-digit revenue growth, higher gross margins and a reduction in loss from operations due to management’s narrowed focus on core business and top performing brands.
Acorn International’s Management believes the performance of its core business improved substantially in the first and second quarters. Their medium-term goal is to achieve operating profitability to position the business for long-term, sustainable success. Management remains focused on maintaining healthy margins, managing expenses and generating additional cash flow.
In the first half of 2017, the Company reduced its stake in Yimeng Software Technology Co., Ltd., a publicly traded company in China, earning a pre-tax gain of approximately $9.1 million. Comparatively, in the first half of 2016, the Company recorded a pre-tax gain on the sale of Yimeng shares of $18.1 million and a $6.0 million pretax gain on the sale of non-core real estate.
Acorn intends to pursue increased revenue for the remainder of 2017 by growing sales of its proprietary-branded products as well as third-party branded products. The Company is placing an increased emphasis on its e-commerce channel and expects sales from this platform to play a bigger role in the business going forward.