Acorn International, Inc. (NYSE: ATV) posted strong revenue and net income in the second quarter Wednesday.
The Shanghai-based marketing and branding company said in a statement today that revenue in the three months through June increased to $8.7 million, up 3.6% year-over-year. Net income widened to $2 million compared with $100,000 in the same period in 2019.
Acorn attributed the increase to the growth in sales of Acorn Fresh products and the inclusion of Acorn Digital Services in revenues. However, under the impact of the Covid-19 and lower revenues of oxygen-generating products. The company’s net revenue was $16.7 million in the first half of 2020, representing a decrease of 1.9% from $17.0 million in the same period of last year.
Also in August, Acorn's chairman Robert Roche pulled an offer to buy all outstanding shares in the company for $15.22 per share. No decisions have been made with respect to the company's response to the Proposed Acquisition, Acorn said.
Operating for more than 20 years, Acorn sells its products mainly through online retail platforms but also does so through offline distribution and outbound marketing. According to the company, it has three aspects that support its growth, which include, product division, content division, and influencer management division.
The share of Acorn gained 3.86% to $14.8 in New York as of midday.