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China Finance Online Reports Unaudited First Quarter 2008 Results
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Continued Strong Results Despite Significant Decline in Chinese Stock Market
Net Revenues and Non-GAAP Net Income Exceeding Guidance
Net Revenues up 24% Q-o-Q, 177% Y-o-Y
Non-GAAP Net Income up 62% Q-o-Q, 403% Y-o-Y
Net Income of $3.51 million, compared to a loss in Q4 2007 and up 353% Y-o-Y


(Beijing, China, May 30, 2008) China Finance Online Co. Limited (NASDAQ: JRJC), a leading Chinese online financial information and listed company data provider, today announced its financial results for the first quarter ended March 31, 2008:

Q1 2008 Highlights

 
 

First Quarter

 

 

 

2008

2007

‘08 O/(U) ‘07

%

1) Financial Data:

(in thousands of U.S. dollars, except per ADS data)

 

Net revenues

$11,055 $3,996 $7,059 177%
GAAP net income 3,509 775 2,734 353%
Non-GAAP net income 5,875 1,168 4,707 403%
GAAP net income per ADS        
Basic $0.18 $0.04 $0.14 350%
Diluted $0.15 $0.04 $0.11 275%
Non-GAAP net income per ADS        
Basic $0.30 $0.06 $0.24 400%
Diluted $0.26 $0.06 $0.20 333%
2) Operating Data:        
Registered users 9,800,000 6,570,000 3,320,000 49%
Active paid individual subscribers 75,300 31,700 43,600 138%

 

 

 

 

 

  • In the first quarter of 2008, Chinese stock market experienced the most significant quarterly decline in the past 15 years, with Shanghai Stock Exchange Composite Index down additional 34% following a 14% decline in Q4 2007 from its peak. Despite the sharp decline in the stock market and the sizable seasonality impact of the Chinese New Year in February, the Company’s core subscription service business still achieved solid growth.
  • As a result, net revenues reached $11.06 million for Q1 2008, exceeding the high end of the Company’s previously updated guidance of $10.50 to $10.80 million, up 177% year-over-year and 24% quarter-over-quarter.
  • Non-GAAP net income, which is defined as net income excluding stock-based compensation expenses and investment gain/impairment, was $5.88 million for Q1 2008, exceeding the high end of the Company's previously raised guidance of $4.5 to $5.0 million, up 403% year-over-year and 62% quarter-over-quarter. Non-GAAP basic and diluted net income per share were $0.06 and $0.05, respectively, and non-GAAP basic and diluted net income per ADS were $0.30 and $0.26 for Q1 2008, respectively.
  • GAAP net income was $3.51 million for Q1 2008, up 353% compared to $775,000 for the first quarter of 2007. Basic and diluted GAAP net income per share were $0.04 and $0.03, respectively. Basic and diluted GAAP net income per ADS were $0.18 and $0.15 for Q1 2008, respectively.
  • Registered user accounts of jrj.com and stockstar.com grew to 9.80 million, an increase of 800,000 from the previous quarter. Active paid individual subscribers, which refer to individual investors who subscribe for a fee to our products through downloading, via web or by mobile phones, grew to 75,300 up 34% from the previous quarter. As of March 31, 2008, our Hong Kong brokerage operation Daily Growth, which was acquired in November, 2007, had approximately 1,000 customer accounts.

Explanation of the Company’s non-GAAP financial measures and the related reconciliations to GAAP financial measures are included in the accompanying “Reconciliation to Unaudited Condensed Consolidated Statements of Operations”, “Non-GAAP Measures” and ” Reconciliations from operating profit to EBITDA and adjusted EBITDA”.

Q1 2008 Financial Results

Net Revenues:

During the first quarter of 2008, China Finance Online reported net revenues of $11.06 million, exceeding the high end of the Company’s previously updated guidance of $10.50 to $10.80 million, compared to $4.0 million for the same period in 2007, and $8.88 million for the fourth quarter of 2007, up 177% year-over-year and 24% quarter-over-quarter. The increase is primarily due to the growth in subscription service fees from individual customers. Revenues from subscription service fees paid by individual customers were $9.62 million in the first quarter of 2008, representing 87% of net revenues for the quarter. Revenues from mobile value added services were $310,000, representing 3% of net revenues for the quarter. Revenues from subscription service fees paid by institutional customers were $231,000 in the first quarter of 2008, approximately 2% of net revenues for the quarter. Revenues from advertising-related business for the quarter contributed $585,000, representing 6% of net revenues for the quarter. Revenues from brokerage-related services, provided by Daily Growth, the Hong Kong securities brokerage firm which was acquired in November 2007, were $153,000 in the first quarter of 2008, representing 1% of net revenue for the quarter. Other revenues were $158,000, representing 1% of net revenues for the quarter.

Revenues breakdown is summarized in the following table:

 

 

Three months ended

 

March 31,2008

December 31,2007

March 31,2007

 

(In thousands of U.S. dollars)

1) Subscription service fees paid by individual customers

9,618

87%

7,759

87%

3,202

80%

2) Revenues from mobile value added services

310

3%

384

4%

299

8%

3) Subscription service fees paid by institutional customers

231

2%

229

3%

192

5%

4) Revenues from advertising-related business

585

6%

408

5%

247

6%

5) Revenues from brokerage-related services

153

1%

81

1%

n/a

n/a

6) Revenues from others

158

1%

21

<1%

56

1%

Total net revenues

11,055

100%

8,882

100%

3,996

100%

Gross Profit:

Gross profit for the quarter was $9.34 million, compared to $3.16 million for the same period in 2007 and $7.56 million for the fourth quarter of 2007. Gross margin was 84% in the first quarter, compared to 79% in the same period of 2007 and 85% in the fourth quarter of 2007. The year-over-year gross margin improvement was primarily due to cost leverage on increased sales and the modest sequential gross margin decline was driven by product mix change during the quarter.

Cost of revenue consists of bandwidth costs, personnel-related expenses, server depreciation expenses, and content expenses for our jrj.com and stockstar.com websites. Website maintenance and development expenses for the first quarter of 2008 was $1.04 million in the quarter, compared to $525,000 from the first quarter of 2007 and $903,000 for the previous quarter. As a percentage of net revenue, website maintenance and development expenses for the first quarter of 2008 was 9% in the quarter, compared to 13% for the first quarter of 2007 and 10% for the previous quarter. Since advertising-related services, which represent 6% of net revenues of the first quarter of 2008, are not a sizable business of the Company, website maintenance and development expenses do not have direct correlation with net revenues recognized in the first quarter of 2008.

Operating Expenses:

Operating expenses for the first quarter of 2008 totalled $7.36 million compared to $2.79 million for the same period in 2007 and $5.93 million from the previous quarter. The increase from Q4 2007 is primarily due to the increased stock-based compensation expenses. Excluding stock-based compensation of $2.37 million, operating expenses was $5.0 million for the first quarter of 2008, compared to $2.41 million for the first quarter of 2007 and $5.05 million for the fourth quarter of 2007. As a percentage of net revenue for the quarter, operating expenses excluding stock-based compensation was 45%, compared to 60% for the first quarter of 2007 and 57% for the fourth quarter of 2007.
 

  • General and administrative expenses for the quarter were $3.92 million, compared to $1.20 million for the same period in 2007 and $2.63 million from the previous quarter. The increase from the previous quarter is primarily due to the increase in stock-based compensation expenses, most of which was due to increased compensation expenses related to the performance-based restricted stock awards granted in the third quarter of 2007. Excluding stock-based compensation of $2.28 million, general and administrative expenses was $1.64 million for the first quarter, compared to $869,000 in the first quarter of 2007 and $1.83 million in the previous quarter. As a percentage of net revenue in the quarter, general and administrative expenses excluding stock-based compensation for the first quarter was 15%, and decreased from 22% for the first quarter of 2007 and 21% for the fourth quarter of 2007.
  • Sales and marketing expenses for the first quarter were $2.45 million, compared to $1.25 million for the same period in 2007 and $2.43 million from the previous quarter. Excluding stock-based compensation of $67,000, sales and marketing expenses was $2.38 million for the first quarter, compared to $1.22 million in the first quarter of 2007 and $2.38 million in the previous quarter. As a percentage of net revenue in the quarter, sales and marketing expenses excluding stock-based compensation for the first quarter was 22%, and decreased from 31% for the first quarter of 2007 and 27% for the fourth quarter of 2007.
  • Product development expenses for the first quarter were $995,000, compared to $347,000 for the same period in 2007 and $865,000 from the previous quarter, which were primarily due to the increases in employee compensation as a result of increased headcounts and server depreciation expenses. Excluding stock-based compensation of $23,000, product development expenses were $972,000, compared to $321,000 in the first quarter of 2007 and $832,000 in the previous quarter. As a percentage of net revenue in the quarter, product development expenses excluding stock-based compensation for the first quarter was 9%, increased from 8% in the first quarter of 2007 and relatively flat from previous quarter.

Income from Operations:

Income from operations for the first quarter of 2008 was $1.97 million, compared to $374,000 for the same quarter in 2007 and $1.77 million for the fourth quarter of 2007. Adjusted income from operations (non-GAAP), which is defined as income from operations excluding stock-based compensation expenses of $2.37 million, was $4.34 million for the quarter, compared to $767,000 for the same quarter in 2007 and $2.64 million for the fourth quarter of 2007.

Net Income and Non-GAAP Net Income:

Net income was $3.51 million, compared to net income of $775,000 for the first quarter of 2007 and net loss of $8.37 million for the fourth quarter of 2007. Net income margin was 32% for Q1 2008, compared to 19% for the same period in 2007 and -94% for the fourth quarter of 2007.

Total income tax benefit for the quarter was $64,000, compared to $85,000 for the same period in 2007 and $398,000 for the previous quarter.

Non-GAAP net income, which is defined as net income excluding stock-based compensation expenses and the investment gain/impairment, was $5.88 million for the first quarter of 2008, compared to $1.17 million for the first quarter of 2007, and $3.63 million for the fourth quarter of 2007. Excluding stock-based compensation expenses, non-GAAP net income margin for the first quarter of 2008 was 53%, compared to non-GAAP net income margin of 29% for the same period in 2007 and 41% for the fourth quarter of 2007.

As part of the net income for the first quarter, the Company recorded a net foreign exchange gain of $870,000, compared with $62,000 from the first quarter of 2007 and $220,000 from previous quarter.

Deferred Revenue:

Deferred revenue at the end of the first quarter of 2008, which represents prepaid service fees made by customers for subscription services that have not been rendered as of March 31, 2008, reached the Company’s historical high of $29.93 million, with current deferred revenue of $24.93 million and non-current deferred revenue of $5.0 million.

Cash and Cash Equivalents:

Balance of cash and cash equivalents was approximately $82.40 million at the end of the first quarter of 2008, including cash denominated in RMB with an equivalent to $61.67 million and cash denominated in other foreign currencies with an equivalent to $20.73 million.

Cash Flow:

Cash inflow from subscription services provided to individual customers was $15.04 million, compared to $13.73 million for the previous quarter and $7.2 million for the first quarter of 2007. Free cash flows for the first quarter of 2008 were $6.18 million.

Adjusted EBIDTA (Non-GAAP):

Adjusted EBITDA (non-GAAP), which is defined as earnings before interest, taxes, depreciation, amortization, other non-operating income and stock-based compensation expenses, was $4.77 million for the first quarter of 2008, compared to $944,000 in the first quarter of 2007 and $2.96 million in previous quarter.

Other Operating Metrics

As of March 31, 2008, the Company has 9.80 million registered user accounts on its two websites jrj.com and stockstar.com, compared to 9.0 million in the previous quarter, an increase of 800,000 quarter-on-quarter.

Active paid individual subscribers, which refer to individual investors who subscribe for a fee to our products grew to 75,300 at the end of the first quarter 2008, up 34% from 56,200 in the previous quarter.

As of March 31, 2008, our Hong Kong based brokerage service Daily Growth, which was acquired in November 2007, had approximately 1,000 customer accounts.

Outlook for Second Quarter 2008 and Full Year of 2008

The Company currently expects to generate net revenues in an amount ranging from $13.0 million to $13.50 million for the second quarter of 2008, representing a 127% to 136% increase from the corresponding period in 2007.

On a non-GAAP basis, the Company estimates adjusted earnings, which represents net income excluding share-based compensation expenses, will be between $5.5 million and $6.0 million for the second quarter of 2008, representing a 155% to 178% increase from the corresponding period in 2007. Accordingly, non-GAAP earnings per ADS for the second quarter of 2008 is expected to be in the range of $0.24 to $0.26 per ADS based on an estimated 23 million fully diluted ADSs.

We update our 2008 revenue guidance to a range from $56.0 million to $61.0 million, compared to the previous guidance of $54.0 million to $61.0 million. Accordingly, the Company also updates its projected adjusted earnings for 2008 to a range of $25.0 million to $29.0 million, or $1.09 to $1.26 per ADS, from the previous range of $24.0 million to $29.0 million, or $1.04 to $1.26 per ADS. The earnings per ADS projection is based on an estimated 23.0 million fully diluted ADSs.

The above forecast reflects the Company’s current and preliminary view, which is subject to change. A number of important factors including, but not limited to, fluctuation in the Chinese stock market, could cause the actual results to differ materially from those contained in the above guidance.

Conference Call

China Finance Online's management team will host a conference call at 9:00PM Eastern Time on May 29, 2008 (or 9:00AM May 30, 2008 in the Beijing/HK time zone) to discuss detailed operating results.

The conference call will be available on Webcast live and replay at: http://phx.corporate-ir.net/playerlink.zhtml?c=183451&s=wm&e=1852679. The call will be archived for 12 months at this website.

The dial-in details for the live conference call: U.S Toll Free Number +1-877-847-0047, Hong Kong Dial In Number +852-3006-8101, and France Toll Free Number 0800-910-584, Password for all regions: 4400

A replay of the conference call will be available from approximately 10:00PM Eastern Time on May 29, 2008 (or 10:00AM May 30, 2008 in the Beijing/HK time zone) to 10:00PM Eastern Time on June 05, 2008 (or 10:00AM June 06, 2008 in the Beijing/HK time zone). The dial-in details for the replay: U.S. Toll Free Number +1-877-847-0047, Hong Kong Dial In Number +852-3006-8101, and France Toll Free Number 0800-910-584, Access code for all regions: 037820.

About China Finance Online Co. Limited

China Finance Online Co. Limited is the market leader in providing online financial and listed company data, information and analytics in China. Through its websites, www.jrj.com and www.stockstar.com, the company provides individual users with subscription-based service packages that integrate financial and listed company data, information and analytics from multiple sources with features and functions such as data and information search, retrieval, delivery, storage and analysis. These features and functions are delivered through proprietary software available by download, through internet or through mobile handsets. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd, the company provides financial information database and analytics to institutional customers including domestic securities and investment firms. Through its subsidiary, Daily Growth Investment Company Limited, the company provides securities brokerage services for stocks listed on Hong Kong Stock Exchange.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but not limited to, our historical and possible future losses, limited operating history, uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results, our ability to successfully compete against new and existing competitors, our reliance on relationships with Chinese stock exchanges and raw data providers, changes in accounting policies, our ability to successful acquire and integrate businesses and the impact of our investments on our financial results. Further information regarding these and other risks is included in China Finance Online's annual report on Form 20-F for the year ended December 31, 2006, and other filings with the Securities and Exchange Commission. China Finance Online does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Measures

To supplement the unaudited condensed consolidated financial information presented in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP"), the Company uses non-GAAP measures of income from operations, net income, net income per share, net income per ADS, and EBITDA, which are adjusted from results based on GAAP to exclude impairment in a cost method investment and the compensation cost of share-based awards granted to employees primarily due to the adoption of SFAS 123R, which became effective on January 1, 2006. The non-GAAP financial measures are provided to enhance the investors' overall understanding of the Company’s current and past financial performance in on-going core operations as well as prospects for the future. These measures should be considered in addition to results prepared and presented in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and therefore deems it important to provide all of this information to investors.

Reconciliations of the Company’s non-GAAP financial measures to unaudited Condensed Consolidated Statements of Operations are set fourth after the "Condensed Consolidated Statements of Operations" included in this release.

For further information please contact:

Investor Relations
China Finance Online Co. Limited
Tel: (86-10) 58325288
Email:ir@jrj.com
 

- Financial tables to follow -

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

 

Mar. 31 2008

Dec. 31 2007

Assets

 

 

Current assets:

 

 

RMB account

$61,674

$51,129

Foreign currency account

20,725

23,600

Cash and cash equivalents

82,399

74,729

Trust bank balances held on behalf of customers

3,199

2,850

Advance to employees

1,288

1,673

Accounts receivable, net

1,739

1,491

Prepaid expenses and other current assets

4,602

2,947

Deferred tax assets, current

624

1,130

Total current assets

93,851

84,820

Cost method investment

1,480

1,480

Property and equipment, net

6,410

5,455

Acquired intangible assets, net

1,935

1,938

Rental deposits

547

500

Goodwill

10,010

9,652

Deferred tax assets, non-current

465

14

Other deposits

26

25

Total assets

$114,724

$103,884

 

 

 

Liabilities and shareholders' equity

 

 

Current liabilities:

 

 

Deferred revenue, current

$24,925

$20,457

Accrued expenses and other current liabilities

5,869

6,951

Amount due to customers for trust bank balances held on behalf of customers

3,199

2,850

Accounts payable

887

764

Deferred tax liability, current

-

-

Income taxes payable

81

12

Total current liabilities

$34,961

$31,034

Deferred tax liability, non-current

185

352

Deferred revenue, non-current

5,006

4,665

Total liabilities

$40,152

$36,051

Minority interests

217

471

Total shareholders' equity

$74,355

$67,362

Total liabilities and shareholders' equity

$114,724

$103,884

 

China Finance Online Co. Limited

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of U.S. dollars, except per share data)

 

Three months ended

 

Mar 31,2008

Mar 31,2007

Dec 31,2007

Net revenues

$11,055

$3,996

$8,882

Cost of revenues (includes share-based compensation expenses of $0,$16 and $0 respectively)

(1,717)

(833)

(1,323)

Gross profit

9,338

3,163

7,559

Operating expenses

 

 

 

General and administrative (includes share-based compensation expenses of $2,276,$326 and $797 respectively)

(3,917)

(1,195)

(2,631)

Sales and marketing (includes share-based compensation expenses of $67,$25 and $45 respectively)

(2,452)

(1,247)

(2,430)

Product development (includes share-based compensation expenses of $23,$26 and $33 respectively)

(995)

(347)

(865)

 

 

 

 

Total operating expenses

(7,364)

(2,789)

(5,926)

Subsidy Income

-

-

136

Income from operations

1,974

374

1,769

Interest income

344

254

355

Other income, net

2

-

1

Exchange gain, net

870

62

220

 

 

 

 

Income before income tax benefit

3,190

690

2,345

Income tax benefit

64

85

398

Purchased pre-acquisition earning

227

-

-

Minority interests in net income of consolidated subsidiary

28

-

15

Loss from impairment of cost method investment

-

-

(11,127)

 

 

 

 

Net income(loss)

$3,509

$775

($8,369)

Income(loss) attributable to ordinary shareholders

$3,509

$775

($8,369)

Income(loss) per share

 

 

 

Basic

$0.04

$0.01

($0.09)

Diluted

$0.03

$0.01

($0.09)

Income(loss) per ADS

 

 

 

Basic

$0.18

$0.04

($0.43)

Diluted

$0.15

$0.04

($0.43)

Weighted average ordinary shares

 

 

 

Basic

98,646,281

94,950,703

98,191,578

Diluted

113,735,492

102,074,032

98,191,578

Weighted average ADSs

 

 

 

Basic

19,729,256

18,990,141

19,638,316

Diluted

22,747,098

20,414,806

19,638,316

 

China Finance Online Co. Limited

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)

 

Three months ended

 

Mar.31,2008

Mar.31,2007

Dec.31,2007

Cash flows from operating activities:

 

 

 

Net income (loss)

$3,509

$775

$(8,369)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Stock-based compensation

2,366

394

875

Depreciation and amortization

425

177

316

Deferred taxes

(77)

(85)

(349)

Loss on disposal of property and equipment

-

51

23

Loss from impairment of cost method investment

-

-

11,127

Minority interest

(28)

-

(15)

Purchased pre-acquisition earning

(227)

-

-

Changes in assets and liabilities:

 

 

 

Accounts receivable

(199)

(326)

667

Prepaid expenses and other current assets

(1,456)

(798)

(420)

Advance to employees

443

-

(233)

Trust bank balances held on behalf of customers

(342)

-

(465)

Rental deposits

(36)

4

(380)

Deferred revenue

3,717

4,400

5,660

Accounts payable

(285)

-

(98)

Amount due to customers for trust bank balances held on behalf of customers

342

-

465

Accrued expenses and other current liabilities

(1,268)

124

2,114

Income taxes payable

67

-

(43)

Net cash provided by operating activities

6,951

4,716

10,875

 

 

 

 

Cash flows from investing activities:

 

 

 

Acquisition of businesses

-

-

(994)

Purchase of property and equipment

(771)

(735)

(1,567)

Proceeds from disposal of fixed assets

-

-

2

Net cash used in investing activities

(771)

(735)

(2,559)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from stock options exercised by employees

121

41

876

Proceeds from exercise of options granted to non-employee

-

192

261

Net cash provided by financing activities

121

233

1,137

 

 

 

 

Effect of exchange rate changes

1,368

330

1,194

 

 

 

 

Net increase in cash and cash equivalents

7,669

4,544

10,647

Cash and cash equivalents, beginning of quarter

74,729

44,956

64,082

Cash and cash equivalents, end of quarter

82,398

49,500

74,729

 

China Finance Online Co. Limited

RECONCILIATIONS OF NON-GAAP MEASURES TO UNAUDITED CONDENSED CONSOLIDATED

STATEMENT OF OPERATIONS

(U.S. Dollar in thousands, except per share data)

 

Three months ended Mar. 31, 2008

 

Reported
US GAAP

Adjustment

 

Adjusted
Non-GAAP

Net revenues

$11,055

 

 

$11,055

Cost of revenues

(1,717)

 

 

(1,717)

Gross profit

9,338

 

 

9,338

 

 

 

 

 

Operating expenses

 

 

 

 

General and administrative

(3,917)

$2,276

(a)

(1,641)

Sales and marketing

(2,452)

67

(a)

(2,385)

Product development

(995)

23

(a)

(972)

 

 

 

 

 

Total operating expenses

(7,364)

2,366

 

(4,998)

Income from operations

1,974

2,366

 

4,340

Interest income

344

 

 

344

other income, net

2

 

 

2

Exchange gain, net

870

 

 

870

 

 

 

 

 

Income before income tax benefit

3,190

2,366

 

5,556

Income tax benefit

64

 

 

64

Purchased pre-acquisition earning

227

 

 

227

Minority interests in net income of consolidated subsidiary

28

 

 

28

 

 

 

 

 

Net income

$3,509

$2,366

 

$5,875

 

 

 

 

 

Net income per share

 

 

 

 

Basic

$0.04

$0.02

 

$0.06

Diluted

$0.03

$0.02

 

$0.05

 

 

 

 

 

Net income per ADS

 

 

 

 

Basic

$0.18

$0.12

 

$0.30

Diluted

$0.15

$0.11

 

$0.26

 

 

 

 

 

Weighted average ordinary shares

 

 

 

 

Basic

98,646,281

 

 

98,646,281

Diluted

113,735,492

 

 

113,735,492

Weighed average ADSs

 

 

 

 

Basic

19,729,256

 

 

19,729,256

Diluted

22,747,098

 

 

22,747,098

(a) Exclude share-based compensation expense of $2,366.

 

Non-GAAP Measures

 

 

 

 

 

 

 

 

 

 

 

Three months ended Mar. 31, 2008
(U.S. Dollar in thousands)

Three months ended Mar. 31, 2007
(U.S. Dollar in thousands)

Three months ended Dec. 31, 2007
(U.S. Dollar in thousands)

 

GAAP Result

Adjustment

Non-GAAP Results

GAAP Result

Adjustment

Non-GAAP Results

GAAP Result

Adjustment

Non-GAAP Results

 

 

(a)

 

 

(a)

 

 

(a)

 

Income from operations

1,974

2,366

4,340

374

393

767

1,769

875

2,644

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended Mar. 31, 2008
(U.S. Dollar in thousands)

Three months ended Mar. 31, 2007
(U.S. Dollar in thousands)

Three months ended Dec. 31, 2007
(U.S. Dollar in thousands)

 

GAAP Result

Adjustment

Non-GAAP Results

GAAP Result

Adjustment

Non-GAAP Results

GAAP Result

Adjustment

Non-GAAP Results

 

 

(a)

 

 

(a)

 

 

(a)

(b)

 

Net income (loss)

3,509

2,366

5,875

775

393

1,168

(8,369)

875

11,127

3,633

(a) The adjustment is for share-based compensation expenses.
(b) The adjustment is for investment impairment.

Reconciliations from operating profit to EBITDA and adjusted EBITDA

 

Three months ended Mar. 31, 2008

Three months ended Mar. 31, 2007

Three months ended Dec. 31, 2007

 

(U.S. Dollar in thousands)

(U.S. Dollar in thousands)

(U.S. Dollar in thousands)

Net income (loss)

$ 3,509

$ 775

$ (8,369)

Less:

 

 

 

Interest income

344

254

355

Income tax benefit

64

85

398

Other income

1,127

62

236

Add:

 

 

 

Depreciation

347

102

241

Amortization of intangibles

78

75

75

EBITDA

2,399

551

(9,042)

Add back: Loss from impairment of cost method investment

-

-

11,127

Share-based compensation

2,366

393

875

Adjusted EBITDA

4,765

944

2,960

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