First Quarter 2017 Financial Highlights
- Net revenues were
$8.7 million - Equity brokerage business grew 424.8% year-over-year
- Commodities brokerage business declined by 96.8% year-over-year
- Gross margin was 46.4%
- Total cash and cash equivalents, restricted cash and short-term investments were $67.9 million as of
March 31, 2017 China Finance Online's Robo-Advisor product outperformed its peer products in the Chinese market in the first 5 months of 2017China Finance Online inaugurated China A-Share Market Non-state-owned-enterprises Top 1000 Wealth list
Mr.
First Quarter 2017 Financial Results
Net revenues were
Revenues from financial services were
Revenues from the financial information and advisory business were
Revenues from advertising were
Gross profit was
General and administrative expenses were
Sales and marketing expenses were
Research and development expenses were
Total operating expenses were $16.8 million, a decrease of 13.6% from
Loss from operations was
Net loss attributable to China Finance Online was $11.6 million, compared with a net income of
Fully diluted loss per American Depository Shares ("ADS") attributable to China Finance Online was
As of
Total shareholders' equity of
Recent Developments
China Finance Online's Robo-Advisor product posted leading performance in comparison to its peer products in the Chinese market
Based upon different user risk profiles,
- Inauguration of China A-Share Market Non-state-owned-enterprises Top 1000 Wealth list
In May, the Company inaugurated
http://mapp.jrj.com.cn/news/biz/2017/05/18124022497641.shtml.
Conference Call Information
The management will host a conference call on
US: 1-800-742-9301
Conference ID: 38940753
Please dial in 10 minutes before the call is scheduled to begin and provide the conference ID to join the call.
A recording of the call will be available on
In addition, a live and archived webcast of the conference call will be available at http://edge.media-server.com/m/p/uju36sqv
About
Safe Harbor Statement
This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The statements contained herein reflect management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:
- our prospect and our ability to attract new users;
- our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
- our prospect on stabilization in cash attrition and improvement of our financial position;
- our initiatives to address customers' demand for intuitive online investment platforms and alternative investment opportunities; and
- the market prospect of the business of securities-trading, securities investment advisory and wealth management.
Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market,
For more information, please contact:
+86-10-8336-3100
ir@jrj.com
(212) 521-4050
kevin.theiss@awakenlab.com
-- Tables Follow --
China Finance Online Co. Limited |
||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||
(In thousands of U.S. dollars) |
||
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Assets |
||
Current assets: |
||
Cash and cash equivalents |
44,184 |
66,152 |
Restricted cash |
3,133 |
2,484 |
Trust bank balances held on behalf of |
37,693 |
33,174 |
Accounts receivable, net - others |
15,397 |
14,411 |
Accounts receivable, net - Margin clients |
7,823 |
7,557 |
Short-term investments |
20,552 |
16,444 |
Prepaid expenses and other current assets |
8,939 |
8,241 |
Deferred tax assets, current |
969 |
1,370 |
Total current assets |
138,690 |
149,833 |
Long-term investments, net |
2,639 |
2,561 |
Property and equipment, net |
7,150 |
7,398 |
Acquired intangible assets, net |
395 |
396 |
Rental deposits |
1,424 |
1,292 |
Goodwill |
109 |
109 |
Deferred tax assets, non-current |
27 |
33 |
Other deposits |
3,723 |
6,002 |
Total assets |
154,157 |
167,624 |
Liabilities and equity |
||
Current liabilities: |
||
Deferred revenue, current (including |
5,635 |
6,526 |
Accrued expenses and other current |
26,669 |
29,621 |
Contingent liability (including |
3,000 |
3,000 |
Amount due to customers for trust bank |
37,693 |
33,174 |
Accounts payable (including accounts |
6,463 |
8,746 |
Deferred tax liabilities, current |
319 |
236 |
Income taxes payable (including income |
3,800 |
3,828 |
Total current liabilities |
83,579 |
85,131 |
Deferred tax liabilities, non-current |
90 |
90 |
Deferred revenue, non-current (including |
530 |
609 |
Total liabilities |
84,199 |
85,830 |
Noncontrolling interests |
(5,902) |
(4,370) |
Total China Finance Online Co. Limited |
75,860 |
86,164 |
Total liabilities and equity |
154,157 |
167,624 |
China Finance Online Co. Limited |
|||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||
(in thousands of U.S. dollars, except share and ADS related data) |
|||
Three months ended |
|||
Mar. 31, |
Mar. 31, |
Dec. 31, |
|
Net revenues |
8,672 |
30,713 |
19,237 |
Cost of revenues |
(4,650) |
(4,807) |
(7,215) |
Gross profit |
4,022 |
25,906 |
12,022 |
Operating expenses |
|||
General and administrative (includes share-based |
(4,112) |
(4,918) |
(4,505) |
Sales and marketing (includes share-based |
(8,343) |
(11,778) |
(14,426) |
Product development (includes share-based |
(4,300) |
(2,698) |
(5,009) |
Loss from impairment of goodwill |
- |
- |
(18) |
Total operating expenses |
(16,755) |
(19,394) |
(23,958) |
Government subsidies |
230 |
508 |
- |
Income (loss) from operations |
(12,503) |
7,020 |
(11,936) |
Interest income |
74 |
244 |
217 |
Interest expense |
(1) |
- |
(2) |
Short-term investment income, net |
85 |
119 |
510 |
Loss on the interest sold and retained |
(738) |
- |
- |
Equity method investment income |
(8) |
(62) |
(7) |
Other income (loss), net |
(236) |
71 |
(408) |
Exchange gain (loss), net |
21 |
(157) |
26 |
Income (loss) before income tax expenses |
(13,306) |
7,235 |
(11,600) |
Income tax expenses |
(512) |
(424) |
(3,309) |
Net income (loss) |
(13,818) |
6,811 |
(14,909) |
Less: Net income (loss) attributable to the |
(2,209) |
4,794 |
(2,071) |
Net income (loss) attributable to China Finance |
(11,609) |
2,017 |
(12,838) |
Net income (loss) |
(13,818) |
6,811 |
(14,909) |
Changes in foreign currency translation adjustment |
681 |
448 |
(2,437) |
Net unrealized gain on available-for-sale |
(35) |
- |
- |
Other comprehensive income (loss), net of tax |
646 |
448 |
(2,437) |
Comprehensive income (loss) |
(13,172) |
7,259 |
(17,346) |
Less: comprehensive income (loss) attributable to |
(2,209) |
4,794 |
(2,071) |
Comprehensive income (loss) attributable to China |
(10,963) |
2,465 |
(15,275) |
Net income (loss) per share attributable to China |
|||
Basic |
(0.10) |
0.02 |
(0.11) |
Diluted |
(0.10) |
0.02 |
(0.11) |
Net income (loss) per ADS attributable to China |
|||
Basic |
(0.51) |
0.09 |
(0.57) |
Diluted |
(0.51) |
0.08 |
(0.57) |
Weighted average ordinary shares |
|||
Basic |
113,532,543 |
112,939,783 |
113,465,823 |
Diluted |
113,532,543 |
126,822,437 |
113,465,823 |
Weighted average ADSs |
|||
Basic |
22,706,509 |
22,587,957 |
22,693,165 |
Diluted |
22,706,509 |
25,364,487 |
22,693,165 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-finance-online-reports-first-quarter-2017-unaudited-financial-results-300473886.html
SOURCE