Second Quarter 2015 Summaries
- Net revenues were
$23.1 million , beating the guidance of$22.0 million , representing a 12.2% increase year-over-year from$20.6 million in the second quarter of 2014 and a 68.7% increase quarter-over-quarter from$13.7 million in the first quarter of 2015; - Revenues from financial information and advisory business, propelled by Live Market Broadcast and iTouGu, were
$4.7million , an increase of 90.8% from$2.5 million in the second quarter of 2014 and an increase of 118.2% from$2.2 million in the first quarter of 2015. - Gross margin was 78.9% compared with 73.5% in the second quarter for 2014 and 75.0% in the first quarter for 2015;
- Net income attributable to
China Finance Online was$4.1 million , compared with a net loss of$6.4 million in the same quarter of 2014 and a net loss of$1.3 million in the first quarter of 2015.
First Half 2015 Highlights
- Net revenues were
$36.8 million , compared with$43.8 million in the first half of 2014. - Gross profit was
$28.5 million , compared with$32.9 million in the first half of 2014. - Net income attributable to the Company for the first half of 2015 was
$2.7 million , compared to a net loss of$8.4 million in the first half of 2014.
Mr.
"While growing our top line, we further streamlined our operations and team structure. We are not only turning profitability on the operating line but generating positive cash flow as well. In addition, we exited one of our former investments in an internet company during the second quarter. We will continue to invest in iTouGu and other financial services to help grow member enrollment, increase user engagement and improve user experience." Mr. Zhao concluded.
Second Quarter 2015 Financial Results
Net revenues for the second quarter of 2015 were
Revenues from financial services were
With the growth of iTouGu application downloads and desktop sign-ups, the total unique member registrations as of today have exceeded 500,000.
Gross profit was
General and administrative ("G&A") expenses were
Sales and marketing expenses were
Research and development expenses were
Income from operations was
Gain from sale of cost method investment was
Net income attributable to
Fully diluted earnings per ADS was
As of
Total shareholders' equity of
First Half 2015 Financial Results
Net revenues for the first half of 2015 was
Gross profit for the first half of 2015 was
Net income attributable to the Company for the first half of 2015 was
Fully diluted earnings per ADS was
Conference Call Information
The management will host a conference call and a simultaneous webcast on
US: 1-800-742-9301
Conference: ID: 38798144
A replay of the conference call will be available shortly after the conclusion of the event through
US: 1-855-452-5696
Conference ID: 38798144
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://edge.media-server.com/m/p/jz6pnoev
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 and continue to develop iTouGu;
- 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, the changing customer needs, regulatory environment and market condition that we are subject to; the uneven condition of the world and Chinese economy 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,
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China Finance Online Co. Limited |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||
|
(In thousands of U.S. dollars) |
||
|
Jun. 30, 2015 |
Dec. 31, 2014 |
|
|
Assets |
||
|
Current assets: |
||
|
Cash and cash equivalents |
30,369 |
32,538 |
|
Restricted cash |
5 |
5 |
|
Trust bank balances held on behalf of customers |
15,480 |
11,922 |
|
Accounts receivable, net - others |
13,654 |
12,886 |
|
Accounts receivable, net - margin clients |
3,249 |
1,699 |
|
Loan receivable |
9,141 |
10,296 |
|
Consideration Receivable |
13,413 |
13,401 |
|
Short-term investments |
42 |
- |
|
Prepaid expenses and other current assets |
5,887 |
8,539 |
|
Deferred tax assets, current |
505 |
926 |
|
Total current assets |
91,745 |
92,212 |
|
Long-term investments, net |
400 |
1,218 |
|
Property and equipment, net |
4,923 |
4,863 |
|
Acquired intangible assets, net |
2,042 |
2,185 |
|
Rental deposits |
1,529 |
1,388 |
|
Goodwill |
7,116 |
7,090 |
|
Deferred tax assets, non-current |
53 |
72 |
|
Other deposits |
7,943 |
4,874 |
|
Total assets |
115,751 |
113,902 |
|
Liabilities and equity |
||
|
Current liabilities: |
||
|
Deferred revenue, current (including deferred revenue, current of the |
5,561 |
4,936 |
|
Accrued expenses and other current liabilities (including accrued expenses and |
11,782 |
8,837 |
|
Amount due to customers for trust bank balances held on behalf of customers |
15,480 |
11,922 |
|
Accounts payable (including accounts payable of the consolidated variable interest entities without recourse to China Finance Online Co. Limited $1,151 and $1,887 as of June 30, 2015 and December 31, 2014, respectively) |
2,981 |
9,852 |
|
Deferred tax liabilities, current (including deferred tax liabilities, current of the consolidated variable interest entities without recourse to China Finance Online Co. Limited $468 and $578 as of June 30, 2015 and December 31, 2014, respectively) |
470 |
580 |
|
Income taxes payable (including income taxes payable of the consolidated variable interest entities without recourse to China Finance Online Co. Limited $92 and $301 as of June 30, 2015 and December 31,2014, respectively) |
92 |
314 |
|
Total current liabilities |
36,366 |
36,441 |
|
Deferred revenue, non-current (including deferred revenue, non-current of the consolidated variable interest entities without recourse to China Finance Online Co. Limited $282 and $353 as of June 30, 2015 and December 31,2014, respectively) |
1,108 |
1,373 |
|
Deferred tax liabilities, non-current (including deferred tax liabilities, non-current of the consolidated variable interest entities without recourse to China Finance Online Co. Limited $510 and $546 as of June 30, 2015 and December 31, 2014, respectively) |
510 |
546 |
|
Total liabilities |
37,984 |
38,360 |
|
Noncontrolling interests |
7,648 |
10,926 |
|
Total China Finance Online Co. Limited Shareholders' equity |
70,119 |
64,616 |
|
Total liabilities and equity |
115,751 |
113,902 |
|
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 |
Six months ended |
||||
|
Jun. 30, 2015 |
Jun. 30, 2014 |
Mar. 31, 2015 |
Jun. 30, 2015 |
Jun. 30, 2014 |
|
|
Net revenues |
23,115 |
20,599 |
13,701 |
36,816 |
43,778 |
|
Cost of revenues |
(4,867) |
(5,461) |
(3,424) |
(8,291) |
(10,849) |
|
Gross profit |
18,248 |
15,138 |
10,277 |
28,525 |
32,929 |
|
Operating expenses |
|||||
|
General and administrative(includes |
(6,102) |
(3,837) |
(2,961) |
(9,063) |
(7,876) |
|
Sales and marketing (includes share- |
(8,845) |
(12,880) |
(8,138) |
(16,983) |
(24,968) |
|
Product development (includes share- |
(2,693) |
(2,580) |
(2,824) |
(5,517) |
(5,136) |
|
Loss from impairment of intangible assets |
- |
(1,802) |
- |
- |
(1,802) |
|
Loss from impairment of goodwill |
- |
(8,150) |
- |
- |
(8,150) |
|
Total operating expenses |
(17,640) |
(29,249) |
(13,923) |
(31,563) |
(47,932) |
|
Government subsidies |
- |
36 |
99 |
99 |
284 |
|
Income (loss) from operations |
608 |
(14,075) |
(3,547) |
(2,939) |
(14,719) |
|
Interest income |
43 |
1,056 |
1,200 |
1,243 |
1,884 |
|
Interest expense |
- |
(8) |
- |
- |
(10) |
|
Short-term investment income (loss), net |
34 |
19 |
33 |
67 |
(16) |
|
Gain from sale of cost method |
4,648 |
- |
- |
4,648 |
- |
|
Loss from equity method investment |
(9) |
- |
- |
(9) |
- |
|
Other income (loss), net |
(74) |
564 |
(315) |
(389) |
580 |
|
Exchange gain (loss), net |
80 |
(37) |
(65) |
15 |
(190) |
|
Income (loss) before income tax benefits (expenses) |
5,330 |
(12,481) |
(2,694) |
2,636 |
(12,471) |
|
Income tax benefits (expenses) |
312 |
57 |
(716) |
(404) |
(388) |
|
Net income (loss) |
5,642 |
(12,424) |
(3,410) |
2,232 |
(12,859) |
|
Less: Net income (loss) attributable to the noncontrolling interest |
1,570 |
(6,034) |
(2,073) |
(503) |
(4,483) |
|
Net income (loss) attributable to China Finance Online Co. Limited |
4,072 |
(6,390) |
(1,337) |
2,735 |
(8,376) |
|
Net income (loss) |
5,642 |
(12,424) |
(3,410) |
2,232 |
(12,859) |
|
Changes in foreign currency |
181 |
7 |
106 |
287 |
(446) |
|
Net unrealized gain on available-for-sale securities, net of tax effects of $(1), nil, $1, nil and nil respectively |
(2) |
- |
2 |
- |
- |
|
Other comprehensive income (loss), net |
179 |
7 |
108 |
287 |
(446) |
|
Comprehensive income (loss) |
5,821 |
(12,417) |
(3,302) |
2,519 |
(13,305) |
|
Less: comprehensive income (loss) attributable to noncontrolling interest |
1,570 |
(6,034) |
(2,073) |
(503) |
(4,483) |
|
Comprehensive income |
4,251 |
(6,383) |
(1,229) |
3,022 |
(8,822) |
|
Net income (loss) per share attributable |
|||||
|
Basic |
0.04 |
(0.06) |
(0.01) |
0.02 |
(0.08) |
|
Diluted |
0.03 |
(0.06) |
(0.01) |
0.02 |
(0.08) |
|
Net income (loss) per ADS attributable to China Finance Online Co. Limited |
|||||
|
Basic |
0.18 |
(0.29) |
(0.06) |
0.12 |
(0.38) |
|
Diluted |
0.16 |
(0.29) |
(0.06) |
0.11 |
(0.38) |
|
Weighted average ordinary shares |
|||||
|
Basic |
111,031,161 |
109,216,351 |
110,673,397 |
110,853,266 |
109,215,334 |
|
Diluted |
125,714,306 |
109,216,351 |
110,673,397 |
125,216,585 |
109,215,334 |
|
Weighted average ADSs |
|||||
|
Basic |
22,206,232 |
21,843,270 |
22,134,679 |
22,170,653 |
21,843,067 |
|
Diluted |
25,142,861 |
21,843,270 |
22,134,679 |
25,043,317 |
21,843,067 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-finance-online-reports-second-quarter-and-first-half-2015-ended-june-30-2015-unaudited-financial-results-300142216.html
SOURCE
Xiaoli Xing, +86 (0)10-83363100, ir@jrj.com