Third Quarter 2016 Financial Highlights
- Net revenues were
$17.1 million , down 53.8% year-over-year, but up 6.3% quarter-over-quarter - Equity brokerage business grew 331.7% year-over-year and 228.5% quarter-over-quarter
- Commodities brokerage business declined by 62.8% year-over-year and 1.1% quarter-over-quarter
- Yinglibao's users purchased wealth management products with a total value of
RMB 2.5 billion in the third quarter, up 114% quarter-over-quarter - iTougu's activated user base surpassed 4.6 million at the end of third quarter and active users reached 2.7 million during the third quarter
- Gross margin was 73.9%
- Total cash and cash equivalents, restricted cash and short-term investments were
$68.9 million as ofSeptember 30, 2016
First Nine Months of 2016 Highlights
- Net revenues were
$63.8 million , down 13.5% compared with$73.8 million in the first nine months of 2015 - Net income attributable to
China Finance Online was$11.2 million , a decrease of 10.6% compared to$12.5 million in the first nine months of 2015
Mr.
"Yinglibao continues to gain traction among our users, as the purchase of various wealth management products totaled
Mr.
Third Quarter 2016 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 ("G&A") were
Sales and marketing expenses were
Research and development expenses were
Total operating expenses were
Loss from operations was
Net loss attributable to China Finance Online was
Fully diluted loss per American Depository Shares ("ADS") attributable to China Finance Online was
As of
Total shareholders' equity of
First Nine Months of 2016 Financial Results
Net revenues for the first nine months of 2016 were
Gross profit for the first nine months of 2016 was
Net income attributable to China Finance Online for the first nine months of 2016 was
Fully diluted earnings per ADS attributable to China Finance Online was
Recent Developments
- Robo-advisory Service
In early November, the Company conducted a trial launch of its proprietary robo-advisory service. The robo-advisory service enables
"Built upon the foundation developed by Yinglibao and iTougu, the introduction of our proprietary robo-advisory service once again showcased our superior technology capabilities and deep resources in
- 2016
Leading China Fintech Forum
The Company will host the 2016 Fintech Forum & Leading China Annual Awards in
Conference Call Information
The management will host a conference call on
US: |
1-855-823-0291 |
Hong Kong: |
800-963-435 |
Singapore: |
800-616-2312 |
China: |
800-870-0211 or 400-120-3169 |
Conference ID: |
24959536 |
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/p3p7fvnh.
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 and continue to develop next generation of products and services such as the robo-advisory service;
- 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,
For more information, please contact:
+86-10-8336-3100
ir@jrj.com
-- Tables Follow --
China Finance Online Co. Limited |
||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||
(In thousands of U.S. dollars) |
||
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Assets |
||
Current assets: |
||
Cash and cash equivalents |
67,054 |
85,734 |
Restricted cash |
1,089 |
- |
Trust bank balances held on behalf of customers |
52,440 |
14,168 |
Accounts receivable, net - others |
17,088 |
12,008 |
Accounts receivable, net - Margin clients |
6,905 |
4,367 |
Short-term investments |
770 |
- |
Prepaid expenses and other current assets |
10,207 |
3,489 |
Deferred tax assets, current |
424 |
969 |
Total current assets |
155,977 |
120,735 |
Long-term investments, net |
2,444 |
1,782 |
Property and equipment, net |
7,732 |
5,790 |
Acquired intangible assets, net |
411 |
1,539 |
Rental deposits |
1,319 |
1,423 |
Goodwill |
127 |
6,700 |
Deferred tax assets, non-current |
27 |
20 |
Other deposits |
3,865 |
6,076 |
Total assets |
171,902 |
144,065 |
Liabilities and equity |
||
Current liabilities: |
||
Deferred revenue, current (including deferred revenue, current of the |
4,768 |
6,659 |
Accrued expenses and other current liabilities (including accrued |
5,688 |
15,655 |
Amount due to customers for trust bank balances held on behalf of |
52,458 |
14,168 |
Accounts payable (including accounts payable of the consolidated |
11,065 |
5,494 |
Deferred tax liabilities, current (including deferred tax liabilities, current |
32 |
15 |
Income taxes payable (including income taxes payable of the |
45 |
1,768 |
Total current liabilities |
74,056 |
43,759 |
Deferred tax liabilities, non-current (including deferred tax liabilities, |
93 |
385 |
Deferred revenue, non-current (including deferred revenue, non-current |
606 |
692 |
Total liabilities |
74,755 |
44,836 |
Noncontrolling interests |
(2,577) |
11,191 |
Total China Finance Online Co. Limited Shareholders' equity |
99,724 |
88,038 |
Total liabilities and equity |
171,902 |
144,065 |
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 |
Nine months ended |
||||
Sep. 30, |
Sep. 30, |
Jun. 30, |
Sep. 30, |
Sep. 30, |
|
Net revenues |
17,062 |
36,954 |
16,045 |
63,820 |
73,770 |
Cost of revenues |
(4,454) |
(5,329) |
(3,905) |
(13,166) |
(13,620) |
Gross profit |
12,608 |
31,625 |
12,140 |
50,654 |
60,150 |
Operating expenses |
|||||
General and administrative(includes share- |
(4,766) |
(3,218) |
(5,647) |
(15,331) |
(12,281) |
Sales and marketing (includes |
(12,927) |
(13,130) |
(10,952) |
(35,657) |
(30,113) |
Product development (includes |
(3,652) |
(2,506) |
(3,127) |
(9,477) |
(8,023) |
Loss from impairment of |
- |
- |
(1,111) |
(1,111) |
- |
Loss from impairment of goodwill |
- |
- |
(6,642) |
(6,642) |
- |
Total operating expenses |
(21,345) |
(18,854) |
(27,479) |
(68,218) |
(50,417) |
Government subsidies |
650 |
153 |
36 |
1,194 |
252 |
Income (loss) from operations |
(8,087) |
12,924 |
(15,303) |
(16,370) |
9,985 |
Interest income |
212 |
69 |
377 |
833 |
1,312 |
Long-term investment income |
2,246 |
- |
(4,123) |
(1,877) |
- |
Short-term investment income |
(376) |
70 |
138 |
(119) |
137 |
Gain on the interest sold |
- |
- |
22,445 |
22,445 |
- |
Gain from sale of cost method |
- |
- |
- |
- |
4,648 |
Equity method investment loss |
(21) |
(10) |
(49) |
(132) |
(19) |
Other income (loss), net |
34 |
(563) |
(14) |
91 |
(952) |
Exchange gain (loss), net |
4 |
(620) |
73 |
(80) |
(605) |
Income (loss) before income tax |
(5,988) |
11,870 |
3,544 |
4,791 |
14,506 |
Income tax provision (expenses), |
2,265 |
(227) |
(2,693) |
(852) |
(631) |
Net income (loss) |
(3,723) |
11,643 |
851 |
3,939 |
13,875 |
Less: Net income (loss) |
(96) |
1,905 |
(11,914) |
(7,216) |
1,402 |
Net income (loss) attributable to |
(3,627) |
9,738 |
12,765 |
11,155 |
12,473 |
Net income (loss) |
(3,723) |
11,643 |
851 |
3,939 |
13,875 |
Changes in foreign currency |
(524) |
(2,076) |
(1,748) |
(1,824) |
(1,789) |
Other comprehensive income (loss), |
(524) |
(2,076) |
(1,748) |
(1,824) |
(1,789) |
Comprehensive income (loss) |
(4,247) |
9,567 |
(897) |
2,115 |
12,086 |
Less: comprehensive income |
(96) |
1,905 |
(11,914) |
(7,216) |
1,402 |
Comprehensive income (loss) |
(4,151) |
7,662 |
11,017 |
9,331 |
10,684 |
Net income (loss) per share |
|||||
Basic |
(0.03) |
0.09 |
0.11 |
0.10 |
0.11 |
Diluted |
(0.03) |
0.08 |
0.10 |
0.09 |
0.10 |
Income (loss) per ADS |
|||||
Basic |
(0.16) |
0.44 |
0.56 |
0.49 |
0.56 |
Diluted |
(0.16) |
0.39 |
0.50 |
0.44 |
0.50 |
Weighted average ordinary shares |
|||||
Basic |
113,277,445 |
111,049,810 |
113,049,666 |
113,089,652 |
110,919,502 |
Diluted |
113,277,445 |
124,074,231 |
126,914,643 |
127,223,768 |
124,836,522 |
Weighted average ADSs |
|||||
Basic |
22,655,489 |
22,209,962 |
22,609,933 |
22,617,930 |
22,183,900 |
Diluted |
22,655,489 |
24,814,846 |
25,382,929 |
25,444,754 |
24,967,304 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-finance-online-reports-third-quarter-and-nine-months-ended-september-30-2016-unaudited-financial-results-300369574.html
SOURCE