Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application store and mobile social network
community operator in China, announced today its unaudited
financial results for the fiscal second quarter ended September 30,
2011 ("second quarter 2012").
Second Quarter
2012 Highlights
- Total revenues decreased 0.4% to RMB173.2 million (US$27.2
million) in second quarter 2012, compared to the fiscal second
quarter ended September 30, 2010 ("second quarter 2011"). Revenues
collected from third party channels, i.e., revenues not collected
through mobile network operators, represented 15.2% of total
revenues
- Profit from operations was RMB6.2 million (US$1.0 million) in
second quarter 2012, up 313.1% from second quarter 2011
- Non-IFRS profit from operations was RMB18.9 million (US$3.0
million) in second quarter 2012, up 40.5% from second quarter
2011
- Net profit was RMB7.1 million (US$1.1 million) in second
quarter 2012, compared to net loss of RMB24.3 million in second
quarter 2011
- Non-IFRS net profit was RMB19.8 million (US$3.1 million) in
second quarter 2012, up 69.4% from second quarter 2011
- Basic and diluted earnings per common share ("EPS") were
RMB0.03 (US$0.00). Non-IFRS basic and diluted earnings per common
share were RMB0.08 (US$0.01)
- Basic and diluted earnings per ADS1 were RMB0.22 (US$0.03).
Non-IFRS basic and diluted earnings per ADS were RMB0.61
(US$0.10)
- Revenues collected from carrier channels decreased 9.2% to
RMB143.7 million (US$22.5 million) in second quarter 2012 from
second quarter 2011. Sky-mobi's application store experienced a
record 4.9 billion user visits with 845.2 million downloads in
second quarter 2012
- Revenues collected from third party channels increased 89.7% to
RMB26.3 million (US$4.1 million) in second quarter 2012 from second
quarter 2011. Sky-mobi had 16.7 million active members of the
Maopao Community with 1.4 billion member log-ins in second quarter
2012
1 American Depositary Shares, which are traded on the NASDAQ,
each represents eight ordinary shares of the Company.
Non-IFRS figures exclude share-based compensation expenses and
other non-operating one-time items. Please see "About Non-IFRS
Financial Measures" in this release for more information.
Commenting on the Company's results, Michael Tao Song, Chairman
and Chief Executive Officer of Sky-mobi, remarked: "Our second
quarter revenues were in line with our expectations. We continued
to make good progress in socializing the Maopao application store,
introducing 17 new single-user applications with social functions
through the OPENSKY platform. This resulted in a 45 million
year-over-year increase in the number of downloads to a near record
845.2 million. The Maopao Community grew to a record 16.7 million
active users with 1.4 billion member logins."
"We continue to invest heavily in Android in order to best
position Sky-mobi once Android handset shipments reach meaningful
levels early next year. We recently made a strategic investment in
an Android ROM developer and have a strong pipeline in development.
Following the launch of a card game center in September, we plan to
launch a full Android community including an application store, PC
suite and multimedia player by year end," Mr. Song continued.
"We anticipate a continued growth in our user base, along with
higher monetization rates, as we expand our relationships with
leading Chinese social media and content partners, such as the
recently announced SINA Weibo that went live on our community,
encourage developers to provide compelling content via OPENSKY and
establish our Android infrastructure. We are also exploring
opportunities to expand our relationships beyond service providers
to include carriers," Mr. Song concluded.
Commenting on the Company's results, Carl Yeung, Chief Financial
Officer of Sky-mobi, said: "As our business becomes more
established, we are better able to streamline our operations and
manage costs to benefit from operating leverage. As a result, we
saw significant improvement in gross margin and profitability
during this quarter, with non-IFRS gross margin expanding 560 basis
points to 34% and non-IFRS net income increasing almost 70% on a
year over year basis. Going forward, we will continue to manage our
business prudently while making strategic investments to ensure our
profitable growth."
Financial Results for Second quarter
2012
Total Revenues
Sky-mobi analyzes revenue from two perspectives: by source and
business unit. Beginning in fiscal 2012, the Company has expanded
its disclosure to provide details on both.
Revenues by source is broken down into three categories:
"Revenues collected from carrier channels", "Revenues collected
from third party channels", and "Other revenues." Previously, these
sources were defined as "Application store revenues", "Maopao
Community revenues through K Currency" and "Other revenues"
respectively.
Revenues by business unit is broken down into: "Application
store revenues", "Maopao Community revenues" and "Other
revenues".
|
For the three months ended |
|
September 30, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
(unaudited) |
Revenues by source: |
|
|
|
Revenues collected from carrier
channels |
158,332 |
143,735 |
22,537 |
Revenues collected from third party
channels |
13,886 |
26,341 |
4,130 |
Other revenues |
1,694 |
3,107 |
487 |
Total revenues |
173,912 |
173,183 |
27,154 |
|
|
|
|
|
For the three months ended |
|
September 30, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
(unaudited) |
Revenues by business unit: |
|
|
|
Application store revenues |
158,332 |
138,927 |
21,783 |
Maopao Community revenues |
13,886 |
31,149 |
4,884 |
Other revenues |
1,694 |
3,107 |
487 |
Total revenues |
173,912 |
173,183 |
27,154 |
The discussion and analysis below focuses on revenues by source,
as the Company believes it is more useful to investors in analyzing
and understanding its business model.
Total revenues for second quarter 2012 decreased 0.4% to
RMB173.2 million (US$27.2 million) compared to RMB173.9 million for
second quarter 2011.
Revenues collected from carrier channels of RMB143.7 million
(US$22.5 million) in second quarter 2012, representing 83.0% of
total revenues, decreased 9.2% from second quarter 2011. Sky-mobi
had 4.9 billion user visits and 845.2 million downloads of
applications and content from the Maopao application store in
second quarter 2012, an increase of 48.5% and 5.7%, respectively,
compared to 3.3 billion user visits and 799.5 million downloads in
second quarter 2011. The growth in application store user activity
was offset by lower store monetization rate as a result of policies
introduced by mobile network operators requiring multiple
confirmations on SMS-based purchases of mobile applications and
content, including triple-confirmation introduced in September
2010. For the September 2011 quarter, downloads grew by 45.7
million year-over-year mainly due to the introduction and promotion
of 17 single-user applications that leveraged the OPENSKY
platform.
Revenues collected from third party channels were RMB26.3
million (US$ 4.1 million), up 89.7% from second quarter 2011 and
contributing 15.2% of total revenues in second quarter 2012.
Sky-mobi's Maopao Community had 16.7 million active members and 1.4
billion member log-ins in second quarter 2012, representing an
increase of 77.7% and 131.4%, respectively, compared to 9.4 million
active members and 622.5 million member log-ins in second quarter
2011. Revenues from the community increased due to the fast growth
in the number of active members as well as the increased spending
per active member resulting from the success of "Fantasy of Three
Kingdoms," a mobile social game. The Company expects that revenues
collected from third party channels will contribute an increasing
percentage of total revenues in the quarters ahead as Sky-mobi
continues to focus on growing its active mobile community member
base and on diversifying revenue collection away from carrier-based
payment channels.
Cost of Revenues and Gross
Profit
Total cost of revenues for second quarter 2012 decreased 7.8% to
RMB115.2 million (US$18.1 million) compared to RMB124.9 million in
second quarter 2011.
Total non-IFRS cost of revenues for second quarter 2012
decreased 8.1% to RMB114.3 million (US$17.9 million) compared to
RMB124.4 million in second quarter 2011.
|
For the three months
ended |
|
September 30, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
(unaudited) |
Cost of revenues: |
|
|
|
Costs associated with payment to industry
participants |
113,322 |
105,169 |
16,490 |
Direct costs |
11,577 |
10,015 |
1,570 |
Total cost of revenues: |
124,899 |
115,184 |
18,060 |
|
|
|
|
Gross Margin |
28.2% |
33.5% |
|
|
|
|
|
Non-IFRS cost of revenues: |
|
|
|
Costs associated with payment to industry
participants |
113,322 |
105,169 |
16,490 |
Direct costs |
11,118 |
9,174 |
1,438 |
Total non-IFRS cost of revenues: |
124,440 |
114,343 |
17,928 |
|
|
|
|
Non-IFRS Gross Margin |
28.4% |
34.0% |
|
Non-IFRS cost of revenues is defined as cost of revenues
excluding share-based compensation expenses. The discussion and
analysis below focus on non-IFRS cost of revenue, as the Company
believes variances on cost of revenues excluding share-based
compensation would reflect the operating performance better.
Costs associated with payments to industry participants
decreased 7.2% to RMB105.2 million (US$16.5 million) in second
quarter 2012 compared to RMB113.3 million in second quarter 2011,
which was primarily due to the decrease in revenues collected from
carrier channels.
Direct costs including salaries and benefits, depreciation,
office expenses and utilities directly related to the operation of
Maopao application store decreased 17.5% to RMB9.2 million (US$1.4
million) in second quarter 2012 compared to RMB11.1 million in
second quarter 2011. The decrease was mainly due to the shift of
business focus on R&D to the Maopao Community from the Maopao
application store which is consistent with the Company's overall
strategy and business transition initiatives.
Gross profit for second quarter 2012 increased 18.3% to RMB58.0
million (US$9.1 million) compared to RMB49.0 million in second
quarter 2011. Non-IFRS gross margin in second quarter 2012 was
34.0%, up from 28.4% in second quarter 2011, mainly due to more
contribution from revenue collected from third party channels as a
result of increased use of third-party payment agents.
Operating Expenses (representing the total amount of
research and development
expenses, sales and marketing
expenses, general and
administrative expenses and other income and
expense)
Total operating expenses primarily consisting of employee
salaries and benefits, training expenses, travelling, entertainment
and office related expenses increased 9.1% in second quarter 2012
to RMB51.8 million (US$8.1 million) from RMB47.5 million in second
quarter 2011.
Total non-IFRS operating expenses increased 10.9% in second
quarter 2012 to RMB40.0 million (US$6.3 million) from RMB36.0
million in second quarter 2011.
|
For the three months
ended |
|
September 30, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
(unaudited) |
Operating expenses: |
|
|
|
Research and development expenses |
12,888 |
18,007 |
2,824 |
Sales and marketing expenses |
12,045 |
11,199 |
1,756 |
General and administrative expenses |
22,588 |
22,197 |
3,481 |
Other income and expense |
-- |
433 |
68 |
Total operating expenses |
47,521 |
51,836 |
8,129 |
|
|
|
|
Non-IFRS operating expenses: |
|
|
|
Research and development expenses |
10,794 |
15,348 |
2,407 |
Sales and marketing expenses |
11,006 |
10,195 |
1,599 |
General and administrative expenses |
14,239 |
13,991 |
2,194 |
Other income and expense |
-- |
433 |
68 |
Total non-IFRS operating expenses |
36,039 |
39,967 |
6,268 |
Non-IFRS operating expenses is defined as operating expenses
excluding share-based compensation expenses. The discussion and
analysis below focus on non-IFRS operating expenses, as the Company
believes it is more useful to investors to understand variances in
relation to operating activities.
The increase in operating expenses was primarily due to the
increase in headcount, as described below, and in efforts to
improve third-party payment system functions to cope with largely
increased revenues collected from third-party channels, as well as
business development on Maopao Community.
|
As of September 30, |
|
2010 |
2011 |
% change |
|
|
|
|
Headcount |
|
|
|
Operations |
99 |
148 |
49.5% |
Research and development |
260 |
330 |
26.9% |
Sales and marketing |
107 |
111 |
3.7% |
General and administrative |
65 |
82 |
26.2% |
Total Headcount |
531 |
671 |
26.4% |
The Company's employee headcount increased 26.4% to 671 as of
September 30, 2011 from 531 as of September 30, 2010. The increase
in headcount was to support Android and Maopao Community based
business strategies.
Net profit and
EPS
Net profit in second quarter 2012 was RMB7.1 million (US$1.1
million) compared to a loss of RMB24.3 million in second quarter
2011.
Non-IFRS net profit in second quarter 2012 increased 69.4% to
RMB19.8 million (US$3.1 million) from RMB11.7 million in second
quarter 2011.
Basic and diluted earnings per common share in second quarter
2012 were RMB0.03 (US$0.00) and basic and diluted earnings per ADS
were RMB0.22 (US$0.03).
Non-IFRS basic and diluted earnings per common share in second
quarter 2012 were RMB0.08 (US$0.01), and non-IFRS basic and diluted
earnings per ADS were RMB0.61 (US$0.10).
The weighted average number of ADSs used to calculate basic and
diluted earnings per ADS for second quarter 2012 were 32,173,725
and 32,212,057 respectively.
Each ADS represents eight common shares.
Other Operating Data
The following table sets forth total user downloads of our
single-user applications and contents titles for the period
indicated:
|
For the three months
ended |
|
|
September 30, |
|
In millions |
2010 |
2011 |
% change |
|
|
|
|
Application Store |
|
|
|
User visits |
3,319.6 |
4,930.1 |
48.5% |
|
|
|
|
Single-user applications and contents
downloads |
|
|
|
Single-player games |
361.1 |
323.2 |
-10.5% |
Multimedia applications and content
titles |
162.0 |
132.4 |
-18.3% |
Other single-user applications |
276.4 |
389.6 |
40.9% |
Total Single-user applications and contents
downloads |
799.5 |
845.2 |
5.7% |
The following table sets forth the number of registered, active
members and member log-ins in our Maopao Community as of the date
indicated:
|
As of September 30, |
In millions |
2010 |
2011 |
% change |
|
|
|
|
Number of registered members |
44.6 |
118.9 |
166.5% |
|
|
|
|
For the three months ended |
|
|
September 30, |
|
In millions |
2010 |
2011 |
% change |
|
|
|
|
Maopao Community |
|
|
|
Number of active members |
9.4 |
16.7 |
77.7% |
Number of member log-ins |
622.5 |
1,440.4 |
131.4% |
Common Shares
Sky-mobi had 257,389,800 common shares outstanding as of
September 30, 2011 and 153,185,442 common shares outstanding as of
September 30, 2010.
Business Outlook
For the fiscal third quarter 2012 ending December 31, 2011,
Sky-mobi expects total revenues to be in the range of RMB 163
million to RMB 171 million.
These are Sky-mobi's current projections, which are subject to
change. You are cautioned that operating results in second quarter
2012 are not necessarily indicative of operating results for any
future periods.
Other Announcements
On October 24, 2011, Sky-mobi entered into a strategic agreement
with SINA Corporation. Under the terms of the agreement, SINA
Weibo's microblogging service will be made available via plug-ins
to Sky-Mobi's Maopao mobile social network. SINA will give
Sky-mobi the exclusive rights to promote Weibo products on its
feature phone application platform. The Company will generate
revenue based on the new users that join through Maopao based on
the activity of users on the Maopao platform.
On October 13, 2011, Sky-mobi purchased a 5% stake in MoKee, an
Android ROM developer for approximately RMB0.8 million. MoKee
currently develops ROMs designed to improve the functionality,
performance, speed, standby battery life and overall user
experience for Android handsets. MoKee has a strong following, and
its ROMs are currently in use on over 300,000 handsets in
China.
Conference Call and Webcast
Sky-mobi's management team will host a conference call today
November 14, 2011 at 8:00 AM ET, (or 5:00 AM U.S. Pacific Time and
9:00 PM, November 14, 2011 Beijing/Hong Kong time). A live
audio webcast of the conference call will be available on
Sky-mobi's website at http://ir.sky-mobi.com/events.cfm. To listen
to the conference call, please use the dial in numbers below:
USA Toll Number: 1-877-275-8968 |
International: +1-706-643-1666 |
Passcode: 25058282 |
A replay of the call will be available for two weeks following
the call and can be accessed on the Company website or by dialing
the numbers below:
USA Toll Number: 1-855-859-2056 |
International: +1-404-537-3406 |
Passcode: 25058282 |
About Non-IFRS Financial Measures
To supplement its consolidated financial statements presented in
accordance with International Financial Reporting Standards, or
IFRS, Sky-mobi uses several non-IFRS financial measures defined
below. The Company believes both management and investors
benefit from referring to non-IFRS financial measures in assessing
the Company's performance and prospects for the future.
Specifically, the Company believes that non-IFRS financial measures
provide meaningful supplemental information regarding its
performance by excluding certain items that may not be indicative
of the Company's operating performance.
The presentation of this additional information is not meant to
be considered superior to, in isolation from or as a substitute for
results prepared in accordance with IFRS. A limitation of using
non-IFRS cost of revenues, gross profit, operating expenses, profit
from operations, net profit and net profit per share is that these
non-IFRS measures exclude the share-based compensation expenses
that have been and will continue to be for the foreseeable future a
significant recurring expense in the business. Management
compensates for these limitations by providing specific information
regarding the IFRS amounts excluded from each non-IFRS measure. For
more information on these non-IFRS financial measures, please see
the tables captioned "Reconciliations of non-IFRS financial
measures to comparable IFRS measures" contained elsewhere in this
release.
Definitions of Non-IFRS Measures
Non-IFRS cost of
revenues is defined as cost of revenues
excluding share-based compensation expenses.
Non-IFRS gross profit is
defined as revenues less non-IFRS cost of revenues.
Non-IFRS operating expenses is
defined as operating expenses excluding share-based compensation
expenses.
Non-IFRS profit from operations is defined as
Non-IFRS gross profit less non-IFRS operating expenses.
Non-IFRS net
profit is defined as non-IFRS profit from
operations plus/minus other gains or losses, less finance
cost, share of results of associates and income tax, excluding
non-cash expenses from changes of fair value of preferred shares
and warrants.
Non-IFRS basic and diluted
earnings per common share/ADS are defined as non-IFRS
profit after tax divided by weighted average outstanding
shares/ADSs during the period.
Explanatory Notes
This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of
RMB6.3780 to US$1.00, the exchange rate as average exchange rate
during the quarter as set forth in the H.10 statistical release of
the Federal Reserve Board.
When calculating number of users of Maopao application store,
Sky-mobi counts an individual who uses a particular handset with a
particular SIM card to access Maopao as one user. Therefore, an
individual who accesses Maopao through one handset with two SIM
cards separately will be counted as two users, while an individual
who accesses Maopao through two handsets using the same SIM card
will also be counted as two users.
The number of downloads of application and content titles on
Maopao refers to the number of requests made by mobile users for
downloading a particular application or a content title, or for
authorization to access to a specified feature of a particular
application or a content title from Maopao. There may be multiple
download requests made by a user for an application depending on
the complexity of the application and whether interruptions
occurred during the downloading process.
The number of active members of the Maopao Community refers to
the number of registered members who logged on to the Maopao
Community at least twice during a month for the relevant
quarter.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by such terms as ''believes,''
''expects,'' ''anticipates,'' ''intends,'' ''estimates,'' the
negative of these terms, or other comparable terminology. Such
statements, including the statements relating to the Company's
business outlook, are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
Potential risks and uncertainties include the effectiveness,
profitability, and marketability of the Company's solutions; the
Company's limited operating history; measures introduced by the PRC
government and mobile network operators aimed at mobile
applications-related services; the Company's ability to
maintain cooperation relationships with handset companies, content
providers and payment service providers; its dependence on mobile
service providers, and ultimately mobile network operators, for the
collection of a substantial majority of its revenues; billing and
transmission failures, which are often beyond the Company's
control; its ability to compete effectively; its ability to capture
opportunities in the expected growth of the smart phone market; its
ability to obtain and maintain all applicable permits and
approvals; general economic and business conditions; the volatility
of the Company's operating results and financial condition; the
Company's ability to attract or retain qualified senior management
personnel and research and development staff; and other risks
detailed in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law.
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store
in China as measured by revenues in 2010, according to Analysys
International. The Company works with handset companies to
pre-install its Maopao mobile application store on handsets and
with content providers to provide users with applications and
content titles. Users of its Maopao store can browse, download, and
enjoy a range of applications and content, such as single-player
games, mobile music, and books. The Company's Maopao store enables
mobile applications and content to be downloaded and run on various
mobile handsets with different hardware and operating system
configurations. The Company also operates a mobile social network
community in China, the Maopao Community, where it offers mobile
social games, as well as applications and content with social
network functions to its registered members. The Company is based
in Hangzhou, the People's Republic of China. For more information,
please visit: www.sky-mobi.com.
The Sky-mobi Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8458
FINANCIAL TABLES
FOLLOW |
|
Sky-mobi
Limited |
Unaudited
Consolidated Statements of Comprehensive Income Data
(IFRS) |
|
|
For the three months ended |
For the six months ended |
|
September 30, |
September 30, |
|
2010 |
2011 |
2011 |
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
Revenues |
173,912 |
173,183 |
27,154 |
336,681 |
339,214 |
53,186 |
Cost of revenues |
(124,899) |
(115,184) |
(18,060) |
(236,221) |
(234,003) |
(36,690) |
Gross profit |
49,013 |
57,999 |
9,094 |
100,460 |
105,211 |
16,496 |
|
|
|
|
|
|
|
Research and development expenses |
(12,888) |
(18,007) |
(2,824) |
(24,831) |
(31,701) |
(4,971) |
Sales and marketing expenses |
(12,045) |
(11,199) |
(1,756) |
(19,677) |
(19,013) |
(2,982) |
General and administrative expenses |
(22,588) |
(22,197) |
(3,481) |
(43,142) |
(42,482) |
(6,661) |
Other income and expense |
-- |
(433) |
(68) |
-- |
2,270 |
356 |
Total operating expenses |
(47,521) |
(51,836) |
(8,129) |
(87,650) |
(90,926) |
(14,258) |
|
|
|
|
|
|
|
Profit from operations |
1,492 |
6,163 |
965 |
12,810 |
14,285 |
2,238 |
|
|
|
|
|
|
|
Other gains and losses |
7,210 |
1,619 |
254 |
10,180 |
2,600 |
408 |
Finance cost |
-- |
-- |
-- |
(4,333) |
-- |
-- |
Share of results of associates |
(1,060) |
(188) |
(30) |
(2,735) |
(460) |
(73) |
|
|
|
|
|
|
|
Loss on changes in fair value of convertible
redeemable preferred shares |
(29,251) |
-- |
-- |
(59,620) |
-- |
-- |
|
|
|
|
|
|
|
Loss on changes in fair value of
warrants |
(1,981) |
-- |
-- |
(4,051) |
-- |
-- |
Profit (loss) before tax |
(23,590) |
7,594 |
1,189 |
(47,749) |
16,425 |
2,573 |
Income tax expenses |
(676) |
(518) |
(82) |
(5,817) |
(1,851) |
(291) |
Profit (loss) for the period |
(24,266) |
7,076 |
1,107 |
(53,566) |
14,574 |
2,282 |
|
|
|
|
|
|
|
Total comprehensive profit (loss) for the
period |
(24,266) |
7,076 |
1,107 |
(53,566) |
14,574 |
2,282 |
|
|
|
|
|
|
|
Total profit (loss) and comprehensive profit
(loss) attributable to Owners of the company |
(23,891) |
7,079 |
1,107 |
(53,191) |
14,577 |
2,282 |
Non-controlling interests |
(375) |
(3) |
(0) |
(375) |
(3) |
(0) |
|
(24,266) |
7,076 |
1,107 |
(53,566) |
14,574 |
2,282 |
|
|
|
|
|
|
|
Earnings (loss) per common share |
|
|
|
|
|
|
Basic |
(0.16) |
0.03 |
0.00 |
(0.35) |
0.06 |
0.01 |
Diluted |
(0.16) |
0.03 |
0.00 |
(0.35) |
0.06 |
0.01 |
|
|
|
|
|
|
|
Weight average number of ADS |
|
|
|
|
|
|
|
19,148,180 |
32,173,725 |
|
18,624,795 |
32,173,725 |
|
|
19,148,180 |
32,212,057 |
|
18,624,795 |
32,395,929 |
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
153,185,442 |
257,389,800 |
|
148,998,356 |
257,389,800 |
|
Diluted |
153,185,442 |
257,696,452 |
|
148,998,356 |
259,167,431 |
|
|
|
Unaudited
Reconciliations of non-IFRS financial
measures |
to comparable
IFRS financial measures |
|
|
For the three months ended |
For the six months ended |
|
September 30, |
September 30, |
|
2010 |
2011 |
2011 |
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
|
IFRS cost of revenues |
(124,899) |
(115,184) |
(18,060) |
(236,221) |
(234,003) |
(36,690) |
Less: share-based compensation expenses |
459 |
841 |
132 |
920 |
1,683 |
264 |
Non-IFRS cost of revenues |
(124,440) |
(114,343) |
(17,928) |
(235,301) |
(232,320) |
(36,426) |
|
|
|
|
|
|
|
IFRS gross profit |
49,013 |
57,999 |
9,094 |
100,460 |
105,211 |
16,496 |
Add: share-based compensation expenses |
459 |
841 |
132 |
920 |
1,683 |
264 |
Non-IFRS gross profit |
49,472 |
58,840 |
9,226 |
101,380 |
106,894 |
16,760 |
|
|
|
|
|
|
|
Total IFRS operating expenses |
(47,521) |
(51,836) |
(8,129) |
(87,650) |
(90,926) |
(14,258) |
Less: share-based compensation expenses |
11,482 |
11,869 |
1,861 |
22,869 |
23,429 |
3,673 |
Total non-IFRS operating expenses |
(36,039) |
(39,967) |
(6,268) |
(64,781) |
(67,497) |
(10,585) |
|
|
|
|
|
|
|
IFRS profit from operations |
1,492 |
6,163 |
965 |
12,810 |
14,285 |
2,238 |
Add: share-based compensation expenses |
11,941 |
12,710 |
1,993 |
23,789 |
25,112 |
3,937 |
|
|
|
|
|
|
|
Non-IFRS Profit from operations |
13,433 |
18,873 |
2,958 |
36,599 |
39,397 |
6,175 |
|
|
|
|
|
|
|
IFRS Profit (loss) for the period |
(24,266) |
7,076 |
1,107 |
(53,566) |
14,574 |
2,282 |
Add: share-based compensation expenses |
11,941 |
12,710 |
1,993 |
23,789 |
25,112 |
3,937 |
Add: loss on changes in fair value of
warrants |
1,981 |
-- |
-- |
4,051 |
-- |
-- |
|
|
|
|
|
|
|
Add: loss on changes in fair value of
convertible redeemable preferred shares |
29,251 |
-- |
-- |
59,620 |
-- |
-- |
|
|
|
|
|
|
|
Less: exchange gain relating to change in
fair value of warrants |
(7,228) |
-- |
-- |
(9,766) |
-- |
-- |
Non-IFRS net profit for the period |
11,679 |
19,786 |
3,100 |
24,128 |
39,686 |
6,219 |
|
|
|
|
|
|
Non-IFRS earnings per common
share |
|
|
|
|
|
Basic |
0.08 |
0.08 |
0.01 |
0.16 |
0.15 |
0.02 |
Diluted |
0.08 |
0.08 |
0.01 |
0.16 |
0.15 |
0.02 |
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
153,185,442 |
257,389,800 |
|
148,998,356 |
257,389,800 |
|
Diluted |
153,185,442 |
257,696,452 |
|
148,998,356 |
259,167,431 |
|
|
|
Sky-mobi
Limited |
Unaudited
Consolidated Statements of Financial Position
(IFRS) |
|
|
As of |
As of |
|
June 30, |
September 30, |
|
|
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
331,906 |
272,621 |
42,744 |
Term deposits |
199,431 |
283,549 |
44,457 |
Trade and other receivables |
82,845 |
85,930 |
13,473 |
Amounts due from related parties |
2,818 |
3,070 |
481 |
Total current assets |
617,000 |
645,170 |
101,155 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment |
41,806 |
41,464 |
6,501 |
Investments in associates |
1,328 |
1,140 |
179 |
Other non-current assets |
-- |
963 |
151 |
Deferred tax assets |
5,886 |
4,756 |
746 |
Total non-current assets |
49,020 |
48,323 |
7,577 |
|
|
|
|
Total assets |
666,020 |
693,493 |
108,732 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
126,206 |
132,677 |
20,802 |
Income tax liabilities |
11,153 |
10,543 |
1,653 |
Amounts due to related parties |
404 |
1,185 |
186 |
Deferred revenue |
7,118 |
7,906 |
1,240 |
Total current liabilities |
144,881 |
152,311 |
23,881 |
|
|
|
|
Total liabilities |
144,881 |
152,311 |
23,881 |
|
|
|
|
Equity |
|
|
|
Share capital |
92 |
92 |
14 |
Share premium |
635,116 |
635,116 |
99,579 |
Reserves |
126,340 |
139,050 |
21,802 |
Deficit |
(240,409) |
(233,330) |
(36,584) |
Equity attributable to owners of the
Company |
521,139 |
540,928 |
84,811 |
Non-controlling interests |
-- |
254 |
40 |
Total equity |
521,139 |
541,182 |
84,851 |
Total equity and liabilities |
666,020 |
693,493 |
108,732 |
CONTACT: Sky-mobi Limited
Mr. Carl Yeung, CFO
Phone: + (86) 571-87770978 (Hangzhou)
Email: ir@sky-mobi.com
CCG Investor Relations
Elaine Ketchmere, Partner and VP
Phone: +(1) 310-954-1345 (Los Angeles)
Email: elaine.ketchmere@ccgir.com
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