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 third quarter ended December 31,
2011 ("third quarter 2012").
Third Quarter
2012 Highlights
- Total revenues increased 3.8% to RMB167.3 million (US$26.6
million) in third quarter 2012, compared to the fiscal third
quarter ended December 31, 2010 ("third quarter 2011"). Revenues
collected from third party channels, i.e., revenues not collected
through mobile network operators, represented 17.6% of total
revenues
- Profit from operations was RMB2.5 million (US$0.4 million) in
third quarter 2012, compared to loss from operations of RMB6.1
million in third quarter 2011
- Non-IFRS1 profit from operations was RMB15.0 million (US$2.4
million) in third quarter 2012, up 37.3% from third quarter 2011
- Net profit was RMB6.4 million (US$1.0 million) in third quarter
2012, down 96.6% compared to third quarter 2011
- Non-IFRS net profit was RMB18.9 million (US$3.0 million) in
third quarter 2012, up 42.7% from third quarter 2011
- Basic and diluted earnings per common share ("EPS") were
RMB0.02 (US$0.00). Non-IFRS basic and diluted earnings per common
share were RMB0.07 (US$0.01)
- Basic and diluted earnings per ADS2 were RMB0.20
(US$0.03). Non-IFRS basic and diluted earnings per ADS were RMB0.59
(US$0.09)
- Revenues collected from carrier channels decreased 6.0% to
RMB128.4 million (US$20.4 million) in third quarter 2012 from third
quarter 2011. Sky-mobi's application store experienced 3.6 billion
user visits with 718.4 million downloads in third quarter 2012
- Revenues collected from third party channels increased 54.5% to
RMB29.5 million (US$4.7 million) in third quarter 2012 from third
quarter 2011. Sky-mobi had 16.9 million active members of the
Maopao Community with 1.1 billion member log-ins in third quarter
2012
1 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.
2 American Depositary Shares, which are traded on the NASDAQ,
each represents eight ordinary shares of the Company.
Commenting on the Company's results, Michael Tao Song, Chairman
and Chief Executive Officer of Sky-mobi, remarked: "Our
performance was in line with our expectations. The transition from
feature phones to premium feature phones and smart phones in China
is accelerating, as reflected in the decline in revenue from our
application store. According to a report dated July 2011 issued by
Analysys International, an independent research and advisory firm,
the feature phone market is the largest mobile phone segment in
China and is expected to continue to dominate the mobile phone
market for the next few years. Therefore, the transition to smart
phones is still in its early stages and we are adapting to these
changes with increased focus on the Maopao Community and Android
products."
"While the feature phone market is declining, our revenues
remain strong due to the robust contribution of our Maopao
Community. Our community continued to grow at a stable rate,
reaching more than 144 million registered users and 16.9 million
active users at quarter end. We have eight current MMO games
(massively multiplayer online games) to monetize the traffic and
plan to increase this portfolio to fifteen MMO games over the next
10 months," Mr. Song continued.
"As Android phones gain traction in the low cost segment of the
mobile phone market, we are focused on capturing the opportunity of
a growing number of higher performance phones in the hands of the
mass user market. Development of our Android application store is
near final stages and is expected to be launched shortly before our
fiscal year ends. In the medium term, we have re-allocated internal
resources and expect to have approximately 50% of our staff working
on Android by June," Mr. Song concluded.
Commenting on the Company's results, Carl Yeung, Chief Financial
Officer of Sky-mobi, said: "Revenue was in line with our guidance.
Despite a faster than expected decline in new user growth, our
revenues remain strong due to the robust contribution of the sticky
Maopao Community user base and higher average revenue per user
generated by our popular MMO games."
"Gross margin and operating margins were strong also due to
higher contribution from the Maopao Community and ongoing prudent
expenditures. Our non-IFRS total operating expenses remained flat
from one year ago while staff increased by 192 people," continued
Mr. Yeung.
"Given the macro decline in the feature phone market and overall
more challenging economy, we will remain prudent on expenditures
and focus on investing in areas of future growth such as Maopao
Community and Android products," concluded Mr. Yeung.
Financial Results for Third
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".
Revenues by business unit is broken down into: "Application
store revenues", "Maopao Community revenues" and "Other
revenues".
|
|
|
For the three months ended |
|
December 31, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
Revenues by source: |
|
|
|
Revenues collected from carrier
channels |
136,596 |
128,401 |
20,401 |
Revenues collected from third
party channels |
19,103 |
29,509 |
4,689 |
Other revenues |
5,456 |
9,403 |
1,494 |
Total revenues |
161,155 |
167,313 |
26,584 |
|
|
|
For the three months ended |
|
December 31, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Revenues by business unit: |
|
|
|
Application store revenues |
136,596 |
122,429 |
19,452 |
Maopao Community revenues |
19,103 |
35,481 |
5,638 |
Other revenues |
5,456 |
9,403 |
1,494 |
Total revenues |
161,155 |
167,313 |
26,584 |
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 third quarter 2012 increased 3.8% to RMB167.3
million (US$26.6million) compared to RMB161.2 million for third
quarter 2011.
Revenues collected from carrier channels of RMB128.4 million
(US$20.4 million) in third quarter 2012, representing 76.7% of
total revenues, decreased 6.0% from third quarter 2011. Sky-mobi
had 3.6 billion user visits and 718.4 million downloads of
applications and contents from the Maopao application store in
third quarter 2012, an increase of 1.2% and a decrease of 15.1%,
respectively, compared to 3.5 billion user visits and 845.7 million
downloads in third quarter 2011. The slow growth in application
store user activity and decrease in downloads were primarily due to
the decline in the overall feature phone market.
Revenues collected from third party channels were RMB29.5
million (US$ 4.7 million), up 54.5% from third quarter 2011 and
contributing 17.6% of total revenues in third quarter 2012.
Sky-mobi's Maopao Community had 16.9 million active members and 1.1
billion member log-ins in third quarter 2012, representing an
increase of 62.7% and 44.7%, respectively, compared to 10.4 million
active members and 761.2 million member log-ins in third quarter
2011. Revenues from the Maopao 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 two mobile
social games, namely "Fantasy of Three Kingdoms" and "Fairy Magic
World." 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 third quarter 2012 increased 2.2% to
RMB114.5 million (US$18.2 million) compared to RMB112.1 million in
third quarter 2011.
Total non-IFRS cost of revenues for third quarter 2012 increased
1.8% to RMB113.7 million (US$18.1million) compared to RMB111.7
million in third quarter 2011.
|
|
|
For the three months ended |
|
December 31, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Cost of revenues: |
|
|
|
Costs associated with payment
to industry participants |
100,736 |
104,408 |
16,589 |
Direct costs |
11,377 |
10,140 |
1,611 |
Total cost of revenues: |
112,113 |
114,548 |
18,200 |
|
|
|
|
Gross Margin |
30.4% |
31.5% |
|
|
|
|
|
Non-IFRS cost of revenues: |
|
|
|
Costs associated with payment
to industry participants |
100,736 |
104,408 |
16,589 |
Direct costs |
10,920 |
9,313 |
1,480 |
Total non-IFRS cost of revenues: |
111,656 |
113,721 |
18,069 |
|
|
|
|
Non-IFRS Gross Margin |
30.7% |
32.0% |
|
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
increased 3.6% to RMB104.4 million (US$16.6 million) in third
quarter 2012 compared to RMB100.7 million in third quarter 2011,
which was primarily due to the increased spending on higher quality
mobile content to realize higher customer stickiness of its Maopao
Community. Approximately RMB10.1 million (US$1.6 million) accrued
costs payable for contents and handset software designs were
reversed into cost of sales in third quarter 2012 upon expiry of
the statute of limitation compared to RMB0.7 million reversal in
third quarter 2011. The accrued costs originated from
incompleteness of data provided by network operators prior to March
2010 which did not enable us to identify content sources or handset
models for certain transactions.
Direct costs including salaries and benefits, depreciation,
office expenses and utilities directly related to the operation of
Maopao application store and Maopao Community decreased 14.7% to
RMB9.3 million (US$1.5 million) in third quarter 2012 compared to
RMB10.9 million in third quarter 2011. The decrease was mainly due
to the shift of business focus from Maopao application store to
Maopao Community, where certain direct cost are borne by content
providers, and redeployment of certain management resources from
operations to R&D, which is consistent with the Company's
overall strategy and business transition initiatives.
Gross profit for third quarter 2012 increased 7.6% to RMB52.8
million (US$8.4 million) compared to RMB49.0 million in third
quarter 2011. Non-IFRS gross margin in third quarter 2012 was
32.0%, up from 30.7% in third quarter 2011, mainly due to more
contribution from improved third party channel revenue collection
as a result of increased use of third-party payment agents and the
increase in reversal of accrued costs.
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, decreased 8.8% in third quarter 2012
to RMB50.3 million (US$8.0 million) from RMB55.1 million in third
quarter 2011.
Total non-IFRS operating expenses was RMB38.5 million (US$6.1
million) in third quarter 2012, unchanged from RMB38.5 million in
third quarter 2011.
|
|
|
For the three months ended |
|
December 31, |
|
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Operating expenses: |
|
|
|
Research and development
expenses |
12,884 |
19,184 |
3,049 |
Sales and marketing
expenses |
11,781 |
10,433 |
1,658 |
General and administrative
expenses |
30,481 |
22,237 |
3,534 |
Other income and expense |
-- |
(1,584) |
(252) |
Total operating expenses |
55,146 |
50,270 |
7,989 |
|
|
|
|
Non-IFRS operating expenses: |
|
|
|
Research and development
expenses |
10,790 |
16,584 |
2,635 |
Sales and marketing
expenses |
10,742 |
9,446 |
1,501 |
General and administrative
expenses |
17,011 |
14,101 |
2,242 |
Other income and expense |
-- |
(1,584) |
(252) |
Total non-IFRS operating expenses |
38,543 |
38,547 |
6,126 |
Non-IFRS operating expenses is defined as operating expenses
excluding share-based compensation expenses and one-time items such
as IPO marketing expenses. The discussion and analysis below focus
on non-IFRS operating expenses, as the Company believes it is more
useful to investors to understand the Company's operating
activities.
Excluding other income and expense which was mainly comprised of
government grants, non-IFRS operating expenses representing
research and development expenses, sales and marketing expenses and
general and administrative expenses increased 4.1% in third quarter
2012 to RMB40.1 million (US$6.4 million) from RMB38.5 million in
third quarter 2011. The increase was primarily due to the increase
in headcount, as described below, which was partially offset by
lower bonuses.
|
|
|
As of December 31, |
|
2010 |
2011 |
% change |
|
|
|
|
Headcount |
|
|
|
Operations |
98 |
162 |
65.3% |
Research and development |
258 |
355 |
37.6% |
Sales and marketing |
110 |
119 |
8.2% |
General and administrative |
65 |
87 |
33.8% |
Total Headcount |
531 |
723 |
36.2% |
The Company's employee headcount increased 36.2% to 723 as of
December 31, 2011 from 531 as of December 31, 2010. The increase in
headcount was to support Android and community based business
strategies.
Net profit and
EPS
Net profit in third quarter 2012 was RMB6.4 million (US$1.0
million), down 96.6% compared to third quarter 2011.
Non-IFRS net profit in third quarter 2012 increased 42.7% to
RMB18.9 million (US$3.0 million) from RMB13.3 million in third
quarter 2011.
Basic and diluted earnings per common share in third quarter
2012 were RMB0.02 (US$0.00) and basic and diluted earnings per ADS
were RMB0.20 (US$0.03).
Non-IFRS basic and diluted earnings per common share in third
quarter 2012 were RMB0.07 (US$0.01), and non-IFRS basic and diluted
earnings per ADS were RMB0.59 (US$0.09).
The weighted average number of ADSs used to calculate basic and
diluted earnings per ADS for third quarter 2012 were
32,173,725.
Each ADS represents eight common shares.
Common Shares
Sky-mobi had 257,389,800 common shares outstanding as of
December 31, 2011 and December 31, 2010.
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 |
|
|
December 31, |
|
In millions |
2010 |
2011 |
% change |
|
|
|
|
Application Store |
|
|
|
User visits |
3,541.6 |
3,583.3 |
1.2% |
|
|
|
|
Single-user applications and contents
downloads |
|
|
|
Single-player games |
317.2 |
304.3 |
-4.1% |
Multimedia applications and
content titles |
143.3 |
121.6 |
-15.1% |
Other single-user
applications |
385.2 |
292.5 |
-24.1% |
Total Single-user applications and contents
downloads |
845.7 |
718.4 |
-15.1% |
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 December 31, |
|
In millions |
2010 |
2011 |
% change |
|
|
|
|
Number of registered members |
58.6 |
144.1 |
146.0% |
|
|
|
|
|
For the three months ended |
|
|
December 31, |
|
In millions |
2010 |
2011 |
% change |
|
|
|
|
Maopao Community |
|
|
|
Number of active members |
10.4 |
16.9 |
62.7% |
Number of member log-ins |
761.2 |
1,101.5 |
44.7% |
Business Outlook
For the fiscal fourth quarter 2012 ending March 31, 2012,
Sky-mobi expects total revenues to be in the range of RMB168
million to RMB178 million.
Revenues for the fiscal year ending March 31, 2012 are expected
to be in the range of RMB 674 million to RMB 684 million.
These are Sky-mobi's current projections, which are subject to
change. You are cautioned that operating results in third quarter
2012 are not necessarily indicative of operating results for any
future periods.
Other Announcements
The Company also announced the promotion of Mr. David Qin Yan,
Vice President of the Company, to Chief Operating Officer (COO),
effective February 13, 2012. In this position, Mr. Yan will be
responsible for oversight of the operation and management of
application store and online games business.
Mr. Yan had previously been serving as Vice President of the
Company. Since joining the Company in 2007, he has
demonstrated strong leadership in guiding the developments of
Sky-mobi's application store and online games business since 2010,
as well as the its overseas business since September 2007.
"I am pleased to announce the promotion of David, who has
demonstrated outstanding leadership, management ability, and
passion for working at Sky-mobi," commented Mr. Michael Tao Song,
Sky-mobi's Chairman and Chief Executive Officer. "I am
confident in his ability to contribute in the further growth of our
Company."
Conference Call and Webcast
Sky-mobi's management team will host a conference call today
February 15, 2012 at 8:00 AM ET, (or 5:00 AM U.S. Pacific Time and
9:00 PM, February15, 2012 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: 47616993 |
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: 47616993 |
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 and one-time items such as IPO marketing 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, and non-operating one-time items such as reversal of
withholding tax on shareholder's dividend.
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
RMB6.2939 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 "may," "will,"
''believes,'' ''expects,'' ''anticipates,'' ''intends,''
''estimates,'' "plans," "continues" or other similar expressions,
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
described in the Company's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
August 17, 2011. 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 nine months ended |
|
December 31, |
December 31, |
|
2010 |
2011 |
2011 |
2010 |
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
161,155 |
167,313 |
26,584 |
497,836 |
506,527 |
80,480 |
Cost of revenues |
(112,113) |
(114,548) |
(18,200) |
(348,334) |
(348,551) |
(55,380) |
Gross profit |
49,042 |
52,765 |
8,384 |
149,502 |
157,976 |
25,100 |
|
|
|
|
|
|
|
Research and development expenses |
(12,884) |
(19,184) |
(3,049) |
(37,715) |
(50,885) |
(8,085) |
Sales and marketing expenses |
(11,781) |
(10,433) |
(1,658) |
(31,458) |
(29,446) |
(4,679) |
General and administrative expenses |
(30,481) |
(22,237) |
(3,534) |
(73,623) |
(64,719) |
(10,283) |
Other income and expenses |
-- |
1,584 |
252 |
-- |
3,854 |
613 |
Total operating expenses |
(55,146) |
(50,270) |
(7,989) |
(142,796) |
(141,196) |
(22,434) |
Profit (loss) from operations |
(6,104) |
2,495 |
395 |
6,706 |
16,780 |
2,666 |
|
|
|
|
|
|
|
Other gains and losses |
2,786 |
5,066 |
805 |
12,966 |
7,666 |
1,219 |
Finance cost |
-- |
-- |
-- |
(4,333) |
-- |
-- |
Share of results of associates |
(829) |
(275) |
(44) |
(3,564) |
(735) |
(117) |
Gain on changes in fair value of convertible
redeemable preferred shares |
166,304 |
-- |
-- |
106,684 |
-- |
-- |
Gain on changes in fair value of
warrants |
11,428 |
-- |
-- |
7,377 |
-- |
-- |
Profit before tax |
173,585 |
7,286 |
1,156 |
125,836 |
23,711 |
3,768 |
Income tax benefit (expense) |
11,119 |
(924) |
(147) |
5,302 |
(2,775) |
(441) |
Profit for the period |
184,704 |
6,362 |
1,009 |
131,138 |
20,936 |
3,327 |
|
|
|
|
|
|
|
Total comprehensive profit for the
period |
184,704 |
6,362 |
1,009 |
131,138 |
20,936 |
3,327 |
|
|
|
|
|
|
|
Total profit and comprehensive income
attributable to Owners of the company |
184,872 |
6,389 |
1,013 |
131,681 |
20,966 |
3,332 |
Non-controlling interests |
(168) |
(27) |
(4) |
(543) |
(30) |
(5) |
|
184,704 |
6,362 |
1,009 |
131,138 |
20,936 |
3,327 |
|
|
|
|
|
|
|
Earnings (loss) per common share |
|
|
|
|
|
|
Basic |
1.06 |
0.02 |
0.00 |
0.83 |
0.08 |
0.01 |
Diluted |
(0.01) |
0.02 |
0.00 |
0.04 |
0.08 |
0.01 |
|
|
|
|
|
|
|
Weight average number of ADS |
|
|
|
|
|
|
Basic |
20,989,754 |
32,173,725 |
|
19,666,557 |
32,173,725 |
|
Diluted |
26,383,060 |
32,173,725 |
|
25,868,180 |
32,329,210 |
|
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
167,918,033 |
257,389,800 |
|
157,332,452 |
257,389,800 |
|
Diluted |
211,064,482 |
257,389,800 |
|
206,945,437 |
258,633,677 |
|
|
|
Unaudited
Reconciliations of non-IFRS financial
measures |
to comparable
IFRS financial measures |
|
|
|
|
For the three months ended |
For the nine months ended |
|
December 31, |
December 31, |
|
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 |
(112,113) |
(114,548) |
(18,200) |
(348,334) |
(348,551) |
(55,380) |
Less: share-based compensation expenses |
457 |
827 |
131 |
1,377 |
2,510 |
399 |
Non-IFRS cost of revenues |
(111,656) |
(113,721) |
(18,069) |
(346,957) |
(346,041) |
(54,981) |
|
|
|
|
|
|
|
IFRS gross profit |
49,042 |
52,765 |
8,384 |
149,502 |
157,976 |
25,100 |
Add: share-based compensation expenses |
457 |
827 |
131 |
1,377 |
2,510 |
399 |
Non-IFRS gross profit |
49,499 |
53,592 |
8,515 |
150,879 |
160,486 |
25,499 |
|
|
|
|
|
|
|
Total IFRS operating expenses |
(55,146) |
(50,270) |
(7,989) |
(142,796) |
(141,196) |
(22,434) |
Less: share-based compensation expenses |
12,944 |
11,723 |
1,863 |
35,813 |
35,152 |
5,585 |
Less: IPO expenses charged into current
expenses |
3,659 |
-- |
-- |
3,659 |
-- |
-- |
Total non-IFRS operating expenses |
(38,543) |
(38,547) |
(6,126) |
(103,324) |
(106,044) |
(16,849) |
|
|
|
|
|
|
|
IFRS profit from operations |
(6,104) |
2,495 |
395 |
6,706 |
16,780 |
2,666 |
Add: share-based compensation expenses |
13,401 |
12,550 |
1,994 |
37,190 |
37,662 |
5,984 |
Add: IPO expenses charged into current
expenses |
3,659 |
-- |
-- |
3,659 |
-- |
-- |
Non-IFRS Profit from operations |
10,956 |
15,045 |
2,389 |
47,555 |
54,442 |
8,650 |
|
|
|
|
|
|
|
IFRS Profit for the period |
184,704 |
6,362 |
1,009 |
131,138 |
20,936 |
3,327 |
Add: share-based compensation expenses |
13,401 |
12,550 |
1,994 |
37,190 |
37,662 |
5,984 |
Add: IPO expenses charged into current
expenses |
3,659 |
-- |
-- |
3,659 |
-- |
-- |
Less: gain on changes in fair value of
warrants |
(11,428) |
-- |
-- |
(7,377) |
-- |
-- |
Less: gain on changes in fair value of
convertible redeemable preferred shares |
(166,304) |
-- |
-- |
(106,684) |
-- |
-- |
Less: exchange gain relating to change in
fair value of warrants |
(2,474) |
-- |
-- |
(12,240) |
-- |
-- |
Less: Reversal of withholding tax on
shareholder's dividend |
(8,305) |
|
|
(8,305) |
|
|
Non-IFRS net profit for the period |
13,253 |
18,912 |
3,003 |
37,381 |
58,598 |
9,311 |
|
|
|
|
|
|
|
Non-IFRS earnings per common
share |
|
|
|
|
|
Basic |
0.08 |
0.07 |
0.01 |
0.24 |
0.23 |
0.04 |
Diluted |
0.06 |
0.07 |
0.01 |
0.18 |
0.23 |
0.04 |
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
167,918,033 |
257,389,800 |
|
157,332,452 |
257,389,800 |
|
Diluted |
211,064,482 |
257,389,800 |
|
206,945,437 |
258,633,677 |
|
|
|
Sky-mobi
Limited |
Unaudited
Consolidated Statements of Financial Position
(IFRS) |
|
|
|
|
As of |
As of |
|
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
272,621 |
153,224 |
24,345 |
Term deposits |
283,549 |
323,009 |
51,321 |
Structured deposits |
-- |
80,000 |
12,711 |
Loan receivable |
-- |
19,663 |
3,124 |
Trade and other receivables |
85,930 |
88,688 |
14,091 |
Amounts due from related parties |
3,070 |
1,115 |
177 |
Total current assets |
645,170 |
665,699 |
105,769 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment |
41,464 |
38,244 |
6,076 |
Investments in associates |
1,140 |
864 |
137 |
Available-for-sale investments |
-- |
900 |
143 |
Other non-current assets |
963 |
1,617 |
257 |
Deferred tax assets |
4,756 |
3,496 |
555 |
Total non-current assets |
48,323 |
45,121 |
7,168 |
|
|
|
|
Total assets |
693,493 |
710,820 |
112,937 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
132,677 |
130,351 |
20,711 |
Income tax liabilities |
10,543 |
10,205 |
1,621 |
Amounts due to related parties |
1,185 |
867 |
138 |
Deferred revenue |
7,906 |
9,176 |
1,458 |
Total current liabilities |
152,311 |
150,599 |
23,928 |
|
|
|
|
Total liabilities |
152,311 |
150,599 |
23,928 |
|
|
|
|
Equity |
|
|
|
Share capital |
92 |
92 |
15 |
Share premium |
635,116 |
635,116 |
100,910 |
Reserves |
139,050 |
151,600 |
24,087 |
Deficit |
(233,330) |
(226,941) |
(36,059) |
Equity attributable to owners of the
Company |
540,928 |
559,867 |
88,953 |
Non-controlling interests |
254 |
354 |
56 |
Total equity |
541,182 |
560,221 |
89,009 |
Total equity and liabilities |
693,493 |
710,820 |
112,937 |
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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