Sky-mobi Announces Change of Fiscal Year End and US$20 Million Share Repurchase Program
May 30 2014 - 8:01AM
Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application platform in China, today announced that
the Company's Board of Directors has approved a fiscal year-end
change from March 31 to December 31, beginning in the calendar year
ending December 31, 2014. Additionally, the Company also announced
that its Board of Directors has approved a program to repurchase up
to US$20 million of the Company's American depositary shares
("ADSs") over the next 12-month period, ending on May 30, 2015.
The Company's decision to change its fiscal year end is intended
to improve its comparability with industry peers on both a
quarterly and annual basis, to align Company's reporting cycle with
the calendar year and to provide more consistent quarter-to-quarter
comparisons.
Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi stated, "Sky-mobi has delivered robust growth both
operationally and financially in the past few quarters. Through our
well designed initiatives and dedicated efforts, we are confident
of the strong growth momentum of our mobile gaming business and
hope to effectively present the fast-changing business dynamics to
our shareholders. By redefining our revenue breakdown, starting in
the second quarter of 2014, and aligning our reporting periods with
our peers, we believe investors will be able to better understand
our business and develop growing confidence of our tremendous
potential as a leading distribution platform in China's mobile
application market."
The Company expects to purchase shares on the open market, in
negotiated transactions or otherwise in compliance with all of the
conditions of Rule 10b-18 and Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended. The timing of the shares
repurchased will be at the discretion of management and will depend
on a number of factors, including price, market conditions and
regulatory requirements. The Company retains the right to limit,
terminate or extend the share repurchase program at any time
without prior notice.
John Bi, Chief Financial Officer of Sky-mobi stated, "We have
experienced significant revenue growth in the past few quarters at
our smartphone business and our growth momentum is back on
track with our successful transition. Given our strong balance
sheet, long-term growth prospects, and successful turnaround story,
we believe that now is the right time to enhance shareholder value
through share repurchases and continued investment in growth
initiatives."
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 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 revenue
projections for future periods; the Company's ability to maintain
relationships with handset companies, content providers and payment
service providers; its dependence on mobile service providers and
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 growing
smart phone market; its ability to obtain and maintain 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 June 28, 2013. These forward-looking statements are based
on current expectations, assumptions, estimates and projections
about the Company and its 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 is a leading mobile application platform in
China. 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 on various mobile handsets with different hardware and
operating system configurations. The Company's mobile social
network community in China, the Maopao Community, offers mobile
social games, as well as applications and content with social
network functions to its registered users. The Company is based in
Hangzhou, China. For more information, please visit:
www.sky-mobi.com.
CONTACT: Investor Relations Contact:
Sky-mobi Limited
Mr. John Bi, Chief Financial Officer
Phone: + (86) 571-8777 0978 (Hangzhou, China)
Email: investor.relations@sky-mobi.com
ICR, Inc.
Qiyiana Tian
Phone: + (1) (646) -915-1615 (US)
Email: investor.relations@sky-mobi.com
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