SHANGHAI, March 14, 2013 /PRNewswire/ -- Taomee
Holdings Limited (NYSE: TAOM) ("Taomee" or the "Company"), one of
the leading children's entertainment and media companies in
China, today reported its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2012.
Fourth Quarter of 2012 Financial
Highlights
- Total net revenues were US$7.5
million in the fourth quarter of 2012, as compared with
US$8.6 million in the fourth quarter
of 2011.
- Net income attributable to holders of ordinary shares
increased 39.2% to US$2.3 million in
the fourth quarter of 2012, as compared with US$1.6 million in the fourth quarter of
2011.
- Basic and diluted earnings per ADS[1] increased to US$0.06 and US$0.06, respectively, in the fourth quarter of
2012, as compared with US$0.04 and
US$0.04, respectively, in the fourth
quarter of 2011.
- Non-GAAP net income attributable to holders of ordinary shares
increased 21.0% to US$2.7 million in
the fourth quarter of 2012, as compared with US$2.3 million in the fourth quarter of
2011.
- Non-GAAP basic and diluted earnings per ADS increased to
US$0.07 and US$0.07, respectively, in the fourth quarter of
2012, as compared with US$0.06 and
US$0.06, respectively, in the fourth
quarter of 2011.
Fiscal Year 2012 Financial Highlights
- Total net revenues were US$40.2
million in 2012, compared with US$45.4 million in 2011.
- Net income attributable to holders of ordinary shares was
US$8.9 million in 2012, compared with
US$19.3 million in 2011.
- Basic and diluted earnings per ADS were US$0.24 and US$0.24, respectively, in 2012, compared with
US$0.58 and US$0.56, respectively, in 2011.
- Non-GAAP net income attributable to holders of ordinary shares
was US$11.1 million in 2012, compared
with US$17.6 million in 2011.
- Non-GAAP basic and diluted earnings per ADS were US$0.30 and US$0.29, respectively, in 2012, compared with
US$0.53 and US$0.51, respectively, in 2011.
[1]
|
Each American depositary
share ("ADS") represents twenty ordinary shares.
|
Mr. Benson Wang, co-founder and
chief executive officer of Taomee, stated, "Last year marked a year
of transformation and growth for Taomee in terms of our user growth
and content expansion. We accelerated the expansion of our
cross-media platform through the launch of multiple award-winning
films and TV animations, new online virtual worlds, children's
interactive toys, mobile applications, as well as several licensing
agreements with some of the world's leading companies, like P&G
and GAP. More specifically, we experienced a strong increase in
year-over-year active online users and have successfully extended
those relationships to other online services including, social
networking services, video and mobile applications. Our core
franchise, Seer, was ranked the number two TV animation series last
year by viewership throughout China, according to China Animation
Association. On the mobile front, our accumulated mobile downloads
on Apple iOS and Android platforms increased to over 15.4 million
by the end of 2012. We are pleased with our 2012 achievements
as evidenced by this strengthened presence across online, offline
and mobile fronts.
"In 2013, we remain focused on further leveraging our core
competency in developing popular franchises for family
entertainment by further expanding our online and offline business,
as we continue to build our diversified cross-media entertainment
platform in Greater China,"
concluded Mr. Wang.
Operational Results for Fourth Quarter of 2012
- Active accounts for the Company's virtual worlds under
operation in mainland China
increased 27.4% to approximately 34.3 million from 27.0 million in
the fourth quarter of 2011.
- Active paying accounts for the Company's virtual worlds under
operation in mainland China
decreased to 1.2 million in the fourth quarter of 2012 from 1.7
million in the fourth quarter of 2011. The year over year decrease
in active paying accounts was primarily due to the Company's
strategy to temporarily focus on growing and strengthening user
stickiness.
- Average revenue per user ("ARPU") for the Company's virtual
worlds under operation in mainland China was approximately RMB30 (US$4.8)
compared with RMB30 (US$4.7) in the fourth quarter of 2011.
- Mobile application downloads reached over 15.4 million by year
end 2012, as compared with 1.1 million total downloads by the end
of 2011.
Unaudited Financial Results for Fourth Quarter of
2012
Net Revenues
Total net revenues were US$7.5
million in the fourth quarter of 2012, as compared with
US$8.6 million in the fourth quarter
of 2011.
Net online business revenues were US$6.3
million in the fourth quarter of 2012, as compared with
US$7.5 million in the fourth quarter
of 2011. The year-over-year decrease was primarily due to the
implementation of the Company's strategy to focus less on
short-term revenue growth and instead invest in long-term brand
enhancement and platform expansion to attract new users and
increase user stickiness.
Net offline business revenues increased to US$1.2 million in the fourth quarter of 2012, as
compared with US$1.1 million in the
fourth quarter of 2011. The increase was primarily due to the
revenue contribution from the Company's interactive toy trading
business.
Cost of Services
Total cost of services was US$2.0
million in the fourth quarter of 2012, as compared with
US$1.6 million in the fourth quarter
of 2011.
Online business related costs were US$1.6
million in the fourth quarter of 2012, as compared with
US$1.3 million in the fourth quarter
of 2011. The increase was primarily due to the increase in
payroll expenses and amortization costs associated with the
Company's game licensing fees, which was partially offset by the
decrease in bandwidth cost.
Offline business related costs were US$0.4 million in the fourth quarter of 2012, as
compared with US$0.3 million in the
fourth quarter of 2011. This slight increase was primarily due to
the increase in payroll expenses and interactive toy costs.
Gross Profit and Gross Margin
Gross profit was US$5.5 million in
the fourth quarter of 2012, as compared with US$7.0 million in the fourth quarter of 2011.
Gross margin was 73.2% in the fourth quarter of 2012, as
compared with 81.3% in the fourth quarter of 2011.
Gross margin for the online business was 74.0% in the fourth
quarter of 2012, as compared with 82.2% in the fourth quarter of
2011.
Gross margin for the offline business was 69.1% in the fourth
quarter of 2012, as compared with 75.3% in the fourth quarter of
2011.
Operating Expenses
Total operating expenses were US$4.2
million in the fourth quarter of 2012, as compared with
US$6.4 million in the fourth quarter
of 2011.
- Product development expenses were US$2.7
million in the fourth quarter of 2012, as compared with
US$3.1 million in the fourth quarter
of 2011. The decrease was primarily due to a decrease in
share-based compensation and depreciation expenses.
- Sales and marketing expenses were US$2.1
million in the fourth quarter of 2012, as compared with
US$1.6 million in the fourth quarter
of 2011. The increase was primarily due to the increase in
promotion expenses and animation production expenses.
- General and administrative expenses were US$2.2 million in the fourth quarter of 2012, as
compared with US$2.1 million in the
fourth quarter of 2011. The increase was primarily related to the
increased professional fees and was partially offset by a decrease
in payroll expense.
Other operating income was US$2.8
million in the fourth quarter of 2012, which primarily
consisted of government subsidies.
Share of Profit/(Loss) from Equity Method
Investment
Share of profit from equity method investment was US$0.1 million in the fourth quarter of 2012, as
compared with a loss of US$0.3
million in the fourth quarter of 2011.
Profit from Operations
Profit from operations increased to US$1.3 million in the fourth quarter of 2012, as
compared with US$0.6 million in the
fourth quarter of 2011.
Income Tax Expense
Income tax expense was US$0.4
million in the fourth quarter of 2012, as compared with an
income tax expense of US$0.1 million
in the fourth quarter of 2011.
Net Income Attributable to Ordinary
shareholders
Net income attributable to holders of ordinary shares increased
39.2% to US$2.3 million in the fourth
quarter of 2012, as compared with US$1.6
million in the fourth quarter of 2011.
Basic and diluted earnings per ADS increased to US$0.06 and US$0.06
in the fourth quarter of 2012, as compared with US$0.04 and US$0.04, respectively in the fourth quarter of
2011.
Non-GAAP net income attributable to holders of ordinary shares
increased 21.0% to US$2.7 million in
the fourth quarter of 2012, as compared with US$2.3 million in the fourth quarter of 2011.
Non-GAAP basic and diluted earnings per ADS increased to
US$0.07 and US$0.07 in the fourth quarter of 2012, as
compared with US$0.06 and
US$0.06, respectively, in the fourth
quarter of 2011.
Cash and Cash Equivalents
As of December 31, 2012, the
Company had US$118.6 million of cash
and cash equivalents, as compared with US$120.7 million as of December 31, 2011.
Share Repurchase Program
During the fourth quarter of 2012, Taomee had repurchased
211,947 ADSs. As of December 31,
2012, the Company has repurchased a total of 585,552 ADSs
under the Company's share repurchase program at an average price of
approximately US$4.0 per ADS.
Unaudited Financial Results for Fiscal year 2012
Net Revenues
Total net revenues were US$40.2
million in 2012, representing a decrease of 11.4% from
US$45.4 million in 2011. This
decrease was primarily due to the decline in online revenues and
was partially offset by the increase in offline revenues.
Net online business revenues were US$32.2
million in 2012, as compared with US$40.3 million in 2011. The decrease was
primarily due to the implementation of the Company's strategy to
focus less on short-term revenue growth and instead invest in
long-term brand enhancement and platform expansion to attract new
users and increase user stickiness.
Net offline business revenues increased significantly to
US$8.0 million in 2012 from
approximately US$5.1 million in 2011.
The increase was primarily due to revenues generated from the
Company's co-branding and merchandise licensing for the Company's
two films based on the Mole and Seer franchises and revenue
contributed by the interactive toy design and sales business.
Cost of Services
Total cost of services was US$10.0
million in 2012, as compared with US$7.7 million in 2011. The increase was
primarily due to the increase in costs related to the development
of both online and offline businesses.
Online business related costs were US$6.9
million in 2012, as compared with US$6.0 million in 2011. The increase was
primarily due to an increase in payroll expenses, wireless products
hosting cost and amortization cost associated with game licensing
fees.
Offline business related costs were US$3.0 million in 2012, as compared with
US$1.7 million in 2011. The increase
was primarily due to the increase in film production costs, payroll
expenses and interactive toy expenses.
Total Operating Expenses
Total operating expenses were US$26.8
million in 2012, as compared with US$22.8 million in 2011.
- Product development expenses were US$12.3 million in 2012, as compared with
US$10.3 million in 2011. The increase
was primarily attributable to the increased payroll expenses
associated with headcount expansion and was partially offset by a
decrease in outsourced R&D expenses and share-based
compensation.
- Sales and marketing expenses were US$10.0 million in 2012, as compared with
US$6.3 million in 2011. The increase
was primarily attributable to the increased advertising and
promotional activities, including the costs associated with the
promotion for the Company's new films, as well as an increase in
animation production expenses.
- General and administrative expenses were US$10.1 million in 2012, as compared with
US$8.0 million in 2011. The increase
was primarily due to the increased payroll expenses related to new
hires and share-based compensation incremental expenses associated
with being a listed company as well as increased investment
activities.
Share of Profit in Equity Method Investments
Share of profit in equity method investments was US$1.1 million in 2012, as compared with
US$4.2 million in 2011. The decrease
was mainly due to the Company's transfer of all its equity interest
in Shenzhen Ruigao Information Technology Co., Ltd. for
US$1.0 million and recorded a gain of
US$0.3 million in 2012, compared with
a one-time gain of US$3.7 million
realized from the sale of 10.5% equity method interest in Elyn
Corporation in 2011.
Profit from Operations
Profit from operations was US$3.4
million in 2012, as compared with US$14.9 million in 2011.
Income Tax Benefit (Expense)
Income tax benefit was US$0.8
million in 2012, as compared with an expense of US$1.7 million in 2011.
Net Income Attributable to Ordinary
shareholders
Net income attributable to holders of ordinary shares was
US$8.9 million in 2012, as compared
with US$19.3 million in 2011.
Basic and diluted earnings per ADS were US$0.24 and US$0.24, respectively in 2012, as compared with
US$0.58 and US$0.56, respectively, in 2011.
Non-GAAP net income attributable to holders of ordinary shares
was US$11.1 million in 2012, as
compared with US$17.6 million in
2011.
Non-GAAP basic and diluted earnings per ADS were US$0.30 and US$0.29, respectively in 2012, as compared with
US$0.53 and US$0.51, respectively, in 2011.
Recent Business Highlights
In the fourth quarter, 2012:
- Taomee, in cooperation with schools and shopping malls, debuted
live performances in Shanghai,
Beijing, Hangzhou, and Chongqing featuring Mole and Seer characters.
Taomee has also scheduled approximately 100 live events to take
place in Greater China in
2013.
- Taomee launched the official Chinese online portal for Cartoon
Network's Ben 10 franchise, ben10.61.com, which was
co-developed with the Cartoon Network.
- Taomee launched Seer and Spin Galaxy on the Apple iOS
platform.
- Taomee was awarded by China's
Ministry of Culture the "National Culture Industries Demonstration
Base," a specially designated business classification which the
central government grants to leading Chinese cultural and
media-related enterprises.
- Seer and Mole's World animation series were ranked No.2 and
No.6 most beloved domestic cartoon animations in 2012,
respectively, by the China Animation Association.
In the first quarter, 2013:
- Taomee began broadcasting self-branded TV show Taomee Dream
School on thirteen TV stations across China, including
China's top cartoon channels Jin
Ying Cartoon with Hunan State TV Station and Kaku TV with Beijing
TV.
- Taomee launched several new mobile games and applications,
including Mole's World animation app, Xian Jian Q Xia Zhuan on
Apple's iOS platform, and Mole's World on Android platform.
- Taomee started close beta testing for a cartoon style online
action game in March.
- March 15, 2013, Taomee will begin
broadcasting Mole's World animation season 3 throughout mainland
China, followed by its
broadcasting in Hong Kong on
March 16.
Outlook for First Quarter of 2013
Net revenues for the first quarter of 2013 are expected to be in
the range of US$8.0 million to US$8.3
million. This forecast reflects the Company's current and
preliminary view, which is subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with
generally accepted accounting principles in the United States, or GAAP, this press release
presents non-GAAP net income attributable to the Company's
shareholders and non-GAAP earnings per ADS by excluding share-based
compensation charges from net income attributable to the Company's
shareholders and from the calculation of earnings per ADS. For the
year ended December 31, 2011, the
Company also excluded its one time gain from selling its equity
method investment in Elyn Corporation from net income attributable
to the ordinary shareholders. The Company believes these non-GAAP
financial measures are important to help investors understand the
Company's operating and financial performance, compare business
trends among different reporting periods on a consistent basis and
assess the Company's core operating results. The use of the above
non-GAAP financial measures has certain
limitations. Share-based compensation charge has been and will
continue to be incurred and is not reflected in the presentation of
the non-GAAP financial measures; it should be considered in the
overall evaluation of our results. None of the non-GAAP
measures is a measure of net income attributable to the Company's
shareholders, operating profit, operating performance or liquidity
presented in accordance with GAAP. We compensate for these
limitations by providing the relevant disclosure of our share-based
compensation charge in our reconciliations to the most directly
comparable GAAP financial measures, which should be considered when
evaluating our performance. These non-GAAP financial measures
should be considered in addition to financial measures prepared in
accordance with GAAP, but should not be considered a substitute
for, or superior to, financial measures prepared in accordance with
GAAP. Reconciliation of each of these non-GAAP financial measures
to the most directly comparable GAAP financial measure is set forth
at the end of this release.
Conference Call
The Company will host a conference call and live webcast and
live webcast at 8:00 a.m. Eastern Time (New York) on Thursday, March 14,
2013 (which is 8:00 p.m. in China on
Thursday, March 14, 2013).
The dial-in details for the live conference call are:
Conference
ID:
|
18879383
|
U.S. toll-free
number:
|
+1-866-519-4004
|
Hong Kong toll-free
number:
|
800-930-346
|
International dial-in
number:
|
+65-6723-9381
|
China Mainland dial-in
number:
|
400-620-8038
|
|
|
Passcode:
|
Taomee
|
A live webcast and archive of the conference call will be
available on the Investor Relations section of Taomee's website
at:
http://www.media-server.com/m/acs/28c7e86ee7e6f9960b5e525e5880547b
A telephone replay of the call will be available after the
conclusion of the conference call at 11:00a.m. Eastern Time on March 14, 2013 through 9:00a.m. Eastern
Time, March 20, 2013. The dial-in
details for the telephone replay are:
Conference
ID:
|
18879383
|
International dial-in
number:
|
+61 2 8199
0299
|
China dial-in
number:
|
4001200932
|
About Taomee Holdings Limited
Taomee Holdings Limited is one of the leading children's
entertainment and media companies in China, driven to deliver exceptional
entertainment to children and families. Founded in 2007,
Taomee is one the first companies in Greater China to develop animated franchises
for children through online virtual world that are both fun and
educational. The Company's virtual worlds are widely trusted by
millions of children, parents and caregivers across Asia. The Company's Mole's World and Seer
franchises and characters have reached millions of children and
families through virtual worlds, books, monthly print magazines,
mobile applications, animated television series and movies.
- Learn more about Taomee at www.taomee.com,
- Visit online virtual world communities at www.61.com.
- Watch animations and films at http://v.61.com/.
- Download mobile games and applications at
http://m.61.com/.
Safe Harbor Statements
This press release contains statements that may constitute
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and 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.
Forward-looking statements can be identified by words or phrases
such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. Among other things, the
management's quotations and outlook information contain
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from those expressed or implied by the
forward-looking statements. Potential risks and uncertainties
include, but are not limited to: the Company's business strategies
and initiatives as well as business plans; future business
development, results of operations and financial condition;
expected changes in revenues and certain cost or expense items;
expectations with respect to increased revenue growth and the
Company's ability to sustain profitability; the Company's services
and products under development or planning; the Company's ability
to attract users and further enhance the Company's brand
recognition; and trends and competition in the children's
entertainment and media market and industry, including those for
online entertainment. Further information regarding these and other
risks is included in Taomee's filings with the U.S. Securities and
Exchange Commission, including its registration statement on its
final prospectus dated June 10, 2011.
All information provided in this press release is as of the date of
the press release, and the Company undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as required under applicable law. Although the Company
believes that the expectations expressed in these forward looking
statements are reasonable, the Company cannot assure you that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
For further information, please contact
Taomee Holdings Limited
Na You
IR Manager
Phone: 86-21-61280056-8578
Email: ir@taomee.com
Taomee Holdings
Limited - Unaudited Consolidated Balance Sheets
|
|
|
In
USD
|
|
In
USD
|
|
December
31,
|
|
December
31,
|
|
2012
|
|
2011
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
118,570,672
|
|
$
120,678,898
|
Accounts receivable
|
2,371,060
|
|
1,422,534
|
Inventories
|
41,316
|
|
-
|
Income tax
recoverable
|
49,956
|
|
-
|
Due
from related parties
|
893,020
|
|
202,267
|
Prepayments and other current assets
|
2,071,509
|
|
1,514,565
|
Deferred tax assets, current
|
2,969,896
|
|
3,247,404
|
Total current
assets
|
126,967,429
|
|
127,065,668
|
|
|
|
|
Investments in equity
investees
|
8,262,077
|
|
2,406,111
|
Property and equipment,
net
|
1,305,721
|
|
2,405,576
|
Acquired intangible
assets
|
1,664,763
|
|
1,379,154
|
Other assets
|
1,557,532
|
|
1,197,907
|
TOTAL
ASSETS
|
$
139,757,522
|
|
$
134,454,416
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
434,626
|
|
$
221,820
|
Income tax payable
|
-
|
|
2,187,076
|
Advance from customers
|
8,142,177
|
|
10,223,309
|
Due
to related parties
|
89,728
|
|
66,104
|
Deferred revenue
|
12,061,510
|
|
12,912,939
|
Deferred tax liabilities, current
|
13,473
|
|
10,910
|
Accrued expenses and other current liabilities
|
5,265,461
|
|
5,680,706
|
Total current
liabilities
|
26,006,975
|
|
31,302,864
|
|
|
|
|
Equity
|
|
|
|
Taomee Holdings Limited
shareholders' equity
|
|
|
|
Ordinary shares ($0.00002 par
value; 875,000,000 shares
authorized; 730,900,680 and 736,648,732 shares issued;
728,427,520 and 732,409,792 outstanding as of December
31, 2011 and 2012, respectively)
|
14,733
|
|
14,618
|
Treasury stock
|
(747,359)
|
|
(562,502)
|
Additional paid-in capital
|
72,437,283
|
|
70,782,370
|
Retained earnings
|
39,412,717
|
|
30,550,850
|
Accumulated other comprehensive income
|
2,555,570
|
|
2,366,216
|
Taomee Holdings Limited
shareholders' equity
|
113,672,944
|
|
103,151,552
|
Non-controlling
interests
|
77,603
|
|
-
|
Total equity
|
$
113,750,547
|
|
$
103,151,552
|
|
|
|
|
TOTAL LIABILITIESAND
EQUITY
|
$
139,757,522
|
|
$
134,454,416
|
Taomee Holdings
Limited - Unaudited Consolidated Statements of Operation
In USD, except for share
data
|
|
|
|
For three months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2012
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
Online business, net
|
|
$
6,268,344
|
|
$
8,000,663
|
|
$
7,479,824
|
Offline business, net
|
|
1,201,174
|
|
3,833,942
|
|
1,077,778
|
Total net
revenues
|
|
7,469,518
|
|
11,834,605
|
|
8,557,602
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
|
|
|
|
Online business
|
|
(1,632,259)
|
|
(1,886,967)
|
|
(1,335,365)
|
Offline business
|
|
(370,939)
|
|
(1,640,020)
|
|
(265,802)
|
Total cost of
services
|
|
(2,003,198)
|
|
(3,526,987)
|
|
(1,601,167)
|
|
|
|
|
|
|
|
Gross
profit
|
|
5,466,320
|
|
8,307,618
|
|
6,956,435
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
Product development
|
|
(2,695,542)
|
|
(3,374,238)
|
|
(3,070,379)
|
Sales
and marketing
|
|
(2,066,303)
|
|
(2,859,256)
|
|
(1,639,118)
|
General and administrative
|
|
(2,198,155)
|
|
(2,435,483)
|
|
(2,141,589)
|
Other
operating income
|
|
2,763,137
|
|
1,021,371
|
|
492,671
|
Total operating
expenses
|
|
(4,196,863)
|
|
(7,647,606)
|
|
(6,358,415)
|
|
|
|
|
|
|
|
Profit from
operations
|
|
1,269,457
|
|
660,012
|
|
598,020
|
|
|
|
|
|
|
|
Interest income,
net
|
|
672,226
|
|
683,697
|
|
689,590
|
Other income,
net
|
|
563,319
|
|
324,484
|
|
733,409
|
Income before income
taxes and share of profit in equity method
investments
|
|
2,505,002
|
|
1,668,193
|
|
2,021,019
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(366,949)
|
|
(304,726)
|
|
(128,279)
|
|
|
|
|
|
|
|
Share of profit (loss)
in equity method investments
|
|
113,437
|
|
436,969
|
|
(274,039)
|
|
|
|
|
|
|
|
Net
income
|
|
2,251,490
|
|
1,800,436
|
|
1,618,701
|
|
|
|
|
|
|
|
Less: Net loss
attributable to non-controlling interest
|
|
(1,376)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Net income
attributable to holders of ordinary shares
|
|
$
2,252,866
|
|
$
1,800,436
|
|
$
1,618,701
|
Earnings per
ADS
|
|
|
|
|
|
|
-Basic
|
|
$
0.06
|
|
$
0.05
|
|
$
0.04
|
-Diluted
|
|
$
0.06
|
|
$
0.05
|
|
$
0.04
|
Weighted average
number of shares used in calculation
|
|
|
|
|
|
|
- Basic
|
|
733,212,007
|
|
733,158,958
|
|
728,876,950
|
- Diluted
|
|
748,172,541
|
|
752,966,298
|
|
758,032,650
|
TABLE
Taomee Holdings
Limited - Unaudited Consolidated Statements of
Operations
|
In USD, except for
share data
|
|
|
|
|
For year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
Online business, net
|
|
|
$
32,169,495
|
|
$
40,330,778
|
Offline business, net
|
|
|
8,038,739
|
|
5,066,263
|
Total net
revenues
|
|
|
40,208,234
|
|
45,397,041
|
|
|
|
|
|
|
Cost of
services
|
|
|
|
|
|
Online business
|
|
|
(6,949,772)
|
|
(6,035,323)
|
Offline business
|
|
|
(3,048,618)
|
|
(1,652,235)
|
Total cost of
services
|
|
|
(9,998,390)
|
|
(7,687,558)
|
|
|
|
|
|
|
Gross
profit
|
|
|
30,209,844
|
|
37,709,483
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
Product development
|
|
|
(12,317,528)
|
|
(10,303,929)
|
Sales
and marketing
|
|
|
(9,966,282)
|
|
(6,254,531)
|
General and administrative
|
|
|
(10,077,739)
|
|
(7,965,104)
|
Other
operating income
|
|
|
5,511,806
|
|
1,733,418
|
Total operating
expenses
|
|
|
(26,849,743)
|
|
(22,790,146)
|
|
|
|
|
|
|
Profit from
operations
|
|
|
3,360,101
|
|
14,919,337
|
|
|
|
|
|
|
Interest income,
net
|
|
|
2,646,967
|
|
1,409,662
|
Other income,
net
|
|
|
858,869
|
|
666,961
|
Income before income
taxes and share of profit in equity method investments
|
|
|
6,865,937
|
|
16,995,960
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
|
854,904
|
|
(1,727,070)
|
|
|
|
|
|
|
Share of profit in
equity method investments
|
|
|
1,139,650
|
|
4,224,281
|
|
|
|
|
|
|
Net
income
|
|
|
8,860,491
|
|
19,493,171
|
Less: Net loss
attributable to non-controlling interests
|
|
|
(1,376)
|
|
-
|
|
|
|
|
|
|
Net income attributable
to Taomee Holdings Limited
|
|
|
8,861,867
|
|
19,493,171
|
|
|
|
|
|
|
Less: Deemed dividends
on Series A convertible redeemable preferred shares
|
|
|
-
|
|
(200,601)
|
|
|
|
|
|
|
Net income
attributable to holders of ordinary shares
|
|
|
$
8,861,867
|
|
$
19,292,570
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
-Basic
|
|
|
$
0.24
|
|
$
0.58
|
-Diluted
|
|
|
$
0.24
|
|
$
0.56
|
|
|
|
|
|
|
Weighted average
number of shares used in calculation
|
|
|
|
|
|
- Basic
|
|
|
731,303,362
|
|
606,648,098
|
- Diluted
|
|
|
753,533,499
|
|
640,377,175
|
Taomee Holdings
Limited - Reconciliation of Non-GAAP and GAAP
Results
|
In USD, except for
share data
|
|
|
|
For three months
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2012
|
|
2012
|
|
2011
|
Reconciliation from
Non-GAAP measures to GAAP measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to holders of ordinary shares
|
|
$
2,730,391
|
|
$
2,394,409
|
|
$
2,256,873
|
Share-based
compensation
|
|
(477,525)
|
|
(593,973)
|
|
(638,172)
|
GAAP net income
attributable to holders of ordinary shares
|
|
$
2,252,866
|
|
$
1,800,436
|
|
$
1,618,701
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
|
|
|
|
|
|
-Basic
|
|
$
0.07
|
|
$
0.07
|
|
$
0.06
|
-Diluted
|
|
$
0.07
|
|
$
0.06
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
Reconciliation from
Non-GAAP measures to GAAP measures
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to holders of ordinary shares
|
|
|
$
11,068,347
|
|
$
17,627,225
|
Investment income from
sell of equity interest[1]
|
|
|
-
|
|
3,662,098
|
Share-based
compensation
|
|
|
(2,206,480)
|
|
(1,996,753)
|
GAAP net income
attributable to holders of ordinary shares
|
|
|
$
8,861,867
|
|
$
19,292,570
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
|
|
|
|
|
-Basic
|
|
|
$
0.30
|
|
$
0.53
|
-Diluted
|
|
|
$
0.29
|
|
$
0.51
|
|
[1] Reflects the
transaction to sell 10.5% of equity interest in Elyn Corporation in
February 2011
|
SOURCE Taomee Holdings Limited