SHANGHAI, May 20, 2014 /PRNewswire/ -- Taomee Holdings
Limited (NYSE: TAOM) ("Taomee" or the "Company"), a leading
children's entertainment and media company in China, today reported its unaudited financial
results for the first quarter of 2014.
Highlights of the First Quarter of 2014
- Total net revenues were US$11.7
million in the first quarter of 2014, an increase of 6.9%
from US$10.9 million in the fourth
quarter of 2013 and an increase of 21.9% from US$9.6 million in the first quarter of 2013. This
result was above the high end of management's previous outlook of
US$11.0 million to US$11.5
million.
- Net revenues from online businesses were US$9.4 million in the first quarter of 2014, an
increase of 13.6% from US$8.2 million
in the fourth quarter of 2013 and an increase of 14.5% from
US$8.2 million in the first quarter
of 2013.
- Net revenues from offline businesses were US$2.3 million in the first quarter of 2014, a
decrease of 13.6% from US$2.7 million
in the fourth quarter of 2013 and an increase of 64.6% from
US$1.4 million in the first quarter
of 2013.
- Gross profit was US$8.5 million
in the first quarter of 2014, an increase of 6.7% from US$8.0 million in the fourth quarter of 2013 and
an increase of 16.7% from US$7.3
million in the first quarter of 2013.
- Income from operations was US$0.5
million in the first quarter of 2014, a decrease of 74.4%
from US$2.1 million in the fourth
quarter of 2013 and an increase of 689.7% from US$67 thousand in the first quarter of 2013.
- Non-GAAP net income attributable to holders of ordinary shares
was US$1.2 million in the first
quarter of 2014, as compared with US$2.9
million in the fourth quarter of 2013 and US$1.6 million in the first quarter of 2013.
- Non-GAAP basic and diluted earnings per ADS[1] were
US$0.03 and US$0.03, respectively, in the first quarter of
2014, as compared with US$0.08 and
US$0.08, respectively, in the fourth
quarter of 2013 and US$0.04 and
US$0.04, respectively, in the first
quarter of 2013.
|
[1] Each American
depositary share ("ADS") represents twenty ordinary
shares.
|
Key Operating Metrics
- The number of active accounts ("ACA") for the Company's virtual
worlds under operation in mainland China was approximately 45.1 million in the
first quarter of 2014, an increase of 16.8% from 38.6 million in
the fourth quarter of 2013 and an increase of 2.7% from 43.9
million in the first quarter of 2013.
- Active paying accounts ("APA") for the Company's virtual worlds
under operation in mainland China
were 1.4 million in the first quarter of 2014, an increase of 7.7%
from 1.3 million in the fourth quarter of 2013, but a decrease of
6.7% from 1.5 million in the first quarter of 2013.
- Average revenue per user ("ARPU") for the Company's virtual
worlds under operation in mainland China was approximately RMB39 in the first quarter of 2014, an increase
of 5.4% from RMB37 in the fourth
quarter of 2013 and an increase of 18.2% from RMB33 in the first quarter of 2013.
- The number of downloads of the mobile applications operated by
the Company increased by approximately 1.8 million in the first
quarter of 2014, flat as compared with the fourth quarter of 2013
and a decrease of 51.4% from 3.7 million in the first quarter of
2013.
Mr. Benson Wang, co-founder and
chief executive officer of Taomee, stated, "We delivered solid
revenue results driven by our continued execution of our business
plan in the first quarter of 2014. We continue to develop our
multi-pronged growth strategies through our cross-media platform,
as we believe the synergies will ultimately differentiate us from
our competitors in the industry. As China's entertainment landscape begin to take
shape, intellectual property coupled with diverse distribution
channels will become more valuable in the marketplace."
"Our focus for 2014 is clear, and that is to further expand our
franchises through an integrated multi-media network composed of
gaming, television, film, comics, licensing and merchandising
channels. We believe this is the most effective strategy to
continue building brand loyalty while also offering different
monetization opportunities. 2014 will be a pivotal year for Taomee,
as we look to build a sustainable business with long-term value for
our shareholders."
Unaudited Financial Results for First Quarter of 2014
Net Revenues
Total net revenues were US$11.7
million in the first quarter of 2014, an increase of 6.9%
from US$10.9 million in the fourth
quarter of 2013 and an increase of 21.9% from US$9.6 million in the first quarter of 2013.
Net online business revenues were US$9.4
million in the first quarter of 2014, an increase of 13.6%
from US$8.2 million in the fourth
quarter of 2013 and an increase of 14.5% from US$8.2 million in the first quarter of 2013. The
quarter-over-quarter (QoQ) increase was primarily due to the
seasonality of more non-school days in the first quarter. The
year-over-year (YoY) increase was mainly driven by the continued
revenue growth of our core virtual worlds.
Net offline business revenues were US$2.3
million in the first quarter of 2014, a decrease of 13.6%
from US$2.7 million in the fourth
quarter of 2013 and an increase of 64.6% from US$1.4 million in the first quarter of 2013. The
QoQ decrease was primarily due to a decrease in licensing business
partially offset by an increase in interactive toy business. The
YoY increase was primarily due to the revenue contribution from the
Company's interactive toys business.
Cost of Services
Total cost of services was US$3.2
million in the first quarter of 2014, an increase of 7.6%
from US$2.9 million in the fourth
quarter of 2013 and an increase of 38.6% from US$2.3 million in the first quarter of 2013.
Online business related costs were US$1.9
million in the first quarter of 2014, a decrease of 5.3% as
compared with US$2.0 million in the
fourth quarter of 2013 and an increase of 10.4% from US$1.7 million in the first quarter of 2013. The
QoQ decrease was primarily due to a decrease in payroll expenses.
The YoY increase was primarily due to an increase in royalties
related to our operation of certain third-party developed virtual
worlds
Offline business related costs were US$1.3 million in the first quarter of 2014, an
increase of 36.9% from US$0.9 million
in the fourth quarter of 2013 and an increase of 132.3% from
US$0.5 million in the first quarter
of 2013. The QoQ and YoY increases were primarily due to an
increase in costs related to our interactive toy business.
Gross Profit and Gross Margin
Gross profit was US$8.5 million in
the first quarter of 2014, an increase of 6.7% from US$8.0 million in the fourth quarter of 2013 and
an increase of 16.7% from US$7.3
million in the first quarter of 2013.
Gross margin was 73.0% in the first quarter of 2014, as compared
with 73.2% in the fourth quarter of 2013 and 76.3% in the first
quarter of 2013.
Gross margin for the online business was 79.4% in the first
quarter of 2014, as compared with 75.3% in the fourth quarter of
2013 and 78.6% in the first quarter of 2013.
Gross margin for the offline business was 47.3% in the first
quarter of 2014, as compared with 66.8% in the fourth quarter of
2013 and 62.7% in the first quarter of 2013.
Total Operating Expenses
Total operating expenses were US$8.0
million in the first quarter of 2014, an increase of 34.8%
from US$5.9 million in the fourth
quarter of 2013 and an increase of 10.5% from US$7.3 million in the first quarter of 2013.
- Product development expenses were US$3.2
million in the first quarter of 2014, a decrease of 13.8%
from US$3.7 million in the fourth
quarter of 2013 and a decrease of 2.8% from US$3.3 million in the first quarter of 2013. The
QoQ decrease was primarily due to a decrease in online business
payroll expense and outsourcing expense, partially offset by an
increase in interactive toy design fees. The YoY decrease was
primarily due to a decrease in payroll expenses, partially offset
by an increase in interactive toy design fees.
- Sales and marketing expenses were US$2.0
million in the first quarter of 2014, a decrease of 15.4%
from US$2.4 million in the fourth
quarter of 2013 and an increase of 18.1% from US$1.7 million in the first quarter of 2013. The
QoQ decrease was primarily due to a decrease in animation related
and promotional expenses. The YoY increase was primarily due to an
increase in advertising expenses.
- General and administrative expenses were US$3.6 million in the first quarter of 2014, an
increase of 8.9% from US$3.3 million
in the fourth quarter of 2013 and an increase of 22.3% from
US$3.0 million in the first quarter
of 2013. The QoQ increase was primarily due to an increase in
professional fees. The YoY increase was primarily due to the
increased indirect tax costs related to intercompany service
charges.
- Impairment of intangible assets was US$0.1 million in the first quarter of 2014,
related to the remaining term of Magic Haqi II, a co-developed 3D
game of which the Company obtained a three-year exclusive license
right in 2012 and commercially launched in the fourth quarter of
2012.
Income from Operations
Income from operations was US$0.5
million in the first quarter of 2014, a decrease of 74.4%
from US$2.1 million in the fourth
quarter of 2013 and an increase of 689.7% from US$67 thousand in the first quarter of 2013.
Share of Profit from Equity Method Investment
Share of profit from equity method investment was US$42 thousand in the first quarter of 2014, as
compared with US$0.1 million in the
fourth quarter of 2013 and US$0.3
million in the first quarter of 2013.
Net Income
Net income attributable to holders of ordinary shares was
US$0.5 million in the first quarter
of 2014, as compared with US$1.7
million in the fourth quarter of 2013 and US$1.0 million in the first quarter of 2013.
Basic and diluted earnings per ADS were US$0.01 and US$0.01, respectively, in the first quarter of
2014, as compared with US$0.05 and
US$0.05 respectively in the fourth
quarter of 2013 and US$0.03 and
US$0.03, respectively in the first
quarter of 2013.
Non-GAAP net income attributable to holders of ordinary shares
was US$1.2 million in the first
quarter of 2014, as compared with US$2.9
million in the fourth quarter of 2013 and US$1.6 million in the first quarter of 2013.
Non-GAAP basic and diluted earnings per ADS were US$0.03 and US$0.03, respectively, in the first quarter of
2014, as compared with US$0.08 and
US$0.08, respectively, in the fourth
quarter of 2013 and US$0.04 and
US$0.04, respectively, in the first
quarter of 2013.
Cash and Cash Equivalents
As of March 31, 2014, the Company
had US$107.9 million of cash and cash
equivalents, as compared with US$114.3
million as of December 31,
2013. The decrease was mainly due to US$6.0 million cash used for share repurchase
from the open market during the quarter.
Capital Expenditures
Capital expenditures in the first quarter of 2014 were
US$0.5 million, as compared with
US$0.3 million in the fourth quarter
of 2013, and US$0.3 million in the
first quarter of 2013. Capital expenditures were used primarily for
(i) purchase of computer hardware and equipment, (ii) purchase of
intangible assets and (iii) purchase of franchises and online game
licensing rights for our pipeline.
Share-based Compensation
Share-based compensation was US$0.6
million for the first quarter of 2014 as compared with
US$0.7 million in the fourth quarter
of 2013 and US$0.6 million in the
first quarter of 2013.
Share Repurchase Program
During the first quarter of 2014, Taomee repurchased 1,055,536
ADSs. As of March 31, 2014, the
Company has repurchased a total of 2,119,713 ADSs under the
Company's share repurchase program at an average price of
approximately US$4.9 per ADS.
Recent Business Highlights
- In March 2014, Taomee entered
into a license agreement with IGG Singapore Pte. Ltd. ("IGG"),
pursuant to which Taomee granted IGG three-year exclusive operating
rights for the English version of Reverse World, an ARPG mobile
game, in Singapore, North America, Europe, Africa, and Oceania (except Australia).
- Taomee also entered into a license agreement with CJ E&M
Netmarble ("CJ"), pursuant to which Taomee granted CJ
three-year exclusive operating rights of Reverse World in Republic
of Korea and Japan. It is our
understanding that CJ intends to distribute Reverse World through
the KAKAO Talk channel, which is similar to Tencent's Wechat and
Facebook's Whatsapp.
Outlook for Second Quarter of 2014
Net revenues of the second quarter of 2014 are expected to be in
the range of US$10.5 million to US$11.0
million, which represents year-over-year decrease of
approximately 9% to 13%. This forecast reflects the Company's
current and preliminary view of the operating results, and is
subject to future changes.
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 and impairment charges from net income attributable to
the Company's shareholders and from the calculation of earnings per
ADS. 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 and impairment charges 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 at
8:00 a.m. ET (New York) on Tuesday,
May 20, 2014 (which is 8:00
p.m. in China on Tuesday, May
20, 2014). A brief presentation to accompany the conference
call will be available on the Company's IR website
(http://ir.taomee.com/phoenix.zhtml?c=243417&p=irol-reportsannual)
before the call.
The dial-in details for the live conference call are:
|
Conference
ID:
|
34634974
|
|
U.S.
toll-free:
|
+1-866-519-4004
|
|
Hong Kong
toll-free:
|
800-930-346
|
|
International:
|
+65-6723-9381
|
|
China
Mainland:
|
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/p/qxtuof9d. A telephone replay of the
call will be available after the conclusion of the conference call
at 11:00 a.m. ET on May 20, 2014 through 09:59
a.m. ET, May 28, 2014. The
dial-in details for the telephone replay are:
|
Conference
ID:
|
34634974
|
|
International:
|
+612-8199-0299
|
|
China:
|
400-6322-162
|
About Taomee Holdings Limited
Taomee Holdings Limited ("Taomee" or "the Company") is
China's leader in children's
entertainment and media. Its award winning content offerings are
both engaging and educational, endearing it to children, as well as
to parents and teachers. The Company was founded in 2007 with the
mission to bring joy and inspiration to children. Its popular
character franchises, including SEER and MOLE'S WORLD, are
distributed online via virtual worlds, web games and mobile
applications, as well as through traditional media, including
animated box office films, TV series, books and consumer products,
most notably interactive toys and trading cards. Its online
community regularly achieves top search ranking in China, Hong
Kong and Taiwan. Taomee has
been consistently recognized for its leadership and innovative
contributions to the children's market, including accolades from
China's Ministry of Culture and
the China Animation Association.
For more information, please visit:
http://www.taomee.com/en_taomee.html
- 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/
- Share with other parents and caregivers at
http://mama.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 annual report on Form 20-F and other
documents filed with the U.S. Securities and Exchange Commission.
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
Angela Wang
Taomee Holdings Limited
+86-21-61280056 Ext 8651
ir@taomee.com
|
Taomee Holdings
Limited - Unaudited Consolidated Balance Sheets
|
|
|
|
|
|
In
USD
|
|
In
USD
|
|
March
31
|
|
December
31
|
|
2014
|
|
2013
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
107,892,293
|
|
$
114,250,772
|
|
Short term
investment
|
2,993,773
|
|
2,992,343
|
|
Accounts receivable,
net
|
2,241,671
|
|
2,387,747
|
|
Inventory
|
721,685
|
|
196,757
|
|
Income tax
recoverable
|
622,478
|
|
402,460
|
|
Due from related
parties
|
2,296,576
|
|
2,242,382
|
|
Prepayments
and other current assets
|
4,262,809
|
|
2,904,695
|
|
Deferred tax
assets, current
|
4,128,708
|
|
4,166,088
|
|
Total current
assets
|
125,159,993
|
|
129,543,244
|
|
|
|
|
|
Investment in equity
investees
|
14,255,765
|
|
14,047,509
|
|
Property and
equipment, net
|
1,826,746
|
|
1,840,419
|
|
Prepayments for land
use rights and building purchase
|
2,989,652
|
|
3,008,520
|
|
Acquired intangible
assets
|
1,057,541
|
|
1,252,572
|
|
Other
assets
|
2,346760
|
|
1,496,242
|
|
Total
assets
|
$
147,636,457
|
|
$
151,188,506
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
2,350,381
|
|
$
1,549,908
|
|
Advance from
customers
|
8,380,110
|
|
6,960,857
|
|
Due to related
parties
|
313,381
|
|
369,983
|
|
Deferred
revenue
|
12,587,980
|
|
12,340,821
|
|
Deferred tax
liabilities, current
|
1,742,359
|
|
1,758,134
|
|
Accrued
expenses and other current liabilities
|
5,451,834
|
|
6,279,858
|
|
Total current
liabilities
|
30,826,045
|
|
29,259,561
|
|
|
|
|
|
Equity
|
|
|
|
|
Taomee Holdings
Limited shareholders' equity
|
|
|
|
|
Ordinary shares
($0.00002 par value; 875,000,000
shares authorized; 745,555,104 and 741,126,859
shares issued; 719,230,564 and 735,913,039
outstanding as of March 31, 2014 and December 31,
2013, respectively)
|
14,911
|
|
14,823
|
|
Treasury stock
(at cost)
Additional
paid-in capital
|
(7,212,059)
74,716,506
|
|
(1,198,904)
73,757,483
|
|
Retained
earnings
|
45,350,696
|
|
44,853,977
|
|
Accumulated
other comprehensive income
|
3,791,133
|
|
4,342,755
|
|
Taomee Holdings
Limited shareholders' equity
|
116,661,187
|
|
121,770,134
|
|
Noncontrolling
interests
|
149,225
|
|
158,811
|
|
Total
equity
|
$
116,810,412
|
|
$
121,928,945
|
|
|
|
|
|
TOTAL
LIABILITIESAND EQUITY
|
$ 147,
636,457
|
|
$
151,188,506
|
|
Taomee Holdings
Limited - Unaudited Consolidated Statements of
Operations
|
|
|
|
In USD, except for
share data
For three months
ended
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
2014
|
|
2013
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
Online
business, net
|
|
$
9,373,070
|
|
$
8,250,969
|
|
$
8,183,073
|
|
Offline
business, net
|
|
2,323,759
|
|
2,689,419
|
|
1,411,829
|
|
Total net
revenues
|
|
11,696,829
|
|
10,940,388
|
|
9,594,902
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
|
|
|
|
|
Online
business
|
|
(1,929,671)
|
|
(2,037,443)
|
|
(1,748,437)
|
|
Offline
business
|
|
(1,223,634)
|
|
(894,106)
|
|
(526,726)
|
|
Total cost of
services
|
|
(3,153,305)
|
|
(2,931,549)
|
|
(2,275,163)
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
8,543,524
|
|
8,008,839
|
|
7,319,739
|
|
|
|
|
|
|
|
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
Product
development
|
|
(3,202,027)
|
|
(3,713,467)
|
|
(3,294,735)
|
|
Sales and
marketing
|
|
(2,039,257)
|
|
(2,411,269)
|
|
(1,727,418)
|
|
General and
administrative
|
|
(3,642,791)
|
|
(3,345,688)
|
|
(2,977,947)
|
|
Impairment loss
on
acquired intangible
assets
|
|
(116,114)
|
|
(180,263)
|
|
-
|
|
Other
operating income
|
|
984,567
|
|
3,703,897
|
|
747,208
|
|
Total operating
expenses
|
|
(8,015,622)
|
|
(5,946,790)
|
|
(7,252,892)
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
527,902
|
|
2,062,049
|
|
66,847
|
|
|
|
|
|
|
|
|
Interest
income
|
|
592,635
|
|
632,310
|
|
760,734
|
|
Other income
(expenses), net
|
|
(583,216)
|
|
275,363
|
|
132,446
|
|
Impairment loss on
investment in an equity investee
|
|
-
|
|
(370,407)
|
|
-
|
|
Income before
income taxes and share of profit in equity method
investments
|
|
537,321
|
|
2,599,315
|
|
960,027
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(92,286)
|
|
(996,509)
|
|
(250,717)
|
|
|
|
|
|
|
|
|
Share of profit in
equity method investments
|
|
42,098
|
|
101,778
|
|
250,642
|
|
Net
income
|
|
487,133
|
|
1,704,584
|
|
959,952
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to non-controlling interest
|
|
(9,586)
|
|
(27,590)
|
|
(1,663)
|
|
|
|
|
|
|
|
|
Net income
attributable to holders of ordinary shares
|
|
$ 496,719
|
|
$
1,732,174
|
|
$ 961,615
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
-Basic
|
|
$ 0.01
|
|
$ 0.05
|
|
$ 0.03
|
|
-Diluted
|
|
$ 0.01
|
|
$ 0.05
|
|
$ 0.03
|
|
Weighted average
number of shares used in calculation
|
|
|
|
|
|
|
|
- Basic
|
|
722,760,411
|
|
735,651,537
|
|
732,203,457
|
|
- Diluted
|
|
737,488,586
|
|
747,574,587
|
|
747,888,335
|
|
Weighted average
number of ADS used in calculation
|
|
|
|
|
|
|
|
- Basic
|
|
36,138,021
|
|
36,782,577
|
|
36,610,173
|
|
- Diluted
|
|
36,874,429
|
|
37,378,729
|
|
37,394,417
|
|
Taomee Holdings
Limited - Unaudited Consolidated Other Comprehensive
Income
|
|
|
In
USD,
For three months
ended
|
|
March 31,
2014
|
|
December 31,
2013
|
|
March
31,
2013
|
|
Net income
|
$ 487,133
|
|
$
1,704,584
|
|
$ 959,952
|
|
Other comprehensive
income/(loss), net of tax
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(551,622)
|
|
524,181
|
|
146,178
|
|
|
|
|
|
|
|
Comprehensive
income/(loss)
|
(64,489)
|
|
2,228,765
|
|
1,106,130
|
|
Comprehensive
income/(loss) attributable to noncontrolling interest
|
(9,586)
|
|
(27,590)
|
|
(1,663)
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to Taomee Holdings Limited
|
$ (54,903)
|
|
$
2,256,355
|
|
$
1,107,793
|
|
|
Taomee Holdings
Limited - Reconciliation of Non-GAAP and GAAP
Results
|
|
|
|
In USD, except for
share data
For three months
ended
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
2014
|
|
2013
|
|
2013
|
|
Reconciliation
from Non-GAAP measures to GAAP measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to holders of ordinary shares
|
|
$
1,183,394
|
|
$
2,943,531
|
|
$
1,581,546
|
|
Share-based
compensation
|
|
(570,561)
|
|
(660,687)
|
|
(619,931)
|
|
Impairment loss on
acquired intangible assets
|
|
(116,114)
|
|
(180,263)
|
|
-
|
|
Impairment loss on
investment in an equity investee
|
|
-
|
|
(370,407)
|
|
-
|
|
GAAP net income
attributable to holders of ordinary shares
|
|
$ 496,719
|
|
$
1,732,174
|
|
$ 961,615
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
|
|
|
|
|
|
|
-Basic
|
|
$ 0.03
|
|
$ 0.08
|
|
$ 0.04
|
|
-Diluted
|
|
$ 0.03
|
|
$ 0.08
|
|
$ 0.04
|
SOURCE Taomee Holdings Limited