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2007'09.02.Sun
The9 Limited Reports Second Quarter 2007 Unaudited Financial Results
August 29, 2007


    SHANGHAI, China, Aug. 28 /Xinhua-PRNewswire/ -- The9
Limited (Nasdaq: NCTY) ("The9"), a leading online
game operator in China, announced today its unaudited
financial results for the second quarter ended June 30,
2007.

    Second Quarter 2007 Financial Highlights:

    -- Net revenues for the second quarter of 2007 remained
stable compared  
       to the previous quarter and increased 5%
year-over-year to RMB270.0 
       million (US$35.5 million).

    -- Net revenues attributable to the operations of
subscription-based  
       game, which included revenues from game playing
time, merchandise and 
       installation package sales, decreased by 8%
quarter-over-quarter and  
       by 4% year-over-year to RMB246.2 million (US$32.3
million) in the  
       second quarter of 2007; net revenues attributable to
the operations of 
       item-sales based games, which included revenues from
in-game item  
       sales, value-added service charges, as well as
installation package  
       sales, were RMB16.3 million (US$2.1 million) in the
second quarter of 
       2007.

    -- Net income for the second quarter of 2007 was
RMB50.6 million (US$6.6 
       million), a 23% decrease from RMB66.1 million
(US$8.7 million) in the 
       first quarter of 2007, and a 40% decrease from
RMB84.3 million  
       (US$11.1 million) in the second quarter of 2006. 

    -- EBITDA (non-GAAP) was RMB108.6 million (US$14.3
million) in the second 
       quarter of 2007, a quarter-over-quarter decrease of
8% from RMB117.7 
       million (US$15.5 million) in the first quarter of
2007, and a year-
       over-year decrease of 13% from RMB124.7 million
(US$16.4 million) in 
       the second quarter of 2006.

    -- Fully diluted earnings per share (one American
Depositary    
       Share "ADS" represents one ordinary share)
was RMB1.90 (US$0.25) for 
       the second quarter of 2007, compared with RMB2.65
(US$0.35) for the 
       first quarter of 2007, and RMB3.42 (US$0.45) for the
second quarter of 
       2006.  Fully diluted EBITDA (non-GAAP) per share was
RMB4.07 (US$0.54) 
       for the  second quarter of 2007, compared with
RMB4.72 (US$0.62) for 
       the first quarter of 2007 and RMB5.06 (US$0.66) for
the second quarter 
       of 2006. 

    Management Comments:

    Commenting on the second quarter 2007 results, Jun Zhu,
Chairman and Chief Executive Officer of The9 said, "We
are pleased to report that The9 has achieved solid
financial results in the second quarter of 2007.  As
communicated previously, for the long-term benefit and
growth of Blizzard Entertainment(R)'s World of
Warcraft(R)(*) in mainland China, the World of Warcraft
servers were temporarily shut-down on a rotational basis in
the second quarter to facilitate upgrades and mergers as
well as enhancing the related infrastructure support.  This
process was carried out smoothly as planned.  In spite of
this, with the commercialization of Soul of The Ultimate
Nation(TM) ("SUN") in mainland China in late May
2007, we were able to maintain our revenues at a stable
level compared to the previous quarter.  In the second
quarter of 2007, we attained aggregate peak concurrent
users of approximately 930,000 for games that are currently
in commercial operation.  As of June 30, 2007, we had over
22.4 million total registered users.

    We are encouraged to see the gradual execution of our
diversification strategy in the second quarter as The9 has
successfully transited from one-game to multi-game
operations.  We continued to expand and enhance our game
portfolio.  Recently, we have obtained the exclusive
license to operate Field of Honor, a 3D massively
multiplayer online real-time strategy & shooting game,
in mainland China, and Audition, an advanced casual dancing
online game, in mainland China, Hong Kong, and Macau. We
believe The9 possesses one of the broadest spectrums of
online games with high quality content. Together with
The9's strong operational capabilities and focused
corporate strategy, we look forward to further capturing
players' attention with our diversified high quality game
portfolio in the rapidly evolving Chinese online game
market." 

    Hannah Lee, Senior Vice President and Chief Financial
Officer, commented, "The second quarter of 2007 was a
transitional quarter and we are overall satisfied with our
financial results.  We believe the World of Warcraft server
upgrades and mergers and infrastructure enhancements are
important and will benefit the game in the long-run.
Subsequent to the upgraded servers and infrastructure and
the launch of a new server site, we worked with Blizzard
Entertainment to release the World of Warcraft "Before
the Storm" upgrade patch in late June and are seeing
satisfactory results.  With the soon-to-be-launched
expansion pack, Blizzard Entertainment's World of Warcraft:
The Burning Crusade(TM), we believe World of Warcraft will
resume its strong growth momentum. Meanwhile, we are
pleased that our new game, SUN, has been commercialized in
the second quarter and that it is gradually ramping up
under the item-sales based model.  Field of Honor and
Audition are strong additions to our game pipeline, and
together with all the other high-caliber games to be
launched in the future, we are confident that The9 will
continuously capitalize on its unparalleled game portfolio
so as to achieve long-term sustainable growth." 

    (*) World of Warcraft(R) and Blizzard Entertainment(R)
are trademarks
or registered trademarks of Blizzard Entertainment(R), Inc.
in the
U.S. and/or other countries.

    Discussion of The9's Second Quarter 2007 Results
(Preliminary Unaudited) 

    Revenues

    For the second quarter of 2007, The9 reported total
gross revenues of RMB284.6 million (US$37.4 million), which
remained stable compared to RMB284.7 million (US$37.4
million) in the first quarter of 2007 and represented a 5%
increase from RMB271.3 million (US$35.6 million) in the
second quarter of 2006.  Total net revenues were RMB270.0
million (US$35.5 million), which remained stable compared
to the previous quarter and which represented a 5% increase
from RMB257.6 million (US$33.8 million) in the same period
of last year.  Total revenues remained stable
quarter-over-quarter primarily because of the reduction of
revenue from Blizzard Entertainment's World of Warcraft
game relating to server upgrades and mergers was largely
offset by the additional revenues contributed from our
newly launched game SUN that we commercialized in mainland
China in late May 2007.  

    Net revenues attributable to the operations of our
subscription-based game, which included revenues from game
playing time, merchandise and installation package sales,
decreased by 8% quarter-over-quarter and by 4%
year-over-year to RMB246.2 million (US$32.3 million) in the
second quarter of 2007 mainly due to temporary shut-down of
the World of Warcraft servers on a rotational basis to
facilitate server upgrading and merging during the quarter.
 Net revenues attributable to the operations of item-sales
based games, which included revenues from in-game item
sales, value-added service charges, as well as installation
package sales, were RMB16.3 million (US$2.1 million) in the
second quarter of 2007 mainly due to the commercialization
of SUN. 

    For the second quarter of 2007, online game services
gross revenues were RMB276.5 million (US$36.3 million),
representing a 2% decrease from RMB281.3 million (US$37.0
million) in the first quarter of 2007 and a 3% increase
from RMB269.3 million (US$35.4 million) in the second
quarter of 2006.  

    For the second quarter of 2007, gross revenues from
game operating support, website solutions and
advertisement, were RMB7.3 million (US$1.0 million),
representing an increase of 180% from the previous quarter
and 736% from the same period of last year.  This increase
was mainly due to increased sporadic technical support and
consulting services provided in the quarter.

    Other gross revenues mainly included sales of game
related merchandise and installation packages.  Other gross
revenues were RMB0.8 million (US$0.1 million) in the first
and second quarters of 2007 and were RMB1.1 million (US$0.1
million) in the second quarter of 2006.  

    Gross Profit 

    Gross profit for the second quarter of 2007 decreased
by 12% quarter-over-quarter and 8% year-over-year to
RMB114.6 million (US$15.1 million).  The sequential
decrease of gross profit was mainly because net revenues
remained stable while cost of services increased during the
quarter primarily due to the increased depreciation relating
to the upgraded servers and enhanced broadband
infrastructure costs incurred subsequent to the upgrades
and mergers of World of Warcraft servers during the quarter
and costs relating to SUN.  As a result, gross profit margin
for the second quarter 2007 decreased to 42% from 48% in the
previous quarter and the same period of last year.   

    Operating Expenses

    For the second quarter of 2007, operating expenses were
RMB74.5 million (US$9.8 million), representing a 28%
increase from RMB58.1 million (US$7.6 million) in the
previous quarter and a 38% increase from RMB54.1 million
(US$7.1 million) in the same period of last year.  The
sequential increase in operating expenses was primarily due
to increased product development expenses relating to costs
for SUN and Guild Wars during their respective closed and
open beta testing phases, increased sales and marketing
expenses relating to SUN's open beta testing and commercial
launch, as well as increased general and administrative
expenses mainly due to increased headcount and higher
share-based compensation expenses recognized relating to
options granted in the second quarter of 2007. 

    Income from Operations

    For the second quarter of 2007, profit from operations
was RMB40.1 million (US$5.3 million), decreased by 44%
quarter-over-quarter and 43% year-over-year.  Operating
margin for the second quarter of 2007 was 15%, decreased
from 27% in the previous quarter and the same period of
last year.  The decline of operating margin was a combined
result of increased cost of services and increased
operating expenses as mentioned above.  Operating profit
margin, excluding share-based compensation expenses, was
18% for the second quarter of 2007, compared to 29% in the
first quarter of 2007 and 29% in the second quarter of
2006.

    Other Income (Expenses)

    Other income for the second quarter of 2007 was RMB4.1
million (US$0.5 million) compared to other expenses of
RMB0.9 million (US$0.1 million) in the first quarter of
2007 and other income of RMB10.8 million (US$1.4 million)
in the second quarter of 2006.  The sequential difference
was primarily due to the net effect of receipt of a
financial subsidy of RMB11.8 million (US$1.5 million) from
the local government in the second quarter of 2007, partly
offset by the increase of foreign exchange loss of RMB6.7
million (US$0.9 million) relating to the U.S. dollars
denominated proceeds of approximately US$167 million
received from issuance of shares to Electronic Arts Inc. in
May 2007. 

    Income Tax Benefit (Expense)

    Income tax expense for the second quarter of 2007 was
RMB1.1 million (US$0.1 million) compared to income tax
expenses of RMB8.1 million (US$1.1 million) in the first
quarter of 2007 and income tax benefit of RMB0.7 million
(US$0.1 million) in the second quarter of 2006.  The
sequential decrease of income tax expense was primarily due
to the decrease of our effective tax rate and income before
tax. 

    Gain (Loss) on Equity Investments

    For the second quarter of 2007, loss on equity
investments, net of taxes, amounted to RMB2.1 million
(US$0.3 million), compared to a loss of RMB1.5 million
(US$0.2 million) for the first quarter of 2007, and a gain
of RMB0.4 million (US$0.05 million) for the second quarter
of 2006.  The sequential increase in loss on equity
investments was primarily due to the increase of loss
resulted from the joint venture which has the exclusive
right to operate a casual dancing game, Groove Party, in
mainland China, as costs were incurred relating to the
closed beta testing of the game. 

    Net Income

    For the second quarter of 2007, net income was RMB50.6
million (US$6.6 million), which decreased by 23% from
RMB66.1 million (US$8.7 million) in the first quarter of
2007 and by 40% compared to RMB84.3 million (US$11.1
million) in the second quarter of 2006.  The decrease in
net income was a result of the cumulative effect of the
foregoing factors.  

    In May 2007, we issued approximately 4.5 million new
shares, representing approximately 15% of the Company, to
Electronic Arts Inc. for roughly US$167 million.  This is
the main reason for the increase of basic and diluted
weighted average shares outstanding quarter-over-quarter. 
As of June 30, 2007, our total common shares and ADRs
issued and outstanding were 29.36 million, compared to
24.77 million as of March 31, 2007.

    Fully diluted earnings per share and per ADS for the
second quarter of 2007 was RMB1.90 (US$0.25), compared to
RMB2.65 (US$0.35) in the first quarter of 2007 and RMB3.42
(US$0.45) in the second quarter of 2006.

    EBITDA (non-GAAP) is defined as earnings before
depreciation of fixed assets, amortization of intangibles
and income tax expenses/benefits, as applicable.  For the
second quarter of 2007, EBITDA (non-GAAP) was RMB108.6
million (US$14.3 million) compared to EBITDA (non-GAAP) of
RMB117.7 million (US$15.5 million) for the previous quarter
and RMB124.7 million (US$16.4 million) for the same period
of last year.  

    For the second quarter of 2007, fully diluted EBITDA
(non-GAAP) per share was RMB4.07 (US$0.54) compared to
RMB4.72 (US$0.62) for the first quarter of 2007 and RMB5.06
(US$0.66) in the second quarter of 2006.  

    As at June 30, 2007, the Company's total cash and cash
equivalents balance was RMB2.09 billion (US$274.2 million).
 The increase in cash and cash equivalents from RMB859.6
million (US$112.9 million) as at March 31, 2007 was mainly
due to the combined result of cash receipt of approximately
US$167 million from Electronic Arts Inc. in connection with
its equity investment in The9, and receipts from sales of
prepaid game points, offset in part by capital expenditures
relating to Blizzard Entertainment's World of Warcraft for a
new server site and upgrades of existing server sites, as
well as prepaid royalty payments to the licensor relating
to World of Warcraft. 

    The conversion of Renminbi (RMB) into U.S. dollars
(US$) in this press release is based on the noon buying
rate in The City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes
by the Federal Reserve Bank of New York as of June 29, 2007
(the last business day of second quarter of 2007), which was
RMB7.6120 to US$1.00.  The percentages stated in this press
release are calculated based on the RMB amounts.

    Non-GAAP Measure

    To supplement the consolidated financial statements
presented in accordance with accounting principles
generally accepted in the United States ("GAAP"),
The9 uses the non-GAAP measure of EBITDA, which is adjusted
from the most directly comparable financial measures
calculated and presented in accordance with GAAP to exclude
certain expenses.  The non-GAAP financial measure is
provided to enhance investors' overall understanding of the
Company's operating performance.

    EBITDA (non-GAAP) is defined as earnings before
depreciation of fixed assets, amortization of intangibles
and income tax expenses/benefits, as applicable.  The
Company believes its EBITDA provides useful information to
both management and investors as it excludes certain
expenses that are not expected to result in future cash
payments.  The use of EBITDA has certain limitations. 
Depreciation and amortization expense for various assets
and income tax expenses/benefits have been and will be
incurred and are not reflected in the presentation of
EBITDA.  Each of these items should also be considered in
the overall evaluation of our results. EBITDA should not be
considered as a measure of our liquidity.  We compensate for
these limitations by providing the relevant disclosure of
our depreciation and amortization, and income tax
expenses/benefits in our reconciliations to the GAAP
financial measure, which should be considered when
evaluating our performance.  EBITDA is not defined under
GAAP, and our EBITDA is not a measure of net income,
operating income, operating performance or liquidity
presented in accordance with GAAP.  When assessing our
operating performance, you should not consider this data in
isolation or as a substitute for our net income, operating
income or any other operating performance measure that is
calculated in accordance with GAAP.  In addition, our
EBITDA may not be comparable to similarly titled measures
utilized by other companies since such other companies may
not calculate EBITDA in the same manner as we do.  For more
information on this non-GAAP financial measure, please see
the tables captioned "Reconciliation of non-GAAP to
GAAP results" set forth at the end of this release.

    Other Developments

    On June 18, 2007, Beijing Beida Founder Electronics
Company filed a lawsuit in the Beijing High Court against
two other companies and two of our wholly-owned
subsidiaries, alleging that the defendants had, through a
game that we licensed and are operating, infringed on its
intellectual property rights with respect to certain of its
copyrighted fonts.  The plaintiff in the case demanded,
among others, that the defendants cease such alleged
infringing use and pay RMB100 million for its alleged
losses.  We intend to assert our rights in the court of
law.  While the outcome of this litigation is uncertain, we
believe that this lawsuit, even if determined adversely
against us, would not have any material adverse effect on
our results of operations or financial condition.

    Conference Call / Webcast Information

    The9's management team will host a conference call on
Tuesday, August 28, 2007 at 9:00 PM, US Eastern Time,
corresponding to Wednesday, August 29, 2007 at 9:00 AM,
Beijing Time, to present an overview of The9's financial
performance and business operations.

    Investors, analysts and other interested parties will
be able to access the live conference by calling
+1-617-597-5309, password "80789131."  In the
U.S., members of the financial community may also
participate in the call by dialing toll-free
+1-866-713-8395, password "80789131."  A replay
of the call will be available through September 4, 2007. 
The dial-in details for the replay: U.S. toll free number
+1-888-286-8010, International dial-in number
+1-617-801-6888; Password "28013850."

    The9 Limited will also provide a live webcast of the
earnings call.  Participants in the webcast should log onto
the Company's web site http://www.corp.the9.com 15 minutes
prior to the call, then click on the icon for "The9
Limited Q2 2007 Earnings Conference Call" and follow
the instructions.

    About The9 Limited

    The9 Limited is a leading online game operator in
China.  The9's business is primarily focused on operating
and developing high-quality games for the Chinese online
game players market.  The9 directly or through affiliates
operates licensed MMORPGs, consisting of MU(R), Blizzard
Entertainment(R)'s World of Warcraft(R), Soul of The
Ultimate Nation(TM), and its first proprietary MMORPG,
Joyful Journey West(TM), in mainland China.  It has also
obtained exclusive licenses to operate additional MMORPGs
and advanced casual games in mainland China, including
Granado Espada, Guild Wars, Hellgate: London, Ragnarok
Online 2, Emil Chronicle Online, Huxley(TM), FIFA Online,
Audition 2, Field of Honor and Audition.  In addition, The9
is also working on the development of a 3D fantasy MMORPG
game, Fantastic Melody Online(TM).

    Safe Harbor Statement

    This announcement contains forward-looking statements. 
These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform
Act of 1995.  These forward-looking statements can be
identified by terminology such as "will,"
"expects," "anticipates,"
"future," "intends," "plans,"
"believes," "estimates" and similar
statements.  Among other things, the business outlook and
quotations from management in this press release contain
forward-looking statements.  The9 may also make written or
oral forward-looking statements in its periodic reports to
the U.S. Securities and Exchange Commission on Forms 20-F
and 6-K, etc., in its annual report to shareholders, in
press releases and other written materials and in oral
statements made by its officers, directors or employees to
third parties.  Statements that are not historical facts,
including statements about The9's beliefs and expectations,
are forward-looking statements.  Forward-looking statements
involve inherent risks and uncertainties.  A number of
important factors could cause actual results to differ
materially from those contained in any forward-looking
statement.  Potential risks and uncertainties include, but
are not limited to, The9's limited operating history as an
online game operator, political and economic policies of
the Chinese government, the laws and regulations governing
the online game industry, information disseminated over the
Internet and Internet content providers in China,
intensified government regulation of Internet cafes, The9's
ability to retain existing players and attract new players,
license, develop or acquire additional online games that
are appealing to users, anticipate and adapt to changing
consumer preferences and respond to competitive market
conditions, and other risks and uncertainties outlined in
The9's filings with the U.S. Securities and Exchange
Commission, including its annual reports on Form 20-F. 
The9 does not undertake any obligation to update any
forward-looking statement, except as required under
applicable law.



    THE9 LIMITED
    CONSOLIDATED STATEMENTS OF INCOME
    (Expressed in Renminbi - RMB and US Dollars - US$,
except share data)

                                            Quarter Ended
                        June 30,      March 31,     June
30,      June 30,    
                            2006          2007         
2007         2007
                            RMB           RMB           RMB
          US$
                        (unaudited)   (unaudited)  
(unaudited)   (unaudited)
    
     Revenues:
       Online game     
        services         269,297,417   281,304,681  
276,501,327   36,324,399
       Game operating  
        support,       
        website       
        solutions and  
        advertisement        877,805     2,623,071    
7,339,827      964,244
       Other revenues      1,118,881       769,488      
780,444      102,528
                         271,294,103   284,697,240  
284,621,598   37,391,171
    
     Sales Taxes         (13,678,907)  (14,695,927) 
(14,633,882)  (1,922,475)
    
     Net Revenues        257,615,196   270,001,313  
269,987,716   35,468,696
    
     Cost of Services   (133,494,332) (139,741,064)
(155,380,871) (20,412,621)
    
     Gross Profit        124,120,864   130,260,249  
114,606,845   15,056,075
    
     Operating         
      Expenses:
       Product         
        development       (8,949,190)   (9,594,597) 
(11,406,746)  (1,498,522)
       Sales and       
        marketing        (18,866,530)  (16,092,437) 
(22,518,505)  (2,958,290)
       General and     
        administrative   (26,331,381)  (32,445,657) 
(40,567,082)  (5,329,359)
    
     Total operating   
      expenses:          (54,147,101)  (58,132,691) 
(74,492,333)  (9,786,171)
    
     Profit from       
      operations          69,973,763    72,127,558   
40,114,512    5,269,904
     Interest income,  
      net                  2,424,839     4,408,329    
9,515,538    1,250,071
     Other income      
      (expenses), net     10,826,408      (873,104)   
4,148,574      545,004
    
     Income before     
      income tax
      
      benefit (expense)
      and gain (loss)  
      on equity       
      investments         83,225,010    75,662,783   
53,778,624    7,064,979
     Income tax benefit
      (expense)              670,935    (8,073,294)  
(1,102,507)    (144,838)
     Income before gain
      (loss) on equity 
      investments         83,895,945    67,589,489   
52,676,117    6,920,141
     Gain (loss) on    
      equity           
      investments, net 
      of taxes               370,749    (1,504,470)  
(2,064,807)    (271,257)
    
     Net income           84,266,694    66,085,019   
50,611,310    6,648,884
    
     Other             
      comprehensive    
      income:
         
      Translation      
      adjustments            (59,383)           --         
  --           --
     Comprehensive     
      Income              84,207,311    66,085,019   
50,611,310    6,648,884
    
     Earnings per share
       - Basic                  3.44          2.67         
1.92         0.25
       - Diluted                3.42          2.65         
1.90         0.25
    
     Weighted average  
      shares outstanding
       - Basic            24,495,701    24,730,143   
26,382,259   26,382,259
       - Diluted          24,640,329    24,969,420   
26,667,691   26,667,691



    THE9 LIMITED
    CONSOLIDATED BALANCE SHEETS
    (Expressed in Renminbi - RMB and US Dollars - US$)

                                                      As at
                                December 31, 2006 June 30,
2007 June 30, 2007
                                        RMB             RMB
          US$
                                     (audited)    
(unaudited)   (unaudited)
    
    Assets
    Current Assets
      Cash and cash equivalents      937,845,817 
2,087,038,773  274,177,453
      Accounts receivable             10,174,484    
14,060,202    1,847,110
      Advances to suppliers            9,036,620    
13,906,012    1,826,854
      Prepayments and other       
       current assets                 69,153,131    
85,065,070   11,175,127
      Prepaid royalties               27,558,207    
65,237,951    8,570,409
      Deferred costs                  33,324,942    
38,222,018    5,021,285
      Deferred tax assets, current            --    
19,277,045    2,532,455
    Total current assets           1,087,093,201 
2,322,807,071  305,150,693
    Investments in equity         
     investees                        30,117,605    
36,548,329    4,801,410
    Property, equipment and       
     software                        227,512,006   
400,404,029   52,601,685
    Goodwill                          30,199,751    
30,199,751    3,967,387
    Land use right                            --    
84,680,120   11,124,556
    Intangible assets                244,271,279   
287,590,794   37,781,239
    Prepayment for equipments                 --    
14,000,000    1,839,201
    Long-term deposit                         --       
454,212       59,671
    Deferred tax assets, non-     
     current                           5,391,123    
12,509,963    1,643,453
    Total Assets                   1,624,584,965 
3,189,194,269  418,969,295
    
    Liabilities and Shareholders' 
     Equity
    Current Liabilities
      Accounts payable                12,692,978    
41,254,004    5,419,601
      Due to related parties             332,797       
141,451       18,583
      Income tax payable                      --    
62,107,206    8,159,118
      Other taxes payable             23,589,754    
15,158,755    1,991,429
      Advances from customers         88,040,975   
132,056,841   17,348,508
      Deferred revenue               111,302,531   
132,314,891   17,382,408
      Other payables and accruals     52,467,643    
64,838,583    8,517,942
    Total current liabilities        288,426,678   
447,871,731   58,837,589
    Minority interests                        --           
 --           --
    Commitments and contingencies             --           
 --           --

    
    Shareholders' Equity
    Common shares (US$0.01 par    
     value; 24,688,038 shares 
   
     issued and outstanding as of 
     December 31, 2006,
     29,361,773 shares issued and 
     outstanding as of June 30,   
     2007)                             2,041,673     
2,399,459      315,221
    Additional paid-in capital       941,786,807 
2,229,896,942  292,944,948
    Statutory reserves                20,745,422    
20,745,422    2,725,358
    Retained earnings                371,584,385   
488,280,715   64,146,179
    Total shareholders' equity     1,336,158,287 
2,741,322,538  360,131,706
    Total liabilities and         
     shareholders' equity          1,624,584,965 
3,189,194,269  418,969,295
    


    THE9 LIMITED
    RECONCILIATION OF NON-GAAP TO GAAP RESULTS
    (Expressed in Renminbi - RMB and US Dollars - US$,
except share data)
                                              Quarter Ended
                              June 30,     March 31,   
June 30,     June 30,    
                                2006         2007        
2007         2007
                                 RMB          RMB         
RMB         US$
                            (unaudited)  (unaudited) 
(unaudited) (unaudited)
    
    GAAP net income          84,266,694   66,085,019  
50,611,310   6,648,884
    Depreciation of        
     property, equipment 
 
     and software            17,947,284   23,124,444  
35,040,340   4,603,303
    Amortization of land   
     use right and 
       
     intangible assets       23,152,240   20,465,268  
21,858,233   2,871,549
    Income tax expense     
     (benefit)                 (670,935)   8,073,294   
1,102,507     144,838
    EBITDA (Non-GAAP)       124,695,283  117,748,025 
108,612,390  14,268,574
    
    GAAP earnings per share
       - Basic                     3.44         2.67       
 1.92        0.25
       - Diluted                   3.42         2.65       
 1.90        0.25
    
    Non-GAAP EBITDA per    
     share
       - Basic                     5.09         4.76       
 4.12        0.54
       - Diluted                   5.06         4.72       
 4.07        0.54
    
    Weighted average shares
     outstanding
       - Basic               24,495,701   24,730,143  
26,382,259  26,382,259
       - Diluted             24,640,329   24,969,420  
26,667,691  26,667,691



    For more information, please contact:

    The9 Limited
     Ms. Dahlia Wei
     Senior Manager, Investor Relations
     Tel:     +86-21-5172-9990
     Email:   IR@corp.the9.com
     Website: http://www.corp.the9.com

PR
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