Sky-mobi Limited

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Press Release $MOBI Sky-mobi Limited

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Sky-mobi Limited Announces Unaudited Financial Results for the Fiscal Third Quarter 2013

HANGZHOU, China, Feb. 4, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application store and mobile social network community operator in China, today announced unaudited financial results for the fiscal third quarter ended December 31, 2012 ("third quarter 2013").

Third Quarter 2013 Highlights

  • Total revenues decreased 12.2% to RMB146.9 million (US$23.6 million) in third quarter 2013 compared to the fiscal third quarter ended December 31, 2011 ("third quarter 2012"). Revenues collected from third party channels (i.e., revenues not collected through mobile network operators) represented 24.3% of total revenues
     
  • Gross margin was 34.4% in third quarter 2013, up from 31.5% in third quarter 2012
     
  • Non-IFRS1 gross margin was 34.6% in third quarter 2013, up from 32.0% in third quarter 2012
     
  • Profit from operations was RMB1.5 million (US$0.2 million) in third quarter 2013, down 40.6% from third quarter 2012
     
  • Non-IFRS profit from operations was RMB6.0 million (US$1.0 million) in third quarter 2013, down 60.2% from third quarter 2012
     
  • Net profit was RMB3.8 million (US$0.6 million) in third quarter 2013, down 39.8% from third quarter 2012
     
  • Non-IFRS net profit was RMB8.3 million (US$1.3 million) in third quarter 2013, down 55.9% from third quarter 2012
     
  • Basic and diluted earnings per common share ("EPS") were RMB0.01 (US$0.00). Non-IFRS basic and diluted EPS were RMB0.03 (US$0.01)
     
  • Basic and diluted earnings per ADS2 were RMB0.11 (US$0.02). Non-IFRS basic and diluted earnings per ADS were RMB0.25 (US$0.04)

1Non-IFRS figures exclude share-based compensation expenses. Please see "About Non-IFRS Financial Measures" in this release for more information.

2American Depositary Shares ("ADSs") are traded on the NASDAQ Global Market, each of which represents eight common shares of the Company.

Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "We were pleased that our fiscal third quarter 2013 revenues exceeded the high end of our prior guidance by approximately 13% and achieved 5.1% sequential growth. Even though the feature phone market continued to decline as anticipated, we were encouraged to see the rate of decline stabilizing as well as strong progress in our efforts to improve the contribution of revenue from our Maopao Community.

"For the smartphone market, we have made some truly exciting progress in the past eight months since the launch of our smartphone product platform. During this time, we have accumulated over 10 million smartphone users who are utilizing our smartphone application store, browser, games, game center and PC assistant on a regular basis. Over the coming quarters we anticipate this strong growth to continue as we see greater adoption of low-cost smartphones begin to take hold. Moreover, we have cemented strategic partnerships with over 160 smartphone handset partners. These partners are preinstalling our products, which we expect will further expand our user base and content offerings. We also anticipate additional growth through the offline store front from strategic partnership wins with Suning as well as forming other similar strategic partnerships covering important distribution points for low cost smartphones. Given our recent success, we are increasingly confident that we are implementing the correct strategy for successfully targeting the Chinese smartphone market."

Carl Yeung, Chief Financial Officer of Sky-mobi, commented, "We were encouraged by exceeding our revenue guidance, along with our operating profit, net income and cash flow all being positive. Despite the year over year decline in revenues, we believe that the 5.1% sequential revenue growth, the improvement in non-IRFS gross margin and a turnaround in non-IFRS profitability from a net loss last quarter are trending in the right direction. These sequential improvements are clearly a testament to our ability to adapt quickly to the changing mobile Internet market with effective operating strategies. Moreover, we are very excited that our revenue composition continues to improve with a new high of 30% of revenues coming from higher ARPU associated with our Maopao community, giving us a strong foundation for future expansion in revenue and margin over the long run. Overall, this quarter's results demonstrate management's commitment to maintaining a healthy financial profile while evolving with new initiatives to stay in front of China's dynamic mobile marketplace."

Financial Results for Third quarter 2013

Total Revenues

Sky-mobi analyzes revenue from two perspectives: by business unit and by source. Revenues by business unit are broken down into: "Application store revenues", "Maopao Community revenues" and "Other revenues".

Revenues by source are broken down into three categories: "Revenues collected from carrier channels", "Revenues collected from third party channels", and "Other revenues".

 
 
For the three months ended
December 31,
  2011 2012 2012
In thousands (RMB) (RMB) (US$)
   
Revenues by source:      
Revenues collected from carrier channels  128,401  92,088 14,782
Revenues collected from third party channels  29,509  35,741 5,737
Other revenues  9,403  19,087 3,063
Total revenues  167,313  146,916  23,582
   
 
 
For the three months ended
December 31,
  2011 2012 2012
In thousands (RMB) (RMB) (US$)
   
Revenues by business unit:      
Application store revenues  122,429  83,448 13,395
Maopao Community revenues  35,481  44,381 7,124
Other revenues  9,403  19,087 3,063
Total revenues  167,313  146,916  23,582

The discussion and analysis below focuses on revenues by source, as the Company believes this metric is more useful to investors in analyzing and understanding its business model.

Total revenues for third quarter 2013 decreased 12.2% to RMB146.9 million (US$23.6 million) from RMB167.3 million in third quarter 2012.

Revenues collected from carrier channels were RMB92.1 million (US$14.8 million) in third quarter 2013, representing 62.7% of total revenues, a decrease of 28.3% from third quarter 2012. Sky-mobi had 2.2 billion user visits and 599.3 million downloads of applications and content from the Maopao application store in third quarter 2013, which was a decrease from 3.6 billion user visits and 718.4 million downloads in third quarter 2012. The decreases in application store user activity and downloads was primarily due to the continued decline in the feature phone market as a percentage of overall mobile device shipments in China.

Revenues collected from third party channels were RMB35.7 million (US$ 5.7 million), up 21.1% from third quarter 2012 and contributing 24.3% of total revenues in third quarter 2013. Sky-mobi's Maopao Community had 13.0 million active members and 726.2 million member log-ins during the third quarter 2013, representing a decrease from 16.9 million active members and 1.1 billion member log-ins in the third quarter 2012. Revenues from the Maopao Community increased due to higher ARPU on the Company's two most popular mobile social games, "Fantasy of Three Kingdoms" and "Fairy Magic World." The Company expects that revenues collected from third party channels will contribute a steady and increasing percentage of total revenues in future quarters, as Sky-mobi focuses on growing its active mobile community member base and on diversifying revenue collection methods away from traditional carrier-based payment channels.

Other revenues consist of commissions charged from companies for using Maopao Platform to promote and sell applications ("promotion income"), and Sky-mobi's overseas revenues collected via its overseas mobile service providers. Other revenues were RMB19.1 million (US$3.1 million) in third quarter 2013, up from RMB9.4 million in third quarter 2012, primarily due to the Company's strengthened efforts in developing its promotion service on Maopao Platform and overseas markets to maintain revenues in feature phone business.  

Cost of Revenues and Gross Profit

Total cost of revenues for third quarter 2013 decreased 15.8% to RMB96.4 million (US$15.5 million) compared to RMB114.5 million in third quarter 2012.

Total non-IFRS cost of revenues for third quarter 2013 decreased 15.5% to RMB96.1 million (US$15.4 million) compared to RMB113.7 million in third quarter 2012.

 
 
For the three months ended
December 31,
  2011 2012 2012
In thousands (RMB) (RMB) (US$)
   
Cost of revenues:      
 
Costs associated with payments to industry participants
 104,408  85,408 13,709
Direct costs  10,140  11,007 1,767
Total cost of revenues:  114,548  96,415  15,476
Gross Margin 31.5% 34.4%  
   
Non-IFRS cost of revenues:      
Costs associated with payments to industry participants  104,408  85,408 13,709
Direct costs  9,313  10,692 1,716
Total non-IFRS cost of revenues:  113,721  96,100  15,425
       
Non-IFRS Gross Margin 32.0% 34.6%  

Non-IFRS cost of revenues is defined as cost of revenues excluding share-based compensation expenses. The discussion and analysis below focuses on non-IFRS cost of revenue, which the Company believes more accurately reflects the Company's operating performance than IFRS cost of revenues.

Non-IFRS costs associated with payments to industry participants decreased 18.2% to RMB85.4 million (US$13.7 million) in third quarter 2013 compared to RMB104.4 million in third quarter 2012, primarily due to decreased channel costs, which was in line with the decline in revenues collected from carrier channels, costs savings on lower revenue sharing percentage from more direct cooperation with mobile operators and cost controls on purchasing feature phone mobile content for the Maopao Community. Approximately RMB10.1 million of accrued costs payable were reversed into cost of sales in third quarter 2012 while no such reversal occurred in third quarter 2013. Such accrued costs are not expected to recur in the current fiscal year.

Non-IFRS direct costs including salaries and benefits, depreciation, office expenses and utilities directly related to the operation of the Maopao application store and the Maopao Community increased 14.8% to RMB10.7 million (US$1.7 million) in third quarter 2013 compared to RMB9.3 million in third quarter 2012. The increase was primarily due to increased costs in connection with the Company's strengthened efforts in maintaining revenues in the feature phone business, as well as developing overseas markets and other revenues.

Non-IFRS gross profit for third quarter 2013 decreased 5.2% to RMB50.8 million (US$8.2 million) compared to RMB53.6 million in third quarter 2012. Non-IFRS gross margin in third quarter 2013 was 34.6%, up from 32.0% in third quarter 2012, mainly due to the higher contribution of promotion income, which has a higher profit margin, as well as improved monetization efficiency on channel payments from mobile operators, and reduced spending on feature phone mobile contents.

Operating Expenses

Total operating expenses, primarily consisting of employee salaries and benefits, training expenses, travelling, entertainment and office related expenses, decreased 2.5% in third quarter 2013 to RMB49.0 million (US$7.9 million) from RMB50.3 million in third quarter 2012.

Total non-IFRS operating expenses were RMB44.8 million (US$7.2 million) in third quarter 2013, an increase of 16.3% from RMB38.5 million in third quarter 2012.

  For the three months ended
December 31,
  2011 2012 2012
In thousands (RMB) (RMB) (US$)
   
Operating expenses:      
Research and development expenses  19,184  23,895 3,836
Sales and marketing expenses  10,433  8,913 1,431
General and administrative expenses  22,237  16,691 2,680
Other income and expense (1,584) (480) (78)
Total operating expenses  50,270  49,019  7,869
       
Non-IFRS operating expenses:      
Research and development expenses  16,584  23,068 3,703
Sales and marketing expenses  9,446  8,678 1,393
General and administrative expenses  14,101  13,567 2,179
Other income and expense (1,584) (480) (78)
Total non-IFRS operating expenses  38,547  44,833  7,197

Non-IFRS operating expenses are defined as operating expenses excluding share-based compensation expense. The discussion and analysis below focuses on non-IFRS operating expenses, which the Company believes are more useful to investors to understand the Company's operating activities than IFRS operating expenses.

The increase in operating expenses was primarily due to the compensation payments related to the Company's organization restructuring, as well as the Company's increased spending on research and development for the Android platform/Android products.

  As of
December 31,
2011
As of
September 30,
2012
As of
December 31,
2012
       
Headcount      
Operations 162 122 97
Research and development 355 369 248
Sales and marketing 119 96 85
General and administrative 87 98 91
       
Total Headcount 723 685 521

The Company's employee headcount decreased 27.9% to 521 as of December 31, 2012 from 723 as of December 31, 2011. The decrease in headcount mainly resulted from the Company's organization restructuring, which rebalanced headcount between our smart phone and feature phone businesses and reduced resources in the feature phone sector due to the shrinking feature phone market.

Net profit and EPS

Net profit in third quarter 2013 was RMB3.8 million (US$0.6 million), down 39.8% compared to third quarter 2012.

Non-IFRS net profit in third quarter 2013 was RMB8.3 million (US$1.3 million), down 55.9% from RMB18.9 million in third quarter 2012.

Basic and diluted EPS in third quarter 2013 were RMB0.01 (US$0.00), which represents the equivalent of RMB0.11 (US$0.02) per ADS.

Non-IFRS basic and diluted EPS in third quarter 2013 were RMB0.03 (US$0.01), which represents the equivalent of RMB0.25 (US$0.04) per ADS.

The weighted average number of ADSs used to calculate basic and diluted earnings per ADS for third quarter 2013 were 32,273,875.

Common Shares

Sky-mobi had 258.2 million common shares outstanding as of December 31, 2012, or the equivalents of 32.3 million ADSs outstanding.

Other Operating Data

The following table sets forth total user downloads of our single-user applications and content titles for the periods indicated:

 
 
For the three months ended
 December 31,
 
In millions  2011  2012 % change
       
Application Store      
User visits 3,583.3  2,243.5 -37.4%
       
Single-user application and content downloads    
Single-player games  304.2  252.2 -17.1%
Multimedia applications and content titles  121.7  74.0 -39.2%
Other single-user applications  292.5  273.1 -6.6%
Total Single-user application and content downloads    718.4    599.3 16.6%

The following table sets forth the number of registered, active members and member log-ins in our Maopao Community as of the dates indicated:

  As of December 31,
In millions 2011 2012 % change
       
Number of registered members  144.1  233.9 62.3%
       
 
 
For the three months ended
December 31,
 
In millions  2011  2012 % change
       
Maopao Community      
Number of active members  16.9  13.0 -23.1%
Number of member log-ins 1,101.5 726.2 -34.1%

Business Outlook

For the fiscal fourth quarter 2013 ending March 31, 2013, Sky-mobi expects total revenues to be in the range of RMB115 million to RMB125 million.

Revenues for the fiscal year ending March 31, 2013 are expected to be in the range of RMB555 million to RMB565 million, revised upward from previous outlook of RMB540 million to RMB 560 million.

These are Sky-mobi's current projections, which are subject to change.

Other Announcements

The Company announced today the promotion of Mr. Wayne Wei Luan to the position of Vice President, effective immediately. In his new position, Mr. Luan will be responsible for directing the Company's strategic investments.

Mr. Luan served as the Company's general manager of investment and strategy and operations director and products operations general manager since 2009. Prior to joining the Company, Mr. Luan served successively as the director of the SK China Internet business unit, the vice president of InfoMax, Inc., the vice president of Fone network Info Tech Ltd and a member of the mobile internet product design and development team at Sohu Inc. Mr. Luan received his bachelor's degree from Beijing Union University and is currently an EMBA candidate at Cheung Kong Graduate School of Business.

The Company also announced the departure of Mr. Walker Yuangang Wu, Vice President in charge of the Company's channel management, effective immediately. Mr. Wu is leaving the Company to establish a mobile internet technology company that focuses on mobile games, a joint venture formed by the Company and Mr. Wu.

The Company announced today that one of its independent directors, Mr. Fan Bao, will be stepping down from his role to focus on his core business. The Company's board of directors has initiated a search process for a new independent director with the requisite experience and qualifications to replace Mr. Fan Bao. The search process will be overseen for the Company by a newly formed search committee of the board.

Conference Call and Webcast

The Company will hold a conference call on Monday, February 4, 2013 at 8:00 am Eastern Time, or 9:00 pm Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

United States:  +1-646-254-3515
International Toll Free:  +1-855-500-8701
China Domestic:  400-1200654
Hong Kong:  +852-3051-2745
Conference ID:  # 92236425

The replay will be accessible through February 11, 2013 by dialing the following numbers:

United States Toll Free:  +1-855-452-5696
International:  +61-2-8199-0299
Conference ID:  # 92236425

A webcast of the conference call will be available on the Company's investor relation website at http://ir.sky-mobi.com.

About Non-IFRS Financial Measures 

To supplement its consolidated financial statements prepared in accordance with International Financial Reporting Standards, or IFRS, Sky-mobi uses several non-IFRS financial measures defined below. The Company believes management and investors benefit from non-IFRS financial measures in assessing the Company's performance and prospects. Specifically, the Company believes that non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of the Company's operating performance.

The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with IFRS. A limitation of using non-IFRS cost of revenues, gross profit, operating expenses, profit from operations, net profit and net profit per share is that these non-IFRS measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense. Management provides specific information regarding the IFRS amounts excluded from each non-IFRS measure. For more information on these non-IFRS financial measures, please see the tables containing reconciliations of non-IFRS financial measures to comparable IFRS measures in this release.  

Definitions of Non-IFRS Measures

Non-IFRS cost of revenues is defined as cost of revenues excluding share-based compensation expenses.

Non-IFRS gross profit is defined as revenues less non-IFRS cost of revenues. 

Non-IFRS operating expenses are defined as operating expenses excluding share-based compensation expenses.

Non-IFRS profit from operations is defined as Non-IFRS gross profit less non-IFRS operating expenses.

Non-IFRS net profit is defined as non-IFRS profit from operations plus/minus other gains or losses, less share of results of associates and income tax.

Non-IFRS basic and diluted earnings per common share/ADS are defined as non-IFRS net profit attributable to owners of the Company divided by weighted average outstanding shares/ADSs during the period.

Explanatory Notes

This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.2301 to US$1.00, the exchange rate at December 31, 2012 as set forth in the H.10 statistical release of the Federal Reserve Board.

When calculating the number of Maopao users, Sky-mobi counts an individual who uses a particular handset with a particular SIM card to access Maopao as one user. Therefore, an individual who accesses Maopao through one handset with two SIM cards separately will be counted as two users, while an individual who accesses Maopao through two handsets using the same SIM card will also be counted as two users.

The number of downloads of application and content titles on Maopao refers to the number of requests made by mobile users for downloading a particular application or a content title, or for authorization to access to a specified feature of a particular application or a content title from Maopao. A user may make multiple download requests for an application depending on the complexity of the application and whether interruptions occurred during the downloading process.

The number of active members of the Maopao Community refers to the number of registered members who logged on to the Maopao Community at least twice during a month for the relevant quarter.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "may," "will," ''believes,'' ''expects,'' ''anticipates,'' ''intends,'' ''estimates,'' "plans," "continues" or other similar expressions,  the negative of these terms, or other comparable terminology. Such statements, including the statements relating to the Company's business outlook, are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Potential risks and uncertainties include the effectiveness, profitability, and marketability of the Company's solutions; the Company's limited operating history; measures introduced by the PRC government and mobile network operators aimed at mobile applications-related services; the Company's 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 29, 2012.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 operates the leading mobile application store in China, measured by revenues in 2010, according to a report commissioned by the Company and prepared by Analysys International in July 2011, an independent research and advisory firm. The Company works with handset companies to pre-install its Maopao mobile application store on handsets and with content providers to provide users with applications and content titles. Users of its Maopao store can browse, download, and enjoy a range of applications and content, such as single-player games, mobile music, and books. The Company's Maopao store enables mobile applications and content to be downloaded and run on various mobile handsets with different hardware and operating system configurations. The Company also operates a mobile social network community in China, the Maopao Community, where it offers mobile social games, as well as applications and content with social network functions to its registered members. The Company is based in Hangzhou, the People's Republic of China. For more information, please visit: www.sky-mobi.com.

The Sky-mobi Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8458

FINANCIAL TABLES FOLLOW

Sky-mobi Limited
Unaudited Consolidated Statements of Comprehensive Income (IFRS)
 
  For the three months ended
December 31,
For the nine months ended
December 31,
  2011 2012 2012 2011 2012 2012
In thousands (RMB) (RMB) (US$) (RMB) (RMB) (US$)
(Except for share and per share data)            
Revenues 167,313 146,916 23,582 506,527 440,102 70,642
Cost of revenues (114,548) (96,415) (15,476) (348,551) (318,162) (51,069)
Gross profit 52,765 50,501 8,106 157,976 121,940 19,573
             
Research and development expenses (19,184) (23,895) (3,836) (50,885) (66,978) (10,751)
Sales and marketing expenses (10,433) (8,913) (1,431) (29,446) (26,185) (4,203)
General and administrative expenses (22,237) (16,691) (2,680) (64,719) (52,224) (8,383)
Other income and expense 1,584 480 78 3,854 497 80
Total operating expenses (50,270) (49,019) (7,869) (141,196) (144,890) (23,257)
 
Profit (loss) from operations
 
2,495
 
1,482
 
237
 
16,780
 
(22,950)
 
(3,684)
             
Other gains and losses 5,066 3,117 501 7,666 11,835 1,900
Share of results of associates (275) (650) (105) (735) (1,429) (230)
Profit (loss) before tax 7,286 3,949 633 23,711 (12,544) (2,014)
Income tax expenses (924) (116) (19) (2,775) (391) (63)
Profit (loss) for the period 6,362 3,833 614 20,936 (12,935) (2,077)
             
Total comprehensive profit (loss) for the period 6,362 3,833 614 20,936 (12,935) (2,077)
             
Profit (loss) and total comprehensive income  (expense) attributable to:  
- Owners of the Company
6,389 3,747 600 20,966 (13,120) (2,107)
- Non-controlling interests (27) 86 14 (30) 185 30
  6,362 3,833 614 20,936 (12,935) (2,077)
             
Earnings (loss) per common share            
Basic  0.02  0.01 0.00  0.08 (0.05) (0.01)
Diluted 0.02 0.01 0.00 0.08 (0.05) (0.01)
             
Weight average number of ADS            
Basic 32,173,725 32,273,875   32,173,725 32,273,860  
Diluted 32,173,725 32,273,875    32,329,210 32,273,860  
             
Weight average number of shares            
Basic 257,389,800 258,191,000   257,389,800 258,190,881  
Diluted 257,389,800 258,191,000   258,633,677 258,190,881  
 
Unaudited Reconciliations of non-IFRS financial measures
to comparable IFRS financial measures
 
  For the three months ended
December 31,
For the nine months ended
December 31,
  2011 2012 2012 2011 2012 2012
In thousands (RMB) (RMB) (US$) (RMB) (RMB) (US$)
(Except for share and per share data)            
             
IFRS cost of revenues (114,548) (96,415) (15,476) (348,551) (318,162) (51,069)
Less: share-based compensation expenses  827  315  51  2,510  2,261  363
Non-IFRS cost of revenues (113,721) (96,100) (15,425) (346,041) (315,901) (50,706)
             
IFRS gross profit  52,765  50,501  8,106  157,976  121,940  19,573
Add: share-based compensation expenses 827 315 51 2,510 2,261 363
Non-IFRS gross profit  53,592  50,816  8,157  160,486  124,201  19,936
             
Total IFRS operating expenses (50,270) (49,019) (7,869) (141,196) (144,890) (23,257)
Less: share-based compensation expenses  11,723  4,186  672  35,152  18,503  2,970
Total non-IFRS operating expenses (38,547) (44,833) (7,197) (106,044) (126,387) (20,287)
             
IFRS profit (loss) from operations 2,495 1,482 237 16,780 (22,950) (3,684)
Add: share-based compensation expenses 12,550 4,501 723 37,662 20,764 3,333
             
Non-IFRS profit (loss) from operations 15,045 5,983 960 54,442 (2,186) (351)
             
IFRS profit (loss) for the period 6,362 3,833 614 20,936 (12,935) (2,077)
Add: share-based compensation expenses 12,550 4,501 723 37,662 20,764 3,333
Non-IFRS net profit for the period 18,912 8,334 1,337 58,598 7,829 1,256
             
Non-IFRS earnings per common share            
Basic  0.07  0.03  0.01  0.23  0.03  0.00
Diluted  0.07  0.03  0.01  0.23  0.03  0.00
             
Weight average number of shares            
Basic 257,389,800 258,191,000   257,389,800 258,190,881  
Diluted 257,389,800 258,191,000   258,633,677 258,190,881  
       
Sky-mobi Limited
Unaudited Consolidated Statements of Financial Position (IFRS)
       
  As of  As of 
  September 30, December 31, December 31,
  2012 2012
In thousands (RMB) (RMB) (US$)
       
ASSETS      
Current assets      
Cash and cash equivalents 75,549 40,952 6,516
Term deposits 521,410 563,482 89,658
Trade and other receivables 81,356 75,929 12,081
Amounts due from related parties 4,127 1,126 179
Total current assets 682,442 681,489 108,434
       
Non-current assets      
Property and equipment 23,769 20,116 3,201
Investments in associates 7,135 13,609 2,165
Available-for-sale investments 900 7,195 1,145
Prepayment for investment 1,125  --   -- 
Other non-current assets 2,444 3,490 555
Deferred tax assets 2,210 2,210 352
Total non-current assets 37,583 46,620 7,418
       
Total assets 720,025 728,109 115,852
       
EQUITY AND LIABILITIES      
Current liabilities      
Trade and other payables 126,375 137,431 21,867
Income tax liabilities 2,688 2,889 460
Amounts due to related parties 1,113 956 152
Deferred revenue 12,353 10,127 1,611
Total current liabilities 142,529 151,403 24,090
       
Total liabilities 142,529 151,403 24,090
       
Equity      
Share capital 92 92 15
Share premium 637,090 626,498 99,685
Reserves 171,677 176,178 28,032
Treasury stock (1) (3) (0)
Deficit (231,805) (228,058) (36,287)
Equity attributable to owners of the Company 577,053 574,707 91,445
Non-controlling interests 443 1,999 317
Total equity 577,496 576,706 91,762
Total equity and liabilities 720,025 728,109 115,852
CONTACT: Sky-mobi Limited
         Mr. Carl Yeung, CFO
         Phone: + (86) 571-87770978 (China)
         Email: investor.relations@sky-mobi.com

         ICR Inc
         Jeremy Peruski, Senior Vice President
         Phone: + (1) (646) -915-1615 (US)
         Email: investor.relations@sky-mobi.com

Source: Sky-mobi Limited
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