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      500.com Limited Reports Fourth Quarter and Full Year 2013 Financial Results

      2014-02-22 13:45 環球網科技 我有話說 字號:TT

        Feb 21, 2014

        SHENZHEN, China, Feb. 21, 2014 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider inChina, today reported its unaudited financial results for the full year and fourth quarter ended December 31, 2013.

        Fourth Quarter 2013 Highlights

      •   Net revenues were RMB96.1 million (US$15.9 million), up 38.9% quarter-over-quarter and 135.5% year-over-year.

      •   Operating profit was RMB33.9 million (US$5.6 million), up 91.5% quarter-over-quarter.

      •   Net income attributable to ordinary shareholders was RMB85.5 million (US$14.1 million), up significantly quarter-over-quarter and year-over-year.

      •   Non-GAAP net income attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note wasRMB26.1 million (US$4.3 million), up 91.9% quarter-over-quarter.

      •   Basic and diluted earnings per ADS1 attributable to ordinary shareholders were US$0.53 and US$0.48, respectively.

      •   Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note were US$0.16 and US$0.15, respectively.

        1

        American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

        Full Year 2013 Highlights

      •   Net revenues were RMB259.5 million (US$42.9 million), up 51.3% year-over-year.

      •   Operating profit was RMB59.9 million (US$9.9 million), up 183.9% year-over-year.

      •   Net income attributable to ordinary shareholders was RMB106.1 million (US$17.5 million), up significantly year-over-year.

      •   Non-GAAP net income attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note wasRMB55.6 million (US$9.2 million), up 86.0% year-over-year.

      •   Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.74 and US$0.67, respectively.

      •   Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note were US$0.39 and US$0.35, respectively.

        "I am happy to announce strong quarterly results in our first quarter as a public company," commented Mr. Man San Law, founder, chairman and chief executive officer of 500.com. "Our business continued to pick up momentum as we set new records for total active users, active mobile users and total purchase amount during the quarter. Our comprehensive and innovative mobile services form a key part of our overall strategy. Mobile-registered users increased significantly, accounting for approximately 67% of active users during the quarter. Mobile purchases now represent approximately 18% of our total purchase amount. Results like these demonstrate the enormous potential that our mobile services offer and are indicative of the direction we are headed. We recently signed an agreement with China Mobile E-Commerce that will greatly expand the reach of our mobile lottery products by providing convenient, safe and reliable payment services. We are also eager to take advantage of any opportunities that arise to invest in our mobile strategy as we work to prepare for this summer's FIFA World Cup and build upon the solid foundation we have created as China's leading online sports lottery service."

        Fourth Quarter 2013 Financial Results

        Net revenues

        Net revenues were RMB96.1 million (US$15.9 million), representing an increase of 135.5% from RMB40.8 million during the fourth quarter of 2012 and an increase of 38.9% from RMB69.2 million during the third quarter of 2013. The year-over-year increase in revenues was primarily due to the resumption of the Company's online lottery sales and services for sports lottery products in November 2012. From March to November 2012, the Company voluntarily suspended online lottery sales services in response to the implementation of a new government regulation limiting sales of online lottery services to entities approved by the Ministry of Finance. The sequential increase was the result of increased user activity with the number of active users increasing significantly to approximately 894,000 during the fourth quarter of 2013 from 374,000 during the third quarter of 2013, and a 45.6% increase in the total purchase amount to RMB1.1 billion during the fourth quarter from RMB735.6 million during the third quarter of 2013.

        Total service fees generated from sports lottery products were RMB119.7 million (US$19.8 million), representing an increase of 181.6% from RMB42.5 million during the fourth quarter of 2012 and an increase of 45.8% from RMB82.1 million during the third quarter of 2013. The sequential and year-over-year increases were primarily a result of the increase in the purchase amount by users.

        The Company ceased to provide sales services for, and did not generate any service fees from, welfare lottery products during the year ended December 31, 2013.

        Operating Expenses

        Operating expenses were RMB68.1 million (US$11.2 million), representing an increase of 66.9% from RMB40.8 million in the fourth quarter of 2012 and 26.6% fromRMB53.8 million in the third quarter of 2013.

        Cost of services were RMB8.3 million (US$1.4 million), representing an increase of 80.4% from RMB4.6 million during the fourth quarter of 2012 and 10.7% fromRMB7.5 million during the third quarter of 2013. The sequential and year-over-year increases were mainly a result of the increase in our net revenues. Cost of services represented 8.6% of net revenues, compared with 11.3% in the fourth quarter of 2012 and 10.8% in the third quarter of 2013. Cost of services as a percentage of net revenues decreased due to the decrease in business tax as a result of VAT reform.

        Sales and marketing expenses were RMB23.4 million (US$3.9 million), a significant increase from RMB9.5 million during the fourth quarter of 2012 and a decrease of 5.3% from RMB24.7 million during the third quarter of 2013. Sales and marketing expenses represented 24.3% of net revenues, compared with 23.3% in the fourth quarter of 2012 and 35.7% in the third quarter of 2013. The year-over-year increases in sales and marketing expenses and their percentage of net revenues were primarily due to the Company's expanded marketing efforts in 2013. The sequential decrease in sales and marketing expenses and their percentage of net revenues was primarily a result of the slight tapering in the Company's promotional activities in response to the continued recover in user activity levels.

        General and administrative expenses were RMB26.7 million (US$4.4 million), representing an increase of 49.2% from RMB17.9 million during the fourth quarter of 2012 and 78.0% from RMB15.0 million during the third quarter of 2013. The sequential and year-over-year increases were mainly a result of the increase in share-based compensation expenses arising from the share options granted to the Company's employees during the fourth quarter of 2013. General and administrative expenses represented 27.8% of net revenues, compared with 43.9% in the fourth quarter of 2012 and 21.7% in the third quarter of 2013. The year-over-year decrease in general and administrative expenses as a percentage of net revenues was primarily due to the increase in net revenues as a result of the recovery and growth of users with the resumption of the Company's online lottery sales and services for sports lottery products in November 2012. The sequential increase in general and administrative expenses as a percentage of net revenues was primarily due to the increase in salary and benefit expenses as a result of the Company's year-end bonuses and share-based compensation expenses arising from the share options granted to the Company's employees during the fourth quarter of 2013.

        Service development expenses were RMB9.8 million (US$1.6 million), representing an increase of 10.1% from RMB8.9 million during the fourth quarter of 2012 and 46.3% from RMB6.7 million during the third quarter of 2013. The sequential and year-over-year increases were primarily attributable to increases in salary and benefit expenses as a result of the year-end bonuses granted to the Company's employees during the fourth quarter of 2013. Service development expenses represented 10.2% of net revenues, compared with 21.8% in the fourth quarter of 2012 and 9.7% in the third quarter of 2013.

        Operating Profit

        Operating profit was RMB33.9 million (US$5.6 million), representing an increase of 91.5% from an operating profit of RMB17.7 million during the third quarter of 2013 and an increase from an operating loss of RMB164,000 in the fourth quarter of 2012.

        Net Income

        Net income was RMB85.5 million (US$14.1 million), compared with a net loss of RMB6.2 million during the fourth quarter of 2012 and net income of RMB12.5 millionduring the third quarter of 2013. The Company recorded a one-time income tax benefit of RMB94.7million (US$15.6 million) as a result of the reversal of deferred tax liabilities relating to outside basis differences in the Company's consolidated affiliated entities, offset by the costs incurred on the convertible note of RMB30.7 million(US$5.1 million).

        Non-GAAP net income attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note wasRMB26.1 million (US$4.3 million), an increase of 91.9% from the third quarter of 2013. In order to streamline 500.com's corporate structure, the Company, a Cayman entity, replaced E-Sun Sky Computer (Shenzhen) Co., Ltd, a PRC entity, as the primary beneficiary of Shenzhen E-Sun Network Co., Ltd., Shenzhen Youlanguang Science and Technology Co., Ltd. ("E-Sun Sky Computer") and Shenzhen Guangtiandi Science and Technology Co., Ltd. (the "VIEs") on December 28, 2013. As management is asserting indefinite reinvestment of undistributed earnings of the Group's foreign subsidiaries located in the PRC, the deferred tax liabilities relating to outside basis differences arising from (i) aggregate undistributed earnings and share capital of the VIEs that are available for distribution to E-Sun Sky Computer, and (ii) aggregate undistributed earnings of the foreign subsidiaries that are available for distribution to the Company, were reversed during the fourth quarter of 2013.

        Basic and Diluted Earnings per ADS

        Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.53 and US$0.48, respectively.

        Non-GAAP basic and diluted earnings per ADS excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note were US$0.16and US$0.15, respectively.

        Cash and Cash Equivalents

        As of December 31, 2013, the Company had cash and cash equivalents of RMB545.3 million (US$90.1 million), restricted cash of RMB70.7 million (US$11.7 million) and time deposits of RMB121.1 million (US$20.0 million), compared with cash and cash equivalents of RMB49.3 and restricted cash of RMB155.9 million as ofSeptember 30, 2013.

        Full Year 2013 Financial Results

        Net revenues for the full year 2013 were RMB259.5 million (US$42.9 million), compared with RMB171.5 million for the full year 2012.

        Operating profit for the full year 2013 was RMB59.9 million (US$9.9 million), compared with RMB21.1 million for the full year 2012.

        Net income for the full year 2013 was RMB106.1 million (US$17.5 million), compared with RMB4.2 million for the full year 2012.

        Non-GAAP net income attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note wasRMB55.6 million (US$9.2 million), an increase of 86.0% from the full year 2012.

        Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.74 and US$0.67 respectively.

        Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders excluding share-based compensation, deferred tax benefit and costs incurred on the convertible note were US$0.39 and US$0.35, respectively.

        Business Outlook

        For the first quarter of 2014, the Company expects the total purchase amount to be between RMB880.0 million (US$145.4 million) and RMB900.0 million (US$148.7 million), representing a sequential decrease of 16.0% - 17.8% and a year-over-year increase of 63.0% -66.7%. These estimates reflect the Company's current and preliminary view, which is subject to possible material changes.

        Conference Call

        500.com's management will host an earnings conference call on Friday, February 21, 2014 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m. Beijing / Hong Kongthe same day).

        Dial-in details for the earnings conference call are as follows:

        International:

        +1-412-317-0790

        U.S. Toll Free:

        +1-877-870-4263

        Hong Kong:

        800-905945

        China:

        4001-201203

        Passcode:

        WBAI

        Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

        A telephone replay of the call will be available after the conclusion of the conference call through 12:00 a.m. U.S. Eastern StandardTime, February 28, 2014. The dial-in details for the replay are as follows:

        International:

        +1-412-317-0088

        U.S. Toll Free:

        +1-877-344-7529

        Passcode:

        10041155

        Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of 500.com's website at http://www.500.com.

        Currency Convenience Translation

        This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.0537 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2013.

        About 500.com Limited

        500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.

        Safe Harbor Statements

        This news release contains forward-looking statements within the meaning of 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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

        For more information, please contact:

        500.com Limited

        ir@500.com

        Christensen 

        In China 

        Mr. Christian Arnell 

        Phone: +86-10-5900-1548 

        E-mail: carnell@christensenir.com

        In US 

        Ms. Linda Bergkamp 

        Phone: +1-480-614-3004 

        E-mail: lbergkamp@ChristensenIR.com

        500.com Limited

        Condensed Consolidated Balance Sheets

        (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares)

       
       

        As of

       

        December 31,

         

        December 31,

         

        December 31,

        2012

        2013

        2013

       

        RMB

       

        RMB

       

        US$

       

        Audited

       

        Unaudited

       

        Unaudited

        ASSETS

               

        Current assets:

               

        Cash and cash equivalents

        31,555

       

        545,300

       

        90,077

        Restricted cash

        11,209

       

        70,680

       

        11,676

        Time deposits

        —

       

        121,085

       

        20,002

        Accounts receivable

        22,937

       

        62,522

       

        10,328

        Accounts receivable due from employees

        225

       

        —

       

        —

        Amounts due from related parties

        188,242

       

        —

       

        —

        Prepayments and other current assets

        68,659

       

        94,273

       

        15,573

        Deferred tax assets, current portion

        6,994

       

        16,016

       

        2,646

        Total current assets

        329,821

       

        909,876

       

        150,302

        Non-current assets:

               

        Property and equipment, net

        38,102

       

        36,213

       

        5,982

        Intangible assets, net

        2,229

       

        3,377

       

        558

        Deposits

        5,463

       

        5,939

       

        981

        Deferred initial public offering costs

        1,496

       

        —

       

        —

        Deferred tax assets, non-current

        841

       

        157

       

        26

        Other non-current assets

        1,391

       

        2,738

       

        452

        Total non-current assets

        49,522

       

        48,424

       

        7,999

        TOTAL ASSETS

        379,343

       

        958,300

       

        158,301

        LIABILITIES AND SHAREHOLDERS' EQUITY

               

        Current liabilities:

               

        Short-term loan

        —

       

        12,802

       

        2,115

        Dividends payable

        194,526

       

        —

       

        —

        Amounts due to a related party

        8,520

       

        —

       

        —

        Accrued payroll and welfare payable

        10,408

       

        13,012

       

        2,149

        Accrued expenses and other current liabilities

        67,008

       

        89,611

       

        14,803

        Income tax payable

        1,554

       

        4,507

       

        745

        Total current liabilities

        282,016

       

        119,932

       

        19,812

        Non-current liabilities:

               

        Deferred tax liabilities, non-current

        88,796

       

        —

       

        —

        Long-term payables

        11,151

       

        28,948

       

        4,782

        Total non-current liabilities

        99,947

       

        28,948

       

        4,782

        Total liabilities

        381,963

       

        148,880

       

        24,594

        Shareholders' Equity (Deficit):

               

        Ordinary shares, par value US$0.0005 per share, 931,878,540 shares

        84

       

        —

       

        —

        authorized and 228,768,220 shares issued and outstanding as of December

        31, 2012

        Class A Ordinary shares, par value US$0.0005 per share, 700,000,000 shares

        —

       

        20

       

        3

        authorized and 66,539,000 shares issued and outstanding as of December

        31, 2013

        Class B Ordinary shares, par value US$0.0005 per share, 300,000,000 shares

        —

       

        94

       

        16

        authorized and 262,197,451 shares issued and outstanding as of December

        31, 2013

        Additional paid-in capital

        255,781

       

        967,233

       

        159,776

        Accumulated other comprehensive income

        15,988

       

        10,492

       

        1,733

        Accumulated deficit

        -274,473

       

        -168,419

       

        -27,821

        Total shareholders' equity (deficit)

        -2,620

       

        809,420

       

        133,707

        TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

        379,343

       

        958,300

       

        158,301

        500.com Limited

        Condensed Consolidated Statements of Comprehensive Income 

        (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), 

        except for number of shares, per share (or ADS) data)

                               
         

        Three Months Ended

       

        Twelve Months Ended

         

        December 31, 

         

        December 31,

         

        December 31,

       

        December 31,

         

        December 31,

         

        December 31,

        2012

        2013

        2013

        2012

        2013

        2013

         

        RMB

         

        RMB

         

        US$

       

        RMB

         

        RMB

         

        US$

         

        Unaudited

       

        Unaudited

       

        Unaudited

       

        Audited

       

        Unaudited

       

        Unaudited

                               
                               

        Net Revenues

       

        40,791

       

        96,123

       

        15,878

       

        171,527

       

        259,534

       

        42,872

        Operating expenses:

                             

        Cost of services

       

        -4,554

       

        -8,254

       

        -1,363

       

        -18,476

       

        -27,818

       

        -4,595

        Sales and marketing

       

        -9,472

       

        -23,395

       

        -3,865

       

        -45,794

       

        -84,596

       

        -13,974

        General and administrative

       

        -17,885

       

        -26,673

       

        -4,406

       

        -57,784

       

        -73,190

       

        -12,090

        Service development expenses

       

        -8,898

       

        -9,762

       

        -1,613

       

        -26,571

       

        -28,686

       

        -4,739

        Write-off of deferred initial

       

        —

       

        —

       

        —

       

        -6,404

       

        —

       

        —

        public offering expenses

        Total operating expenses

       

        -40,809

       

        -68,084

       

        -11,247

       

        -155,029

       

        -214,290

       

        -35,398

        Other operating income

       

        54

       

        3,189

       

        527

       

        4,193

       

        14,560

       

        2,405

        Government grant

       

        39

       

        2,653

       

        438

       

        2,242

       

        2,792

       

        461

        Other operating expense

       

        -239

       

        -31

       

        -5

       

        -1,821

       

        -2,678

       

        -442

        Operating profit

       

        -164

       

        33,850

       

        5,591

       

        21,112

       

        59,918

       

        9,898

        Interest income

       

        319

       

        1,807

       

        298

       

        1,132

       

        2,058

       

        340

        Interest expense

       

        —

       

        -4,977

       

        -822

       

        —

       

        -5,407

       

        -893

        Changes in fair value of derivative 

        —

       

        -26,809

       

        -4,429

       

        —

       

        -26,809

       

        -4,429

        component of the convertible note

        Income before income tax

       

        155

       

        3,871

       

        638

       

        22,244

       

        29,760

       

        4,916

        Income tax benefit (expense)

       

        -6,370

       

        81,585

       

        13,477

       

        -18,001

       

        76,294

       

        12,603

        Earnings (loss) per share for

                             

        ordinary shares:

        Basic

       

        -0.03

       

        —

       

        —

       

        0.02

       

        —

       

        —

        Diluted

       

        -0.03

       

        —

       

        —

       

        0.02

       

        —

       

        —

        Earnings per share for Class A and

                             

        Class B ordinary shares:

        Basic

       

        —

       

        0.32

       

        0.05

       

        —

       

        0.45

       

        0.07

        Diluted

       

        —

       

        0.29

       

        0.05

       

        —

       

        0.4

       

        0.07

        Earnings per ADS*

                             

        Basic

       

        —

       

        3.2

       

        0.53

       

        —

       

        4.45

       

        0.74

        Diluted

       

        —

       

        2.93

       

        0.48

       

        —

       

        4.08

       

        0.67

        Weighted average number of

                             

        ordinary shares outstanding:

        Basic

       

        228,768,220

       

        —

       

        —

       

        229,374,777

       

        —

       

        —

        Diluted

       

        228,768,220

       

        —

       

        —

       

        233,678,481

       

        —

       

        —

        Weighted average number of Class A

                           

        and Class B ordinary shares

        outstanding:

        Basic

       

        —

       

        266,753,871

       

        266,753,871

       

        —

       

        238,342,685

       

        238,342,685

        Diluted

       

        —

       

        291,720,211

       

        291,720,211

       

        —

       

        259,729,367

       

        259,729,367

        Reconcilation of non-GAAP results of 

                             

        operations measure to the nearest 

        comparable GAAP measures

        (unaudited)

        Net income (loss)

       

        -6,215

       

        85,456

       

        14,115

       

        4,243

       

        106,054

       

        17,519

        Adjustment for deferred tax expense 

       

        5,449

       

        -94,685

       

        -15,641

       

        11,919

       

        -88,796

       

        -14,668

        (benefit) relating to outside basis 

        differences

        Adjustment for share-based

       

        2,704

       

        4,541

       

        750

       

        13,704

       

        7,561

       

        1,249

        compensation

        Adjustment for costs incurred on

       

        —

       

        30,742

       

        5,078

       

        —

       

        30,742

       

        5,078

        convertible note

        Adjusted net income (non-GAAP)

       

        1,938

       

        26,054

       

        4,302

       

        29,866

       

        55,561

       

        9,178

        (unaudited)

        Earnings per ADS* (non-GAAP)

                             

        (unaudited)

        Basic

       

        —

       

        0.98

       

        0.16

       

        —

       

        2.33

       

        0.39

        Diluted

       

        —

       

        0.89

       

        0.15

       

        —

       

        2.14

       

        0.35

        * American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company. 

      責任編輯:陶文冬

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