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

2014-02-22 13:45 环球网科技 我有话说 字号: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. 

责任编辑:陶文冬

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