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Sky-mobi Limited Announces Unaudited Financial Results For The Fiscal Third Quarter 2011

HANGZHOU, China, Feb. 14, 2011 (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, announced today its unaudited financial results for the fiscal third quarter ended December 31, 2010 ("third quarter 2011").

Third Quarter 2011 Highlights:
  • Total revenues increased 2.5% to RMB161.2 million (US$24.2 million) in third quarter 2011, compared to the fiscal third quarter ended December 31, 2009 ("third quarter 2010"). Maopao Community revenues through K Currency, i.e., revenues not collected through mobile network operators represented 12% of total revenues
  • Loss from operations was RMB6.1 million (US$0.9 million) in third quarter 2011, compared to the fiscal third quarter 2010 profit from operations of RMB36.6 million
  • Non-IFRS profit from operations was RMB11.0 million (US$1.6 million) in third quarter 2011, down 70.4% from third quarter 2010
  • Net profit was RMB184.7 million (US$27.7 million) in third quarter 2011, compared to net loss of RMB27.9 million in third quarter 2010
  • Non-IFRS net profit was RMB13.3 million (US$2.0 million) in third quarter 2011, down 62.1% from third quarter 2010
  • Basic and diluted earnings per common share were RMB1.06 (US$0.16) and RMB-0.01 (US$0.00), respectively. Non-IFRS basic and diluted earnings per common share were RMB0.08 (US$0.01) and RMB0.06 (US$0.01), respectively
  • Application store revenue decreased 9.4% to RMB136.6 million (US$20.5 million) in third quarter 2011 from third quarter 2010. Sky-mobi's application store experienced 3.5 billion user visits with 846 million downloads in third quarter 2011
  • Maopao Community revenue through K Currency increased 1,497.7% to RMB19.1 million (US$2.9 million) in third quarter 2011 from third quarter 2010. Sky-mobi had 10.4 million active members of the Maopao Community with 761 million member log-ins in third quarter 2011

Non-IFRS figures exclude share-based compensation expenses and other non-operating one-time items.  Please see "About Non-IFRS Financial Measures" in this release for more information.

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