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Bona Reports Fourth Quarter And Full Year 2010 Financial Results

Stocks in this article: BONA

BEIJING, March 1, 2011 (GLOBE NEWSWIRE) -- Bona Film Group Limited, ("Bona" or the "Company") (Nasdaq:BONA), the largest privately owned film distributor in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010 Financial Highlights

  • Fourth quarter 2010 net revenues were US$17.8 million, a decrease of 22.2% year-over-year from US$22.9 million in the fourth quarter 2009
  • Fourth quarter 2010 gross margin was 48.4%, compared to 47.5% in the fourth quarter 2009
  • Fourth quarter 2010 operating income was US$3.2 million, a decrease of 33.3% year-over-year from US$4.8 million in the fourth quarter 2009
  • Fourth quarter 2010 net income was US$3.1 million, a decrease of 21.5% year-over-year compared to US$4.0 million in the fourth quarter 2009
  • Fourth quarter 2010 non-GAAP net income 1 was US$3.4 million, a decrease of 22.2% year-over-year compared to US$4.3 million in the fourth quarter 2009

Full Year 2010 Financial Highlights

  • Full year 2010 net revenues increased 37.6% year-over-year to US$52.8 million from US$38.4 million for the full year 2009
  • Full year 2010 gross margin was 49.8%, compared to 48.2% for the full year 2009
  • Full year 2010 operating income increased 65.3% year-over-year to US$9.2 million from US$5.6 million for the full year 2009
  • Full year 2010 net loss was US$4.2 million, compared to net income of US$5.5 million for the full year 2009
  • Full year 2010 non-GAAP net income increased 99.7% year-over-year to US$10.8 million from US$5.4 million for the full year 2009

"Our vertically integrated business model with a focus on film distribution positions us favorably to capitalize on the rapidly growing China movie box office," said Bona Founder, Chairman and CEO Yu Dong. "Following a solid year in 2009, we were able to grow our full year 2010 net revenues approximately 38 percent year-over-year and achieved a healthy full year 2010 gross margin of almost 50 percent. We foresee exciting opportunities in 2011, as we target to expand the number of high-quality film projects we invest in, produce and distribute. We will also enhance partnerships with local TV stations to distribute non-theatrical copyright sales abroad. Moreover, our movie theater business, which we acquired in April 2010, is achieving stable and consistent margins and we plan to grow this business prudently, which we believe will help strengthen our distribution network across the country. As consumption in China grows, demand for high-quality movies will continue to rise and we believe we have the experience and business fundamentals to grow our business and deliver long-term shareholder value."

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