Quarterly Net Revenue of US$20.7 Million, Up 23.9% Year-Over-Year
Quarterly Net Income of US$ 0.5 Million, Compared With a Loss in the Comparable 2011 Period
Non-GAAP Net Income of US$1.8 Million, Up 12.7% Year-Over-Year, Exceeding GuidanceBEIJING, Aug. 23, 2012 (GLOBE NEWSWIRE) -- Bona Film Group Limited ("Bona" or the "Company") (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced its unaudited financial results for the second quarter ended June 30, 2012. Second Quarter 2012 Financial Highlights
- Second quarter 2012 net revenues were US$20.7 million, an increase of 23.9% year-over-year from US$16.7 million in the second quarter of 2011.
- Second quarter 2012 gross profit was US$11.7 million, an increase of 48.7% year-over-year from US$7.9 million in the second quarter of 2011.
- Second quarter 2012 gross margin was 56.3%, compared to 46.9% in the second quarter of 2011.
- Second quarter 2012 net income attributable to Bona Film Group Limited was US$0.5 million, or US$0.01 per diluted ADS 1, compared with a net loss attributable to Bona Film Group Limited of US$(0.9) million, or US$(0.02) per diluted ADS, in the second quarter of 2011.
- Second quarter 2012 non-GAAP net income 2 was US$1.8 million, or US$0.03 per diluted ADS, an increase of 12.7% year-over-year, compared to non-GAAP net income of US$1.6 million, or US$0.03 per diluted ADS in the second quarter of 2011.
- Cash and cash equivalents, term deposits and restricted cash totaling US$29.1 million as of June 30, 2012.
- Cash outflow from operations totaled US$17.0 million, compared with US$6.4 million in the second quarter of 2011.
- Secured strategic investment from News Corporation following global media conglomerate's purchase of 19.9% equity stake from founder, Chairman and CEO, Mr. Yu Dong.
- Signed agreement with IMAX to bring first IMAX® theater to Tianjin.
- Distributed three films in the second quarter, including one imported film.
- Opened 14 th movie theater in Dongguan, Guangdong Province, on June 20, 2012, increasing the Company's total number of screens to over 113 across the Company's 14 theaters.
- Won a record 10 awards at the 31 st Hong Kong Film Awards, including Bona's third consecutive Best Picture award for critically acclaimed drama A Simple Life.