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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 PeriodNon-GAAP Net Income of US$1.8 Million, Up 12.7% Year-Over-Year, Exceeding Guidance
BEIJING, 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.
Business Updates and Recent Highlights
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.
"We are pleased to report another quarter of double-digit year-over-year growth across all of our key operating metrics, with non-GAAP net income exceeding our projected range. During the second quarter, we furthered our strategy to diversify our revenue stream, growing revenues from our theater business by 100% year-over-year and 23.0% sequentially. By reducing the revenue concentration in our film distribution segment, we have made our business less susceptible to the timing of blockbuster releases," said Bona Founder, Chairman and CEO Yu Dong. "Our focus is to continue to cultivate our leading position as a film distributor while aggressively growing our complementary business segments. This balanced approach, coupled with a strong second-half release schedule that includes our highly anticipated film,
The Last Tycoon, has us firmly on track to meet our full-year objectives.
Moreover, we are positioning the Company for even greater long-term success through expanded digital distribution of and the development of TV series based on films such as
Flying Swords of Dragon Gate and
Bodyguards and Assassins. Our television series,
The King's Battles completed shooting in the second quarter and is on track to premiere in December, and we are confident that we can replicate the success of our film productions on the small screen.
"In addition to our operational accomplishments, News Corporation's strategic investment in our Company diversifies our ownership base and could help accelerate our longer-term global growth initiatives. We are uniquely positioned as one of China's leading private film companies with broad reach across the country's film industry value chain. The high quality international productions we bring to Chinese moviegoers and broad commercial appeal of our films to audiences throughout the world strengthen our brand equity as we continue to expand our vertically integrated business and work to achieve Bona's objectives, bringing the Company to the next level of success."