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Bona Film Group Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: BONA

Net Revenues by Segment Operations

  Distribution Investment & Production Movie Theater Talent Agency Intersegment Elimination Consolidated
Net Revenues from External Customers (US$mm) 8.4 31.6 13.1 0.1 -- 53.2
Intersegment Revenues (US$mm) 0.3 5.8 -- -- (6.1) --
Total Net Revenues (US$mm) 8.7 37.4 13.1 0.1 (6.1) 53.2

Net revenues from distribution totaled US$8.7 million. During the fourth quarter of 2012, Bona distributed three new films, The Cold Light of Day, The Next Eleven Daysand The Last Tycoon.

Net revenues from film investment and production were US$37.4 million, mainly derived from Bona's investments in films released in the fourth quarter of 2012, and sales of the Company's television series The King's Battles.

Net revenues from the movie theater segment increased to US$13.1 million, primarily as a result of growth in the number of Bona-owned theaters in operation. The Company owned and operated 20 theaters as of December 31, 2012, compared with 11 as of December 31, 2011.

Gross Profit and Gross Margin

  4Q12 4Q11 Y-o-Y%
Gross Profit (US$mm) 10.1 20.9 (51.7)%
Gross Margin 19.0% 39.7% --

For the fourth quarter of 2012, gross profit decreased to US$10.1 million from US$20.9 million for the fourth quarter of 2011. The year-over-year decline in gross profit was primarily attributable to the acceleration of the amortization of production costs based on the economic performance and public acceptance of certain films, and the impairment of production costs using a discounted cash flow approach, as well as the lower-than-expected box office performance of The Last Tycoon.

Segment Profit 3 and Segment Margin

  Distribution Investment & Production Movie Theater Talent Agency Consolidated
Segment Profit (US$mm) 3.8 (0.8) 7.4 0.1 10.5
As % of Total Segment Profit 35.7% (7.1)% 70.5% 0.9% 100%
Segment Margin 43.4% (2.0)% 56.7% 100.0% 19.8%

Segment margin for the distribution segment increased to 43.4% in the fourth quarter of 2012 from 32.2% in the fourth quarter of 2011, primarily as a result of increased reimbursements for print and advertising expenses as a percentage of film distribution revenue.

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