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

Stocks in this article: BONA

Cash and cash equivalents, time deposits and restricted cash as of December 31st 2012 totaled US$28.0 million. Operating cash flow for the fourth quarter 2012 was a net outflow of approximately US$7.3 million, related to increased investment in several films released in the fourth quarter of 2012 or scheduled for release in 2013.

Full Year 2012 Financial Results

Net Revenues

  FY12 FY11 Y-o-Y%
Net Revenues (US$mm) 142.3 126.2 12.8%

Net revenues for the full year 2012 increased 12.8% year-over-year to US$142.3 million. The increase in net revenues was primarily attributable to increased revenues from the Company's film investment and production and movie theater segments, partially offset by a decline in distribution revenues.

Net Revenues by Segment Operating

  Distribution Investment & Production Movie Theater Talent Agency Intersegment Elimination Consolidated
Net Revenues from External Customers (US$mm) 62.9 37.0 41.7 0.6 -- 142.3
Intersegment Revenues (US$mm) 1.1 36.7 -- -- (37.8) --
Total Net Revenues (US$mm) 64.1 73.7 41.7 0.6 (37.8) 142.3

Net revenues from distribution totaled US$64.1 million, compared with US$94.9 million in 2011. During 2012, Bona distributed 15 new films theatrically, including two imported films for which the Company assisted in the marketing. In addition, the Company recognized incremental revenue from Flying Swords of Dragon Gate, its December 2011 blockbuster, in the first quarter of 2012. The decrease in net revenues from the distribution segment was mainly due to the lower-than-expected box office performance of The Last Tycoon.

Net revenues from film investment and production were US$73.7 million, compared with US$50.5 million in 2011. The increase was primarily attributable to the success of the Company's TV series, The King's Battles.

Net revenues from the movie theater segment increased to US$41.7 million, compared with US$26.0 million in 2011. The increase was primarily attributable to the increase in the number of theaters and screens from the Company's strategic expansion efforts. The Company owned and operated 20 theaters as of December 31, 2012, compared with 11 as of December 31, 2011.

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