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Sky-mobi Limited Announces Unaudited Financial Results For The Fourth Quarter And Full Fiscal Year 2013

HANGZHOU, China, May 13, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application store and mobile social network community operator in China, today announced unaudited financial results for the fourth quarter ("fourth quarter 2013") and fiscal year ended March 31, 2013.

Fourth Quarter 2013 Highlights

  • Total revenues decreased 10.1% to RMB161.0 million (US$25.9 million) compared to RMB179.0 million in the fiscal fourth quarter ended March 31, 2012 ("fourth quarter 2012"). Revenues collected from third party channels (i.e., revenues not collected through mobile network operators) represented 21.4% of total revenues  
  • Gross margin increased to 37.5%, up from 31.6% in fourth quarter 2012  
  • Non-IFRS 1 gross margin increased to 37.6%, up from 31.8% in fourth quarter 2012  
  • Profit from operations increased 230.6% to RMB29.7 million (US$4.8 million), up from RMB9.0 million in fourth quarter 2012  
  • Non-IFRS profit from operations increased 96.4% to RMB33.4 million (US$5.4 million), up from RMB17.0 million in fourth quarter 2012  
  • Net profit increased 151.7% to RMB30.2 million (US$4.9 million), up from RMB12.0 million in fourth quarter 2012  
  • Non-IFRS net profit increased 69.3% to RMB33.9 million (US$5.5 million), up from RMB20.0 million in fourth quarter 2012  
  • Basic and diluted earnings per common share ("EPS") were RMB0.12 (US$0.02), which represents the equivalent of RMB0.95 (US$0.15) per ADS 2  
  • Non-IFRS basic and diluted EPS were RMB0.13 (US$0.02), which represents the equivalent of RMB1.06 (US$0.17) per ADS

Fiscal Year 201 3 Highlights

  • Total revenues decreased 12.3% to RMB601.1 million (US$96.8 million) compared to RMB685.6 million in fiscal year 2012. Revenues collected from third party channels represented 23.4% of total revenues  
  • Gross margin was 30.3%, down from 31.3% in fiscal year 2012  
  • Non-IFRS gross margin was 30.7%, down from 31.7% in fiscal year 2012  
  • Profit from operations was RMB6.8 million (US$1.1 million), compared with RMB25.8 million in fiscal year 2012  
  • Non-IFRS profit from operations was RMB31.2 million (US$5.0 million), compared with RMB71.5 million in fiscal year 2012  
  • Net profit was RMB17.3 million (US$2.8 million), compared with RMB32.9 million in fiscal year 2012  
  • Non-IFRS net profit was RMB41.7 million (US$6.7 million), compared with RMB78.6 million in fiscal year 2012  
  • Basic and diluted earnings per common share ("EPS") were RMB0.07 (US$0.01), which represents the equivalent of RMB0.53 (US$0.08) per ADS  
  • Non-IFRS basic and diluted EPS were RMB0.16 (US$0.03), which represents the equivalent of RMB1.28 (US$0.21) per ADS

Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "We were pleased that our fiscal fourth quarter 2013 revenues exceeded the high end of our prior guidance by approximately 28.8% and achieved 9.6% sequential growth. Even though we revised up our full fiscal year guidance last quarter we still managed to beat the high end of the guidance by 6.4%. These results are a testament to our proactive strategy to address the declining feature phone market by focusing on expanding our Maopao Community, which delivered over 13% year-over-year growth through game monetization.

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