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

Stocks in this article: MOBI

Total revenues for fourth quarter 2013 decreased 10.1% to RMB161.0 million (US$25.9 million) from RMB179.0 million in fourth quarter 2012. The Company currently derives all revenues from its feature phone business.

Revenues collected from carrier channels were RMB114.7 million (US$18.5 million) in fourth quarter 2013, representing 71.3% of total revenues, decreased 16.7% from RMB137.8 million in fourth quarter 2012. Sky-mobi had 1.7 billion user visits and 443.0 million downloads of applications and content from the feature phone Maopao application store in fourth quarter 2013, which decreased from 3.8 billion user visits and 924.7 million downloads in fourth quarter 2012. The decrease in revenues collected from carrier channels was primarily due to fewer user visits and downloads as a result of the anticipated on-going decline in the feature phone market, which was partially offset by higher user activity monetization rate as a result of direct cooperation with wireless carriers and improved content installations.

Revenues collected from third party channels were RMB34.5 million (US$ 5.6 million), up 12.8% from fourth quarter 2012 and contributing 21.4% of total revenues in fourth quarter 2013. The Company collected most of its Maopao Community revenues through this channel. Sky-mobi's Maopao Community had 10.6 million active members and 608.2 million member log-ins during the fourth quarter 2013, representing a decrease from 17.3 million active members and 775.1 million member log-ins in the fourth quarter 2012. Revenues from the Maopao Community increased due to higher ARPU 3 on the Company's two most popular mobile social games, "Fantasy of Three Kingdoms" and "Fairy Magic World", despite a decrease in the number of active members and log-ins. The Company expects the revenue contribution collected from third party channels to steadily increase in future quarters. Other revenues consist of commissions from companies for using Maopao Platform to promote and sell applications ("promotion income") as well as overseas revenues generated by the Company's international mobile service providers. Other revenues were RMB11.8 million (US$1.9 million) in fourth quarter 2013, up from RMB10.7 million in fourth quarter 2012, primarily due to the Company's strengthened efforts in developing its promotional services on the Maopao Platform as well as growth of its application store and related services outside of China.  

Cost of Revenues and Gross Profit

Total cost of revenues for fourth quarter 2013 decreased 17.8% to RMB100.6 million (US$16.2 million) compared to RMB122.5 million in fourth quarter 2012.

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