BEIJING, May 16, 2013 (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 first quarter ended March 31, 2013.
"I am pleased with our financial and operational performance in the first quarter, which has set the stage for what I believe will be an exciting and successful year for Bona as we build upon some of the development milestones reached in 2012," said Bona founder, Chairman and CEO Mr. Yu Dong. "Non-GAAP net income came within our guided range, with each of our three first quarter films generating box office receipts that were in-line with or above our expectations. I am particularly excited about the performance of our theater segment, which achieved 77% revenue growth and an 81% increase in segment profit over the first quarter of last year. This strong growth was largely attributable to the expansion of our theater network from 12 at the end of first quarter of 2012 to 20 on March 31, 2013. With six to eight new theaters planned to open during the remainder of the year and a slate of diverse, high-quality films that we believe have strong commercial appeal among a range of audience demographics, I am confident that Bona can deliver record financial performance in 2013."
First Quarter 2013 Financial Summary
- First quarter 2013 net revenues were US$43.3 million, compared with US$43.7 million in the first quarter of 2012.
- First quarter 2013 gross profit was US$14.8 million, compared with US$20.8 million in the first quarter of 2012.
- First quarter 2013 gross margin was 34.1%, compared with 47.6% in the first quarter of 2012.
- First quarter 2013 net income attributable to Bona Film Group Limited was US$0.5 million, or US$0.01 per diluted ADS 1, compared with net income attributable to Bona Film Group Limited of US$2.3 million, or US$0.04 per diluted ADS, in the first quarter of 2012.
- First quarter 2013 non-GAAP net income 2 was US$1.2 million, or US$0.03 per diluted ADS, compared to non-GAAP net income of US$3.3 million, or US$0.05 per diluted ADS in the first quarter of 2012.
- First quarter 2013 adjusted EBITDA, non-GAAP 2, was US$3.1 million, compared with US$5.0 million in the first quarter of 2012.
- Cash and cash equivalents, term deposits and restricted cash totaled US$29.4 million as of March 31, 2013.
- Cash generated from operating activities totaled US$2.5 million, compared with cash generated from operating activities of US$23.3 million in the first quarter of 2012.
- Distributed and invested in a total of four films in the first quarter - The Grandmasters, Bring Happiness Home, Angry Kid and Princess and the Seven Kung Fu Masters.
- Began production on police action film The White Storm, directed by Benny Chan.
- Completed filming and began post production work on crime thriller Sunspot, directed by Baoping Cao.
- Began postproduction work on romantic comedy My Lucky Star, starring Ziyi Zhang and Leehom Wang, the first Chinese 3D disaster film, Inferno, produced by Oxide and Danny Pang, and action film Unbeatable, directed by Dante Lam.
- Courtroom drama Christmas Rose, directed by Charlie Yeung, has been approved by the State Administration of Press, Publication, Radio, Film and Television, and is scheduled for release on May 24, 2013.
- Fourth quarter 2012 release The Last Tycoon won Best Original Song and Best Art Direction at the 32nd Hong Kong Film Awards.
- Bona was named Best Film Production Organization at the ninth Huading Film Awards.
|Net Revenues (US$mm)||43.3||43.7||(0.8)%|