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Sky-mobi Limited Announces Unaudited Financial Results For The Fiscal First Quarter 2014

Stocks in this article: MOBI

HANGZHOU, China, Aug. 12, 2013 (GLOBE NEWSWIRE) -- Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a leading mobile application store in China, today announced unaudited financial results for the fiscal first quarter ended June 30, 2013 ("first quarter 2014").

First Quarter 2014 Highlights

  • Total revenues decreased 18.3% to RMB125.2 million (US$20.4 million) compared to RMB153.4 million in the fiscal first quarter ended June 30, 2012 ("first quarter 2013"). Revenues from smartphones represented 14.7% of total revenues  
  • Gross margin increased to 27.4%, up from 24.2% in first quarter 2013  
  • Non-IFRS 1 gross margin increased to 27.4%, up from 24.8% in first quarter 2013  
  • Loss from operations decreased to RMB3.8 million (US$0.6 million), compared to loss from operations of RMB9.2 million in first quarter 2013  
  • Non-IFRS profit from operations increased to RMB3.3 million (US$0.5 million), compared to non-IFRS loss from operations of RMB0.9 million in first quarter 2013  
  • Net loss decreased to RMB0.3 million (US$0.1 million), compared to net loss of RMB5.1 million in first quarter 2013  
  • Non-IFRS net profit increased 116.0% to RMB6.8 million (US$1.1 million) from RMB3.1 million in first quarter 2013  
  • Basic and diluted loss per common share was RMB0.00 (US$0.00), which represents the equivalent of RMB0.01 (US$0.00) per ADS 2
  • Non-IFRS basic and diluted earnings per common share ("EPS") were RMB0.02 (US$0.00), which represents the equivalent of RMB0.12 (US$0.02) per ADS

Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "We were pleased that our fiscal first quarter 2014 revenues exceeded consensus estimates and the high end of our prior guidance by approximately 8.9% due to stronger than expected growth in our smartphone business. In the first quarter of monetizing our smartphone business, we have already generated over RMB18.5 million in revenues from our smartphone business, or 14.7% of total revenues, demonstrating the strong monetization potential of our large installed user base and utilizing our application store on more economically priced smartphones."   

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