BEIJING, Aug. 29, 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 second quarter ended June 30, 2013.
"The second quarter was another strong quarter for Bona, during which we achieved robust top and the bottom line growth with non-GAAP net income nearly 35% above the high-end of our guided range," said Bona founder, Chairman and CEO Mr. Yu Dong. "In the second quarter, we continued advancing our key strategic initiatives of expanding our theater network and driving solid overall box office performance through a diversified and balanced film slate. I am particularly pleased with the performance of our theater business segment, which once again exceeded expectations in the second quarter, delivering year-over-year revenue and segment profit growth of 71% and 74%, respectively. We are confident that we can build upon what we have achieved in the first half and are encouraged by our outlook for the second half of 2013. Our expanding theater network, our strong film production and distribution capabilities, and our diverse, high-quality film pipeline position Bona well for a successful second half of 2013 and for even greater achievement over the longer-term."
Second Quarter 2013 Financial Summary
- Second quarter 2013 net revenues were US$28.3 million, compared with US$20.7 million in the second quarter of 2012.
- Second quarter 2013 gross profit was US$15.0 million, compared with US$11.7 million in the second quarter of 2012.
- Second quarter 2013 gross margin was 53.2%, compared with 56.3% in the second quarter of 2012.
- Second quarter 2013 net income attributable to Bona Film Group Limited was US$1.8 million, or US$0.03 per diluted ADS 1, compared with net income attributable to Bona Film Group Limited of US$0.5 million, or US$0.01 per diluted ADS, in the second quarter of 2012.
- Second quarter 2013 non-GAAP net income 2 was US$2.0 million, or US$0.04 per diluted ADS, compared to non-GAAP net income of US$1.8 million, or US$0.03 per diluted ADS in the second quarter of 2012.
- Second quarter 2013 adjusted EBITDA, non-GAAP 2, was US$4.1 million, compared with US$2.8 million in the second quarter of 2012.
- Cash and cash equivalents, term deposits and restricted cash totaled US$33.0 million as of June 30, 2013.
- Cash outflow from operating activities totaled US$9.6 million, compared with cash outflow from operating activities of US$17.0 million in the second quarter of 2012.
- Distributed and invested in a total of three films in the second quarter – Christmas Rose, Kuiba II and The Funeral Parlor.
- Released action drama Unbeatable on August 16, 2013 , directed by Dante Lam and starring Nick Cheung and Eddie Peng. This highly anticipated film, whose stars were named Best Actor and Best Actress at the 16 th Annual Shanghai International Film Festival, has generated over RMB 110 million in domestic ticket sales to-date.
- Romantic comedy, My Lucky Star, a prequel to the hit 2009 film Sophie's Revenge, starring Ziyi Zhang and Leehom Wang, is scheduled for release on September 17, 2013.
- Continued postproduction work on 3D disaster film Inferno 3D, directed by Oxide & Danny Pang and starring renowned Hong Kong actors Sean Lau, Louis Koo and Angelica Lee, scheduled for release on September 30, 2013.
- Continued postproduction work on crime drama The White Storm (formerly The Cartel War), directed by Benny Chan and starring Louis Koo, Sean Lau and Nick Cheung, tentatively scheduled for release in the fourth quarter of 2013.
- Hollywood action comedy Red 2, directed by Dean Parisot and stars Bruce Willis, Helen Mirren, John Malkovich and Anthony Hopkins, received regulatory approvals and is scheduled for release in the fourth quarter of 2013.
- Completed filming and began postproduction work on corporate action film Overheard 3, produced by Derek Yee, co-directed by Alan Mak and Felix Chong and starring Sean Lau, Louis Koo, Daniel Wu and Xun Zhou, the 3D martial arts epic The White-Haired Witch, directed by Jacob Cheung, produced by Jianxin Huang and starring Xiaoming Huang and Bingbing Fan, and crime drama Sunspot, directed by well-known mainland Chinese director Baoping Cao and starring popular mainland Chinese actors Chao Deng, Yihong Duan, Tao Guo and Luodan Wang. All three films are tentatively slated for release in 2014.
- Began production on action drama From Vegas to Macau, starring Chow Yun-Fat, Nicholas Tse and Tian Jing. The film, which has already received wide media coverage, is tentatively scheduled for release in 2014.
- Announced the launch of an RMB 1 billion (approximately US$163.4 million) film fund through partnership with Sequoia Capital Management Ltd. and Noah Holdings Ltd. to finance the development and production of film and TV projects over the next two years.
|Net Revenues (US$mm)||28.3||20.7||36.3%|
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