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

HANGZHOU, China, Nov. 18, 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 second quarter ended September 30, 2013 ("second quarter 2014").

Second Quarter 2014 Highlights

  • Total revenues decreased 16.6% to RMB116.6 million (US$19.1 million) compared to RMB139.8 million in the fiscal second quarter ended September 30, 2012 ("the prior year period"). Revenues from smartphones represented 33.6% of total revenues  
  • Gross margin decreased to 23.3%, compared to 24.6% in the prior year period  
  • Non-IFRS 1 gross margin decreased to 23.5%, compared to 25.3% in the prior year period  
  • Loss from operations decreased to RMB2.3 million (US$0.4 million), compared to loss from operations of RMB15.3 million in the prior year period  
  • Non-IFRS profit from operations increased to RMB0.7 million (US$0.1 million), compared to non-IFRS loss from operations of RMB7.3 million in the prior year period  
  • Net loss decreased to RMB4.4 million (US$0.7 million), compared to net loss of RMB11.7 million in the prior year period  
  • Non-IFRS net loss decreased to RMB1.5 million (US$0.2 million), compared to non-IFRS net loss of RMB3.6 million in the prior year period  
  • Basic and diluted loss per common share was RMB0.02 (US$0.00), which represents the equivalent of RMB0.13 (US$0.02) per ADS 2
  • Non-IFRS basic and diluted loss per common share was RMB0.00 (US$0.00), which represents the equivalent of RMB0.03 (US$0.01) per ADS

Michael Tao Song, Chairman and Chief Executive Officer of Sky-mobi, stated, "We are pleased that our fiscal second quarter 2014 revenues exceeded the high end of our prior guidance by approximately 11% due to stronger than expected growth in our smartphone business. Anticipating the continued decline of the feature phone market, we have continued to effectively reallocate cash flow and resources away from our feature phone business and into development of our smartphone platform. By focusing more heavily on growing our smartphone business, we were able to see revenues from this line more than double quarter-over-quarter to over RMB39.2 million, or 33.6% of total revenues. One remarkable phenomenon behind this growth is that long-time Maopao community users on feature phones are more comfortable migrating to smartphones using the familiar features we offer them. As a result, this same group of users is quickly developing increased digital consumption habits through our smartphone Maopao platform. These impressive results demonstrate the strong growth and monetization potential of our large Maopao community user base accumulated in our feature phone business.

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