This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs