KongZhong Corporation Reports First Quarter 2015 Unaudited Financial Results
BEIJING, May 20, 2015 /PRNewswire/ -- Kong Zhong Corporation (NASDAQ: KZ), a leading online games publisher and developer in the PRC, today announced its unaudited financial results for the first quarter of 2015.
First Quarter 2015 Financial Highlights
- Total revenues for the first quarter of 2015 were US$ 50.51 mn, exceeding the guidance range of US$ 46 mn to US$ 47 mn.
- Total gross profit was US$ 19.11 mn, exceeding the guidance range of US$ 17 mn to US$ 18 mn.
- Net income was US$ 4.20 mn, with diluted net income per American Depositary Shares ("ADS") of US$ 0.09, exceeding the guidance level of US$ 4 mn.
- Non-GAAP net income was US$ 5.17 mn, with Non-GAAP diluted net income per ADS of US$ 0.11 (Non-GAAP Financial Measures are described and reconciled to the corresponding GAAP measures in the section titled "Non-GAAP Financial Measures"), exceeding the guidance level of US$ 5 mn.
- As of March 31 2015, the Company had US$ 190.12 mn in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash or US$ 4.08 per ADS in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash, net of a US$ 49.96 mn short-term bank loan. The mark to fair value of the Company's investments in Ourgame and Forgame were priced at HK$ 3.83 and HK$ 14.84 per ordinary share, respectively (or US$ 29.04 mn and US$ 17.02 mn, respectively) as of March 31, 2015, compared to the May 19th price of Ourgame and Forgame shares at HK$ 8.90 and HK$ 19.36 (or US$ 67.51 mn and US$ 22.21 mn, respectively).
The Company's Chairman and Chief Executive Officer, Leilei Wang said, "In 1Q15 we performed in-line with our prior expectations as we had a pause in new smartphone game releases. However, moving into the second quarter and the remainder of 2015, we expect to significantly increase the release of high-quality smartphone games beginning with our highly anticipated Western Fantasy themed Card Battle Game "Super God Battle Squad" with it's open beta release scheduled for the middle of June and the strong release of Rush Three Kingdoms into the South Korean and Taiwan mobile game markets. In PC games we have begun to close beta test World of Warships and are working closely with ArenaNet on the expansion pack of Guild Wars 2. Lastly, we have begun to leverage our strategic investments in both Ourgame and Forgame to develop synergies with our business in the areas of mobile game distribution and mobile game development, among other areas, for the China mobile game market."
Business Highlights
Internet Game Business Highlights
Key games under operations highlights
-- War Saga: World of Tanks will continue to be the primary contributor to Internet game revenues, supplemented by the 2nd War Saga game, World of Warplanes.
-- ArenaNet: The developer of Guild Wars 2, announced the first expansion for the game, "Hearts of Thorns", on January 24 2015 with first playable demos of the expansion in early March 2015 at PAX East, with closed beta testing expected to follow in the near future.
Internet game pipeline highlights
-- World of Warships, the 3rd War Saga game, has begun small scale closed beta testing with multiple beta weekend events planned for May 2015 and further closed beta testing planned into 3Q15.
-- The Chronicles of Dragon Wing, a newly licensed 3D Turn-based Tactical Battle Game, has begun closed beta testing in 2Q15.
-- Blitzkrieg 3, an asymmetric real time strategy military game, will undertake alpha testing to Chinese players in 2Q15.
-- World of Tank Generals, a card based strategy cross platform military game, will begin its first alpha test to Chinese players in 2Q15.
Mobile Game Business Highlights
1Q15 Overview
-- No new mobile game launches with smartphone game revenues driven mainly by 5 main games under operation including (1) Rush Three Kingdoms (Three Kingdoms themed Real Time Strategy) (2) My Princess is Cutest (Puzzle / Card RPG) and (3) General Three Kingdoms (Mobile Battle RPG)
For 2Q15 and beyond, we have the following mobile games in our pipeline.
-- Released "Rush Three Kingdoms" in South Korea and Taiwan with 3rd party publisher on Google Play.
-- Western Fantasy themed Card Battle Game from Chinese studio (Expected release at middle of June 2015) ("Super God Battle Squad")
-- Three Kingdoms themed 3D Action RPG from Chinese studio (Expected release, late 2Q15 or 3Q15)
-- Western Fantasy themed 3D mobile MOBA from Chinese studio (Expected release 3Q15)
-- Western Fantasy themed 3D Action RPG co-development with Korean Studio (Expected release 3Q15) (Working name: Castle of Heroes)
-- Western Fantasy themed Side-scrolling Action RPG co-development with Korean Studio 2nd half 2015 (Working name: Three Heroes)
-- At least 10 other mobile games under development internally, licensed or in discussions to license for 2nd half 2015 and 2016 release.
| Three Months Ended |
|||||
| March 31, |
December 31, |
March 31, |
|||
| 2014 |
2014 |
2015 |
|||
| US$ in thousands |
US$ in thousands |
US$ in thousands |
|||
| Revenues |
48,955 |
61,637 |
50,512 |
||
| Internet Games |
24,762 |
29,446 |
26,364 |
||
| Mobile Games |
8,070 |
15,178 |
10,555 |
||
| WVAS |
16,123 |
17,013 |
13,593 |
||
| Cost of Revenue |
25,637 |
34,962 |
31,400 |
||
| Internet Games |
12,073 |
15,892 |
14,325 |
||
| Mobile Games |
4,050 |
7,148 |
6,667 |
||
| WVAS |
9,514 |
11,922 |
10,408 |
||
| Gross Profit |
23,318 |
26,675 |
19,112 |
||
| Internet Games |
12,689 |
13,554 |
12,039 |
||
| Mobile Games |
4,020 |
8,030 |
3,888 |
||
| WVAS |
6,609 |
5,091 |
3,185 |
||
| Gross Margin |
48% |
43% |
38% |
||
| Internet Games |
51% |
46% |
46% |
||
| Mobile Games |
50% |
53% |
37% |
||
| WVAS |
41% |
30% |
23% |
||
Revenues
Total revenues for the first quarter of 2015 were US$ 50.51 mn, an 18.0% decrease from the fourth quarter of 2014 but an increase of 3.2% from the same period last year.
Internet Games Revenues
Internet Game ("Net Game") revenues were US$ 26.36 mn in the first quarter of 2015, an increase of 6.5% from the same period of last year but a 10.5% QoQ decline, as although World of Tanks demonstrated continued stable performance, user activity and purchases in Guild Wars 2 and World of Warplanes continued to moderate during the period. We expect performance and player purchases in Guild Wars 2 to remain depressed until the release of the upcoming expansion pack.
For the first quarter of 2015, mainland China online game operations achieved average monthly active users ("MAUs") of 1.9 mn and aggregated monthly paying accounts ("APAs") of 333k with monthly average revenue per user ("ARPU") of RMB 163.
| Three Months Ended |
|||
| March 31, 2014 |
December 31, 2014 |
March 31, 2015 |
|
| MAU |
1,696k |
1,840k |
1,909k |
| APA |
280k |
327k |
333k |
| ARPU |
181 |
185 |
163 |
Internet game revenues made up 52.2% of total revenues in the first quarter of 2015.
Mobile Games Revenues
Total mobile game revenues were US$ 10.56 mn, a 30.8% increase from the same period of last year but a 30.5% decrease from the fourth quarter of 2014. The decrease in mobile game revenues was due to a pause in the release of new self-developed and licensed games on Chinese smartphone game platforms during the 1Q15 period.
Total mobile game revenues made up 20.9% of total revenues in the first quarter of 2015.
WVAS Revenues
WVAS revenues were US$ 13.59 mn, a 20.1% decrease from the fourth quarter of 2014 and 15.7% decrease from the same period of last year.
WVAS made up 26.9% of total revenues in the first quarter of 2015.
Gross Profit
Total gross profit for the first quarter of 2015 was US$ 19.11 mn, a 28.4% decrease from the fourth quarter of 2014 and a decrease of 18.0% from the same period last year.
Total gross margin was 37.8% in the first quarter of 2015.
Internet Game Gross Profit
Internet game gross profit was US$ 12.04 mn, an 11.2% decrease from the fourth quarter of 2014 and a 5.1% decrease from the same period last year. Internet game gross margin was 45.7% compared to 46.0% in the fourth quarter of 2014.
Mobile Game Gross Profit
Mobile games gross profit was US$ 3.89 mn, a 51.6% decrease from the fourth quarter of 2014 and 3.3% decrease from the same period last year. Mobile games gross margin was 36.8% compared to 52.9% in the fourth quarter of 2014 due to higher contribution of mobile game revenues from mobile operator channels during the period.
WVAS Gross Profit
WVAS gross profit was US$ 3.18 mn, a 37.4% decrease from the fourth quarter of 2014 and 51.8% decrease from the same period last year. WVAS gross margin was 23.4% compared to 29.9% in the fourth quarter of 2014.
Operating Expenses
Total operating expenses in the first quarter of 2015 were US$ 16.19 mn compared to US$ 19.40 mn in the fourth quarter of 2014.
Product development expenses in the first quarter of 2015 were US$ 6.12 mn compared to US$ 6.08 mn in the fourth quarter of 2014.
Sales and marketing expenses in the first quarter of 2015 were US$ 6.23 mn compared to US$ 9.08mn in the fourth quarter of 2014. Sales and marketing expenses decreased as we did not release any major new Internet or mobile games in the first quarter.
General and administrative expenses in the first quarter of 2015 were US$ 3.84 mn compared to US$ 4.24 mn in the fourth quarter of 2014.
The Company's total headcount in the first quarter of 2015 was stable at 1,063 staff compared to 1,091 staff at the end of the fourth quarter of 2014.
Earnings
US GAAP net income and diluted income per ADS were US$ 4.20 mn and US$ 0.09, respectively. Non-GAAP net income and diluted income per ADS were US$ 5.17 mn and US$ 0.11, respectively.
Total ADS on a diluted basis outstanding during the first quarter of 2015 were 46.85 mn, compared to 46.59 mn outstanding during the fourth quarter of 2014.
| For the purpose of earnings |
Number during three December 31, 2014 |
Number during three March 31, 2015 |
| ADS (in mns) |
46.34 |
46.61 |
| Add: Dilution impact from |
0.25 |
0.24 |
| Warrants issued to business partners |
0.00 |
0.00 |
| ADS on diluted basis |
46.59 |
46.85 |
Balance Sheet
As of March 31, 2015, the Company had US$ 190.12 mn in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash or US$ 4.08 per ADS in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash, net of a US$ 49.96 mn short-term loan. The mark to fair value of the Company's investments in Ourgame and Forgame were priced at HK$ 3.83 and HK$ 14.84 per ordinary share, respectively (or US$ 29.04 mn and US$ 17.02 mn, respectively) as of March 31, 2015, compared to the May 19th price of Ourgame and Forgame shares at HK$ 8.90 and HK$ 19.36 (or US$ 67.51 mn and US$ 22.21 mn, respectively).
Investment in Ourgame
In the first quarter of 2014, the Company acquired a minority interest in Ourgame International Holdings Limited ("Ourgame" also known as "LianZhong") for a total consideration of RMB 100.0 mn in cash (equivalent to roughly US$ 16.5 mn at then exchange rates). Ourgame was subsequently successfully listed on the Hong Kong Stock Exchange (6899.HK) in June 2014.
Investment in Forgame
In the first quarter 2015, the Company entered into an agreement to acquire 8.89 million issued ordinary shares of Forgame Holdings Limited ("Forgame", listed on the Hong Kong Stock Exchange under ticker "0484.HK)) for a total consideration of HK$124,506,200 in cash (equivalent to approximately US$16.1 million). The acquisition was completed in January 2015 and the investment represented 7% equity interest in Forgame. As the Company has no significant influence over Forgame and Forgame is a listed company in Hong Kong, this investment was recorded as available-for-sale securities.
Business Outlook (For the second quarter ending June 30, 2015)
The Company expects total revenues for the second quarter of 2015 to be within the range of US$ 51 mn to US$ 52 mn. The Company expects total gross profit to be within the range of US$ 19 mn to US$ 20 mn. We expect net income to be around US$ 4 mn and Non-GAAP net income is expected to be around US$ 5 mn.
Conference Call
KongZhong's management will hold a conference call and webcast to discuss the results at 7:30 PM Eastern Daylight Time (EDT) on Wednesday, May 20, 2015 (7:30 AM Beijing/Hong Kong time, Thursday, May 21, 2015)
The Company welcomes all interested parties to participate in the live conference call. The dial-in details are as below:
- U.S. Toll Free Dial-in Number: +1 866 519 4004
- U.S. Dial-in Number: +1 845 675 0437
- Hong Kong Toll Free Dial-in Number: 800 906 601
- Hong Kong Dial-in Number: +852 3018 6771
- Mainland China Dial-in Number: 800 819 0121, 400 620 8038
- International Dial-in Number: +65 6723 9381
Passcode: 3690 1684
The live conference call via webcast and archive replay will be available on the Investor Relations section of KongZhong's website athttp://ir.kongzhong.com. The archive replay will be available on the website shortly after the call.
A dial-in replay of the conference call will be available until May 28, 2015:
- U.S. Toll Free Dial-in Number: +1 855 452 5696
- U.S. Dial-in Number: +1 646 254 3697
- Hong Kong Toll Free Dial-in Number: 800 963 117
- Hong Kong Dial-in Number: +852 3051 2780
- Mainland China Dial-in Number: 800 870 0206, 400 602 2065
- International Dial-in Number: +61 2 8199 0299
Passcode: 3690 1684
About KongZhong
KongZhong Corporation (NASDAQ: KZ), listed on Nasdaq in 2004, is a leading online game developer and operator in China. KongZhong operates three main business units, namely Internet Games, Mobile Games and WVAS. Under Internet Games, KongZhong operates the largest Chinese military gaming platform under the "WAR SAGA" brand, which includes games such as World of Tanks, World of Warplanes and World of Warships. On May 15, 2014, KongZhong officially launched the most-anticipated 3D fantasy MMORPG Guild Wars 2 in China. KongZhong has the exclusive publishing rights for World of Tanks, World of Warplanes and World of Warships, Guild Wars 2, Auto Club Revolution, Blitzkrieg 3 and other titles in Mainland China.
KongZhong entered the smartphone game industry in 2011 through an acquisition of smartphone game engine and has expanded its mobile game development team across 4 cities across Mainland China. KongZhong offers popular mobile games in China and overseas with over 10 smartphone games across various genres being under development, including RPG, RTS, military, fantasy and etc. For more information, please visit http://ir.kongzhong.com.
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding trends in the wireless value-added services, wireless media, mobile games and online games industries and our future results of operations, financial condition and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends and our results may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, continued competitive pressure in China's wireless value-added services, wireless media, mobile games and online games industries and the effect of such pressure on revenues; our ability to develop new products that are commercially successful; unpredictable changes in technology, consumer demand and usage preferences in the markets we operate; our ability to protect our intellectual property rights; the short operating history of certain of our business segments, in particular the online games segment; the state of and any change in our relationship with China's telecommunications operators; our dependence on the billing systems of telecommunications operators for our performance; the outcome of our investment of operating income generated from the WVAS segment into the development of our wireless Internet, mobile games and online games segments; changes in the regulations or policies of the Ministry of Industry and Information Technology and other government authorities relevant to our businesses; and changes in political, economic, legal and social conditions in China, including the Chinese government's policies with respect to economic growth, foreign exchange, foreign investment and entry by foreign companies into China's telecommunications and online games markets. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
KongZhong Contacts
Investor Contact
Jay Chang
Chief Financial Officer
Liddy Li
Investor Relations
Tel.: (+86-10) 8857 6000
E-mail: [email protected]
Media Contact
Xingran Chen
Public Relations
Tel.: (+86-10) 8857 6000
E-mail: [email protected]
| KongZhong Corporation |
|||||||||||||
| Condensed Consolidated Statements of Comprehensive Income |
|||||||||||||
| (Unaudited, US$ in thousands, except per share and share data) |
|||||||||||||
| Three Months Ended |
|||||||||||||
| March 31, |
December 31, |
March 31, |
|||||||||||
| 2014 |
2014 |
2015 |
|||||||||||
| Revenues |
48,955 |
61,637 |
50,512 |
||||||||||
| Cost of revenues |
25,637 |
34,962 |
31,400 |
||||||||||
| Gross profit |
23,318 |
26,675 |
19,112 |
||||||||||
| Operating expenses |
|||||||||||||
| Product development |
5,934 |
6,083 |
6,118 |
||||||||||
| Sales and marketing |
6,737 |
9,076 |
6,232 |
||||||||||
| General and administrative |
2,364 |
4,236 |
3,838 |
||||||||||
| Total operating expenses |
15,035 |
19,395 |
16,188 |
||||||||||
| Government subsidy |
194 |
480 |
214 |
||||||||||
| Income from operations |
8,477 |
7,760 |
3,138 |
||||||||||
| Interest income |
2,269 |
1,891 |
1,640 |
||||||||||
| Interest expense |
- |
(176) |
(183) |
||||||||||
| Imputed interest on long-term liabilities |
(150) |
(150) |
(140) |
||||||||||
| Exchange gain (loss) |
(348) |
385 |
(73) |
||||||||||
| Income before income tax expense, loss on |
10,248 |
9,710 |
4,382 |
||||||||||
| Income tax expense |
298 |
641 |
160 |
||||||||||
| Loss on equity method investment, net of |
- |
- |
(25) |
||||||||||
| Net income |
9,950 |
9,069 |
4,197 |
||||||||||
| Earnings per ADS, basic |
0.22 |
0.20 |
0.09 |
||||||||||
| Earnings per ADS, diluted |
0.21 |
0.19 |
0.09 |
||||||||||
| Weighted average ADS outstanding (million) |
45.39 |
46.34 |
46.61 |
||||||||||
| Weighted average ADS used in diluted EPS calculation (million) |
47.03 |
46.59 |
46.85 |
||||||||||
| Net income |
9,950 |
9,069 |
4,197 |
||||||||||
| Other comprehensive (loss) income |
(2,799) |
(7,873) |
8,000 |
||||||||||
| Total comprehensive income |
7,151 |
1,196 |
12,197 |
||||||||||
| KongZhong Corporation |
||||||||||||
| Condensed Consolidated Balance Sheets |
||||||||||||
| (Unaudited, US$ in thousands) |
||||||||||||
| As of |
As of |
As of |
||||||||||
| 2014 |
2014 |
2015 |
||||||||||
| Assets |
||||||||||||
| Current assets |
||||||||||||
| Cash and cash equivalents |
118,303 |
105,093 |
85,168 |
|||||||||
| Term deposits |
4,716 |
16,907 |
16,088 |
|||||||||
| Available-for-sale securities |
- |
20,014 |
46,062 |
|||||||||
| Held-to-maturity securities |
42,283 |
24,359 |
20,667 |
|||||||||
| Accounts receivable (net) |
19,526 |
30,244 |
29,235 |
|||||||||
| Restricted cash |
- |
53,376 |
61,286 |
|||||||||
| Other current assets |
8,936 |
19,070 |
36,990 |
|||||||||
| Total current assets |
193,764 |
269,063 |
295,496 |
|||||||||
| Non-current assets |
||||||||||||
| Rental deposits |
629 |
1,445 |
1,440 |
|||||||||
| Intangible assets (net) |
78,127 |
55,510 |
52,101 |
|||||||||
| Property and equipment (net) |
7,076 |
5,659 |
4,902 |
|||||||||
| Long-term investments |
18,380 |
- |
1,076 |
|||||||||
| Goodwill |
89,575 |
90,019 |
89,675 |
|||||||||
| Restricted cash |
36,591 |
10,885 |
10,816 |
|||||||||
| Total non-current assets |
230,378 |
163,518 |
160,010 |
|||||||||
| Total assets |
424,142 |
432,581 |
455,506 |
|||||||||
| Liabilities and Shareholders' Equity |
||||||||||||
| Current Liabilities |
||||||||||||
| Accounts payable |
39,460 |
31,600 |
33,455 |
|||||||||
| Short-term bank loan (including short-term bank loan of the |
- |
42,429 |
49,963 |
|||||||||
| Deferred revenue |
2,987 |
4,652 |
5,042 |
|||||||||
| Other current liabilities |
21,095 |
22,110 |
23,472 |
|||||||||
| Total current liabilities |
63,542 |
100,791 |
111,932 |
|||||||||
| Non-current Liabilities |
||||||||||||
| Other long-term liabilities |
19,410 |
9,860 |
10,000 |
|||||||||
| Total liabilities |
82,952 |
110,651 |
121,932 |
|||||||||
| Shareholders' equity |
341,190 |
321,930 |
333,574 |
|||||||||
| Total liabilities and shareholders' equity |
424,142 |
432,581 |
455,506 |
|||||||||
| KongZhong Corporation |
||||
| Condensed Consolidated Statements of Cash Flows |
||||
| (Unaudited, US$ in thousands) |
||||
| Three Months Ended |
||||
| March 31, |
March 31, |
|||
| 2014 |
2015 |
|||
| Cash Flows From Operating Activities |
||||
| Net income |
9,950 |
4,197 |
||
| Adjustments to reconcile net income to net cash |
||||
| Depreciation and amortization |
1,091 |
3,998 |
||
| Imputed interest on long-term liabilities |
150 |
140 |
||
| Loss on equity method investment |
- |
25 |
||
| Share-based compensation |
333 |
234 |
||
| Changes in operating assets and liabilities |
(6,728) |
(3,124) |
||
| Net Cash Provided by Operating Activities |
4,796 |
5,470 |
||
| Cash Flows From Investing Activities |
||||
| Purchase of intangible assets |
(98) |
- |
||
| Purchase of term deposits |
(1,569) |
- |
||
| Proceeds from disposal of term deposits |
1,267 |
815 |
||
| Investments |
(16,380) |
(4,086) |
||
| Loan to equity method investee |
- |
(7,618) |
||
| Purchase of held-to-maturity securities |
(42,507) |
(17,699) |
||
| Purchase of available-for-sale securities |
- |
(16,060) |
||
| Proceeds from disposal of held-to-maturity securities |
51,746 |
21,300 |
||
| Purchase of property and equipment |
(2,075) |
(55) |
||
| Addition of restricted cash |
- |
(8,145) |
||
| Net Cash Used in Investing Activities |
(9,616) |
(31,548) |
||
| Cash Flows From Financing Activities |
||||
| Proceeds from exercise of employee stock options |
429 |
- |
||
| Deferred payments for intangible assets |
(372) |
(407) |
||
| Repurchase of ordinary shares |
(12) |
- |
||
| Proceeds from bank borrowing |
- |
7,534 |
||
| Net Cash Provided by Financing Activities |
45 |
7,127 |
||
| Effect of foreign exchange rate changes |
(350) |
(974) |
||
| Net decrease in Cash and Cash Equivalents |
(5,125) |
(19,925) |
||
| Cash and Cash Equivalents, Beginning of Period |
123,428 |
105,093 |
||
| Cash and Cash Equivalents, End of Period |
118,303 |
85,168 |
||
| Non-GAAP Financial Measures |
|||||||
| To supplement the unaudited condensed statements of comprehensive income presented in accordance with US GAAP, the Company uses non-GAAP financial measures (Non-GAAP Financial Measures) of net income and net income per diluted ADS, which are adjusted from results based on GAAP to exclude certain infrequent or unusual or non-cash based expenses, gains and losses. The Non-GAAP Financial Measures are provided as additional information to help both management and investors compare business trends among different reporting periods on a consistent and more meaningful basis and enhance investors' overall understanding of the Company's current financial performance and prospects for the future. |
|||||||
| (US$ in thousands, except per share and share data) |
|||||||
| Three Months Ended |
|||||||
| March 31, |
December 31, |
March 31, |
|||||
| 2014 |
2014 |
2015 |
|||||
| GAAP net income |
9,950 |
9,069 |
4,197 |
||||
| Share-based compensation |
333 |
230 |
234 |
||||
| Imputed interest on long-term |
150 |
150 |
140 |
||||
| Amortization of intangibles |
180 |
600 |
600 |
||||
| Non-GAAP net income |
10,613 |
10,049 |
5,171 |
||||
| Weighted average ADS used in diluted EPS calculation (million) |
47.03 |
46.59 |
46.85 |
||||
| Non-GAAP diluted net income per ADS |
0.23 |
0.22 |
0.11 |
||||
SOURCE KongZhong Corporation
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