KongZhong Corporation Reports Second Quarter 2015 Unaudited Financial Results
BEIJING, Aug. 17, 2015 /PRNewswire/ -- KongZhong Corporation (NASDAQ: KZ), a leading online games publisher and developer in the PRC, today announced its unaudited financial results for the second quarter of 2015.
Second Quarter 2015 Financial Highlights
- Total revenues for the second quarter of 2015 were US$ 47.55 mn.
- Total gross loss was US$15.29 mn but total gross profit, excluding the effect of US$ 35.21 mn impairment loss on intangible assets related to the full carrying value of licensing arrangement for Guild Wars 2, was US$ 19.92 mn, within the guidance range of US$ 19 mn to US$ 20 mn.
- Net loss was US$ 30.42 mn, with diluted net loss per American Depositary Shares ("ADS") of US$ 0.65, which included US$ 35.21 mn impairment loss on intangible assets.
- Non-GAAP net income was US$ 5.62 mn, with Non-GAAP diluted net income per ADS of US$ 0.12 (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 June 30 2015, the Company had US$ 200.07 mn in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash or US$ 4.29 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$ 6.49 and HK$ 22.25 per ordinary share, respectively (or US$ 50.18 mn and US$ 34.61 mn, respectively) as of June 30, 2015.
| Three Months Ended |
|||||
| June 30, |
March 31, |
June 30, |
|||
| 2014 |
2015 |
2015 |
|||
| US$ in thousands |
US$ in thousands |
US$ in thousands |
|||
| Revenues |
57,367 |
50,512 |
47,547 |
||
| Internet Games |
31,745 |
26,364 |
24,461 |
||
| Mobile Games |
10,504 |
10,555 |
9,429 |
||
| WVAS |
15,118 |
13,593 |
13,657 |
||
| Cost of Revenues before |
32,871 |
31,400 |
27,623 |
||
| Internet Games |
16,126 |
14,325 |
12,640 |
||
| Mobile Games |
5,933 |
6,667 |
4,946 |
||
| WVAS |
10,812 |
10,408 |
10,037 |
||
| Impairment loss on |
- |
- |
35,210 |
||
| Gross Profit (Loss) |
24,496 |
19,112 |
(15,286) |
||
| Gross Margin |
43% |
38% |
(32%) |
||
| Non-GAAP Gross Profit |
24,496 |
19,112 |
19,924 |
||
| Internet Games |
15,619 |
12,039 |
11,821 |
||
| Mobile Games |
4,571 |
3,888 |
4,483 |
||
| WVAS |
4,306 |
3,185 |
3,620 |
||
| Non-GAAP Gross Margin |
43% |
38% |
42% |
||
| Internet Games |
49% |
46% |
48% |
||
| Mobile Games |
44% |
37% |
48% |
||
| WVAS |
28% |
23% |
27% |
||
Revenues
Total revenues for the second quarter of 2015 were US$ 47.55 mn.
Internet Games Revenues
Internet Game ("Net Game") revenues were US$ 24.46 mn in the second quarter of 2015, a decrease of 7.2% from the first quarter of 2015. 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 second quarter of 2015, mainland China online game operations achieved average monthly active users ("MAUs") of 1.8 mn and aggregated monthly paying accounts ("APAs") of 327k with monthly average revenue per user ("ARPU") of RMB 152.
| Three Months Ended |
|||
| June 30, 2014 |
March 31, 2015 |
June 30, 2015 |
|
| MAU |
2,616k |
1,909k |
1,832k |
| APA |
427k |
333k |
327k |
| ARPU |
152 |
163 |
152 |
Internet game revenues made up 51.5% of total revenues in the second quarter of 2015.
Mobile Games Revenues
Total mobile game revenues were US$ 9.43 mn, a 10.7% decrease from the first quarter of 2015. The decrease in mobile game revenues was due to a decline in revenues from legacy self-developed and licensed games on Chinese smartphone game platforms during the 2Q15 period as well as lower than expected performance of new smartphone games at the end of 2Q15.
Total mobile game revenues made up 19.8% of total revenues in the second quarter of 2015.
WVAS Revenues
WVAS revenues were US$ 13.66 mn, a 0.5% increase from the first quarter of 2015 and 9.7% decrease from the same period of last year.
WVAS made up 28.7% of total revenues in the second quarter of 2015.
Gross Loss
Total gross loss for the second quarter of 2015 was US$15.29 mn which included an impairment loss on intangible assets. The Company recognized US$ 35.21 mn impairment loss, which is equal to the full carrying amount on intangible assets related to the licensing arrangement for Guild Wars 2. However, the Company continues to operate Guild Wars 2 and intends to release the upcoming expansion pack to the China market in the near future.
Other than the effect of impairment on intangible assets, gross profit was US$19.92 mn, a 4.2% increase from the first quarter of 2015 and a decrease of 18.7%from the same period last year.
Other than the effect of impairment on intangible assets, total gross margin was 41.9% in the second quarter of 2015.
Internet Game Gross Profit
Internet game gross loss was US$ 23.39 mn. Other than the effect of impairment loss on intangible assets, gross profit was US$ 11.82 mn, a 1.8% decrease from the first quarter of 2015 and a 24.3% decrease from the same period last year. Internet game gross margin, other than the effect of impairment loss on intangible assets, was 48.3% compared to 45.7% in the first quarter of 2015.
Mobile Game Gross Profit
Mobile games gross profit was US$ 4.48 mn, a 15.3% increase from the first quarter of 2015 and 1.9% decrease from the same period last year. Mobile games gross margin was 47.5% compared to 36.8% in the first quarter of 2015.
WVAS Gross Profit
WVAS gross profit was US$3.62 mn, a 13.7% increase from the first quarter of 2015 and 15.9% decrease from the same period last year. WVAS gross margin was 26.5% compared to 23.4% in the first quarter of 2015.
Operating Expenses
Total operating expenses in the second quarter of 2015 were US$17.41 mn compared to US$ 16.19 mn in the first quarter of 2015.
Product development expenses in the second quarter of 2015 were US$ 6.12 mn compared to US$6.12 mn in the first quarter of 2015.
Sales and marketing expenses in the second quarter of 2015 were US$ 8.11 mn compared to US$ 6.23 mn in the first quarter of 2015. Sales and marketing expenses increased as we released a new mobile game at the end of the second quarter.
General and administrative expenses in the second quarter of 2015 were US$3.18 mn compared to US$3.84 mn in the first quarter of 2015.
The Company's total headcount in the second quarter of 2015was stable at 1,022 staff compared to 1,063 staff at the end of the first quarter of 2015.
Earnings
US GAAP net loss and diluted loss per ADS were US$ 30.42 mn and US$ 0.65, respectively. Non-GAAP net income and diluted income per ADS were US$ 5.62 mn and US$ 0.12, respectively.
Total ADS on a diluted basis outstanding during the second quarter of 2015 were 46.65 mn, compared to 46.85 mn outstanding during the first quarter of 2015.
| For the purpose of earnings |
Number during three March 31, 2015 |
Number during three June 30, 2015 |
| ADS (in mns) |
46.61 |
46.65 |
| Add: Dilution impact from |
0.24 |
0.33 |
| Warrants issued to business |
0.00 |
0.12 |
| ADS on diluted basis |
46.85 |
47.10 |
Note: There is no diluted effect for the US GAAP loss per ADS. There is a diluted effect on Non-GAAP earnings per share as it was net income on Non-GAAP measures.
Balance Sheet
As of June 30, 2015, the Company had US$ 200.07 mn in cash and cash equivalents, term deposits, held-to-maturity securities, available-for-sale securities and restricted cash or US$ 4.29 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$ 6.49 and HK$ 22.25 per ordinary share, respectively (or US$ 50.18 mn and US$ 34.61 mn, respectively) as of June 30, 2015.
Investment in Forgame
In the first quarter 2015, the Company entered into an agreement to acquire 8.89 million ordinary shares of Forgame Holdings Limited, a company listed on the Hong Kong Stock Exchange under ticker "0484.HK" ("Forgame") for a total consideration of HK$124,506,200 in cash (equivalent to approximately US$16.1 million) at the purchase price of HK$ 14.00 per share. In the second quarter of 2015, the Company acquired additional 3,606,700 ordinary shares of Forgame at the price of HK$16.50 per share for a total consideration of HK$ 59,510,550 (equivalent to approximately US$ 7.7 million). The investment represented 8.2% equity interest in Forgame as of June 30, 2015. As the Company had no significant influence over Forgame, a listed company on the Hong Kong Stock Exchange, this investment was recorded as available-for-sale securities as of June 30, 2015.
Business Outlook (for the third quarter ending September 30, 2015)
The Company expects total revenues for the third quarter of 2015 to be within the range of US$ 40 mn to US$ 41 mn. The Company expects total gross profit to be within the range of US$ 18 mn to US$ 19 mn. We expect net income to be around US$ 4 mn and Non-GAAP net income is expected to be around US$ 5 mn.
3Q15 revenue guidance reflects stable quarter over quarter performance in our Internet games business, but a decline in our mobile game business due to a delay of new mobile game launches and a decline in our WVAS business due to impact from mobile operator policies. Due to the pause in new mobile game launches, we expect sales and marketing expenses in 3Q15 to moderate compared to 2Q15 levels.
Recent Developments
On June 29, 2015, the Company announced that its board of directors (the "Board") had received a preliminary non-binding proposal letter, dated June 29, 2015, from Mr. Leilei Wang, chairman and chief executive officer of the Company, and IDG-Accel China Growth Fund II L.P. ("IDG) to acquire all of the outstanding ordinary shares of the Company not owned by them or their affiliates (the "Transaction") for US$8.56 in cash per American depositary share ("ADS", each representing forty ordinary shares), or approximately US$0.2140 per ordinary share, which represents a premium of approximately 20% to the average closing price of the Company's ADSs over the 30 trading days prior to the date of the announcement and a premium of approximately 21.8% to the closing price of the Company's ADS on June 26, 2015.
On July 8, 2015, the Company announced that the Board had formed a special committee consisting of two independent directors, Ms. Hope Ni and Mr. Xiaolong Li, and delegated to the special committee the exclusive power and authority of the Board to, among other things, evaluate and respond to the previously announced non-binding "going private" proposal that the Board received on June 29, 2015. Ms. Hope Ni will chair the special committee. The special committee intends to retain its own financial and legal advisors to assist it in its work.
The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has received the proposal letter on June 29 and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company may also decide to pursue other alternative transactions, if any, including but not limited to acquisitions, divestitures, recapitalizations or other strategic transactions, although there is also no assurance that any such alternative transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
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 Monday, August 17, 2015 (7:30 AM Beijing/Hong Kong time, Tuesday, August 18, 2015)
The Company welcomes all interested parties to participate in the live conference call. An Operator will greet you and ask for the Conference ID shown as following.
Conference ID: 4698571
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: |
+852 800 906 601 |
| Hong Kong Dial-in Number: |
+852 3018 6771 |
| Mainland China Dial-in Number: |
+86 800 819 0121, 400 620 8038 |
| International Dial-in Number: |
+65 6713 5090 |
The live conference call via webcast and archive replay will be available on the Investor Relations section of KongZhong's website at http://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 August 25 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: |
+852 800 963 117 |
| Hong Kong Dial-in Number: |
+852 3051 2780 |
| Mainland China Toll Free Dial-in Number: |
+86 800 870 0206, 400 602 2065 |
| International Dial-in Number: |
+61 2 8199 0299 |
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.
-tables to follow-
| KongZhong Corporation |
|||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income |
|||||||||||||||
| (Unaudited, US$ in thousands, except per share and share data) |
|||||||||||||||
| Three Months Ended |
|||||||||||||||
| June 30, |
March 31, |
June 30, |
|||||||||||||
| 2014 |
2015 |
2015 |
|||||||||||||
| Revenues |
57,367 |
50,512 |
47,547 |
||||||||||||
| Cost of revenues |
|||||||||||||||
| Cost of revenues before impairment loss |
32,871 |
31,400 |
27,623 |
||||||||||||
| Impairment loss on intangible assets |
- |
- |
35,210 |
||||||||||||
| Total cost of revenues |
32,871 |
31,400 |
62,833 |
||||||||||||
| Gross profit (loss) |
24,496 |
19,112 |
(15,286) |
||||||||||||
| Operating expenses |
|||||||||||||||
| Product development |
6,510 |
6,118 |
6,123 |
||||||||||||
| Sales and marketing |
16,009 |
6,232 |
8,106 |
||||||||||||
| General and administrative |
3,463 |
3,838 |
3,178 |
||||||||||||
| Total operating expenses |
25,982 |
16,188 |
17,407 |
||||||||||||
| Government subsidy |
267 |
214 |
326 |
||||||||||||
| (Loss) income from operations |
(1,219) |
3,138 |
(32,367) |
||||||||||||
| Interest income |
1,751 |
1,640 |
1,298 |
||||||||||||
| Interest expense |
- |
(183) |
(192) |
||||||||||||
| Imputed interest on long-term liabilities |
(150) |
(140) |
- |
||||||||||||
| Gain from sales of available-for-sale securities |
- |
- |
1,164 |
||||||||||||
| Exchange loss |
(316) |
(73) |
(32) |
||||||||||||
| Income (loss) before income tax expense, |
66 |
4,382 |
(30,129) |
||||||||||||
| Income tax expense |
- |
(160) |
(174) |
||||||||||||
| Loss on equity method investment, net of income tax |
- |
(25) |
(121) |
||||||||||||
| Net income (loss) |
66 |
4,197 |
(30,424) |
||||||||||||
| Earnings per ADS, basic |
0.00 |
0.09 |
(0.65) |
||||||||||||
| Earnings per ADS, diluted |
0.00 |
0.09 |
(0.65) |
||||||||||||
| Weighted average ADS outstanding (million) |
45.52 |
46.61 |
46.65 |
||||||||||||
| Weighted average ADS used in diluted EPS |
47.31 |
46.85 |
46.65 |
||||||||||||
| Net income (loss) |
66 |
4,197 |
(30,424) |
||||||||||||
| Other comprehensive income |
10,561 |
8,000 |
32,402 |
||||||||||||
| Total comprehensive income |
10,627 |
12,197 |
1,978 |
||||||||||||
|
KongZhong Corporation |
|||||||||||||||
| Condensed Consolidated Balance Sheets |
|||||||||||||||
| (Unaudited, US$ in thousands) |
|||||||||||||||
| As of June 30, |
As of March 31, |
As of June 30, |
|||||||||||||
| 2014 |
2015 |
2015 |
|||||||||||||
| Assets |
|||||||||||||||
| Current assets |
|||||||||||||||
| Cash and cash equivalents |
68,506 |
85,168 |
61,618 |
||||||||||||
| Term deposits |
5,021 |
16,088 |
26,094 |
||||||||||||
| Available-for-sale securities |
28,444 |
46,062 |
84,792 |
||||||||||||
| Held-to-maturity securities |
92,045 |
20,667 |
15,023 |
||||||||||||
| Accounts receivable (net) |
23,245 |
29,235 |
30,898 |
||||||||||||
| Restricted cash |
- |
61,286 |
62,510 |
||||||||||||
| Other current assets |
8,093 |
36,990 |
43,950 |
||||||||||||
| Total current assets |
225,354 |
295,496 |
324,885 |
||||||||||||
| Non-current assets |
|||||||||||||||
| Rental deposits |
890 |
1,440 |
1,447 |
||||||||||||
| Intangible assets (net) |
74,223 |
52,101 |
14,263 |
||||||||||||
| Property and equipment (net) |
7,048 |
4,902 |
6,018 |
||||||||||||
| Long-term investments |
2,000 |
1,076 |
2,042 |
||||||||||||
| Goodwill |
89,497 |
89,675 |
90,099 |
||||||||||||
| Restricted cash |
36,560 |
10,816 |
- |
||||||||||||
| Total non-current assets |
210,218 |
160,010 |
113,869 |
||||||||||||
| Total assets |
435,572 |
455,506 |
438,754 |
||||||||||||
| Liabilities and Shareholders' Equity |
|||||||||||||||
| Current Liabilities |
|||||||||||||||
| Accounts payable |
35,016 |
33,455 |
29,202 |
||||||||||||
| Short-term bank loan |
- |
49,963 |
49,963 |
||||||||||||
| Deferred revenue |
15,984 |
5,042 |
3,262 |
||||||||||||
| Other current liabilities |
22,427 |
23,472 |
19,300 |
||||||||||||
| Total current liabilities |
73,427 |
111,932 |
101,727 |
||||||||||||
| Non-current Liabilities |
|||||||||||||||
| Other long-term liabilities |
9,560 |
10,000 |
- |
||||||||||||
| Total liabilities |
82,987 |
121,932 |
101,727 |
||||||||||||
| Shareholders' equity |
352,585 |
333,574 |
337,027 |
||||||||||||
| Total liabilities and shareholders' equity |
435,572 |
455,506 |
438,754 |
||||||||||||
| KongZhong Corporation |
|||||
| Condensed Consolidated Statements of Cash Flows |
|||||
| (Unaudited, US$ in thousands) |
|||||
| Six Months Ended |
|||||
| June 30, |
June 30, |
||||
| 2014 |
2015 |
||||
| Cash Flows From Operating Activities |
|||||
| Net income (loss) |
10,016 |
(26,227) |
|||
| Adjustments to reconcile net income to net cash |
|||||
| Depreciation and amortization |
5,567 |
7,539 |
|||
| Imputed interest on long-term liabilities |
300 |
140 |
|||
| Loss on equity method investment |
- |
146 |
|||
| Share-based compensation |
1,101 |
468 |
|||
| Impairment loss on intangible assets |
- |
35,210 |
|||
| Changes in operating assets and liabilities |
12,358 |
(15,032) |
|||
| Net Cash Provided by Operating Activities |
29,342 |
2,244 |
|||
| Cash Flows From Investing Activities |
|||||
| Purchase of intangible assets |
(98) |
- |
|||
| Purchase of term deposits |
(2,479) |
(9,989) |
|||
| Proceeds from disposal of term deposits |
1,868 |
815 |
|||
| Investments |
(16,380) |
(5,449) |
|||
| Loan to equity method investee |
- |
(13,500) |
|||
| Purchase of held-to-maturity securities |
(134,372) |
(34,159) |
|||
| Purchase of available-for-sale securities |
- |
(24,695) |
|||
| Proceeds from disposal of available-for-sale securities |
- |
1,500 |
|||
| Proceeds from disposal of held-to-maturity securities |
93,858 |
43,495 |
|||
| Purchase of property and equipment |
(2,857) |
(1,811) |
|||
| Addition of restricted cash |
- |
(8,145) |
|||
| Release of restricted cash |
- |
9,989 |
|||
| Net Cash Used in Investing Activities |
(60,460) |
(41,949) |
|||
| Cash Flows From Financing Activities |
|||||
| Proceeds from exercise of employee stock options |
429 |
433 |
|||
| Deferred payments for intangible assets |
(23,405) |
(10,396) |
|||
| Repurchase of ordinary shares |
(12) |
- |
|||
| Proceeds from bank borrowing |
- |
7,534 |
|||
| Net Cash Used in Financing Activities |
(22,988) |
(2,429) |
|||
| Effect of foreign exchange rate changes |
(816) |
(1,341) |
|||
| Net decrease in Cash and Cash Equivalents |
(54,922) |
(43,475) |
|||
| Cash and Cash Equivalents, Beginning of Period |
123,428 |
105,093 |
|||
| Cash and Cash Equivalents, End of Period |
68,506 |
61,618 |
|||
| 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 gross profit, 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 |
|||||||
| June 30, |
March 31, |
June 30, |
|||||
| 2014 |
2015 |
2015 |
|||||
| GAAP gross profit (loss) |
24,496 |
19,112 |
(15,286) |
||||
| Impairment loss on intangible assets |
- |
- |
35,210 |
||||
| Non-GAAP gross profit |
24,496 |
19,112 |
19,924 |
||||
| GAAP net income (loss) |
66 |
4,197 |
(30,424) |
||||
| Share-based compensation |
768 |
234 |
234 |
||||
| Imputed interest on long-term liabilities |
150 |
140 |
- |
||||
| Amortization of intangibles |
462 |
600 |
599 |
||||
| Impairment loss on intangible assets |
- |
- |
35,210 |
||||
| Non-GAAP net income |
1,446 |
5,171 |
5,619 |
||||
| Weighted average ADS used in diluted |
47.31 |
46.85 |
47.10 |
||||
| Non-GAAP diluted net income per ADS |
0.03 |
0.11 |
0.12 |
||||
SOURCE KongZhong Corporation
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