KongZhong Corporation (NASDAQ:KONG), a leading mobile Internet company in China, today announced its unaudited fourth quarter 2009 and full year 2009 financial results. For the Latest information regarding NASDAQ:KONG, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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KongZhong Corporation (NASDAQ:KONG), a leading mobile Internet company in China, today announced its unaudited fourth quarter 2009 and full year 2009 financial results.
Fourth Quarter 2009 Financial Highlights:
(Note: Unless otherwise indicated, all financial statement amounts used in this press release are based on United States Generally Accepted Accounting Principles (GAAP) and denominated in US dollars)
-- Revenues in-line with the guidance - Total revenues for the Fourth
Quarter of 2009 ("4Q09") increased 28% year-over-year to US$ 34.3
million ("mn"), in line with the Company's revised 4Q09 revenue
guidance of US$ 34 "mn" to US$ 35 "mn".
-- Gross margin decreased - Total gross margin was 46% in 4Q09, a decrease
compared with 49% in 3Q09. (Please see note related to change to
presentation of sales tax)
-- Net income increased - Net income in 4Q09 was US$ 2.02 "mn", a 286%
increase compared with 4Q08 net income of US$ 0.52 mn. Basic net
income per ADS was US$ 0.06 based on 34.33 mn ADS while diluted net
income per ADS was US$ 0.05 based on 39.27 mn ADS outstanding as of
December 31, 2009.
-- Non-GAAP net income increased - Non-GAAP net income was US$ 5.44 mn, a
416% increase compared to 4Q08 Non-GAAP net income of US$ 1.09 mn,
while Non-GAAP diluted net income per ADS was US$ 0.13 (Non-GAAP
Financial Measures are described and reconciled to the corresponding
GAAP measures in the section titled "Non-GAAP Financial Measures.")
-- Cash and cash equivalents - As of December 31, 2009, the Company had $
139 mn in cash and cash equivalents.
Full Year 2009 Financial Highlights:
-- Total revenues were $131.30 million - Total WVAS revenues were $98.24
million, total mobile games revenues were $27.30 million and total
Wireless Internet revenues were $5.76 million.
-- Gross margin increased - Overall gross margin was 48% for the year 2009,
an increase compared with overall gross margin of 44% in the year 2008.
(Please see note related to change to presentation of sales tax)
-- Net income increased - Net income in 2009 was US$ 12.58 mn, an increase
compared with 2008 net loss of US$ 20.66 mn.
-- Non-GAAP net income increased - Non-GAAP net income was US$20.15 mn in
the year of 2009, a 416% increase compared to the year of 2008 Non-GAAP
net income of US$ 3.91 mn.
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Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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