We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gmarket Inc. ADS (MM) | NASDAQ:GMKT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.11 | 0 | 01:00:00 |
Gmarket reported total revenues of Won 71.9 billion for the first quarter of 2009, representing an 11% increase from total revenues of Won 64.6 billion for the first quarter of 2008.
The Company's gross merchandise value ("GMV"), which represents the total value of all items sold on Gmarket's website, increased by 14% to Won 1,063.7 billion for the first quarter of 2009 compared to Won 933.4 billion for the same period in 2008. Transaction fee revenues for the first quarter of 2009 were Won 40.0 billion, representing a 9% increase from Won 36.8 billion for the first quarter in 2008. Advertising and other non-transaction revenues for the first quarter of 2009 were Won 31.9 billion, representing a 15% increase from Won 27.8 billion for the same period in 2008.
Operating income for the first quarter of 2009 was Won 7.1 billion, representing a 31% decrease from Won 10.3 billion for the same period in 2008.
Net income for the first quarter of 2009 was Won 9.7 billion, representing a 6% decrease from Won 10.3 billion for the same period in 2008. Earnings per diluted share for the first quarter of 2009 decreased to Won 191, or $0.14, down from Won 204 for the same period in 2008.
On a pro forma non-GAAP basis, excluding the one-time effect of the merger expenses, operating income and net income for the first quarter of 2009 were Won 9.1 billion and Won 11.3 billion respectively.
"Despite a relatively slow start to the first quarter, we ended on a very strong note, setting a record monthly high in GMV in March 2009," said Young Bae Ku, Chief Executive Officer of Gmarket. "During the first quarter, we continued to grow our expanding and developing categories while at the same time re-accelerating our growth in categories such as clothing and accessories and computers and electronics."
Investor Conference Call / Webcast Details
The Company's management will review detailed first quarter 2009 results on Tuesday, April 28, 2009 at 6:00 p.m. U.S. Eastern Time (7:00 a.m., April 29, 2009 in Seoul, South Korea). A live webcast of the conference call will be available on Gmarket's website at www.gmarket.co.kr/IR/.
Dial-in details for the conference call are as follows:
US: +1 866 362 4829 or +1 617 597 5346 Hong Kong: +852 3002 1672 Singapore: +65 6823 2164 U.K.: +44 207 365 8426 Korea: +82 00 308 13 1153 Password for all regions: Gmarket
A replay of the call will be available beginning April 28 at 9:00 p.m. U.S. Eastern Time (10:00 a.m., April 29, 2009 in Seoul) at www.gmarket.co.kr/IR/ and by telephone at +1 888 286 8010 or +1 617 801 6888 with passcode 32560894 (telephone replay available through 10:59 a.m. on May 6, 2009 U.S. Eastern Time (11:59 p.m., May 6, 2009 in Seoul)).
Notes: (1) The Dollar amounts provided in this release are based on an exchange rate of Won 1,372.30 to US$1.00, which is the noon buying rate in effect on March 31, 2009 as quoted by the Federal Reserve. (2) GMV should not be construed as an alternative to revenues or any other measure of performance determined in accordance with U.S. GAAP. Other companies may determine GMV in a different manner than Gmarket does.
Pro forma Non-GAAP Information
To supplement the Company's financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), certain pro forma non-GAAP financial measures are provided in this press release. Specifically, we have provided pro forma non-GAAP operating income and pro forma non-GAAP net income that exclude certain merger expenses incurred, as well as the related income tax effects of such items. The merger expenses were not recurring expenses and are not directly attributable to the underlying performance of our business operations. These pro forma non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. The Company believes that by excluding these charges, as well as the related income tax effects, the pro forma non-GAAP measures provide supplemental information to both management and investors that is useful in assessing core operating performance, in evaluating our ongoing business operations and in comparing results of operations on a consistent basis from period to period. The presentation of this additional information is not prepared in accordance with GAAP. The information therefore may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of GAAP to pro forma non-GAAP financial measures which are included below in this press release.
About Gmarket
Gmarket Inc. is a leading retail e-commerce marketplace in Korea, offering buyers a wide selection of products at competitive prices and sellers a comprehensive and flexible sales solution. Gmarket's e-commerce marketplace is highly scalable and facilitates the sale of products in small or large quantities to a large number of potential buyers in a convenient, cost effective and secure manner. Gmarket's e-commerce marketplace is located primarily at www.gmarket.co.kr.
Safe Harbor Under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this Form 6-K may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," "continue," "plan" or "predict" or the negative thereof or other similar words, although not all forward-looking statements will contain these words. These forward-looking statements are based on the Company's current assumptions, expectations and projections about future events. All forward-looking statements involve risks and uncertainties that may cause the Company's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements, including, but not limited to, the Company's ability to diversify revenues; the Company's ability to compete effectively in a highly competitive industry; the Company's ability to anticipate and access technological developments in the Company's industry; the Company's ability to recruit and retain quality employees as the Company grows; the Company's ability to implement the Company's growth strategies; and economic and political conditions in and outside of Korea. Recent global economic events including, but not limited to, the downturn in global economic and financial markets, changes in political, business and economic conditions, fluctuations in foreign exchange rates, tightening of the global credit markets, decreasing consumer confidence and slowing of ecommerce growth could also cause or contribute to such material differences in our actual performance, financial condition or results from those contained in this Form 6-K. Investors should consider the information contained in the Company's submissions and filings with the SEC, including the Company's most recent annual report on Form 20-F, together with such other documents as the Company may submit to or file with the SEC from time to time, including on Forms 6-K. The forward-looking statements speak only as of this filing on Form 6-K and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances. You should not unduly rely on the forward-looking statements contained in this Form 6-K.
The tender offer contemplated by the pending business combination transaction with eBay Inc. has not yet commenced. This communication is not an offer, a solicitation or a recommendation with respect to such tender offer. No statement in this announcement is an offer to purchase or a solicitation of an offer to sell securities. The Company intends to file a Schedule 14D-9 solicitation/recommendation statement with the U.S. Securities and Exchange Commission ("SEC") relating to this tender offer. The Company understands that eBay Inc. and Internet Auction Company intend to file a Schedule TO tender offer statement with the SEC relating to this tender offer. Security holders and investors are urged to read carefully the tender offer statement (including the offer to purchase, a related letter of transmittal and certain other tender offer documents) and the Company's solicitation/recommendation statement when they are available because they will contain important information about the tender offer and related transactions. Security holders and investors may obtain a free copy of Gmarket's solicitation/recommendation statement when it becomes available, and other documents filed by the Company or eBay Inc. with the SEC, at the SEC's web site at http://www.sec.gov. Free copies of the Company's solicitation/recommendation statement, when it becomes available, and other filings made with the SEC by the Company may also be obtained by directing a request to Gmarket Inc., 9th Floor, LIG Tower, 649-11 Yeoksam-Dong, Gangnam-Gu, Seoul 135-912, Korea, Attention: Investor Relations.
GMARKET INC. UNAUDITED BALANCE SHEETS (in millions of Korean Won and in thousands of US dollars) December 31, March 31, March 31, 2008 2009 2009 ----------- --------- --------- Assets Current assets: Cash and cash equivalents W 79,470 W 50,028 $ 36,456 Cash on deposit 217,000 236,508 172,345 Restricted cash 10,100 7,650 5,575 Accounts receivable, net 51,725 56,804 41,393 Current held-to-maturity securities 34,000 46,000 33,520 Other current assets 13,256 13,115 9,556 ----------- --------- --------- Total current assets 405,551 410,105 298,845 Property and equipment, net 30,546 28,163 20,523 Held-to-maturity securities 6,000 6,000 4,372 Other assets 10,093 10,969 7,993 ----------- --------- --------- Total assets W 452,190 W 455,237 $ 331,733 ----------- --------- --------- Liabilities and Shareholders' Equity Current liabilities: Amounts payable to sellers W 184,221 W 177,105 $ 129,057 Accounts payable 28,358 32,702 23,830 Deferred revenue and advances 6,000 5,838 4,254 Sales incentive liabilities 10,955 11,107 8,094 Income tax payable 5,711 2,017 1,470 Other current liabilities 7,568 6,107 4,450 ----------- --------- --------- Total current liabilities 242,813 234,876 171,155 ----------- --------- --------- Accrued severance benefit 4,467 4,866 3,546 Other liabilities 1,085 1,097 799 ----------- --------- --------- Total liabilities 248,365 240,839 175,500 ----------- --------- --------- Shareholders' equity: Common shares 5,033 5,035 3,669 Additional paid-in capital 93,782 94,606 68,940 Accumulated other comprehensive income 79 118 86 Retained earnings 104,931 114,639 83,538 ----------- --------- --------- Total shareholders' equity 203,825 214,398 156,233 ----------- --------- --------- Total liabilities and shareholders' equity W 452,190 W 455,237 $ 331,733 ----------- --------- --------- GMARKET INC. UNAUDITED STATEMENTS OF INCOME (in millions of Korean Won and thousands of US dollars, except per share data) Three Months Ended March 31, -------------------------------- 2008 2009 2009 ---------- ---------- ---------- Revenues: Transaction fees W 36,813 W 39,999 $ 29,148 Advertising and others 27,836 31,949 23,281 ---------- ---------- ---------- Total revenues 64,649 71,948 52,429 Costs and expenses: Cost of revenues 34,120 39,256 28,606 Sales and marketing 12,925 14,950 10,894 General and administrative 7,288 8,686 6,330 Merger expenses 1) - 1,974 1,438 ---------- ---------- ---------- Total costs and expenses 54,333 64,866 47,268 ---------- ---------- ---------- Operating income 10,316 7,082 5,161 Other income: Interest income 3,143 4,678 3,409 Others, net 133 440 320 ---------- ---------- ---------- Income before income tax expense 13,592 12,200 8,890 Income tax expense 3,271 2,493 1,816 ---------- ---------- ---------- Net income W 10,321 W 9,707 $ 7,074 Net income per share - basic W 207 W 193 $ 0.14 Net income per share - diluted 204 191 0.14 Weighted average number of shares - basic 49,752,548 50,352,319 50,352,319 Weighted average number of shares - diluted 50,613,952 50,848,986 50,848,986 1) Merger expenses represent advisor fees incurred with respect to the business combination transaction with eBay, Inc. These expenses are deemed to be non-recurring in nature. The Company has submitted a 6-K with respect to such business combination with the United States Securities Exchange Commission on April 16, 2009. GMARKET INC. UNAUDITED STATEMENTS OF CASH FLOWS (in millions of Korean Won and in thousands of US dollars) Three Months Ended March 31, ---------------------------- 2008 2009 2009 -------- -------- -------- Cash flows from operating activities: Net income W 10,321 W 9,707 $ 7,074 Adjustments Depreciation and amortization 2,129 2,830 2,062 Stock-based compensation expense 470 681 496 Provision for bad debt 133 16 12 Provision for severance benefits 688 662 483 Deferred tax assets 4 (80) (58) Provision for loyalty program reserves 1,383 1,744 1,271 Others, net 5 (401) (293) Changes in operating assets and liabilities Accounts receivable (722) (5,056) (3,684) Amounts payable to sellers 12,424 (7,115) (5,185) Accounts payable (834) 4,347 3,168 Deferred revenue and advances 554 (162) (118) Other assets, net (933) (80) (57) Other current liabilities 236 (6,748) (4,918) Payment of accrued severance benefits (79) (263) (192) -------- -------- -------- Net cash provided by operating activities 25,779 82 61 -------- -------- -------- Cash flows from investing activities: Increase in cash on deposit, net (11,500) (19,073) (13,898) Decrease (increase) in restricted cash, net (1,990) 2,450 1,785 Increase in current held-to-maturity securities - (12,000) (8,744) Purchase of property and equipment (2,564) (430) (314) Increase in other assets, net (708) (617) (449) -------- -------- -------- Net cash used in investing activities (16,762) (29,670) (21,620) -------- -------- -------- Cash flows from financing activities: Issuance of common shares, net 23 146 106 Increase in short-term borrowing - 5,200 3,789 Decrease in short-term borrowing - (5,200) (3,789) -------- -------- -------- Net cash provided by financing activities 23 146 106 -------- -------- -------- Net increase (decrease) in cash and cash equivalents 9,040 (29,442) (21,453) -------- -------- -------- Cash and cash equivalents: Beginning of period 48,367 79,470 57,909 -------- -------- -------- End of period W 57,407 W 50,028 $ 36,456 -------- -------- -------- GMARKET INC. UNAUDITED SUPPLEMENTAL OPERATING DATA 2008 2009 --------------------------- ------ 1Q 2Q 3Q 4Q 1Q ------ ------ ------ ------ ------ G M V (in billions of Won)(1) 933 971 975 1,107 1,064 ------ ------ ------ ------ ------ Registered Users (2) (000) 14,260 14,735 15,204 15,685 16,129 ------ ------ ------ ------ ------ Average Monthly Unique Visitors (3)(000) 17,861 18,651 17,840 18,092 17,243 ------ ------ ------ ------ ------ (1) Represents the aggregate value of all products sold on the Company's website for the period. GMV is commonly used in the e-commerce industry to measure a company's operating performance as transaction fees depend in part on GMV. GMV should not be construed as an alternative to any measure of performance determined in accordance with U.S. GAAP. Other companies may determine GMV in a different manner to Gmarket. (2) Registered Users include both buyers and sellers who have registered with the Company as of the end of the period. (3) Average monthly unique visitors represents the average number of monthly unique visitors to the Company's website during the period, measured and announced by Metrix Corporation, a Korean Internet research company. Other research companies' results may differ. Pro forma Non-GAAP Information and Reconciliation to Comparable GAAP Financial Measures (in millions except per share data) Operating income - GAAP 7,082 Merger expenses (a) 1,974 ------ Operating income - Pro forma Non-GAAP 9,056 ------ Net income - GAAP 9,707 Merger expenses (a) 1,974 Tax effect of excluding merger expenses (b) (401) ------ Net income - Pro forma Non-GAAP 11,280 ------ Pro Forma Non-GAAP Net Income Per Diluted Share 222 ------ Shares Used in Non-GAAP Diluted Share Calculation 50.85 ------ (a) Merger expenses represent advisor fees relating to the business combination transaction with eBay, Inc. These expenses are not directly attributable to the underlying performance of our business operations. We believe that by excluding the merger expenses, investors are provided with supplemental information that is useful in evaluating our ongoing operations and performance. These expenses are deemed to be non-recurring in nature. Management also excludes this expense when evaluating current performance, forecasting future results, measuring core operating results, and making operating and strategic decisions. (b) Tax effect of excluding merger expenses from net income.
Contacts Paul J. Lee Gmarket Inc. +82-2-3016-4372 Email Contact In the U.S. Joseph Villalta The Ruth Group +1-646-536-7003 Email Contact
1 Year Gmarket Inc. ADS (MM) Chart |
1 Month Gmarket Inc. ADS (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions