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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hurray! Holding CO., Ltd. (MM) | NASDAQ:HRAY | 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% | 2.98 | 0 | 01:00:00 |
| Total revenues: $6.2 million, representing a decrease of $0.7 million quarter-over-quarter and a decrease of $8.2 million year-over-year. | |
| Wireless value-added services (WVAS) revenues: $2.3 million, representing a decrease of $2.2 million quarter-over-quarter and a decrease of $9.2 million year-over-year. | |
| Recorded music revenues, which are from our record label businesses: $3.9 million, representing an increase of $1.5 million quarter-over-quarter and an increase of $0.9 million year-over-year. | |
| Net loss attributable to Hurray! Holding: $4.6 million | |
| EBITDA 1 : a net loss of $4.5 million | |
| Loss per ADS-basic and diluted: $0.21 |
| Total revenues: $34.6 million, as compared with $54.0 million for 2008 | |
| WVAS revenues: $20.1 million, as compared with $42.7 million for 2008. | |
| Recorded music revenues: $14.5 million, as compared with $11.3 million for 2008 | |
| Net loss attributable to Hurray! Holding: $22.7 million, as compared with net loss of $12.0 million for 2008 | |
| EBITDA 1 : $20.6 million, as compared with $9.7 million for 2008 | |
| Loss per ADS-basic and diluted: $1.03 |
1 | A non-GAAP measure, which is defined as net loss attributable to Hurray! Holding company except for income (loss) before interest, income tax, depreciation and amortization. |
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| Hurray! launched 11 new mobile games and mobile themes on China Mobiles portal in the fourth quarter of 2009, including Heavy Metal World 2, and X-Snake. In the first quarter of 2010, we are launching another 12 new mobile games, mobile themes and mobile software on China Mobiles portal, and 3 new mobile games on each China Unicoms and China Telecoms portal respectively. | |
| In November, The World of Legend Magical Land was selected as one of the high-rated mobile games in China Mobiles G-plus game package, and was the number one downloaded mobile games for the month. | |
| Hurray! affiliated music companies, including Huayi Brothers Music, Freeland Music, New Run Entertainment, Secular Bird and Seed Music, released a series of new songs, including 28 albums, and launched successful marketing programs to promote the new releases simultaneously over Internet and wireless platforms. Subsequently, Love Embrace by Kuo Shu Yao (better known as Yao Yao), topped the Taiwan best-seller list as album sales soared for 2 consecutive weesks. Another Seed Musics popular singer, Landy Wen (Wen Lan), held a press conference in Beijing to promote her latest album Dancing Queen on October 27. Huayi Brothers Music artist, Laure Shang (Shang Wen Jie) also released her most impressive album so far, Time Lady during this quarter. | |
| Hurray! artists, including Landy Wen received awards for their outstanding performances at various prestigious music award ceremonies in Asia, including Best EP for Landy Wen. |
5
Time:
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10: 00 pm Eastern Standard Time on February 28, 2010 | |
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or 11:00 am Beijing/Hong Kong Time on March 1, 2010 | |
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The dial-in number:
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+1-800-510-9691 (US) | |
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+1-617-614-3453(International) | |
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Password: 65049841 |
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As of | ||||||||
As of | December 31, 2008 | |||||||
December 31, 2009 1 | (As Adjusted) 2 | |||||||
(in thousands of U.S. dollars) | ||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 48,489 | $ | 59,473 | ||||
Short-term investment
|
10,000 | | ||||||
Accounts receivable, net
|
3,192 | 12,658 | ||||||
Prepaid expenses and other current assets
|
1,834 | 4,170 | ||||||
Amount due from related parties
|
63 | 745 | ||||||
Current deferred tax assets
|
| 363 | ||||||
Inventories, net
|
197 | 255 | ||||||
Receivable on disposal of subsidiary
|
| 47 | ||||||
|
||||||||
Total current assets
|
63,775 | 77,711 | ||||||
|
||||||||
Deposits and other non-current assets
|
332 | 720 | ||||||
Prepaid acquisition cost
|
| 2,507 | ||||||
Property and equipment, net
|
880 | 980 | ||||||
Acquired intangible assets, net
|
1,082 | 1,945 | ||||||
Investment in equity affiliate
|
| 825 | ||||||
Goodwill
|
2,099 | 3,157 | ||||||
Non-current deferred tax assets
|
| 479 | ||||||
|
||||||||
Total assets
|
$ | 68,168 | $ | 88,324 | ||||
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||||||||
Liabilities and shareholders equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 3,959 | $ | 2,454 | ||||
Accrued expenses and other current liabilities
|
6,261 | 3,033 | ||||||
Amount due to related parties
|
440 | 208 | ||||||
Income tax payable
|
655 | 124 | ||||||
Current deferred tax liabilities
|
12 | 497 | ||||||
|
||||||||
Total current liabilities
|
11,327 | 6,316 | ||||||
Long term payable
|
17 | 24 | ||||||
Non-current deferred tax liabilities
|
263 | 292 | ||||||
|
||||||||
Total liabilities
|
11,607 | 6,632 | ||||||
|
||||||||
|
||||||||
Redeemable non-controlling interest
|
371 | | ||||||
|
||||||||
Shareholders equity:
|
||||||||
Ordinary shares
|
110 | 110 | ||||||
Additional paid-in capital
|
75,190 | 75,013 | ||||||
Accumulated deficit
|
(30,859 | ) | (8,201 | ) | ||||
Accumulated other comprehensive income
|
9,954 | 9,987 | ||||||
|
||||||||
Total Hurray! Holding shareholders equity
|
54,395 | 76,909 | ||||||
|
||||||||
Non-controlling interest
2
|
1,795 | 4,783 | ||||||
|
||||||||
Total shareholders equity
|
56,190 | 81,692 | ||||||
|
||||||||
Total liabilities and shareholders equity
|
$ | 68,168 | $ | 88,324 | ||||
|
1 | Effective January 1, 2009, the Company adopted ASC 810 (formerly referred to as SFAS 160, Non-controlling Interests in Consolidated Financial Statements an amendment of ARB No.51). ASC 810, which was retrospectively applied, requires non-controlling interests to be separately presented as a component of stockholders equity on the unaudited condensed consolidated financial statements. | |
2 | December 31, 2008 balances were extracted from the form 6-K for the quarters ended December 31, 2008, as adjusted resulting from the adoption of ASC 810. |
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For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
(in thousands of U.S. dollars, | (in thousands of U.S. dollars, | |||||||||||||||
except share and per share data) | except share and per share data) | |||||||||||||||
Revenues:
|
||||||||||||||||
Wireless value-added services
|
2,300 | 11,454 | 20,169 | 42,672 | ||||||||||||
Recorded music
|
3,870 | 2,972 | 14,473 | 11,287 | ||||||||||||
|
||||||||||||||||
Total revenues
|
6,170 | 14,426 | 34,642 | 53,959 | ||||||||||||
|
||||||||||||||||
Cost of revenues:
|
||||||||||||||||
Wireless value-added services
|
1,538 | 11,117 | 15,332 | 32,840 | ||||||||||||
Recorded music
|
3,392 | 2,586 | 12,625 | 6,730 | ||||||||||||
|
||||||||||||||||
Total cost of revenues
|
4,930 | 13,703 | 27,957 | 39,570 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Gross profit
|
1,240 | 723 | 6,685 | 14,389 | ||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Product development
|
88 | 154 | 467 | 992 | ||||||||||||
Selling and marketing
|
1,116 | 2,370 | 6,330 | 9,132 | ||||||||||||
General and administrative
|
4,518 | 2,520 | 22,992 | 11,427 | ||||||||||||
Impairment of goodwill
|
584 | 965 | 3,593 | 2,675 | ||||||||||||
Gain on reduction of Unicom liability
|
| | | (1,557 | ) | |||||||||||
Total operating expenses
|
6,306 | 6,009 | 33,382 | 22,669 | ||||||||||||
|
||||||||||||||||
Loss from operations
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(5,066 | ) | (5,286 | ) | (26,697 | ) | (8,280 | ) | ||||||||
Interest income
|
83 | 215 | 454 | 1,613 | ||||||||||||
Other income
|
37 | 6 | 342 | 247 | ||||||||||||
Interest expense
|
(3 | ) | | (14 | ) | | ||||||||||
Foreign exchange loss
|
| (4,518 | ) | | (8,990 | ) | ||||||||||
Gain on reduction of acquisition payable
|
| | | 5,000 | ||||||||||||
|
||||||||||||||||
Loss before provision for income taxes,
equity in (loss) earnings of affiliate
|
(4,949 | ) | (9,583 | ) | (25,915 | ) | (10,410 | ) | ||||||||
Income tax (benefit)expense
|
6 | (93 | ) | 234 | 486 | |||||||||||
|
||||||||||||||||
Loss before equity in (loss) earnings
of affiliate
|
(4,955 | ) | (9,490 | ) | (26,149 | ) | (10,896 | ) | ||||||||
Equity in (loss)earnings of affiliate,
net of tax
|
(377 | ) | 30 | (704 | ) | 64 | ||||||||||
Impairment of the investment in music
equity affiliate
|
| | (210 | ) | (1,871 | ) | ||||||||||
|
||||||||||||||||
Loss from continuing operations
|
(5,332 | ) | (9,460 | ) | (27,063 | ) | (12,703 | ) | ||||||||
Discontinued operations:
|
||||||||||||||||
Gain on sale of subsidiary, net of tax
|
| 47 | 222 | 413 | ||||||||||||
|
||||||||||||||||
Net loss
|
(5,332 | ) | (9,413 | ) | (26,841 | ) | (12,290 | ) | ||||||||
Less: Net loss attributable to the
non-controlling interest
2
|
746 | 235 | 4,183 | 337 | ||||||||||||
|
||||||||||||||||
Net loss attributable to Hurray!
Holding Company
|
(4,586 | ) | (9,178 | ) | (22,658 | ) | (11,953 | ) | ||||||||
|
||||||||||||||||
Net loss per share-basic
|
||||||||||||||||
Loss from continuing operations
|
($0.00 | ) | ($0.00 | ) | ($0.01 | ) | ($0.01 | ) | ||||||||
Gain from discontinued operations
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Net loss
|
($0.00 | ) | ($0.00 | ) | ($0.01 | ) | ($0.01 | ) | ||||||||
Net loss per ADS-basic
|
||||||||||||||||
Loss from continuing operations
|
($0.21 | ) | ($0.42 | ) | ($1.04 | ) | ($0.57 | ) | ||||||||
Gain from discontinued operations
|
$ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||
Net loss
|
($0.21 | ) | ($0.42 | ) | ($1.03 | ) | ($0.55 | ) | ||||||||
Net loss per share-diluted
|
||||||||||||||||
Loss from continuing operations
|
($0.00 | ) | ($0.00 | ) | ($0.01 | ) | ($0.01 | ) | ||||||||
Gain from discontinued operations
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Net loss
|
($0.00 | ) | ($0.00 | ) | ($0.01 | ) | ($0.01 | ) | ||||||||
Net loss per ADS-diluted
|
||||||||||||||||
Loss from continuing operations
|
($0.21 | ) | ($0.42 | ) | ($1.04 | ) | ($0.57 | ) | ||||||||
Gain from discontinued operations
|
$ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.02 | ||||||||
Net loss
|
($0.21 | ) | ($0.42 | ) | ($1.03 | ) | ($0.55 | ) | ||||||||
Weighted average shares used in
calculating basic loss per share
|
2,197,770,091 | 2,189,982,906 | 2,196,291,947 | 2,185,615,129 | ||||||||||||
Weighted average ADSs used in
calculating basic loss per ADS
|
21,977,701 | 21,899,829 | 21,962,919 | 21,856,151 | ||||||||||||
Weighted average shares used in
calculating diluted loss per share
|
2,197,770,091 | 2,189,982,906 | 2,196,291,947 | 2,185,615,129 | ||||||||||||
Weighted average ADSs used in
calculating diluted loss per ADS
|
21,977,701 | 21,899,829 | 21,962,919 | 21,856,151 |
9
For the three months ended | For the year ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
(in thousands of U.S. dollars) | (in thousands of U.S. dollars) | |||||||||||||||
Net loss attributable to Hurray! Holding Company
|
($4,586 | ) | ($9,178 | ) | ($22,658 | ) | ($11,953 | ) | ||||||||
Add (deduct):
|
||||||||||||||||
Interest expense
|
3 | | 14 | | ||||||||||||
Income tax expense (benefit)
|
6 | (93 | ) | 234 | 486 | |||||||||||
Depreciation and amortization
|
185 | 712 | 2,245 | 3,340 | ||||||||||||
Interest income
|
(83 | ) | (215 | ) | (454 | ) | (1,613 | ) | ||||||||
|
||||||||||||||||
EBITDA
|
($4,475 | ) | ($8,774 | ) | ($20,619 | ) | ($9,740 | ) | ||||||||
|
For more information, please contact:
Christina Low Investor Relations Officer Tel: 8610-88695237 IR@hurray.com.cn |
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(Company Name)
|
||||
By: | /s/ Haibin Qu | |||
Name: | Haibin Qu | |||
Title: | Acting Chief Executive Officer | |||
11
1 Year Hurray! Chart |
1 Month Hurray! Chart |
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