China Financial Results 27/11/13 – 58.com, Acorn International, China Gerui Advanced Materials, RenRen

Third Quarter 2013 Financial Highlights
  • Total revenues were US$41.6 million in the third quarter of 2013, a 77.6% increase from the same quarter of 2012.
  • Gross margin was 94.5% compared with 88.0% in the same quarter of 2012.
  • Operating income was US$7.3 million, compared with a loss of US$6.1 million in the same quarter of 2012.
  • Net income was US$8.5 million, compared with a loss of US$6.3 million in the same quarter of 2012.
  • Basic and diluted earnings per share attributable to ordinary shareholders were US$0.06 and US$0.05.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were US $0.11 and US$0.10. One ADS represents two Class A ordinary shares.
  • Net revenues were $56.3 million, a decrease of 18.7% from $69.2 million in the third quarter of 2012.
  • Gross profit was $27.5 million, a decrease of 11.7% from $31.1 million in the third quarter of 2012.
  • Gross margin increased to 48.8%, as compared to 44.9% in the third quarter of 2012.
  • Operating loss was $11.1 million, as compared to $2.2 million in the third quarter of 2012.
  • Net loss attributable to Acorn was $10.5 million, as compared to $1.1 million in the third quarter of 2012.
  • Basic and diluted loss per American Depositary Share (“ADS”, one ADS represents three ordinary shares) was $0.39, as compared to basic and diluted loss per ADS of $0.04 in the third quarter of 2012.
  • Revenue decreased 44.9% to $30.9 million in the third quarter of 2013 from $56.1 million in the third quarter of 2012.
  • Gross profit decreased to $0.7 million in the third quarter of 2013 from $8.8 million in the same quarter of 2012. Gross margin was 2.4% in the third quarter of 2013 compared to 15.7% in the third quarter of 2012.
  • The operating loss was $2.3 million in the third quarter of 2013 compared to operating income of $5.9 million for the third quarter of 2012. The decrease in operating income in the third quarter of 2013 was primarily due to a 91.5% decrease in gross profit. Net loss was $4.4 million in the third quarter of 2013, or nil per fully diluted share, compared to a net profit of $2.4 million, or $0.04 per share in the third quarter of 2012.
  • Total net revenues were US$47.6 million, a 5.6% decrease from the  corresponding period in 2012. Renren net revenues were US$41.1 million, a 9.9% decrease from the corresponding period in 2012. Nuomi net revenues  were US$6.5 million, a 36.0% increase from the corresponding period in 2012.
  • Gross profit was US$30.0 million, a 3.0% decrease from the corresponding period in 2012.
  • Operating loss was US$35.5 million, compared to an operating loss of US$20.6 million in the corresponding period in 2012.
  • Net loss attributable to the Company was US$24.6 million, compared to a net loss of US$15.4 million in the corresponding period in 2012.
  • Adjusted net loss (non-GAAP) was US$19.7 million, compared to an adjusted net loss of US$12.1 million in the corresponding period in 2012.

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