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Shanda Reports Third Quarter 2004 Financial Results Net revenues increased 23.1% quarter-over-quarter to US$42.7 million and income from operations increased 27.1% quarter-over-quarter to US$17.2 million
SHANGHAI, China, Nov 8, 2004 /Xinhua-PRNewswire via COMTEX/ -- Shanda Interactive Entertainment Limited (Nasdaq: SNDA), or Shanda, the largest operator of online games in China, today announced its financial results for the quarter ended September 30, 2004.
Summary of the third quarter 2004:
-- Revenues for the third quarter of 2004 increased 133.0% year-over-year,
and 23.0% quarter-over-quarter to RMB 371.7 million (US$44.9 million),
and net revenues increased 133.7% year-over-year and 23.1% quarter-
over-quarter to RMB 353.3 million (US$42.7 million);
-- Online games revenues for the third quarter of 2004 increased
118.0% year-over-year and 19.1% quarter-over-quarter to
RMB 341.2 million (US$41.2 million), accounting for 91.8% of total
revenues;
-- Other revenues for the third quarter of 2004 increased 92.0%
quarter-over-quarter to RMB 30.5 million (US$3.7 million), accounting
for 8.2% of total revenues;
-- Income from operations for the third quarter of 2004 increased
166.8% year-over-year and 27.1% quarter-over-quarter to
RMB 142.0 million (US$17.2 million);
-- Net income for the third quarter of 2004 was RMB 165.1 million
(US$20.0 million), and diluted earnings per ADS were RMB 2.20
(US$0.26).
"We are very pleased with our third quarter results," said Tianqiao Chen, Chairman and CEO of Shanda. "Our MMORPG and casual game portfolio continued to post impressive revenue growth with total peak concurrent user number reaching an all-time high in the third quarter. We also continue to diversify our revenue stream, with revenue from value-added services and products as well as online advertising growing during the quarter. In addition, we took several important strategic steps during the quarter, which help position us to further expand our interactive game offerings, our user base, and our revenue streams."
Financial Results
Revenues. In the third quarter of 2004, Shanda had revenues of RMB 371.7 million (US$44.9 million), and net revenues after business tax and related surcharges of RMB 353.3 million (US$42.7 million), representing a 133.7% increase compared to net revenues of RMB 151.2 million in the same period of 2003 and a 23.1% increase compared to net revenues of RMB 287.0 million in the second quarter of 2004.
Shanda's online game revenues increased 19.1% to RMB 341.2 million (US$41.2 million) in the third quarter of 2004 from RMB 286.4 million in the second quarter of 2004. Total peak concurrent users for all Shanda games in commercial service in the third quarter of 2004 increased to 1.7 million from 1.6 million in the second quarter of 2004. Revenues from massively multiplayer online role-playing games, or MMORPGs, increased 19.0% to RMB 283.6 million (US$34.3 million) in the third quarter of 2004 from RMB 238.4 million in the second quarter of 2004, while revenues from casual games increased 19.9% to RMB 57.6 million (US$ 7.0 million) in the third quarter of 2004 from RMB 48.0 million in the second quarter of 2004.
The increase in Shanda's casual online game revenues was partially offset by the fact that a portion of BNB's revenue was deferred. In the third quarter, Shanda formalized an expiration policy that allows some of the premium features that users purchase within BNB to be valid for a period of two months following purchase. The corresponding revenue is recognized over the two-month life of the premium features. As of September 30, 2004, RMB 10.4 million (US$1.3 million) of such revenue has been deferred.
Shanda's other revenues, which include revenues from the sale of game content related merchandise, wireless data services and online advertising, increased 92.0% to RMB 30.5 million (US$3.7 million) in the third quarter of 2004 from RMB 15.9 million in the second quarter of 2004. The increase in Shanda's other revenues was primarily due to revenue from the sale of a user account protection product, which Shanda launched in the third quarter of 2004, and the increase of online advertising revenues.
Gross Profit. In the third quarter of 2004, Shanda had gross profit of RMB 221.5 million (US$26.8 million), representing a 137.9% increase compared to gross profit of RMB 93.1 million in the same period of 2003 and a 23.0% increase compared to gross profit of RMB 180.1 million in the second quarter of 2004. Gross margin, which is equal to gross profits divided by net revenues, for the third quarter remained generally stable at 62.7%.
Income from Operations. In the third quarter of 2004, Shanda had income from operations of RMB 142.0 million (US$17.2 million), representing a 166.8% increase compared to income from operations of RMB 53.2 million in the same period of 2003 and a 27.1% increase compared to RMB 111.7 million in the second quarter of 2004. Shanda's operating income margin, which is equal to income from operations divided by net revenues, increased to 40.2% in the third quarter of 2004 from 38.9% in the previous quarter. The increase in operating margin in the third quarter of 2004 was mainly due to the slower growth in general and administrative expenses relative to the growth in revenues.
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