Perfect World Announces Second Quarter 2012 Unaudited Financial Results
Posted on 2012-08-28 14:53:47 BJT, by Perfect World
Net Income Attributable to the Company's Shareholders
Net income attributable to the Company's shareholders was RMB158.2 million (USD24.9 million) in 2Q12, as compared to RMB209.8 million in 1Q12 and RMB316.6 million in 2Q11. Non-GAAP net income attributable to the Company's shareholders was RMB175.5 million (USD27.6 million) in 2Q12, as compared to RMB231.6 million in 1Q12 and RMB344.3 million in 2Q11.
Basic and diluted earnings per ADS were RMB3.28 (USD0.52) and RMB3.25 (USD0.51), respectively, in 2Q12, as compared to RMB4.52 and RMB4.38, respectively, in 1Q12, and RMB6.30 and RMB5.98, respectively, in 2Q11. Non-GAAP basic and diluted earnings per ADS were RMB3.64 (USD0.57) and RMB3.60 (USD0.57), respectively, in 2Q12, as compared to RMB4.99 and RMB4.83, respectively, in 1Q12, and RMB6.86 and RMB6.50, respectively, in 2Q11.
Cash and Cash Equivalents
As of June 30, 2012, the Company had RMB964.1 million (USD151.7 million) of cash and cash equivalents, as compared to RMB1.4 billion as of March 31, 2012. The decrease was mainly due to the Company's cash dividend payments in April and investments in certain structured deposits, and was partially offset by the net cash inflow generated from the Company's online game operations.
Based on the Company's current operations, total revenues for the third quarter of 2012 are expected to be between RMB643 million and RMB676 million, representing a flat to slight decline from the second quarter of 2012. The Company's upcoming new game "Return of the Condor Heroes" is scheduled for launch toward the end of the third quarter or in the fourth quarter. As such, the Company does not expect a significant revenue contribution from this game in the third quarter.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principals in the United States, or GAAP, this press release presents non-GAAP operating profit, non-GAAP net income attributable to the Company's shareholders and non-GAAP earnings per ADS by excluding share-based compensation charge from operating profit, net income attributable to the Company's shareholders and earnings per ADS, respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation charge has been and will continue to be incurred and is not reflected in the presentation of the non-GAAP financial measures. It should be considered in the overall evaluation of our results. None of the non-GAAP measures is a measure of net income attributable to the Company's shareholders, operating profit, operating performance or liquidity presented in accordance with GAAP. We compensate for these limitations by providing the relevant disclosure of our share-based compensation charge in our reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating our performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure are set forth at the end of this release.
Source: Perfect World