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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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