华友集团-2008年第一季度财报.pdf

Hurray! Reports First Quarter 2008 Unaudited Financial Results BEIJING, May 23, 2008 /Xinhua-PRNewswire/ -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY - News), a leader in artist development, music production and wireless music distribution and other wireless value-added services in China, today announced its unaudited financial results for the first quarter ended March 31, 2008. FINANCIAL HIGHLIGHTS: Highlights for First Quarter 2008 Total revenues: $13.2 million, representing a decline of 16.7% quarter-over-quarter and 19.5% year-over-year; below our previous guidance of $13.5-14.5 million Wireless value-added services (“WVAS”) revenues: $11.0 million, representing a slight increase quarter-over-quarter and a decline of 26.3% year-over-year Recorded music revenues, which are from our record label businesses: $2.2 million, representing a decline of 54.1% quarter-over-quarter and growth of 47.9% year-over-year Net income: $4.9 million Adjusted EBITDA (a non-GAAP measure which is defined as income from continuing operations before interest, tax, depreciation, amortization, stock-based compensation, provisions for impairment of goodwill and other intangible assets and gain on reduction of acquisition payable): $1.3 million Diluted earnings per ADS: $0.22 Commenting on the first quarter results, QD Wang, Chairman and CEO of Hurray! stated: “We missed our guidance for Q1 primarily due to the performance of our music business which was impacted by the cancellation of certain planned as well as anticipated concerts in preparation for the Beijing Olympics. However, our WVAS business stabilized and margins improved partly as a result of seasonal factors as well as improved operating efficiency. We further streamlined our organization structure to reduce our costs in an effort to get back on the pa