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Perfect World Announces Third Quarter 2007 Financial Results

发布日期:2018-11-04 作者:K8

BEIJING, Nov. 9 /Xinhua-PRNewswire/ -- Perfect World Co., Ltd. (Nasdaq: PWRD) ("Perfect World" or the "Company"), a leading online game developer and operator in China, today announced its unaudited financial results for the third quarter ended September 30, 2007

Third Quarter 2007 Highlights(1)

* Total revenues were RMB213.9 million (USD28.5 million),

an increase of 65% from 2Q07 and 1,474% from 3Q06

* Gross profit was RMB178.5 million (USD23.8 million),

an increase of 72% from 2Q07 and 1,808% from 3Q06

* Operating profit was RMB116.4 million (USD15.5 million),

an increase of 114% from 2Q07 and a significant turnaround

from an operating loss of RMB14.9 million in 3Q06

* Net income was RMB123.3 million (USD16.5 million),

an increase of 136% from 2Q07 and a significant

turnaround from a net loss position of RMB14.9 million in 3Q06

* Basic and diluted earnings per ADS were RMB2.51 (USD0.33)

and RMB2.18 (USD0.29), respectively, as compared to basic and

diluted earnings per ADS of RMB1.67 and RMB1.06, respectively,

in 2Q07, and loss per ADS was RMB0.52 in 3Q06

* Aggregate average concurrent users (ACU) for games under

operation was approximately 513,000, an increase of 15%

from 2Q07 and 335% from 3Q06

* Active paying customers (APC) for games under item-based

revenue model was approximately 1,390,000, an increase of

34% from 2Q07

* Average revenue per active paying customer (ARPU) for games

under item-based revenue model was RMB136, an increase of 39%

from 2Q07

* Successfully launched expansion packs for every game under

operation

* High-quality customer services evidenced by official receipt

of ISO9001:2000 customer service certificate

* Launched "The Perfect Storm" marketing campaign, one of our

largest multi-site and multi-format marketing campaigns

(1) The U.S. dollar (USD) amounts disclosed in this press release

are presented solely for the convenience of the reader. The

conversion of Renminbi (RMB) into USD in this release is based on

the noon buying rate in The City of New York for cable transfers in

RMB per USD as certified for customs purposes by the Federal Reserve

Bank of New York as of September 28, 2007, which was RMB7.4928 to

USD1.00. The percentages stated are calculated based on RMB.

"We are pleased to report that Perfect World has achieved solid financial results in the third quarter of 2007," said Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World. "We posted strong growth during the quarter, largely as a result of the effective execution of our strategy. As a part of this, we developed a number of effective marketing campaigns and further strengthened our position in China through the successful launch of expansion packs for every game under operation. We are also very proud to have received the ISO9001:2000 certificate for customer service from the SGS Group, which clearly demonstrates that our highly rated games are coupled with world-class customer service."

"With our successful initial public offering and listing of ADSs on the NASDAQ Global Market in July 2007, we achieved a very important milestone in our corporate history and significantly enhanced our ability to execute our strategy." Mr. Chi continued, "We plan to build a diversified game portfolio, further improve our user experience, expand internationally, strengthen our leading edge technology, and pursue strategic acquisitions, partnerships and alliances when appropriate. Given our successful track record of quickly introducing popular games that cater to the changing preferences of game players in China, I believe that we are well positioned to achieve our goals."

Third Quarter 2007 Financial Results

Total Revenues

Total revenues for 3Q07 were RMB213.9 million (USD28.5 million), which represented an increase of 65% from RMB129.7 million in 2Q07 and an increase of over 14 times from RMB13.6 million in 3Q06.

Online game operation revenues for 3Q07 were about RMB197.4 million (USD26.4million), an increase of 77% from RMB111.5 million in 2Q07 and an increase of 1,353% from RMB13.6 million in 3Q06. The substantial year-over-year and sequential increases in online game operation revenues were primarily related to continued strong performance of the Company’s existing games, and significant contribution of revenues from "Zhu Xian" since its launch on May 28, 2007. The successful launch of "Zhu Xian" on May 28, 2007 had a greater impact on online game operation revenues in the third quarter of 2007 since it only contributed revenues for one month in 2Q07. The Company also experienced an increase in aggregate ACU of the games under operation. The ACU for 3Q07 was approximately 513,000, an increase of 15% from 446,000 in 2Q07 and an increase of 335% from 118,000 in 3Q06. The overall increase in ARPU and APC contributed to the growth of revenues as well. The ARPU for games under item-based revenue model in 3Q07 was RMB136, an increase of 39% from RMB98 in 2Q07. The APC for games under item-based revenue model in 3Q07 was approximately 1,390,000, an increase of 34% from 1,040,000 in 2Q07.

Overseas licensing revenues for 3Q07 were RMB16.4 million (USD2.2 million), a decrease of 10% from RMB18.2 million in 2Q07. The decrease in overseas licensing revenues was mainly because royalty income generated from the Taiwan market decreased by approximately RMB3.3 million, or 29%, compared to 2Q07.

Cost of Revenues

The cost of revenues for the third quarter of 2007 was RMB35.4 million (USD4.7 million), which represented an increase of 37%, or RMB9.6 million from RMB25.8 million in 2Q07 and an increase of 736%, or RMB 31.2 million from RMB4.2 million in 3Q06 respectively. The rise from 2Q07 was mainly due to an increase of RMB3.4 million in VAT and other related taxes and an increase of RMB4.7 million in Internet Data Center (IDC) costs, both of which were results of growth of online game operation revenues. The rise from 3Q06 was primarily a result of the expansion of game portfolio. While the Company had only two games under operation in 3Q06, it had four games under operation in the third quarter of 2007.

Gross Profit and Gross Margin

Gross profit for 3Q07 was RMB178.5 million (USD23.8 million), which represented an increase of 72%, or RMB74.5 million from RMB103.9 million in 2Q07, and a significant increase from RMB9.4 million in 3Q06. Gross margin was 83.4% in 3Q07, which increased from 80.1% in 2Q07 and 68.8% in 3Q06. The sequential improvement in gross margin was mainly due to a rapid revenue growth, a cost saving from using more self-owned servers and less leased servers, and a better utilization of servers and IDC resources.

Operating Expenses

Operating expenses were RMB62.0 million (USD8.3 million) for the third quarter of 2007, an increase of 25% from RMB49.5 million in 2Q07, and an increase of 156% from RMB24.3 million in 3Q06. The sequential increase in operating expenses was mainly attributed to higher R&D expenses, sales and marketing expenses, and general and administrative expenses.

R&D expenses increased by 25%, or RMB2.7 million from RMB10.9 million in 2Q07 to RMB13.6 million (USD1.8 million) in 3Q07, which was primarily due to an increase of R&D headcount. The R&D headcount was 274 as of June 30, 2007, as compared to 323 as of September 30, 2007.

Sales and marketing expenses increased by 17% or RMB5.6 million from RMB32.3 million in 2Q07 to RMB37.9 million (USD5.1 million) in 3Q07. The increase was largely due to the Company’s ongoing marketing campaigns to promote its existing games under operation.

General and administrative expenses increased by 68%, or RMB4.2 million from RMB6.3 million in 2Q07 to RMB10.5 million (USD1.4 million) in 3Q07, primarily due to the expenses associated with a company outing and the share-based compensation expenses incurred for share options granted to two independent directors and some other employees in 3Q07.

The year-over-year increase of operating expenses was primarily a result of the expansion of the Company’s business.

Operating Profit

Operating profit in 3Q07 was RMB116.4 million (USD15.5 million), an increase of 114%, or RMB62.0 million from RMB54.5 million in 2Q07, and a significant turnaround from an operating loss of RMB14.9 million in 3Q06.

Income Tax Expenses

Income tax expenses were RMB2.4 million (USD0.3 million) in 3Q07, which was a decrease of 18% from RMB2.9 million in 2Q07. There were no income tax expenses in 3Q06. The sequential decrease in income tax in 3Q07 was primarily a result of a decrease in overseas revenues in 3Q07.

Net Income

Net income in 3Q07 was RMB123.3 million (USD16.5 million), an increase of 136%, or RMB71.0 million from RMB52.4 million in 2Q07, and a significant turnaround from a net loss of RMB14.9 million in 3Q06. Basic and diluted earnings per ADS were RMB2.51 (USD0.33) and RMB2.18 (USD0.29), respectively, in 3Q07, as compared to basic and diluted earnings per ADS of RMB1.67 and RMB1.06, respectively, in 2Q07, and loss per ADS was RMB0.52 in 3Q06.

Cash and Cash Equivalents

As of September 30, 2007, the Company had RMB1.4 billion (USD188.7 million) of cash and cash equivalents, an increase of 499% from RMB236.2 million as of June 30, 2007, and an increase from RMB101.4 million as of December 31, 2006. The increase was mainly due to the net proceeds collected from the IPO and net cash inflow generated from the Company’s online game operations.

Third Quarter 2007 Other Developments

Trademark and Copyright for "Chi Bi", a self-developed game to be launched

Perfect World has registered Chi Bi’s copyright with the State Copyright Bureau, Beijing Branch and obtained a copyright registration certificate. A publishing number for Chi Bi has been obtained as well. Previously, Perfect World filed a trademark application for the Chinese name "Chi Bi" under Category 41 with the Trademark Office of the State Administration for Industry and Commerce in China in October 2006.

Cooperation Agreement with the Movie "Red Cliff"

In September 2007, the Company announced that it had entered into a cooperation agreement with China Firm Group Corporation ("CFGC"), to jointly market Perfect World’s game "Chi Bi" and the movie "Red Cliff" directed by John Woo. The game and the movie have the same name in Chinese.

Recent Business Developments

* On November 3, 2007, the Company announced that it had entered into new overseas licensing agreement for "Perfect World II" with PT. Lyto Datarindo Fortuna ("LYTO") in Indonesia.

* On November 6, 2007, the Company announced that it had entered into new overseas licensing agreement with Nival Online to license the Company’s "Perfect World II" game in Russia and other Russian-speaking countries and regions.

The latest licensing arrangements further demonstrate that Perfect World is keen on executing its international expansion plan to capture significant opportunities overseas.

Business Outlook

Based on the Company’s current operations, total revenues for the fourth quarter of 2007 are expected to be between RMB200 million and RMB215 million. This represents a flat to mild decline on a sequential basis and primarily reflects the Company’s especially strong performance in the third quarter of 2007.

The Company expects to launch closed beta testing for Chi Bi by early December after finishing internal testing. In addition, since Perfect World expects to co-promote its "Chi Bi" game with the movie "Red Cliff," the Company is still in the process of determining the best timing to commercially launch the game.

The Company also expects to launch small-scale closed beta testing for its new game, "Hot Dance Party," by the end of 2007. "Hot Dance Party" is the Company’s first 3D casual game, and as such, the Company anticipates that a few rounds of fine tuning of some of the game’s innovative features may be needed before it is commercially launched.

Conference Call

Perfect World will host a conference call and live webcast at 8:00am Eastern Time (EDT) (9:00pm, Beijing time) on Friday, November 9, 2007.

The dial-in details for the live conference call are as follows:

-- U.S. Toll Free Number +1-877-847-0047

-- International dial-in number +852-3006-8101

Passcode: PWRD

A live and archived webcast of the conference call will be available on the Investors section of Perfect World’s website at http://www.pwrd.com .

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 a.m. Eastern Time, November 16, 2007.

The dial-in details for the replay are as follows:

-- U.S. Toll Free Number +1-877-847-0047

-- International dial-in number +852-3006-8101

Passcode: 176501

About Perfect World Co., Ltd.

Perfect World Co., Ltd. (Nasdaq: PWRD) is a leading online game developer and operator in China. Perfect World primarily develops three-dimensional ("3D") online games based on the proprietary Angelica 3D game engine and game development platform. The Company’s strong technology and creative game design capabilities, combined with extensive local knowledge and experience, enable it to frequently and rapidly introduce popular games designed to cater to changing customer preferences and market trends in China. The Company’s current portfolio of self-developed 3D massively multiplayer online role playing games ("MMORPGs") consists of "Perfect World," "Legend of Martial Arts," "Perfect World II" and "Zhu Xian." The Company uses a time-based revenue model for "Perfect World," and an item-based model for "Legend of Martial Arts," "Perfect World II" and "Zhu Xian." While most revenues are generated in China, the Company’s games have been licensed to leading game operators in over ten countries and regions. The Company plans to continue to explore new and innovative business models and remains deeply committed to maximizing shareholder value over time.

Safe Harbor Statements

This press release contains forward-looking statements. These statements constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the management’s quotations and "Business Outlook" contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, our limited operating history, our dependence on four games for substantially all of our revenues, our ability to develop and operate new games that are commercially successful, the growth of the online game market and the continuing market acceptance of our games and in-game items in China and elsewhere, our ability to protect our intellectual property rights, our ability to respond to competitive pressure, our ability to maintain an effective system of internal control over financial reporting, and changes of the regulatory environment in China. Further information regarding these and other risks is included in Perfect World’s filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. All information provided in this press release and in the attachments is as of November 9, 2007, and Perfect World does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Perfect World Co., Ltd.

Consolidated Balance Sheets

Audited Unaudited Unaudited Unaudited

December 31, June 30, September 30, September 30,

2006 2007 2007 2007

RMB RMB RMB USD

Assets

Current assets

Cash and cash

equivalents 101,356,892 236,166,827 1,413,568,927 188,656,968

Accounts

receivable 5,570,756 9,756,685 18,833,203 2,513,507

Prepayment and

other assets 6,700,732 27,862,250 23,249,713 3,102,940

Deferred tax

assets 237,639 610,256 982,649 131,146

Total current

assets 113,866,019 274,396,018 1,456,634,492 194,404,561

Non current

assets

Property and

equipment, net 10,578,722 25,571,786 39,015,958 5,207,127

Intangible

assets, net 2,740,165 2,231,607 1,977,327 263,897

213,731

Prepaid expenses 344,955 327,653 1,601,441

Deferred tax assets -- 527,786 467,438 62,385

Total assets 127,529,861 303,054,850 1,499,696,656 200,151,701

Liabilities and

Shareholders’ Equity

Current liabilities

Accounts Payable 6,746,791 11,381,831 13,878,208 1,852,206

Advance from customers 20,449,444 32,221,813 58,721,092 7,837,002

Salary and welfare

payable 10,175,358 12,006,505 15,420,778 2,058,081

Taxes payable 5,330,698 11,051,347 14,062,984 1,876,866

Accrued expenses and

other liabilities 7,224,240 15,993,275 23,599,149 3,149,577

Due to related parties 126,900 -- -- --

Deferred revenue 32,976,470 75,107,630 103,357,923 13,794,299

Deferred government

grants 1,000,000 2,500,000 2,500,000 333,654

Total current

liabilities 84,029,901 160,262,401 231,540,134 30,901,685

Deferred revenue -- 5,301,213 5,206,209 694,828

Total liabilities 84,029,901 165,563,614 236,746,343 31,596,513

Commitments

Shareholders’ Equity

Series A convertible

preferred shares (US

0.0001 par value,

80,000,000 shares

authorized, issued and

outstanding as of

December 31, 2006;

none issued and

outstanding as of

September 30, 2007) 61,796,533 61,796,533 -- --

Ordinary shares (US

0.0001 par value,

9,920,000,000 shares

authorized,

154,285,720 Class A

ordinary shares

issued and outstanding

as of December

31, 2006 and

91,309,730 Class A

ordinary shares and

187,975,990 Class B

ordinary shares issued

and outstanding

as of September 30,

2007) 123,400 123,400 221,081 29,506

Additional Paid-in

Capital 45,898,257 47,591,610 1,120,131,306 149,494,356

Receivables from

shareholders (126,808) -- -- --

Statutory reserves 160,698 160,698 160,698 21,447

(Accumulated deficit)

/ retained earnings (64,352,120) 28,021,201 151,362,993 20,201,125

Accumulated other

comprehensive

income -- (202,206) (8,925,765) (1,191,246)

Total Shareholders’

Equity 43,499,960 137,491,236 1,262,950,313 168,555,188

Total Liabilities and

Shareholders’ Equity 127,529,861 303,054,850 1,499,696,656 200,151,701

Perfect World Co., Ltd.

Unaudited Consolidated Statements of Operations

Three months ended

September June 30, September September

30, 2006 2007 30, 2007 30, 2007

RMB RMB RMB USD

Revenues

Online game operation

revenues 13,585,243 111,527,683 197,444,414 26,351,219

Overseas licensing

revenues -- 18,179,553 16,422,947 2,191,830

Total Revenues 13,585,243 129,707,236 213,867,361 28,543,049

Cost of revenues (4,233,360) (25,762,448) (35,405,618) (4,725,285)

Gross profit 9,351,883 103,944,788 178,461,743 23,817,764

Operating expenses

Research and

development

expenses (4,816,081) (10,899,521) (13,590,762) (1,813,843)

Sales and marketing

expenses (9,122,112) (32,289,398) (37,904,624) (5,058,806)

General and

administrative

expenses (10,336,579) (6,291,902) (10,539,458) (1,406,611)

Total operating

expenses (24,274,772) (49,480,821) (62,034,844) (8,279,260)

Operating (loss) /

profit (14,922,889) 54,463,967 116,426,899 15,538,504

Other income/(expenses)

Interest income 181,953 764,249 9,594,555 1,280,503

Others, net (118,669) 25,544 (298,604) (39,852)

(Loss) / profit before

tax (14,859,605) 55,253,760 125,722,850 16,779,155

Income tax expense -- (2,892,291) (2,381,058) (317,780)

Net (loss) / profit (14,859,605) 52,361,469 123,341,792 16,461,375

Series A convertible

preferred

shares accretion (509,549) -- -- --

Cumulative unearned

dividends of

Series A Preferred

Shares (226,719) (765,382) (207,878) (27,744)

Net (loss) / profit

attributable to

ordinary shareholders(15,595,873) 51,596,087 123,133,914 16,433,631

Net (loss) / earnings

per share, basic (0.10) 0.33 0.50 0.07

Net (loss) / earnings

per share,

diluted (0.10) 0.21 0.44 0.06

Net (loss) / earnings

per ADS, basic (0.52) 1.67 2.51 0.33

Net (loss) / earnings

per ADS,

diluted (0.52) 1.06 2.18 0.29

Shares used in

calculating basic net

earnings per share 150,124,226 154,285,720 245,318,329 245,318,329

Shares used in

calculating diluted

net earnings

per share 150,124,226 246,869,700 282,331,579 282,331,579

Total share-based

compensation

cost included in:

Cost of revenues (374) (30,956) (31,815) (4,246)

Research and

development

expenses (44,713) (366,928) (377,776) (50,419)

Sales and marketing

expenses (5,111) (232,961) (282,867) (37,752)

General and

administrative

expenses (8,204,365) (563,479) (1,920,586) (256,324)

Perfect World Co., Ltd.

Unaudited Consolidated Statements of Cash Flows

Three months ended

September 30, June 30, September September

2006 2007 30, 2007 30, 2007

RMB RMB RMB USD

Cash flows from operating

activities:

Net (loss) / profit (14,859,605)52,361,469 123,341,792 16,461,375

Adjustments for:

Share-based

compensation cost 8,254,564 1,194,324 2,613,044 348,741

Depreciation and

amortization expense 330,215 1,265,370 2,015,326 268,968

Exchange loss 285,510 372,415 302,708 40,400

Changes in assets and

liabilities:

Accounts receivable (871,639)(3,354,185) (9,076,518) (1,211,365)

Prepayments and other

assets (139,569)(15,605,811)(8,160,418) (1,089,101)

Deferred tax assets (238,689) (146,831) (312,045) (41,646)

Due from/to related

parties 324,000 -- -- --

Prepaid expenses -- 45,428 (1,273,788) (170,002)

Accounts payable 349,927 7,022,588 (1,438,383) (191,969)

Advance from customers 2,942,438 8,122,347 26,499,279 3,536,632

Salary and welfare

payable 1,803,251 6,241,361 3,414,273 455,674

Taxes payable (978,449) 6,333,824 3,011,637 401,937

Accrued liabilities 2,780,139 10,204,830 4,194,478 559,801

Deferred revenue 4,244,545 19,869,151 28,155,289 3,757,646

Government grant -- 1,500,000 -- --

Net cash provided by

operating activities 4,226,638 95,426,280 173,286,674 23,127,091

Cash flows from investing

activities:

Purchase of property,

equipment, and software (189,916) (17,947,851) (5,428,898) (724,549)

Purchase of intangible

assets (1,220,000) -- -- --

Net cash used in

investing activities (1,409,916) (17,947,851) (5,428,898) (724,549)

Cash flows from financing

activities:

Proceeds from issuance of

Series A convertible

preferred shares,

net of issuance costs 54,510,729 -- -- --

Proceeds from IPO, net of

issuance costs -- -- 1,018,570,591 135,939,916

Net cash provided by

financing activities 54,510,729 -- 1,018,570,591 135,939,916

Net increase in cash 57,327,451 77,478,429 1,186,428,367 158,342,458

Foreign exchange

translation (285,510) (574,621) (8,723,559) (1,164,259)

Effect of exchange rate

changes -- -- (302,708) (40,400)

Cash and cash

equivalents, beginning

of the period 3,733,912 159,263,019 236,166,827 31,519,169

Cash and cash

equivalents, end of the

period 60,775,853 236,166,827 1,413,568,927 188,656,968

Supplemental schedule of

non-cash financing

activities:

Issuance of 5,714,290

ordinary shares to

SAIF 2,498,573 -- -- --

Issuance of 5,000,000

Series A

convertible preferred

shares to existing

shareholders 3,971,025 -- -- --

Conversion of Series A

preferred shares into

common shares -- -- 61,796,533 8,247,455

Cash paid during the

period for income

taxes (238,689)(2,732,371) (2,005,418) (267,646)

For further information, please contact:

Perfect World Co., Ltd.

Vivien Wang

Investor Relation Officer

Tel: +86-10-5885-1813

Fax: +86-10-5885-6899

Email: ir@pwrd.com

Christensen Investor Relations

Brett Rose

Tel: +1-480-614-3013

Fax: +1-480-614-3033

Email: brose@christensenir.com

Jung Chang

Tel: +852-2117-0861

Fax: +852-2117-0869

Email: jchang@christensenir.com

本文源自: AG环亚官网

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