SHANGHAI, China, May 14 /Xinhua-PRNewswire-FirstCall/ -- Ctrip.com
International, Ltd. (NASDAQ:CTRP), a leading travel service
provider for hotel accommodations, airline tickets and packaged
tours in China, today announced its unaudited financial results for
the quarter ended March 31, 2008. Highlights for the First Quarter
of 2008 -- Net revenues were RMB340 million (US$49 million) for the
first quarter of 2008, up 47% year-on-year. -- Gross margin was 80%
for the first quarter of 2008, remaining relatively consistent with
79% in the same period in 2007. -- Income from operations was
RMB110 million (US$16 million) for the first quarter of 2008, up
55% year-on-year. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB144 million (US$21
million), up 60% year-on-year. -- Operating margin was 32% in the
first quarter of 2008, compared to 31% in the first quarter of
2007. Excluding share-based compensation charges (non-GAAP),
operating margin was 42%, compared to 39% during the same period in
2007. -- Net income was RMB99 million (US$14 million) in the first
quarter of 2008, up 52% year-on-year. Excluding share-based
compensation charges (non-GAAP), net income was RMB132 million
(US$19 million), up 58% year-on-year. -- Diluted earnings per ADS
were RMB1.43 (US$0.20). Excluding share-based compensation charges
(non-GAAP), diluted earnings per ADS were RMB1.92 (US$0.27). --
Share-based compensation charges were RMB33 million (US$5 million),
accounting for 10% of the net revenues, or RMB0.48 (US$0.07) per
ADS, for the first quarter of 2008. 'During the first quarter of
2008, we achieved strong financial results despite of the
challenges due to weather conditions,' said Min Fan, Chief
Executive Officer of Ctrip. 'We are not only gaining new customers
and business, but we are also strengthening our brand recognition
in the travel industry. We will continue to provide high quality
service to our customers. We believe Ctrip will be able to improve
its position in this promising and challenging market.' First
Quarter 2008 Financial Results For the first quarter of 2008, Ctrip
reported total revenues of RMB367 million (US$52 million),
representing a 47% increase from the same period in 2007 and a 4%
decrease from the previous quarter. Hotel reservation revenues
amounted to RMB171 million (US$24 million) for the first quarter of
2008, representing a 28% increase from the same period in 2007
primarily due to increased hotel booking volume and a 13% decrease
from the previous quarter primarily due to decreased hotel booking
volume during the Chinese New Year holidays. Air-ticketing revenues
for the first quarter of 2008 were RMB159 million (US$23 million),
representing a 68% increase from the same period in 2007 and a 3%
increase from the previous quarter, primarily due to increased air
ticketing volume. Packaged-tour revenues for the first quarter of
2008 were RMB27 million (US$4 million), up 67% from the same period
in 2007 and 22% from the previous quarter, primarily due to the
increased leisure travel volume in the first quarter of 2008. For
the first quarter of 2008, net revenues were RMB340 million (US$49
million), a 47% increase from the same period in 2007. Net revenues
decreased by 4% from the previous quarter. Gross margin was 80% in
the first quarter of 2008, remaining relatively consistent with 79%
in the same period in 2007 and 81% in the previous quarter. Product
development expenses for the first quarter of 2008 increased by 57%
to RMB54 million (US$8 million) from the same period in 2007
primarily due to the increased product development personnel
resources. Product development expenses remained relatively
consistent with the fourth quarter of 2007. Excluding share-based
compensation charges (non-GAAP), product development expenses
accounted for 13% of the net revenues, remaining consistent with
the same period last year and the fourth quarter of 2007. Sales and
marketing expenses for the first quarter of 2008 increased by 36%
to RMB66 million (US$9 million) from the same period in 2007
primarily due to the increased sales and marketing personal
resources. Sales and marketing expenses decreased 9% from the
previous quarter, primarily due to the decrease in advertisement
and other sales and marketing activities. Excluding share- based
compensation charges (non-GAAP), sales and marketing expenses
accounted for 18% of the net revenues, which was a decrease from
20% in the same period last year and 19% in the previous quarter.
General and administrative expenses for the first quarter of 2008
increased by 42% to RMB43 million (US$6 million) from the same
period in 2007 and 17% from the previous quarter primarily due to
the increase of personnel resources and share-based compensation
charges. Excluding share-based compensation charges (non-GAAP),
general and administrative expenses accounted for 7% of the net
revenues, which was a decrease from 8% in the same period last year
and was relatively consistent with the previous quarter. Income
from operations for the first quarter of 2008 was RMB110 million
(US$16 million), which represented a 55% increase from the same
period in 2007 and a 13% decrease from the previous quarter.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB144 million (US$21 million), representing a 60%
increase from the same period in 2007 and a 4% decrease from the
pervious quarter. Operating margin was 32% in the first quarter of
2008, compared to 31% in the first quarter of 2007 and 36% in the
previous quarter. Excluding share- based compensation charges
(non-GAAP), operating margin was 42% in the first quarter of 2008
compared to 39% in the first quarter of 2007 and was relatively
consistent with the previous quarter. Net income for the first
quarter of 2008 was RMB99 million (US$14 million), representing a
52% increase from the same period in 2007, and a 27% decrease from
the previous quarter. Excluding share-based compensation charges
(non- GAAP), net income was RMB132 million (US$19 million),
representing a 58% increase from the same period in 2007, and a 16%
decrease from the previous quarter. The effective tax rate for the
first quarter of 2008 was 28%, as compared to 16% in the same
period of 2007 and 7% in the previous quarter, primarily due to the
application of a statutory tax rate of 25% under the new PRC
Enterprise Income Tax Law effective on January 1, 2008 and the
increase of share-based compensation, which is not tax-deductible.
Diluted earnings per ADS were RMB1.43 (US$0.20) for the first
quarter of 2008. Excluding share-based compensation charges
(non-GAAP), diluted earnings per ADS were RMB1.92 (US$0.27). As of
March 31, 2008, the balance of cash and short-term investment was
RMB1.2billion (US$178 million). Business Outlook For the second
quarter of 2008, Ctrip expects to continue the year-on-year net
revenue growth of approximately 30%. Conference Call Ctrip's
management team will host a conference call at 9:00PM US Eastern
Time on May 14, 2008 (or 9:00AM on May 15, 2008 in the Shanghai/HK
time zone) following the announcement. The conference call will be
available on Webcast live and replay at: http://ir.ctrip.com/ . The
call will be archived for 12 months at this website. The dial-in
details for the live conference call: U.S. Toll Free Number
+1-888-679-8033, International dial-in number +1-617-213-4846;
Passcode 44368609. For pre-registration, please click
https://www.theconferencingservice.com/prereg/key.process?key=PRV4XEJAE
. A telephone replay of the call will be available after the
conclusion of the conference call through May 22, 2008. The dial-in
details for the replay: U.S. Toll Free Number +1-888-286-8010,
International dial-in number +1-617-801-6888; Passcode 70404454.
Safe Harbor Statement This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expect," "anticipate," "future,"
"intend," "plan," "believe" "estimate," and "confident" and similar
statements. Among other things, quotations from management and the
Business Outlook section in this press release, as well as Ctrip's
strategic and operational plans, contain forward-looking
statements. Ctrip may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, etc., in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Ctrip's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, a slow-down of
economic growth, inflation in China, declines or disruptions in the
travel industry, volatility in the trading price of Ctrip's ADSs,
Ctrip's reliance on the relationships with travel suppliers and
strategic alliances, failure to further increase brand recognition
to obtain new business partners and consumers, failure to compete
against new and existing competitors, damage to infrastructure and
technology, loss of services of key executives, PRC laws and
regulations governing internet content providers in China and other
risks outlined in Ctrip's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F and
other filings. All information provided in this press release and
in the attachments is as of May 14, 2008, and Ctrip does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. About Non-GAAP Financial
Measures To supplement Ctrip's unaudited consolidated financial
statements presented in accordance with the United States Generally
Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP
financial information related to product development expenses,
sales and marketing expenses, general and administrative expenses,
income from operations, operating margin, net income, and diluted
earnings per ordinary share and per ADS, each of which is adjusted
from the most comparable GAAP result to exclude the share-based
compensation charges recorded under Statement of Financial
Accounting Standard 123R, 'Share-Based Payment", for 2008 and 2007.
Ctrip's management believes the non-GAAP financial measures
facilitate better understanding of operating results from quarter
to quarter and provides the management better capability to plan
and forecast future periods. The non-GAAP information is not in
accordance with GAAP and may be different from non-GAAP methods of
accounting and reporting used by other companies. The presentation
of this additional information should not be considered a
substitute for the GAAP results. A limitation of using these
non-GAAP financial measures is that these non-GAAP measures exclude
share- based compensation charges that have been and will continue
to be significant recurring expenses in our business for the
foreseeable future. Reconciliations of Ctrip's non-GAAP financial
data to the most comparable GAAP data included in the consolidated
statement of operations are included at the end of this press
release. About Ctrip.com International, Ltd. Ctrip.com
International, Ltd. is a leading travel service provider of hotel
accommodations, airline tickets and packaged tours in China. Ctrip
aggregates information on hotels and flights and enables customers
to make informed and cost-effective hotel and flight bookings.
Ctrip also sells packaged tours that include transportation and
accommodations, as well as guided tours in some instances. Ctrip
targets primarily business and leisure travelers in China who do
not travel in groups. These travelers form a traditionally
under-served yet fast-growing segment of the travel industry in
China. Since its inception in 1999, Ctrip has experienced
substantial growth and become one of the best-known travel brands
in China. Ctrip.com International, Ltd. Consolidated Balance Sheet
Information December 31, March 31, March 31, 2007 2008 2008 RMB RMB
USD (unaudited) (unaudited) (unaudited) ASSETS Current assets: Cash
1,064,418,278 995,642,065 141,991,167 Restricted cash 6,600,000
6,600,000 941,244 Short-term investment 141,174,094 244,675,406
34,893,811 Accounts receivable, net 260,683,770 333,432,023
47,551,629 Prepayments and other current assets 63,489,599
66,828,893 9,530,647 Deferred tax assets 11,275,767 12,176,823
1,736,569 Total current assets 1,547,641,508 1,659,355,210
236,645,067 Long-term deposits 147,092,990 148,435,023 21,168,714
Land use rights 65,083,814 113,655,194 16,208,670 Property,
equipment and software 267,194,788 261,169,490 37,246,077
Investment 80,416,250 66,733,271 9,517,009 Goodwill 14,595,849
14,595,849 2,081,553 Other long-term assets 2,918,809 2,883,895
411,280 Total assets 2,124,944,008 2,266,827,932 323,278,370
LIABILITIES Current liabilities: Accounts payable 230,904,562
290,243,510 41,392,400 Salary and welfare payable 65,497,142
48,229,234 6,878,100 Taxes payable 49,079,149 66,970,888 9,550,897
Advances from customers 96,672,341 59,985,587 8,554,704 Accrued
liability for customer reward program 44,659,657 48,920,981
6,976,751 Dividend payable 119,497,083 119,497,083 17,041,797 Other
payables and accruals 65,731,210 58,522,381 8,346,033 Total current
liabilities 672,041,144 692,369,664 98,740,682 Other long-term
payables 1,625,000 812,500 115,873 Total liabilities 673,666,144
693,182,164 98,856,555 Minority interests 1,158,767 1,187,728
169,385 SHAREHOLDERS' EQUITY Share capital 2,742,210 2,750,380
392,239 Additional paid-in capital 791,336,910 845,979,468
120,647,386 Statutory reserves 60,869,845 60,869,845 8,680,811
Accumulated other comprehensive loss (36,420,706) (67,581,929)
(9,638,039) Retained Earnings 631,590,838 730,440,276 104,170,033
Total shareholders' equity 1,450,119,097 1,572,458,040 224,252,430
Total liabilities and shareholders' equity 2,124,944,008
2,266,827,932 323,278,370 Ctrip.com International, Ltd.
Consolidated Statement of Operations Information Quarter Ended
Quarter Ended Quarter Ended Quarter Ended March 31, December 31,
March 31, March 31, 2007 2007 2008 2008 RMB RMB RMB USD (unaudited)
(unaudited) (unaudited) (unaudited) Revenues: Hotel reservation
133,468,270 196,035,352 171,191,560 24,414,084 Air-ticketing
94,616,770 154,237,437 158,541,464 22,610,021 Packaged tour
15,996,277 21,957,224 26,793,008 3,821,022 Others 5,100,040
10,858,044 10,136,005 1,445,523 Total revenues 249,181,357
383,088,057 366,662,037 52,290,650 Less: business tax and related
surcharges (16,965,212) (26,881,936) (26,173,023) (3,732,605) Net
revenues 232,216,145 356,206,121 340,489,014 48,558,045 Cost of
revenues (48,559,779) (66,431,356) (67,996,984) (9,697,231) Gross
profit 183,656,366 289,774,765 272,492,030 38,860,814 Operating
expenses: Product development* (34,017,541) (53,789,064)
(53,529,592) (7,633,998) Sales and marketing* (48,394,455)
(72,479,914) (65,921,612) (9,401,257) General and administrative*
(30,166,714) (36,441,878) (42,723,133) (6,092,859) Total operating
expenses (112,578,710) (162,710,856) (162,174,337) (23,128,114)
Income from operations 71,077,656 127,063,909 110,317,693
15,732,700 Interest income 3,266,557 5,687,116 7,458,357 1,063,656
Other income 2,834,202 13,213,622 18,852,930 2,688,667 Income
before income tax expense and minority interests 77,178,415
145,964,647 136,628,980 19,485,023 Income tax expense (12,249,292)
(10,500,536) (37,750,581) (5,383,711) Minority interests (6,752)
30,958 (28,961) (4,130) Net income 64,922,371 135,495,069
98,849,438 14,097,182 Earnings per ordinary share - Basic 1.99 4.09
2.98 0.42 - Diluted 1.92 3.92 2.86 0.41 Earnings per ADS - Basic
0.99 2.04 1.49 0.21 - Diluted 0.96 1.96 1.43 0.20 Weighted average
ordinary shares outstanding - Basic 32,669,661 33,168,650
33,221,615 33,221,615 - Diluted 33,742,356 34,572,760 34,521,152
34,521,152 * Share-based compensation charges included are as
follows: Product development 4,844,239 6,035,924 8,102,104
1,155,463 Sales and marketing 2,971,775 3,573,726 5,033,868 717,893
General and administrative 10,772,464 12,762,148 20,319,682
2,897,844 Ctrip.com International, Ltd. Reconciliation of GAAP and
Non-GAAP Results (In RMB, except % and per share information)
Quarter Ended March 31, 2008 % of Share- % of % of GAAP Net based
Net Non-GAAP Net Result Revenue Compensation Revenue Result Revenue
Product development (53,529,592) 16% 8,102,104 2% (45,427,488) 13%
Sales and marketing (65,921,612) 19% 5,033,868 1% (60,887,744) 18%
General and administrative (42,723,133) 13% 20,319,682 6%
(22,403,451) 7% Total operating expenses (162,174,337) 48%
33,455,654 10% (128,718,683) 38% Income from operations 110,317,693
32% 33,455,654 10% 143,773,347 42% Net income 98,849,438 29%
33,455,654 10% 132,305,092 39% Diluted earnings per ordinary share
(RMB) 2.86 -- 0.97 -- 3.83 -- Diluted earnings per ADS (RMB) 1.43
-- 0.48 -- 1.92 -- Diluted earnings per ADS (USD) 0.20 -- 0.07 --
0.27 -- Quarter Ended December 31, 2007 % of Share- % of % of GAAP
Net based Net Non-GAAP Net Result Revenue Compensation Revenue
Result Revenue Product development (53,789,064) 15% 6,035,924 2%
(47,753,140) 13% Sales and marketing (72,479,914) 20% 3,573,726 1%
(68,906,188) 19% General and administrative (36,441,878) 10%
12,762,148 4% (23,679,730) 7% Total operating expenses
(162,710,856) 46% 22,371,798 6% (140,339,058) 39% Income from
operations 127,063,909 36% 22,371,798 6% 149,435,707 42% Net income
135,495,069 38% 22,371,798 6% 157,866,867 44% Diluted earnings per
ordinary share (RMB) 3.92 -- 0.65 -- 4.57 -- Diluted earnings per
ADS (RMB) 1.96 -- 0.32 -- 2.28 -- Diluted earnings per ADS (USD)
0.27 -- 0.04 -- 0.31 -- Quarter Ended March 31, 2007 % of Share- %
of % of GAAP Net based Net Non-GAAP Net Result Revenue Compensation
Revenue Result Revenue Product development (34,017,541) 15%
4,844,239 2% (29,173,302) 13% Sales and marketing (48,394,455) 21%
2,971,775 1% (45,422,680) 20% General and administrative
(30,166,714) 13% 10,772,464 5% (19,394,250) 8% Total operating
expenses (112,578,710) 48% 18,588,478 8% (93,990,232) 40% Income
from operations 71,077,656 31% 18,588,478 8% 89,666,134 39% Net
income 64,922,371 28% 18,588,478 8% 83,510,849 36% Diluted earnings
per ordinary share (RMB) 1.92 -- 0.55 -- 2.47 -- Diluted earnings
per ADS (RMB) 0.96 -- 0.28 -- 1.24 -- Diluted earnings per ADS
(USD) 0.12 -- 0.04 -- 0.16 -- Notes for all the financial schedules
presented: Note 1: The conversion of Renminbi (RMB) into U.S.
dollars (USD) is based on the noon buying rate of USD1.00=RMB7.0120
on March 31, 2008 in The City of New York for cable transfers of
RMB as certified for customs purposes by the Federal Reserve Bank
of New York. Note 2: Effective on July 31, 2007, Company changed
ratio of the American Depositary Shares ("ADSs") to ordinary shares
from one (1) ADS representing one (1) ordinary shares to two (2)
ADS representing one (1) ordinary share. The change is reflected
retroactively in the numbers for all the periods presented above.
For further information: Jade Wei Ctrip.com International, Ltd.
Tel: +86-21-3406-4880 X 11543 Email: DATASOURCE: Ctrip.com
International, Ltd. CONTACT: Jade Wei of Ctrip.com,
+86-21-3406-4880 X 11543, Web site: http://ir.ctrip.com/
https://www.theconferencingservice.com/prereg/key.process?key=PRV4XEJAE
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