SHANGHAI, China, Aug 13 /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 June 30, 2008. Highlights for the Second Quarter
of 2008 -- Net revenues were RMB375 million (US$55 million) for the
second quarter of 2008, up 30% year-on-year. -- Gross margin was
79% for the second quarter of 2008, remaining relatively consistent
with 80% in the same period in 2007. -- Income from operations was
RMB127 million (US$19 million) for the second quarter of 2008, up
34% year-on-year. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB159 million (US$23
million), up 34% year-on-year. -- Operating margin was 34% in the
second quarter of 2008, compared to 33% in the second quarter of
2007. Excluding share-based compensation charges (non-GAAP),
operating margin was 42%, compared to 41% during the same period in
2007. -- Net income was RMB119 million (US$17 million) in the
second quarter of 2008, up 35% year-on-year. Excluding share-based
compensation charges (non-GAAP), net income was RMB151 million
(US$22 million), up 35% year-on-year. -- Diluted earnings per ADS
were RMB1.72 (US$0.25). Excluding share- based compensation charges
(non-GAAP), diluted earnings per ADS were RMB2.17 (US$0.32). --
Share-based compensation charges were RMB31 million (US$5 million),
accounting for approximately 8% of the net revenues, or RMB0.45
(US$0.07) per ADS, for the second quarter of 2008. "Although the
travel industry in China encountered many difficulties during the
second quarter of 2008 after the Sichuan earthquake, Ctrip
delivered solid revenue and earnings growth," said Min Fan, Chief
Executive Officer of Ctrip. "Our team has demonstrated its
leadership in the challenging market and will continue to deliver
its promises to customers and shareholders." Second Quarter 2008
Financial Results For the second quarter of 2008, Ctrip reported
total revenues of RMB402 million (US$59 million), representing a
30% increase from the same period in 2007 and a 10% increase from
the previous quarter. Hotel reservation revenues amounted to RMB196
million (US$29 million) for the second quarter of 2008,
representing a 14% increase from the same period in 2007 and the
previous quarter primarily due to increased volume in hotel
bookings. Air-ticketing revenues for the second quarter of 2008
were RMB169 million (US$25 million), representing a 44% increase
from the same period in 2007 and a 6% increase from the previous
quarter, primarily due to increased air ticketing volume.
Packaged-tour revenues for the second quarter of 2008 were RMB24
million (US$3 million), up 85% from the same period in 2007
primarily due to the increased leisure travel volume, and a
decrease of 11% from the previous quarter due to seasonality. For
the second quarter of 2008, net revenues were RMB375 million (US$55
million), a 30% increase from the same period in 2007. Net revenues
increased by 10% from the previous quarter. Gross margin was 79% in
the second quarter of 2008, remaining relatively consistent with
80% in the same period in 2007 and in the previous quarter. Product
development expenses for the second quarter of 2008 increased by
37% to RMB57 million (US$8 million) from the same period in 2007
and increased by 6% compared to the previous quarter, primarily due
to the increased product development personnel resources. Excluding
share-based compensation charges (non-GAAP), product development
expenses accounted for 13% of the net revenues, which was an
increase from 12% of the same period last year and remaining
consistent with previous quarter. Sales and marketing expenses for
the second quarter of 2008 increased by 16% to RMB68 million (US$10
million) from the same period in 2007 and increased 4% from the
previous quarter primarily due to the increased sales and marketing
personnel resources and other marketing activities. Excluding
share-based compensation charges (non-GAAP), sales and marketing
expenses accounted for 17% of the net revenues, decreased from 19%
in the same period last year and 18% in the previous quarter.
General and administrative expenses for the second quarter of 2008
increased by 22% to RMB43 million (US$6 million) from the same
period in 2007 primarily due to the increase of personnel resources
and share-based compensation charges. General and administrative
expenses remained relatively consistent with the previous quarter.
Excluding share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 6% of the net revenues,
decreased from 7% in the same period last year and in the previous
quarter. Income from operations for the second quarter of 2008 was
RMB127 million (US$19 million), which represented a 34% increase
from the same period in 2007 and a 15% increase from the previous
quarter. Excluding share-based compensation charges (non-GAAP),
income from operations was RMB159 million (US$23 million),
representing a 34% increase from the same period in 2007 and a 10%
increase from the pervious quarter. Operating margin was 34% in the
second quarter of 2008, compared to 33% in the second quarter of
2007 and 32% in the previous quarter. Excluding share- based
compensation charges (non-GAAP), operating margin was 42% in the
second quarter of 2008 compared to 41% in the second quarter of
2007 and was relatively consistent with the previous quarter. Net
income for the second quarter of 2008 was RMB119 million (US$17
million), representing a 35% increase from the same period in 2007,
and a 21% increase from the previous quarter. Excluding share-based
compensation charges (non-GAAP), net income was RMB151 million
(US$22 million), representing a 35% increase from the same period
in 2007, and a 14% increase from the previous quarter. The
effective tax rate for the second quarter of 2008 was 26%,
increased from 15% in the same period of 2007 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. The
effective tax rate for the second quarter decreased from 28% in the
previous quarter primarily due to the decrease of share-based
compensation, which is not tax-deductible. Diluted earnings per ADS
were RMB1.72 (US$0.25) for the second quarter of 2008. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
ADS were RMB2.17 (US$0.32) for the second quarter of 2008. As of
June 30, 2008, the balance of cash and short-term investment was
RMB1.3billion (US$188 million). Subsequent Event Subsequent to the
second quarter of 2008, Ctrip signed a definitive agreement to
acquire a majority equity stake in one of the leading software
companies, which is specialized in Hotel Property Management System
(PMS) in China. This acquisition will enhance Ctrip's cooperation
with hotels and increase its operational efficiency. Additionally,
Ctrip will be able to support the PMS sales through its hotel
networks. This acquisition is not expected to have a material
effect on our results of operations or financial position. Business
Outlook For the third quarter of 2008, Ctrip expects the
year-on-year net revenue growth rate to be in the range of 15-20%.
The board of directors has approved a share repurchase program,
which is subject to shareholder approval during Ctrip's annual
general meeting currently scheduled in September 2008. The board
has authorized Ctrip to repurchase, using funds from Ctrip's
available cash balance, up to US$15 million worth of its own ADSs.
The repurchases will be made from time to time on the open market
at prevailing market prices. The timing and extent of any purchases
will depend upon market conditions, the trading price of ADSs and
other factors, and be subject to the restrictions relating to
volume, price and timing under applicable law, including Rule
10b-18 under the Securities Exchange Act of 1934. Ctrip's board of
directors or certain authorized officers will review the share
repurchase program periodically, and may adjust its terms and size
accordingly. Conference Call Ctrip's management team will host a
conference call at 9:00PM US Eastern Time on August 13, 2008 (or
9:00AM on August 14, 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 1.888.679.8035,
International dial-in number +1.617.213.4848; Passcode 89762295.
For pre-registration, please click
https://www.theconferencingservice.com/prereg/key.process?key=PURBVAXAV
. A telephone replay of the call will be available after the
conclusion of the conference call through August 21, 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 27311393. 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 or an economic downturn in China,
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 Ctrip's brand recognition to obtain new
business partners and consumers, failure to compete against new and
existing competitors, damage to or failure of Ctrip's
infrastructure and technology, loss of services of Ctrip's key
executives, risks and uncertainties associated with PRC laws and
regulations governing internet content providers and affecting
Ctrip's business 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
August 13, 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. -- Financial Tables to
Follow -- Ctrip.com International, Ltd. Consolidated Balance Sheet
Information December 31 June 30 June 30 2007 2008 2008 RMB RMB USD
(unaudited) (unaudited) (unaudited) ASSETS Current assets: Cash
1,064,418,278 1,118,181,547 163,021,613 Restricted cash 6,600,000
6,600,000 962,225 Short-term investment 141,174,094 162,163,687
23,642,123 Accounts receivable, net 260,683,770 337,744,555
49,240,360 Prepayments and other current assets 63,489,599
67,828,431 9,888,824 Deferred tax assets 11,275,767 12,915,799
1,883,017 Total current assets 1,547,641,508 1,705,434,019
248,638,162 Long-term deposits 147,092,990 144,665,899 21,091,091
Land use rights 65,083,814 113,262,894 16,512,792 Property,
equipment and software 267,194,788 265,619,336 38,725,100
Investment 80,416,250 60,905,958 8,879,585 Goodwill 14,595,849
14,595,849 2,127,954 Other long-term assets 2,918,809 3,848,981
561,150 Total assets 2,124,944,008 2,308,332,936 336,535,834
LIABILITIES Current liabilities: Accounts payable 230,904,562
259,068,509 37,770,044 Salary and welfare payable 65,497,142
59,041,310 8,607,734 Taxes payable 49,079,149 83,578,639 12,185,074
Advances from customers 96,672,341 76,166,179 11,104,398 Accrued
liability for customer reward program 44,659,657 53,307,189
7,771,747 Dividend payable 119,497,083 -- -- Other payables and
accruals 65,731,210 57,983,899 8,453,573 Total current liabilities
672,041,144 589,145,725 85,892,570 Other long-term payables
1,625,000 812,500 118,456 Total liabilities 673,666,144 589,958,225
86,011,026 Minority interests 1,158,767 1,439,199 209,823
SHAREHOLDERS' EQUITY Share capital 2,742,210 2,755,490 401,728
Additional paid-in capital 791,336,910 890,333,017 129,803,184
Statutory reserves 60,869,845 60,869,845 8,874,319 Accumulated
other comprehensive loss (36,420,706) (86,778,657) (12,651,610)
Retained Earnings 631,590,838 849,755,817 123,887,364 Total
shareholders' equity 1,450,119,097 1,716,935,512 250,314,985 Total
liabilities and shareholders' equity 2,124,944,008 2,308,332,936
336,535,834 Ctrip.com International, Ltd. Consolidated Statement of
Operations Information Quarter Ended Quarter Ended Quarter Ended
Quarter Ended June 30,2007 March 31,2008 June 30,2008 June30,2008
RMB RMB RMB USD (unaudited) (unaudited) (unaudited) (unaudited)
Revenues: Hotel reservation 171,428,902 171,191,560 195,873,161
28,556,685 Air-ticketing 116,940,167 158,541,464 168,818,839
24,612,389 Packaged tour 12,858,353 26,793,008 23,831,611 3,474,452
Others 7,950,457 10,136,005 13,361,644 1,948,017 Total revenues
309,177,879 366,662,037 401,885,255 58,591,543 Less: business tax
and related surcharges (21,159,382) (26,173,023) (26,841,572)
(3,913,279) Net revenues 288,018,497 340,489,014 375,043,683
54,678,264 Cost of revenues (57,223,269) (67,996,984) (79,671,771)
(11,615,485) Gross profit 230,795,228 272,492,030 295,371,912
43,062,779 Operating expenses: Product development * (41,554,054)
(53,529,592) (56,890,322) (8,294,138) Sales and marketing *
(58,973,708) (65,921,612) (68,281,458) (9,954,871) General and
administrative * (35,065,802) (42,723,133) (42,902,709) (6,254,860)
Total operating expenses (135,593,564)(162,174,337) (168,074,489)
(24,503,869) Income from operations 95,201,664 110,317,693
127,297,423 18,558,910 Interest income 3,079,558 7,458,357
9,272,875 1,351,909 Other income 5,671,677 18,852,930 24,597,709
3,586,142 Income before income tax expense and minority interests
103,952,899 136,628,980 161,168,007 23,496,961 Income tax expense
(15,737,675) (37,750,581) (41,600,995) (6,065,081) Minority
interests 12,530 (28,961) (251,471) (36,662) Net income 88,227,754
98,849,438 119,315,541 17,395,218 Earnings per ordinary share --
Basic 2.69 2.98 3.58 0.52 -- Diluted 2.60 2.86 3.44 0.50 Earnings
per ADS -- Basic 1.35 1.49 1.79 0.26 -- Diluted 1.30 1.43 1.72 0.25
Weighted average ordinary shares outstanding -- Basic 32,796,200
33,221,615 33,339,364 33,339,364 -- Diluted 33,887,925 34,521,152
34,648,516 34,648,516 * Share-based compensation charges included
are as follows: Product development 5,909,391 8,102,104 7,843,570
1,143,528 Sales and marketing 3,562,392 5,033,868 4,516,199 658,424
General and administrative 13,626,650 20,319,682 18,923,915
2,758,950 Ctrip.com International, Ltd. Reconciliation of GAAP and
Non-GAAP Results (In RMB, except % and per share information)
Quarter Ended June 30, 2008 %of Share- %of Non- %of GAAP Net based
Net GAAP Net Result Revenue Compensation Revenue Result Revenue
Product development (56,890,322) 15% 7,843,570 2% (49,046,752) 13%
Sales and marketing (68,281,458) 18% 4,516,199 1% (63,765,259) 17%
General and Administrative (42,902,709) 11% 18,923,915 5%
(23,978,794) 6% Total operating expenses (168,074,489) 45%
31,283,684 8% (136,790,805) 36% Income from operations 127,297,423
34% 31,283,684 8% 158,581,107 42% Net income 119,315,541 32%
31,283,684 8% 150,599,225 40% Diluted earnings per ordinary share
(RMB) 3.44 -- 0.90 -- 4.35 -- Diluted earnings per ADS (RMB) 1.72
-- 0.45 -- 2.17 -- Diluted earnings per ADS (USD) 0.25 -- 0.07 --
0.32 -- Quarter Ended March 31, 2008 %of Share- %of Non- %of GAAP
Net based Net 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 June 30, 2007 %of
Share- %of Non- %of GAAP Net based Net GAAP Net Result Revenue
Compensation Revenue Result Revenue Product development
(41,554,054) 14% 5,909,391 2% (35,644,663) 12% Sales and marketing
(58,973,708) 20% 3,562,392 1% (55,411,316) 19% General and
administrative (35,065,802) 12% 13,626,650 5% (21,439,152) 7% Total
operating expenses (135,593,564) 47% 23,098,433 8% (112,495,131)
39% Income from operations 95,201,664 33% 23,098,433 8% 118,300,097
41% Net income 88,227,754 31% 23,098,433 8% 111,326,187 39% Diluted
earnings per ordinary Share (RMB) 2.60 -- 0.68 -- 3.29 -- Diluted
earnings per ADS (RMB) 1.30 -- 0.34 -- 1.64 -- Diluted earnings per
ADS (USD) 0.17 -- 0.04 -- 0.22 -- 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=RMB6.8591 on June 30, 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 ext. 11543
Email: DATASOURCE: Ctrip.com International, Ltd. CONTACT: Jade Wei
of Ctrip.com International, Ltd., +86-21-3406-4880 ext. 11543, Web
site: http://ir.ctrip.com/
Copyright
Ctrip Com (NASDAQ:CTRP)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Ctrip Com (NASDAQ:CTRP)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024