SHANGHAI, China, Nov. 17 /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 September 30, 2008. Highlights for the Third
Quarter of 2008 -- Net revenues were RMB370 million (US$55 million)
for the third quarter of 2008, up 15% year-on-year. -- Gross margin
was 77% for the third quarter of 2008, compared to 80% in the same
period in 2007. -- Income from operations was RMB107 million (US$16
million) for the third quarter of 2008, down 4% year-on-year.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB138 million (US$20 million), up 3% year-on-year.
-- Operating margin was 29% in the third quarter of 2008, compared
to 34% in the third quarter of 2007. Excluding share-based
compensation charges (non-GAAP), operating margin was 37%, compared
to 41% during the same period in 2007. -- Net income was RMB104
million (US$15 million) in the third quarter of 2008, down 5%
year-on-year. Excluding share-based compensation charges
(non-GAAP), net income was RMB136 million (US$20 million), up 2%
year- on-year. -- Diluted earnings per ADS were RMB1.52 (US$0.22).
Excluding share-based compensation charges (non-GAAP), diluted
earnings per ADS were RMB1.97 (US$0.29). -- 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 third quarter of 2008. "Although the travel industry
had a tough time during the third quarter of 2008 in China, Ctrip
continued to outperform our peers with a healthy growth in revenue
year-on-year," said Min Fan, Chief Executive Officer of Ctrip.
"While Ctrip is not immune from the current volatile economic
environment, our team is focusing on gaining more market share and
strengthening our leadership in the challenging market." Third
Quarter 2008 Financial Results For the third quarter of 2008, Ctrip
reported total revenues of RMB397 million (US$58 million),
representing a 15% increase from the same period in 2007 and a 1%
decrease from the previous quarter. Hotel reservation revenues
amounted to RMB186 million (US$27 million) for the third quarter of
2008, representing a 6% increase from the same period in 2007
primarily due to increased hotel booking volume and a 5% decrease
from the previous quarter primarily due to decreased hotel booking
volume . Air-ticketing revenues for the third quarter of 2008 were
RMB166 million (US$25 million), representing a 21% increase from
the same period in 2007 primarily due to a 37% increase in
air-ticketing sales volume, which was offset by a 12% decrease in
commission per ticket primarily due to a decrease in ticket prices.
Air-ticketing revenues remained relatively consistent with the
previous quarter. Packaged-tour revenues for the third quarter of
2008 were RMB28 million (US$4 million), up 37% from the same period
in 2007 and up 19% from the previous quarter, primarily due to the
increased leisure travel volume. For the third quarter of 2008, net
revenues were RMB370 million (US$55 million), a 15% increase from
the same period in 2007. Net revenues remained relatively
consistent with the previous quarter. Gross margin was 77% in the
third quarter of 2008, compared to 80% in the same period in 2007
and 79% in the previous quarter. Product development expenses for
the third quarter of 2008 increased by 28% to RMB61 million (US$9
million) from the same period in 2007 and increased by 8% 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 14%
of the net revenues, which was an increase from 13% in the same
period last year and the previous quarter. Sales and marketing
expenses for the third quarter of 2008 increased by 12% to RMB71
million (US$10 million) from the same period in 2007 primarily due
to the increased sales and marketing personnel resources and other
marketing activities. Sales and marketing expenses increased by 4%
from the previous quarter primarily due to the increased marketing
activities. Excluding share-based compensation charges (non-GAAP),
sales and marketing expenses accounted for 18% of the net revenues,
decreased from 19% in the same period last year and increased from
17% in the previous quarter. General and administrative expenses
for the third quarter of 2008 increased by 24% to RMB45 million
(US$7 million) from the same period in 2007 primarily due to the
increased personnel resources and share-based compensation charges.
General and administrative expenses increased by 4% from the
previous quarter primarily due to increase of personnel resources.
Excluding share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 7% of the net revenues, which
remained consistent with the same period last year and increased
from 6% in the previous quarter. Income from operations for the
third quarter of 2008 was RMB107 million (US$16 million), which
represented a 4% decrease from the same period in 2007 and a 16%
decrease from the previous quarter. Excluding share-based
compensation charges (non-GAAP), income from operations was RMB138
million (US$20 million), representing a 3% increase from the same
period in 2007 and a 13% decrease from the pervious quarter.
Operating margin was 29% in the third quarter of 2008, compared to
34% in the third quarter of 2007 and in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 37% in the third quarter of 2008 compared to 41% in the
third quarter of 2007 and 42% in the previous quarter. Net income
for the third quarter of 2008 was RMB104 million (US$15 million),
representing a 5% decrease from the same period in 2007, and a 12%
decrease from the previous quarter. Excluding share-based
compensation charges (non-GAAP), net income was RMB136 million
(US$20 million), representing a 2% increase from the same period in
2007 and a 10% decrease from the previous quarter. The effective
tax rate for the third quarter of 2008 was 17%, 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, which became effective on January 1, 2008, to PRC enterprises
that are not entitled to enjoy the grandfathering provision of
transitional preferential tax rate. The effective tax rate for the
third quarter of 2008 decreased from 26% in the previous quarter
primarily due to the transitional preferential tax rate of 18%
applied to one of the PRC enterprises established in Pudong New
Area. Diluted earnings per ADS were RMB1.52 (US$0.22) for the third
quarter of 2008. Excluding share-based compensation charges
(non-GAAP), diluted earnings per ADS were RMB1.97 (US$0.29) for the
third quarter of 2008. As of September 30, 2008, the balance of
cash and short-term investment was RMB1.4 billion (US$207 million).
Business Outlook For the fourth quarter of 2008, Ctrip expects the
year-on-year net revenue growth rate to be in the range of 5-15%.
Conference Call Ctrip's management team will host a conference call
at 8:00PM US Eastern Time on November 17, 2008 (or 9:00AM on
November 18, 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
one month at this website. The dial-in details for the live
conference call: U.S. Toll Free Number 1.888.680.0869,
International dial-in number +1.617.213.4854; Passcode 72507674.
For pre-registration, please click
https://www.theconferencingservice.com/prereg/key.process?key=PGAVKHKF9
. A telephone replay of the call will be available after the
conclusion of the conference call through November 25, 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 39879145. 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, disruptions in the financial markets and other
macro-economic challenges currently affecting the economy of the
United States and other parts of the world, 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 November 17, 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, September 30, September 30, 2007 2008 2008
RMB RMB USD (unaudited) (unaudited) (unaudited) ASSETS Current
assets: Cash 1,064,418,278 1,197,541,068 176,370,943 Restricted
cash 6,600,000 6,600,000 972,032 Short-term investment 141,174,094
199,486,687 29,379,915 Accounts receivable, net 260,683,770
365,955,042 53,896,971 Prepayments and other current assets
63,489,599 114,935,749 16,927,458 Deferred tax assets 11,275,767
11,625,338 1,712,152 Total current assets 1,547,641,508
1,896,143,884 279,259,471 Long-term deposits 147,092,990
144,764,157 21,320,514 Land use rights 65,083,814 112,157,284
16,518,253 Property, equipment and software 267,194,788 276,810,487
40,767,977 Investment 80,416,250 208,046,406 30,640,570 Goodwill
14,595,849 15,560,658 2,291,736 Other long-term assets 2,918,809
3,853,897 567,592 Total assets 2,124,944,008 2,657,336,773
391,366,113 LIABILITIES Current liabilities: Accounts payable
230,904,562 412,963,022 60,820,192 Salary and welfare payable
65,497,142 62,448,966 9,197,332 Taxes payable 49,079,149 81,461,286
11,997,420 Advances from customers 96,672,341 137,378,063
20,232,708 Accrued liability for customer reward program 44,659,657
57,356,218 8,447,285 Dividend payable 119,497,083 -- -- Other
payables and accruals 65,731,210 61,667,563 9,082,249 Total current
liabilities 672,041,144 813,275,118 119,777,186 Other long-term
payables 1,625,000 812,500 119,663 Total liabilities 673,666,144
814,087,618 119,896,849 Minority interests 1,158,767 1,425,908
210,004 SHAREHOLDERS' EQUITY Share capital 2,742,210 2,759,378
406,395 Additional paid-in capital 791,336,910 931,313,846
137,161,644 Statutory reserves 60,869,845 60,869,845 8,964,763
Accumulated other comprehensive loss (36,420,706) (107,371,081)
(15,813,352) Retained Earnings 631,590,838 954,251,259 140,539,810
Total shareholders' equity 1,450,119,097 1,841,823,247 271,259,260
Total liabilities and shareholders' equity 2,124,944,008
2,657,336,773 391,366,113 Ctrip.com International, Ltd.
Consolidated Statement of Operations Information Quarter Ended
Quarter Ended Quarter Ended Quarter Ended September 30, June 30,
September 30, September 30, 2007 2008 2008 2008 RMB RMB RMB USD
(unaudited) (unaudited) (unaudited) (unaudited) Revenues: Hotel
reservation 175,578,714 195,873,161 186,005,621 27,394,456
Air-ticketing 137,659,009 168,818,839 166,420,800 24,510,052
Packaged tour 20,683,731 23,831,611 28,371,045 4,178,419 Others
11,909,481 13,361,644 16,248,986 2,393,111 Total revenues
345,830,935 401,885,255 397,046,452 58,476,038 Less: business tax
and related surcharges (23,160,551) (26,841,572) (26,909,297)
(3,963,136) Net revenues 322,670,384 375,043,683 370,137,155
54,512,902 Cost of revenues (64,011,659) (79,671,771) (86,404,046)
(12,725,378) Gross profit 258,658,725 295,371,912 283,733,109
41,787,524 Operating expenses: Product development * (47,941,336)
(56,890,322) (61,254,023) (9,021,344) Sales and marketing *
(63,466,452) (68,281,458) (71,028,049) (10,460,839) General and
administrative * (36,269,362) (42,902,709) (44,819,506) (6,600,908)
Total operating expenses (147,677,150) (168,074,489) (177,101,578)
(26,083,091) Income from operations 110,981,575 127,297,423
106,631,531 15,704,433 Interest income 4,670,322 9,272,875
8,012,955 1,180,128 Other income 13,577,722 24,597,709 11,442,154
1,685,173 Income before income tax expense and minority interests
129,229,619 161,168,007 126,086,640 18,569,734 Income tax expense
(19,518,480) (41,600,995) (21,604,489) (3,181,857) Minority
interests (32,723) (251,471) 13,291 1,958 Net income 109,678,416
119,315,541 104,495,442 15,389,835 Earnings per ordinary share --
Basic 3.32 3.58 3.13 0.46 -- Diluted 3.21 3.44 3.03 0.45 Earnings
per ADS -- Basic 1.66 1.79 1.56 0.23 -- Diluted 1.60 1.72 1.52 0.22
Weighted average ordinary shares outstanding -- Basic 33,070,087
33,339,364 33,400,258 33,400,258 -- Diluted 34,197,196 34,648,516
34,447,448 34,447,448 *Share-based compensation charges included
are as follows: Product development 5,918,151 7,843,570 8,131,437
1,197,578 Sales and marketing 3,540,669 4,516,199 4,496,630 662,253
General and administrative 13,396,356 18,923,915 18,657,104
2,747,773 Ctrip.com International, Ltd. Reconciliation of GAAP and
Non-GAAP Results (In RMB, except % and per share information)
Quarter Ended September 30, 2008 GAAP %of Net Share-based %of Net
Non-GAAP %of Net Result Revenue Compensation Revenue Result Revenue
Product development (61,254,023) 17% 8,131,437 2% (53,122,586) 14%
Sales and marketing (71,028,049) 19% 4,496,630 1% (66,531,419) 18%
General and Administrative (44,819,506) 12% 18,657,104 5%
(26,162,402) 7% Total operating expenses (177,101,578) 48%
31,285,171 8% (145,816,407) 39% Income from operations 106,631,531
29% 31,285,171 8% 137,916,702 37% Net income 104,495,442 28%
31,285,171 8% 135,780,613 37% Diluted earnings per ordinary share
(RMB) 3.03 -- 0.91 -- 3.94 -- Diluted earnings per ADS (RMB) 1.52
-- 0.45 -- 1.97 -- Diluted earnings per ADS (USD) 0.22 -- 0.07 --
0.29 -- Quarter Ended June 30, 2008 GAAP %of Net Share-based %of
Net Non-GAAP %of 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 September 30, 2007 GAAP %of
Net Share-based %of Net Non-GAAP %of Net Result Revenue
Compensation Revenue Result Revenue Product development
(47,941,336) 15% 5,918,151 2% (42,023,185) 13% Sales and marketing
(63,466,452) 20% 3,540,669 1% (59,925,783) 19% General and
administrative (36,269,362) 11% 13,396,356 4% (22,873,006) 7% Total
operating expenses (147,677,150) 46% 22,855,176 7% (124,821,974)
39% Income from operations 110,981,575 34% 22,855,176 7%
133,836,751 41% Net income 109,678,416 34% 22,855,176 7%
132,533,592 41% Diluted earnings per ordinary share (RMB) 3.21 --
0.67 -- 3.88 -- Diluted earnings per ADS (RMB) 1.60 -- 0.33 -- 1.94
-- Diluted earnings per ADS (USD) 0.21 -- 0.04 -- 0.26 -- 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=RMB6.7899 on September 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 X 11543 Email:
DATASOURCE: Ctrip.com International, Ltd. CONTACT: Jade Wei of
Ctrip.com International, Ltd., +86-21-3406-4880 ext. 11543,
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