BEIJING, March 9, 2015 /PRNewswire/ -- Ku6 Media Co., Ltd.
("Ku6 Media" or the "Company," NASDAQ: KUTV), a leading internet
video company focused on User Generated Content ("UGC") in
China, today announced unaudited
financial results for the fourth quarter and year ended
December 31, 2014.
Fourth Quarter 2014 Highlights
(1)
- Total revenues were US$3.47
million (RMB21.35 million) in
the fourth quarter of 2014, as compared to total revenues of
US$1.62 million in the third quarter
of 2014 and US$3.25 million in the
fourth quarter of 2013.
- Net loss was US$0.04 million
(RMB0.20 million), as compared to a
net loss of US$0.93 million in the
third quarter of 2014 and US$26.78
million in the fourth quarter of 2013.
- Basic and diluted loss per ADS was US$0.00 (RMB0.01)
in the fourth quarter of 2014, as compared to US$0.02 in the third quarter of 2014 and
US$0.57 in the fourth quarter of
2013.
- Cash and cash equivalents were US$4.38
million (RMB27.18 million) as
of December 31, 2014.
- Net cash flow from operating activities was US$1.60 million (RMB9.97million) in the fourth quarter of
2014, as compared to net cash used in operating activities of
US$3.00 million in the third quarter
of 2014 and US$4.54 million in the
fourth quarter of 2013.
Fiscal Year 2014 Highlights
(1)
- Total revenues were US$8.58
million (RMB52.93 million) in
2014, as compared to US$13.14 million
in 2013.
- Net loss was US$10.73million
(RMB65.92 million) in 2014, as
compared to US$34.43 million in
2013.
- Basic and diluted loss per ADS was US$0.23 (RMB1.40)
in 2014, as compared to US$0.73 in
2013.
- Net cash used in operating activities was US$5.21 million (RMB32.06
million) in 2014, as compared to US$11.53 million in 2013.
|
(1) The reporting
currency of the Company is the United States dollar ("U.S.
dollar"), but solely for the convenience of the reader, the amounts
of Renminbi ("RMB") presented throughout the release were
calculated at the rate of US$1.00=RMB6.2046, representing the noon
buying rate as of December 31, 2014 in the City of New York for
cable transfers of RMB as certified for customs purposes by the
Federal Reserve Bank of New York. This convenience translation is
not intended to imply that the U.S. dollar amounts could have been,
or could be, converted, realized or settled into RMB at that rate
on December 31, 2014, or at any other rate.
|
"I am pleased to announce the result of our fourth quarter and
fiscal year 2014," stated Mr. Xudong
Xu, Chief Executive Officer of Ku6 Media. "2014 was not easy
for us as we were experiencing big changes in management team.
Despite of changes, we achieved gross profit in the fourth quarter
of 2014 the first time since the foundation of Ku6. We aim to
continue to narrow our operating cash deficit in 2015 in order to
achieve a better operating result in 2015."
Fourth Quarter 2014 Financial Results
Total revenues were US$3.47
million (RMB21.35 million) in
the fourth quarter of 2014, representing an increase of
114.2% from US$1.62 million in the
third quarter of 2014 and an increase of 6.8% from US$3.25million in the fourth quarter of 2013.
Cost of revenues was US$2.39 million (RMB14.67million) in the fourth quarter of 2014,
representing a decrease of 3.6% from US$2.48
million in the third quarter of 2014 and a decrease of 54.6%
from US$5.26 million in the fourth
quarter of 2013.
Gross profit was US$1.08
million (RMB6.68 million) in
the fourth quarter of 2014, as compared to a gross loss of
US$0.87 million in the third quarter
of 2014 and a gross loss of US$2.01
million in the fourth quarter of 2013.The increase in gross
profit as compared to the third quarter of 2014 was primarily
attributable to the increase in revenues.
Operating expenses were US$1.20 million (RMB7.40
million) in the fourth quarter of 2014, representing a
decrease of 25.0% from US$1.60
million in the third quarter of 2014 and a decrease of 96.1%
from US$30.93 million in the fourth
quarter of 2013. The significant decrease in operating expenses
year-over-year was primarily attributable to a US$27.23 million impairment charge for goodwill
and intangible assets in the fourth quarter of 2013.
Operating loss was US$0.12
million (RMB0.72 million) in
the fourth quarter of 2014, as compared to an operating loss of
US$2.47 million in the third quarter
of 2014 and an operating loss of US$32.94 million in the fourth quarter of
2013.
Net loss was US$0.04 million (RMB0.20
million) in the fourth quarter of 2014, as compared to a net
loss of US$0.93 million in the third
quarter of 2014 and a net loss of US$26.78
million in the fourth quarter of 2013.The decrease in net
loss as compared to the fourth quarter of 2013 was primarily
attributable to a US$27.23 million
impairment charge for goodwill and intangible assets in the fourth
quarter of 2013.
Net loss per basic and diluted ADS was
US$0.00(RMB0.01) in the fourth quarter of 2014, as
compared to US$0.02 in the third
quarter of 2014 and US$0.57 in the
fourth quarter of 2013. Weighted average ADSs used to calculate
basic and diluted net loss per ADS were 47.6 million in the fourth
quarter of 2014, 47.6 million in the third quarter of 2014 and 47.3
million in the fourth quarter of 2013.
Adjusted EBITDA profit, which is herein
defined as net profit before interest income, interest expenses,
income taxes, depreciation and amortization, further adjusted for
share-based compensation expenses, equity in loss of affiliates and
other non-operating items, was US$0.22
million (RMB1.42million) in
the fourth quarter of 2014, as compared to adjusted EBITDA loss of
US$2.05million in the third quarter
of 2014 and adjusted EBITDA loss of US$30.98
million in the fourth quarter of 2013.
As of December 31, 2014, the
Company had US$4.38 million
(RMB27.18 million) in cash and cash
equivalents, compared to US$2.77
million as of September 30,
2014 and US$1.67 million as of
December 31, 2013. The increase was
primarily due to higher revenues.
Fiscal Year 2014 Financial Results
Total revenues were US$8.58
million (RMB52.93 million) in
2014, compared to US$13.14 million in
2013.
Cost of revenues was US$12.14 million (RMB74.76
million) in 2014, representing 141.5% of total revenues, as
compared to US$15.99 million, or
121.7% of revenues, in 2013.
Gross loss was US$3.56
million (RMB21.83 million) in
2014, as compared to a gross loss of US$2.84
million in 2013.
Operating expenses were US$9.42 million (RMB57.99
million) in 2014 as compared to US$40.61 million in 2013.The operating
expenses significantly decreased in 2014 as a result of(1) a
US$27.23 million impairment charge
for goodwill and intangible assets in 2013 and (2) reductions in
labor costs and administrative costs as a result of cost control
activities in 2014.
Operating loss was US$12.97 million (RMB79.83
million) in 2014 as compared to US$43.45 million in 2013.
Net loss was US$10.73
million (RMB65.92 million) in
2014 as compared to US$34.43 million
in 2013.
Net loss per basic and diluted ADS was
US$0.23 (RMB1.40) in 2014 as compared to US$0.73 in 2013. Weighted average ADSs used to
calculate basic and diluted net loss per ADS were 47.5 million in
2014 and 47.3 million in 2013.
Adjusted EBITDA loss was US$11.32 million (RMB69.60million) in 2014 as compared to adjusted
EBITDA loss of US$39.04 million in
2013.
Liquidity and Going Concern
The Company has made progress in 2014 with respect to cost
control initiatives and its objectives to increase both the amount
of its recurring revenue and the diversification of its
revenue. The Company achieved gross profit in the fourth
quarter of 2014, following a protracted period of gross losses,
operating losses, and net losses. Despite recent
improvements, substantial doubts still exist as to the Company's
ability to continue as a going concern, primarily due to
uncertainties regarding (1) the Company's ability to continue to
generate improvements in operating cash inflows, which depend on
growth in revenues from (i) Huzhong, the Company's new third party
advertising agency since late August
2014, and (ii) two cooperation agreements with related party
Qinhe; (2) the Company's ability to reduce its operating cash
outflows, such as through further administrative and
headcount-related cost control measures; and (3) the availability
and timing of additional financing with terms acceptable to the
Company. Growth in the Company's operating cash inflows is
principally dependent upon successful execution with Huzhong and
Qinhe resulting in growth in revenues therefrom, and may also
benefit from diversification to other sources of revenue.
The unaudited consolidated financial information included in
this news release does not include any adjustments that might
result from the outcome of these uncertainties and was prepared on
the basis of a going concern which contemplates that the Company
will be able to realize assets and discharge liabilities in the
normal course of business.
Recent Business Developments
Advertising Agency Agreement with Huzhong
On August 29, 2014, the Company
entered into an advertising agency agreement with Huzhong
Advertising (Shanghai) Ltd.
("Huzhong"), pursuant to which Huzhong has agreed to act as the
Company's exclusive advertising agency for standard media resources
and as its non-exclusive advertising agency for highly interactive
advertising resources. According to the agreement, the Company has
agreed to guarantee a certain amount of web traffic per day for its
webpage on which Huzhong posts advertisements. In return, Huzhong
guarantees to the Company a minimum amount of advertising revenues
per day. The minimum guarantee amount under this agreement is
higher than that under the agency agreement with Shengyue (the
Company's previous advertising agent for a number of
years)terminated on August 28, 2014.
If the Company fails to meet the web traffic target, the minimum
amount guaranteed by Huzhong will be adjusted downward
proportionally. Huzhong will prepay 50% of the minimum guaranteed
amounts with the Company prior to the beginning of each month, and
the balance will be settled monthly. The advertising agency
agreement started on August 29, 2014
and will expire on December 31,
2017.
The revenue from Huzhong increased from US$0.92 million in the third quarter to
US$2.52 million in the fourth quarter
of 2014.
Shareholder's loan from Mr. Xudong
Xu
On March 31, 2014, the Company's
former controlling shareholder, Shanda Media, a wholly owned
subsidiary of Shanda Interactive, entered into a share purchase
agreement with Mr. Xudong Xu to sell
1,938,360,784 ordinary shares (approximately 41% of the Company's
issued and outstanding ordinary shares) to Mr. Xu, the founder and
controlling shareholder of Sky Profit Limited, a Caymans Islands
company engaged in online business ventures (the "Transaction"), in
exchange for a contemporaneously dated promissory note secured by
the underlying shares transferred. Please refer to prior
Company announcements and SEC filings for the terms and conditions
of the promissory note.
On April 3, 2014, the transfer of
the ordinary shares was completed and as part of the Transaction,
Mr. Xu committed in the share purchase agreement to procure
additional equity or debt financing of no less than US$10.0 million by October
30, 2014. In light of the recent improvements in operating
cash flows, the Company opted to borrow RMB30.0 million instead to reduce financial
costs. On February 2, 2015, the
Company entered into a loan agreement with Mr. Xu, pursuant to
which Mr. Xu agreed to provide a loan of RMB30.0 million to the Company within 20 business
days from the date thereof. The term of the loan is one year, and
the loan bears interest at a rate of 6.5% per annum. The Company
received RMB30 million from Mr. Xu on
March 4, 2014. This amount will
be reported as a related party loan payable in future periods.
Revenue Sharing Cooperation with Qinhe
During the second quarter of 2014, the Company enter in to two
profit-sharing agreements with related party Qinhe, a company
controlled by Mr. Xu. The agreements stipulates that the Company
will assist Qinhe by providing online game and interactive
marketing service, the Company will share a portion of profit that
generated from Ku6's video viewers who join Qinhe's games or
video-show (the Contents) after linking to them through
advertisements on the Company's websites. Profit are calculated as
revenues from the Contents operated by Qinhe, net of certain
operating costs.
A supplemental agreement was signed in the 3rd
quarter of 2014, pursuant to which Qinhe agreed to pay additional
guaranteed revenue amounts, stated in monthly terms, from
July 2014 to December 2014. The guaranteed amounts, which are
intended to compensate Ku6 for its resource costs in operating the
relevant infrastructure, and do not result in any changes to the
sharing terms in the original agreements.
The Company received guaranteed amounts relating to 2014
operation in full from Qinhe. As the supplemental agreement related
to marketing services expired on December
31, 2014, the Company will share the revenue with Qinhe as
mentioned above under the original agreement, without the benefit
of the supplemental agreement, since the beginning of 2015. The
actual revenue from Qinhe in 2015 may therefore decrease in
2015.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet video
company in China focused on User
Generated Content ("UGC"). Through its premier online brand and
online video website, www.ku6.com, Ku6 Media provides online
video uploading and sharing service, video reports, information and
entertainment in China. For more
information about Ku6 Media, please
visit http://ir.ku6.com.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
success of Ku6 Media's ability to sell advertising and other
services or drive user referrals on its websites; and other risks
outlined in the Company's filings with the Securities and Exchange
Commission,including the Company's annual report on Form
20-F. Ku6 Media does not undertake any obligation to update this
forward-looking information, except as required under law.
For further information, please contact:
Ms. Xin Wu
Acting Investor Relations Manager
Telephone: +86 10 5758 6819
ir@ku6.com
|
Ku6 Media Co.,
Ltd.
Consolidated
Balance Sheets
|
|
(Amounts in
thousands,
except for number
of shares)
|
December
31,
2013
US$
|
December31,
2014
US$
|
December
31,
2014
RMB
|
|
|
(Unaudited)
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
1,671
|
4,380
|
27,180
|
|
Accounts receivable,
net
|
65
|
114
|
706
|
|
Accounts receivable
due from related parties
|
6,522
|
1
|
6
|
|
Prepaid expenses and
other current assets
|
386
|
490
|
3,043
|
|
Other receivables due
from related parties
|
1,788
|
3
|
18
|
|
Total current
assets
|
10,432
|
4,988
|
30,953
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment, net
|
1,368
|
294
|
1,822
|
|
Deposits
|
339
|
348
|
2,159
|
|
TOTAL
ASSETS
|
12,139
|
5,630
|
34,934
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
3,976
|
3,076
|
19,084
|
|
Accounts payable due
to related parties
|
547
|
710
|
4,405
|
|
Accrued expenses and
other current liabilities
|
7,188
|
5,980
|
37,107
|
|
Other payables due to
related parties
|
375
|
-
|
-
|
|
Total
liabilities
|
12,086
|
9,766
|
60,596
|
|
|
|
|
|
Shareholders'
equity (deficit):
|
|
|
|
|
Ordinary shares
(US$0.00005 par value;
12,000,000,000 shares authorized; 4,730,648,360
shares and 4,756,059,610 shares issued and
outstanding as of December 31, 2013 and December
31, 2014, respectively)
|
236
|
238
|
1,478
|
|
Additional paid-in
capital
|
178,195
|
184,538
|
1,145,060
|
|
Accumulated
deficit
|
(176,368)
|
(187,096)
|
(1,160,930)
|
|
Accumulated other
comprehensive loss
|
(2,010)
|
(1,816)
|
(11,270)
|
|
Total
shareholders' equity (deficit)
|
53
|
(4,136)
|
(25,662)
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY (DEFICIT)
|
12,139
|
5,630
|
34,934
|
|
Ku6 Media Co.,
Ltd.
Consolidated
Statements of Operations
|
|
For the Three
Months Ended
|
For the Twelve
Months Ended
|
|
(Amounts in
thousands, except
for number of shares and ADS
and per share and per ADS data)
|
December 31,
2013
|
September
30,
2014
|
December 31,
2014
|
December 31,
2014
|
December
31,
2013
|
December
31,
2014
|
December 31,
2014
|
|
US$
|
US$
|
US$
|
RMB
|
US$
|
US$
|
RMB
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Third
parties
|
131
|
924
|
2,519
|
15,647
|
738
|
4,242
|
26,378
|
|
Related
parties
|
3,120
|
692
|
946
|
5,705
|
12,404
|
4,342
|
26,549
|
|
Total
revenues
|
3,251
|
1,616
|
3,465
|
21,352
|
13,142
|
8,584
|
52,927
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Third
parties
|
(5,108)
|
(2,245)
|
(2,147)
|
(13,200)
|
(15,649)
|
(11,204)
|
(68,993)
|
|
Related
parties
|
(156)
|
(238)
|
(239)
|
(1,469)
|
(336)
|
(937)
|
(5,768)
|
|
Total cost of
revenues
|
(5,264)
|
(2,483)
|
(2,386)
|
(14,669)
|
(15,985)
|
(12,141)
|
(74,761)
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
(2,013)
|
(867)
|
1,079
|
6,683
|
(2,843)
|
(3,557)
|
(21,834)
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Product
development
|
(1,130)
|
(18)
|
(8)
|
(48)
|
(3,496)
|
(1,385)
|
(8,519)
|
|
Sales and
marketing
|
(101)
|
(146)
|
(175)
|
(1,073)
|
(1,797)
|
(942)
|
(5,783)
|
|
General and
administrative
|
(2,471)
|
(1,436)
|
(1,020)
|
(6,279)
|
(8,089)
|
(7,088)
|
(43,692)
|
|
Impairment of good will
and
intangible assets
|
(27,226)
|
-
|
-
|
-
|
(27,226)
|
-
|
-
|
|
Total operating
expenses
|
(30,928)
|
(1,600)
|
(1,203)
|
(7,400)
|
(40,608)
|
(9,415)
|
(57,994)
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(32,941)
|
(2,467)
|
(124)
|
(717)
|
(43,451)
|
(12,972)
|
(79,828)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
10
|
6
|
12
|
76
|
113
|
47
|
288
|
|
Other
income
|
1,329
|
77
|
73
|
441
|
4,100
|
745
|
4,621
|
|
Interest
expenses
|
-
|
-
|
-
|
-
|
(16)
|
-
|
-
|
|
Gain from disposal of
equity
interest in affiliates
|
-
|
1,452
|
-
|
-
|
-
|
1,452
|
9,000
|
|
Loss before income
taxes
|
(31,602)
|
(932)
|
(39)
|
(200)
|
(39,254)
|
(10,728)
|
(65,919)
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
4,826
|
-
|
-
|
-
|
4,826
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Net profit
(loss)
|
(26,776)
|
(932)
|
(39)
|
(200)
|
(34,428)
|
(10,728)
|
(65,919)
|
|
|
|
|
|
|
|
|
|
Profit (loss) per
share - basic and
diluted
|
(US$0.01)
|
(US$0.00)
|
(US$0.00)
|
(RMB0.00)
|
(US$0.01)
|
(US$0.00)
|
(RMB0.01)
|
|
|
|
|
|
|
|
|
|
Loss per ADS -
basic and diluted
|
(US$0.57)
|
(US$0.02)
|
(US$0.00)
|
(RMB0.01)
|
(US$0.73)
|
(US$0.23)
|
(RMB1.40)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in
per share calculation-basic and
diluted
|
4,727,403,795
|
4,756,795,643
|
4,763,360,860
|
4,763,360,860
|
4,728,185,434
|
4,746,324,022
|
4,746,324,022
|
|
Weighted average ADSs
used in per
ADS calculation-basic and
diluted
|
47,274,038
|
47,567,956
|
47,633,609
|
47,633,609
|
47,281,854
|
47,463,240
|
47,463,240
|
|
|
|
|
|
|
|
|
|
Ku6 Media Co.,
Ltd.
Consolidated
Statements of Cash Flows
|
|
For the Three
Months Ended
|
For the Twelve
Months Ended
|
|
(Amounts in
thousands)
|
December 31,
2013
|
September
30,
2014
|
December 31,
2014
|
December 31,
2014
|
December 31,
2013
|
December 31,
2014
|
December 31,
2014
|
|
US$
|
US$
|
US$
|
RMB
|
US$
|
US$
|
RMB
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
(26,776)
|
(932)
|
(39)
|
(200)
|
(34,428)
|
(10,728)
|
(65,919)
|
|
Adjustments to
reconcile net loss to net cash provided
by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
1,207
|
169
|
144
|
895
|
1,024
|
601
|
3,729
|
|
Depreciation
and amortization
|
751
|
253
|
199
|
1,237
|
3,389
|
1,047
|
6,495
|
|
Impairment of
goodwill and intangible assets
|
27,226
|
-
|
-
|
-
|
27,226
|
-
|
-
|
|
Bad debt
provision
|
1,008
|
58
|
-
|
-
|
669
|
988
|
6,133
|
|
Gain on
derecognition of aged operating liabilities
|
(2,133)
|
(9)
|
-
|
-
|
(2,938)
|
(207)
|
(1,282)
|
|
Exchange loss
(gain)
|
108
|
(77)
|
84
|
519
|
(133)
|
383
|
1,993
|
|
Loss (gain) on
disposal of property and equipment
|
(98)
|
-
|
-
|
-
|
(238)
|
-
|
-
|
|
Gain from
disposal of equity interest in affiliates
|
-
|
(1,452)
|
-
|
-
|
-
|
(1,452)
|
(9,000)
|
|
Accounts receivable
|
(1,031)
|
(98)
|
20
|
127
|
260
|
(1,037)
|
(6,435)
|
|
Prepaid expenses and other current assets
|
46
|
(222)
|
32
|
197
|
137
|
(104)
|
(645)
|
|
Amount due from related parties
|
(4)
|
(711)
|
816
|
5,061
|
(2,094)
|
6,575
|
40,798
|
|
Deferred Tax
|
(4,826)
|
-
|
-
|
-
|
(4,826)
|
-
|
-
|
|
Deposits and other non-current assets
|
-
|
-
|
-
|
-
|
-
|
(9)
|
(56)
|
|
Accounts payable
|
570
|
(277)
|
(10)
|
(61)
|
1,296
|
(416)
|
(2,581)
|
|
Accrued expenses and other current liabilities
|
(747)
|
60
|
123
|
764
|
(1,123)
|
(1,208)
|
(7,496)
|
|
Amount due to related parties
|
163
|
242
|
231
|
1,436
|
255
|
355
|
2,203
|
|
Net cash provided
by (used in) operating activities
|
(4,536)
|
(2,996)
|
1,600
|
9,975
|
(11,524)
|
(5,212)
|
(32,063)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(32)
|
-
|
(0)
|
(2)
|
(30)
|
(192)
|
(1,191)
|
|
Proceeds from
disposal of property and equipment
|
100
|
-
|
-
|
-
|
238
|
-
|
-
|
|
Payments for licensed
video copyrights
|
(8)
|
-
|
-
|
-
|
(68)
|
-
|
-
|
|
Proceeds from
disposal of equity interest in affiliates
|
-
|
1,452
|
-
|
-
|
-
|
1,452
|
9,000
|
|
Repayment of loans to
related parties of Shanda
|
-
|
-
|
-
|
-
|
3,300
|
484
|
3,003
|
|
Net cash provided
by (used in) investing activities
|
60
|
1,452
|
(0)
|
(2)
|
3,440
|
1,744
|
10,812
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repurchase of
ordinary shares
|
-
|
-
|
-
|
-
|
(58)
|
-
|
-
|
|
Proceeds from
exercise of stock options
|
41
|
77
|
-
|
-
|
46
|
339
|
2,101
|
|
Equity contributions
(borrowings forgiven) from related
parties of Shanda
|
-
|
-
|
-
|
-
|
-
|
5,847
|
36,274
|
|
Repayment of loans
from related parties of Shanda
|
-
|
-
|
-
|
-
|
(3,304)
|
-
|
-
|
|
Net cash provided
by (used in) financing activities
|
41
|
77
|
-
|
-
|
(3,316)
|
6,186
|
38,375
|
|
Effect of exchange
rate changes on cash and cash
equivalents
|
15
|
-
|
7
|
1
|
1
|
(9)
|
(61)
|
|
Net increase
(decrease) in cash and cash
equivalents
|
(4,420)
|
(1,467)
|
1,607
|
9,974
|
(11,399)
|
2,709
|
17,063
|
|
Cash and cash
equivalents, beginning of period
|
6,091
|
4,240
|
2,773
|
17,206
|
13,070
|
1,671
|
10,117
|
|
Cash and cash
equivalents, end of period
|
1,671
|
2,773
|
4,380
|
27,180
|
1,671
|
4,380
|
27,180
|
|
|
|
|
|
|
|
|
|
|
1. Adjusted
EBITDA Profit (Loss)
|
|
|
For the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
December 31,
|
September 30,
|
December 31,
|
December 31,
|
|
December 31,
|
December 31,
|
December 31,
|
|
|
|
2013
|
2014
|
2014
|
2014
|
|
2013
|
2014
|
2014
|
|
|
|
US$
|
US$
|
US$
|
RMB
|
|
US$
|
US$
|
RMB
|
|
|
Net loss
|
|
(26,776)
|
(932)
|
(39)
|
(200)
|
|
(34,428)
|
(10,728)
|
(65,919)
|
|
|
Add back
(deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
(10)
|
(6)
|
(12)
|
(76)
|
|
(113)
|
(47)
|
(288)
|
|
|
Interest
expenses
|
|
-
|
-
|
-
|
-
|
|
16
|
-
|
-
|
|
|
Income tax
benefit
|
|
(4,826)
|
-
|
-
|
-
|
|
(4,826)
|
-
|
-
|
|
|
Depreciation and
amortization
|
|
751
|
253
|
199
|
1,237
|
|
3,389
|
1,047
|
6,495
|
|
|
EBITDA profit
(loss)
|
|
(30,861)
|
(685)
|
148
|
961
|
|
(35,962)
|
(9,728)
|
(59,712)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,207
|
169
|
144
|
895
|
|
1,024
|
601
|
3,729
|
|
|
Gain from disposal of
equity
interest in affiliates
|
|
-
|
(1,452)
|
-
|
-
|
|
-
|
(1,452)
|
(9,000)
|
|
|
Other
income
|
|
(1,329)
|
(77)
|
(73)
|
(441)
|
|
(4,100)
|
(745)
|
(4,621)
|
|
|
Adjusted EBITDA
profit (loss)
|
|
(30,983)
|
(2,045)
|
219
|
1,415
|
|
(39,038)
|
(11,324)
|
(69,604)
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ku6-media-reports-unaudited-financial-results-for-the-fourth-quarter-and-full-year-of-fiscal-year-2014-300047230.html
SOURCE Ku6 Media Co., Ltd.