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News and Information Article
BEIJING, July 27 /Xinhua-/ -- eLong, Inc. (Nasdaq: LONG), a
leading online travel service provider in China, today reported unaudited
financial results for the second quarter ended June 30, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO )
Business Highlights
Highlights for the second quarter of 2006:
* Travel revenues increased 57% year-over-year and 26% sequentially to
RMB65.0 million (US$8.1 million), and total revenues improved 55%
year-over-year and 26% sequentially to RMB71.3 million (US$8.9 million);
* Hotel commissions increased 49% year-over-year and 28% sequentially to
RMB53.8 million (US$6.7 million);
* Air ticketing commissions increased 93% year-over-year and 20%
sequentially to RMB9.6 million (US$1.2 million); air ticketing
represented 15% of total travel revenues in the second quarter as
compared to 12% in the same period one year ago,
* Operating loss of RMB509,000 (US$62,000), which included non cash
related stock-based compensation expense and amortization of
RMB2.8 million (US$348,000), decreased 95% year-over-year and
97% sequentially to RMB509,000 (US$62,000);
* The Company recorded a net income of RMB10.2 million (US$1.3 million)
for the second quarter of 2006, compared to a net loss of RMB3.3 million
(US$396,000) in the corresponding period a year ago, and a net loss of
RMB12.2 million (US$1.5 million) in the first quarter of 2006;
* The Company recorded an adjusted income (a non-GAAP measure) of
RMB13.1 million (US$1.6 million) as compared to an adjusted income of
RMB398,000 (US$49,000) in the same period a year ago and an adjusted
loss of RMB3.1 million (US$388,000) sequentially; and
* As of June 30, 2006, the Companys cash and cash equivalents balance was
US$136.1 million.
"We are extremely pleased to report that eLong has achieved record
results in the second quarter with strong growth across all of our booking
services, as we execute our business strategy more effectively and continue
to operate in a rapidly growing industry. Going forward, we will continue
to invest in the business to strengthen the brand, expand on our core
competencies in products, services and technology, and further enhance our
customers experience to make eLong a world-class full service supplier of
travel services in the dynamic Chinese market," said Tom SooHoo, Chief
Executive Officer of eLong.
Separately eLong also announced today the election of Barney Harford as
chairman of the board of directors and the appointment of Tony Shen as
interim Chief Financial Officer.
Business Results
Total revenues for the second quarter of 2006 were RMB71.3 million
(US$8.9 million), an increase of 55% from RMB46.1 million (US$5.6 million)
reported in the same period in 2005, and an increase of 26% from RMB56.6
million (US$7.1 million) reported in the first quarter of 2006.
Revenue from hotel commissions for the second quarter of 2006 totaled
RMB53.8 million (US$6.7 million), an increase of 49% from RMB36.0 million
(US$4.4 million) year-over-year, and an increase of 28% from RMB42.1
million (US$5.3 million) sequentially.
The increases in hotel commissions were primarily due to higher room
volumes accompanied by higher hotel commission per room night. Hotel room
nights booked through eLong increased 35% to 832,000 in the second quarter
from 615,000 in the corresponding period a year ago, and were up 25 %
sequentially from 666,000 in the first quarter.
Hotel commissions per room night were RMB65 in the second quarter of
2006, up 10% from RMB59 in the corresponding period a year ago, and up 3%
from RMB63 in the first quarter. The year-over-year and sequential
increases were mainly due to higher commissions associated with increased
volume.
"Our strong hotel revenue growth reflects our increasing leverage with
suppliers as we drive more business to them. At the same time, we tap into
structural hotel capacity growth as China leads Asias hotel boom,
accounting for nearly half of new hotel projects in the region. As of June
30, 2006, we offered our customers a choice of hotel rooms at discounted
rates in 3,505 hotels in 282 cities across Greater China as compared to
almost 2,800 hotels in 230 cities at the end of the second quarter of
2005," said Frank Zheng, Vice President of Travel Services.
Revenue from air ticketing commissions during the second quarter of
2006 totaled RMB9.6 million (US$1.2 million), an increase of 93% from
RMB5.0 million (US$604,000) year-over-year, and an increase of 20% from
RMB8.0 million (US$999,000) sequentially. Volume in air segment sales
continued to grow with 247,000 air segments sold in the second quarter of
2006, an increase of 83% from 135,000 in the corresponding period a year
ago and 13% higher than the 218,000 sold in the first quarter. Revenue per
air ticket was RMB39 in the second quarter of 2006 as compared to RMB37 in
both the corresponding period a year ago and in the first quarter. The
sequential increase was primarily due to an increase in the air commission
rate.
"Year-over-year growth in air ticketing revenues was primarily driven
by the acquisition of new air customers, increased sales of air tickets to
eLongs existing hotel customer base and better product offerings. We will
continue to focus on building a scalable and efficient air infrastructure
in the medium term, which is a critical component in eLongs business
strategy. Our investment in this area also reflects our expectations
regarding the long term potential of online air travel bookings in China,"
explained Andy Clayton, Vice President of Air.
Other travel revenue in the second quarter of 2006 was RMB1.6 million
(US$204,000), an increase of 209% from RMB527,000 (US$64,000)
year-over-year, and an increase of 12% from RMB1.5 million (US$182,000)
sequentially. The growth was attributable to both increased vacation
package sales and other travel related services. Due to the May 2006
disposal of Ray Time, an operator of hotel loyalty programs, other travel
revenue excludes revenue from Ray Time, which commencing in the second
quarter of 2006 was accounted for as discontinued operations.
Gross margins in the second quarter of 2006 were 78%, unchanged from
the corresponding period a year ago and up from 76% in the first quarter.
The sequential increase in gross margins was due to higher volume in the
second quarter as compared to the first quarter, which is a seasonally slow
quarter due to the Chinese New Year holiday.
Service development, sales and marketing and general and administrative
expenses for the second quarter of 2006 totaled RMB51.8 million (US$6.5
million), an increase of 19% from RMB43.4 million (US$5.2 million)
year-over-year, and a decrease of 6% from RMB55.3 million (US$6.9 million)
sequentially.
Service development expenses were RMB11.0 million (US$1.4 million) in
the second quarter of 2006, an increase of 26% from RMB8.7 million (US$1.1
million) year-over-year, and a decrease of 1% from RMB11.1 million (US$1.4
million) sequentially. The year-over-year increase reflects increased
investments to support the eLong.com website and the Companys air, hotel
and vacation package businesses.
Sales and marketing expenses were RMB27.5 million (US$3.4 million) in
the second quarter of 2006, an increase of 22% from RMB22.5 million (US$2.7
million) year-over-year, and an increase of 14% from RMB24.0 million
(US$3.0 million) in the first quarter. The year-over-year and sequential
increases were due to increases in business volume and customer
acquisition. Sales and marketing expenses in the second quarter of 2006
were 38% of revenues as compared to 49% in the corresponding period a year
ago and 42% in the first quarter.
General and administrative expenses were RMB13.4 million (US$1.7
million) in the second quarter of 2006, an increase of 10% from RMB12.1
million (US$1.5 million) year-over-year, and a decrease of 34% from RMB20.2
million (US$2.5 million) sequentially. The year-over-year increase was
primarily due to additional professional fees, headcount expenses, and
other expenditures associated with the expansion of our business. The
sequential decrease was due to lower professional fees in the second
quarter as compared to the first quarter.
Operating loss in the second quarter of 2006 was RMB509,000
(US$62,000), as compared to an operating loss of RMB10.0 million (US$1.2
million) in the corresponding period of 2005 and RMB15.6 million (US$1.9
million) in the first quarter. The second quarter operating loss included
non-cash related stock- based compensation expense and amortization of
RMB2.8 million (US$348,000) and the comparable non-cash related stock-based
compensation expense and amortization amount for the corresponding period
of 2005 was RMB3.7 million (US$445,000) and the first quarter of 2006 was
RMB3.3 million (US$414,000).
Other income, which represents interest income, unrealized exchange
gains/losses and other non-operating income/expenses, was RMB8.5 million
(US$1.1 million) for the second quarter of 2006, compared to other income
of RMB7.8 million (US$948,000) in the corresponding period a year ago, and
other income of RMB4.3 million (US$532,000) in the first quarter of 2006.
The sequential increase in other income was primarily due to a lower
unrealized exchange loss on the translation for financial reporting
purposes of eLongs US dollar denominated cash deposits into Renminbi. The
unrealized exchange loss was RMB2.8 million (US$347,000) in the second
quarter as compared to an unrealized exchange loss of RMB6.8 million
(US$845,000) in the first quarter.
The Company recorded a net income of RMB10.2 million (US$1.3 million)
for the second quarter of 2006, compared to a net loss of RMB3.3 million
(US$396,000) in the corresponding period a year ago, and a net loss of
RMB12.2 million (US$1.5 million) in the first quarter. The US GAAP diluted
income per ADS for the second quarter of 2006 was RMB0.38 (US$0.048),
compared to US GAAP diluted loss per ADS of RMB0.14 (US$0.017) in the
corresponding period a year ago and US GAAP diluted loss per ADS of RMB0.50
(US$0.062) in the first quarter. Adjusted income for the second quarter of
2006 (a non-GAAP measure) was RMB13.1 million (US$1.6 million), compared to
adjusted income of RMB398,000 (US$49,000) in the corresponding period a
year ago and adjusted loss of RMB3.1 million (US$388,000) in the first
quarter. Diluted adjusted income per ADS for the second quarter (also a
non-GAAP measure) was RMB0.48 (US$0.062), compared to diluted adjusted
income per ADS of RMB0.02 (US$0.002) in the corresponding period a year ago
and diluted adjusted loss per ADS of RMB0.12 (US$0.015) in the first
quarter. Please refer to the attached table for a reconciliation of net
loss and diluted loss per ADS under US GAAP to adjusted loss and basic and
diluted adjusted loss per ADS.
As of June 30, 2006, the Companys cash and cash equivalents balance
was US$136.1 million.
"In the second quarter of 2006, eLong achieved very positive business
results with strong improvements in both top line and bottom line," said
Derek Palaschuk, Chief Financial Officer of eLong. "At this early stage, we
believe that our ongoing investment in all of our business lines is the key
to building a solid foundation for long-term sustainable profitability."
Business Outlook
eLong expects travel revenues for the third quarter of 2006 within the
range of RMB69.0 million (US$8.6 million) to RMB71.0 million (US$8.9
million), an increase of 38% to 42% from the third quarter of 2005, and
total revenues of RMB72.0 million (US$9.0 million) to RMB74.0 million
(US$9.3 million), an increase of 31% to 34% from the third quarter of 2005.
We expect the operating loss in the third quarter of 2006 to be similar to
the operating loss in the second quarter.
Note to the Financial Statements
The unaudited financial results for the first quarter of 2006 which
were released on May 11, 2006 have been amended as described below.
As a result of the accelerated vesting on January 23, 2006 of 75,000
stock options pursuant to the Companys termination and settlement
agreement with Justin Tang, the former Chief Executive Officer, the Company
has recorded an additional RMB899,000 (US$112,000) of stock-based
compensation expense in the first quarter of 2006 general and
administrative expenses. The Company has also recorded an additional
RMB884,000 (US$110,000) in the first quarter of 2006 sales and marketing
expenses associated with its loyalty point program.
After recording the additional stock-based compensation for the
accelerated vesting of stock options and the additional sales and marketing
expenses in the first quarter of 2006, the net loss for the three months
ended March 31, 2006 was RMB12.2 million (US$1.5 million) and the US GAAP
diluted loss per ADS was RMB0.50 (US$0.062), as compared to the net loss of
RMB10.4 million (US$1.3 million) and the US GAAP diluted loss per ADS of
RMB0.42 (US$0.052) previously reported on May 11, 2006.
Safe Harbor Statement
It is currently expected that the Business Outlook will not be updated
until the release of eLongs next quarterly earnings announcement; however,
eLong reserves the right to update its Business Outlook at any time for any
reason.
Statements in this press release concerning eLongs future business,
operating results and financial condition are "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the Private Securities Litigation Reform Act of
1995. Words such as "anticipate," "believe," "estimate," "expect,"
"forecast," "intend," "may," "plan," "project," "predict," "should" and
"will" and similar expressions as they related to the Company are intended
to identify such forward-looking statements. These forward looking
statements are based upon managements current views and expectations with
respect to future events and are not a guarantee of future performance.
Furthermore, these statements are, by their nature, subject to a number of
risks and uncertainties that could cause actual performance and results to
differ materially from those discussed in the forward-looking statements as
a result of a number of factors. Factors that could affect the Companys
actual results and cause actual results to differ materially from those
included in any forward-looking statement include, but are not limited to,
eLongs historical operating losses, its limited operating history,
declines or disruptions in the travel industry, the recurrence of SARS, an
outbreak of bird flu, eLongs reliance on having good relationships with
hotel suppliers and airline ticket suppliers, our reliance on the Travelsky
GDS system for our air business, the possibility that eLong will be unable
to timely comply with Section 404 of the Sarbanes-Oxley Act of 2002, the
risk that eLong will not be successful in competing against new and
existing competitors, risks associated with Expedia, Inc.s (Nasdaq: EXPE)
majority ownership interest in eLong and the integration of eLongs
business with that of Expedias, subsequent revaluations of the Chinese
currency, changes in eLongs management team and other key personnel and
other risks outlined in eLongs filings with the U.S. Securities and
Exchange Commission (or SEC), including eLongs Form 20-F filed with the
SEC in connection with the Companys fiscal year 2005 results. Readers are
cautioned not to place undue reliance on any forward-looking statements,
which speak only as of their dates.
Conference Call
eLong will host a conference call to discuss the second quarter 2006
earnings at 7:00 pm Eastern Time, July 27, 2006 (Beijing/Hong Kong time:
July 28, 2006 at 7:00 am). The management team will be on the call to
discuss quarterly results and highlights and to answer questions. The
toll-free number for U.S. participants is +1 800 365 8460. The dial-in
number for Hong Kong participants is +852 2258 4000. The toll number for
international participants is +1 210 795 0492. The pass code for all
participants is eLong.
A replay of the call will be available for 1 day between 8:15 pm
Eastern Time on July 27, 2006 and 8:15 pm Eastern Time on July 28, 2006.
The toll-free number for U.S. callers is +1 888 485 2364. The dial-in
number for international callers is +1 203 369 4585. The pass code for the
replay is 786240.
Additionally, a live and archived web cast of this call will be
available on the Investor Relations section of the eLong web site at
http://ir.elong.net for three months.
About eLong, Inc.
eLong, Inc. (Nasdaq: LONG) is a leading online travel company in China.
Headquartered in Beijing, eLong has a national presence across China. eLong
uses web-based distribution technologies and a 24-hour call center to
provide consumers with access to travel reservation services. Aiming to
enrich peoples lives through the freedom of independent travel, eLong
empowers consumers to make informed choices by providing a one-stop travel
solution and consolidated travel tools and information such as maps,
virtual tours and user ratings. eLong has the capacity to fulfill air
ticket reservations in over 58 major cities across China. In addition to
choice of a wide hotel selection in the Greater China region, eLong offers
Chinese consumers the ability to make bookings at international hotels in
over 140 destinations worldwide. eLong operates the websites
http://www.elong.com and http://www.elong.net.
Investor Contact:
Raymond Huang
eLong, Inc.
Investor Relations Manager
ir@corp.elong.com
86-10-5860-2288 ext. 6633
eLong, Inc. CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
IN LOCAL CURRENCY
Three Months Ended Six Months Ended
Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30,
2006 2006 2005 2006 2005
RMB RMB RMB RMB RMB
Revenues
Hotel commissions 53,753 42,084 36,020 95,837 64,927
Airticketing commissions 9,641 8,009 4,995 17,650 8,718
Other travel revenue 1,629 1,456 527 3,086 1,002
Total travel revenue 65,023 51,549 41,542 116,573 74,647
Non travel 6,320 5,062 4,577 11,381 6,305
Total revenues 71,343 56,611 46,119 127,954 80,952
Cost of services 15,872 13,425 10,210 29,297 18,341
Gross profit 55,471 43,186 35,909 98,657 62,611
Operating expenses
Service development 11,012 11,111 8,737 22,123 16,128
Sales and marketing 27,452 24,027 22,543 51,480 40,488
General and administrative 13,355 20,185 12,110 33,540 25,490
Amortization of intangibles 265 265 60 530 120
Business tax and surcharges 3,896 3,187 2,490 7,083 4,290
Total operating expenses 55,980 58,775 45,940 114,756 86,516
Loss from operations (509) (15,589) (10,031) (16,099) (23,905)
Other income 8,497 4,263 7,843 12,761 13,214
Income/(loss) before income
tax expense 7,988 (11,326) (2,188) (3,338) (10,691)
Income tax expense 298 531 8 829 8
Income/(loss) from continuing
operations 7,690 (11,857) (2,196) (4,167) (10,699)
Discontinued operations
Loss from discontinued
operations (116) (330) (1,084) (446) (2,404)
Gain on sale of discontinued
operations 2,650 - - 2,650 -
Total discontinued operations 2,534 (330) (1,084) 2,204 (2,404)
Net income/(loss) 10,224 (12,187) (3,280) (1,963) (13,103)
Basic income/(loss) per share
Continuing operations 0.15 (0.24) (0.04) (0.08) (0.22)
Discontinued operations 0.05 (0.01) (0.02) 0.04 (0.05)
Basic income/(loss) per share 0.20 (0.25) (0.07) (0.04) (0.27)
Diluted income/(loss) per share
Continuing operations 0.14 (0.24) (0.04) (0.08) (0.22)
Discontinued operations 0.05 (0.01) (0.02) 0.04 (0.05)
Diluted income/(loss) per share 0.19 (0.25) (0.07) (0.04) (0.27)
Basic income/(loss) per ADS
Continuing operations 0.30 (0.48) (0.09) (0.16) (0.44)
Discontinued operations 0.10 (0.02) (0.04) 0.08 (0.10)
Basic income/(loss) per ADS 0.40 (0.50) (0.14) (0.08) (0.54)
Diluted income/(loss) per ADS
Continuing operations 0.28 (0.48) (0.09) (0.16) (0.44)
Discontinued operations 0.10 (0.02) (0.04) 0.08 (0.10)
Diluted income/(loss) per ADS 0.38 (0.50) (0.14) (0.08) (0.54)
Shares used in computing
basic net income/(loss) per
share 50,374 50,354 49,688 50,364 48,988
Shares used in computing
diluted net income/(loss)
per share 53,870 50,354 49,688 50,364 48,988
eLong, Inc. CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
IN U.S. DOLLARS
Three Months Ended Six Months Ended
Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30,
2006 2006 2005 2006 2005
US$ US$ US$ US$ US$
Revenues
Hotel commissions 6,724 5,250 4,352 11,988 7,845
Airticketing commissions 1,206 999 604 2,208 1,053
Other travel revenue 204 182 64 386 120
Total travel revenue 8,134 6,431 5,020 14,582 9,018
Non travel 791 631 553 1,424 762
Total revenues 8,925 7,062 5,573 16,006 9,780
Cost of services 1,985 1,675 1,234 3,665 2,216
Gross profit 6,940 5,387 4,339 12,341 7,564
Operating expenses
Service development 1,377 1,386 1,056 2,767 1,949
Sales and marketing 3,434 2,997 2,724 6,440 4,892
General and administrative 1,671 2,519 1,463 4,195 3,080
Amortization of intangibles 33 33 7 66 14
Business tax and surcharges 487 398 301 886 518
Total operating expenses 7,002 7,333 5,551 14,355 10,453
Loss from operations (62) (1,946) (1,212) (2,014) (2,889)
Other income 1,063 532 948 1,596 1,597
Income/(loss) before income tax
expense 1,001 (1,414) (264) (418) (1,292)
Income tax expense 37 66 1 104 1
Income/(loss) from continuing
operations 964 (1,480) (265) (522) (1,293)
Discontinued operations
Loss from discontinued
operations (15) (41) (131) (56) (290)
Gain on sale of discontinued
operations 331 - - 331 -
Total discontinued operations 316 (41) (131) 275 (290)
Net income/(loss) 1,280 (1,521) (396) (247) (1,583)
Basic income/(loss) per share
Continuing operations 0.019 (0.030) (0.005) (0.010) (0.027)
Discontinued operations 0.006 (0.001) (0.003) 0.005 (0.006)
Basic income/(loss) per share 0.025 (0.031) (0.008) (0.005) (0.033)
Diluted income/(loss) per share
Continuing operations 0.018 (0.030) (0.005) (0.010) (0.027)
Discontinued operations 0.006 (0.001) (0.003) 0.005 (0.006)
Diluted income/(loss) per
share 0.024 (0.031) (0.008) (0.005) (0.033)
Basic income/(loss) per ADS
Continuing operations 0.038 (0.060) (0.011) (0.020) (0.053)
Discontinued operations 0.013 (0.002) (0.005) 0.010 (0.012)
Basic income/(loss) per ADS 0.051 (0.062) (0.017) (0.010) (0.065)
Diluted income/(loss) per ADS
Continuing operations 0.035 (0.060) (0.011) (0.020) (0.053)
Discontinued operations 0.013 (0.002) (0.005) 0.010 (0.012)
Diluted income/(loss) per ADS 0.048 (0.062) (0.017) (0.010) (0.065)
Shares used in computing basic
net income/(loss) per share 50,374 50,354 49,688 50,364 48,988
Shares used in computing
diluted net income/(loss)
per share 53,870 50,354 49,688 50,364 48,988
Note 1: The conversions of Renminbi (RMB) into United States dollars (USD)
as at the reporting dates are based on the noon buying rate of
USD1.00 = RMB7.9943 on June 30,2006.USD1.00 = RMB8.0167 on March 31, 2006
and USD1.00 = RMB8.2765 on June 30, 2005 in The City of New York for cable
transfers of Renminbi as certified for customs purposes by the Federal
Reserve. No representation is intended to imply that the RMB amounts could
have been, or could be, converted, realized or settled into U.S. dollars
at that rate on the reporting dates.
eLong, Inc.
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(UNAUDITED, IN THOUSANDS)
Jun. 30, Dec. 31, Jun. 30, Dec. 31,
2006 2005 2006 2005
ASSETS RMB RMB US$ US$
Current assets
Cash and cash equivalents 1,088,270 988,560 136,131 122,495
Restricted cash equivalents - 76,177 - 9,439
Total Accounts receivable, net 38,239 34,655 4,783 4,294
Investment securities 194 260 24 32
Prepaid expenses and other
current assets 12,706 9,982 1,589 1,237
Total current assets 1,139,409 1,109,634 142,527 137,498
Equipment and software, net 35,864 33,306 4,486 4,127
Goodwill 34,138 34,083 4,270 4,223
Intangibles 4,605 4,806 576 596
Other non-current assets 7,640 6,508 956 806
Deferred tax assets 84 84 11 10
Total assets 1,221,740 1,188,421 152,826 147,260
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Accounts payable, accrued expenses
and other payables 123,411 88,013 15,436 10,906
Advances from customers 956 736 120 91
Short term loans - 6,000 - 743
Business and other taxes payable 2,252 3,004 282 372
Total current liabilities 126,619 97,753 15,838 12,112
Other long term liabilities 1,634 - 204 -
Deferred Tax Liabilities 132 132 17 16
Total liabilities 128,385 97,885 16,059 12,128
Minority interest - 1,628 - 202
Shareholders equity
Ordinary shares 4,169 4,167 521 516
Additional paid-in capital 1,196,049 1,216,879 149,613 150,787
Other equity items 862 (26,441) 108 (3,276)
Accumulated deficit and other
comprehensive income (107,725) (105,697) (13,475) (13,097)
Total shareholders equity 1,093,355 1,088,908 136,767 134,930
Total liabilities and
shareholders equity 1,221,740 1,188,421 152,826 147,260
eLong, Inc.
RECONCILIATION OF US GAAP INCOME/(LOSS) AND EPS TO NON-GAAP ADJUSTED
INCOME/(LOSS) AND EPS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
IN LOCAL CURRENCY
Three Months Ended Six Months Ended
Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30,
2006 2006 2005 2006 2005
RMB RMB RMB RMB RMB
Net income/(loss) 10,224 (12,187) (3,280) (1,963) (13,103)
Amortization of non-cash
stock-based compensation 2,520 3,053 3,433 5,574 9,506
Amortization of intangibles 265 265 245 530 491
Other non-cash compensation - (1,011) - (1,011) -
Unrealised foreign exchange
losses on US$ net monetary
assets/liabilities 2,772 6,775 - 9,547 -
Gain on disposal of
discontinued operations (2,650) - - (2,650) -
Adjusted income/(loss) 13,131 (3,105) 398 10,027 (3,106)
Basic adjusted income/(loss)
per share 0.26 (0.06) 0.01 0.20 (0.06)
Diluted adjusted income/(loss)
per share 0.24 (0.06) 0.01 0.19 (0.06)
Basic adjusted income/(loss)
per ADS 0.52 (0.12) 0.02 0.40 (0.12)
Diluted adjusted income/(loss)
per ADS 0.48 (0.12) 0.02 0.38 (0.12)
Shares used in computing
adjusted basic income/(loss)
per share 50,374 50,354 49,688 50,364 48,988
Shares used in computing
adjusted diluted income/(loss)
per share 53,870 50,354 52,785 53,794 48,988
eLong, Inc.
RECONCILIATION OF US GAAP INCOME/(LOSS) AND EPS TO NON-GAAP ADJUSTED
INCOME/(LOSS) AND EPS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
IN U.S. DOLLARS
Three Months Ended Six Months Ended
Jun. 30, Mar. 31, Jun. 30, Jun. 30, Jun. 30,
2006 2006 2005 2006 2005
US$ US$ US$ US$ US$
Net income/(loss) 1,280 (1,521) (396) (247) (1,583)
Amortization of non-cash
stock-based compensation 315 381 415 697 1149
Amortization of intangibles 33 33 30 66 59
Other non-cash compensation - (126) - (126) -
Unrealised foreign exchange losses
on US$ net monetary
assets/liabilities 347 845 - 1,194 -
Gain on disposal of discontinued
operations (331) - - (331) -
Adjusted income/(loss) 1,644 (388) 49 1,253 (375)
Basic adjusted income/(loss)
per share 0.033 (0.008) 0.001 0.025 (0.008)
Diluted adjusted income/(loss)
per share 0.031 (0.008) 0.001 0.023 (0.008)
Basic adjusted income/(loss)
per ADS 0.066 (0.015) 0.002 0.050 (0.016)
Diluted adjusted income/(loss)
per ADS 0.062 (0.015) 0.002 0.046 (0.016)
Shares used in computing
adjusted basic income/(loss)
per share 50,374 50,354 49,688 50,364 48,988
Shares used in computing
adjusted diluted income/(loss)
per share 53,870 50,354 52,785 53,794 48,988
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented herein in
accordance with accounting principles generally accepted in the United
States ("US GAAP"), the Company also uses non-GAAP measures of adjusted net
loss and adjusted diluted loss per ADS, which are adjusted from results
based on US GAAP to exclude the impact of (1) amortization of non-cash
stock-based compensation expense, (2) amortization of intangible assets,
(3) other non- cash compensation, (4) unrealised foreign exchange losses on
the conversion of eLongs US$ denominated net monetary assets/liabilities
into Renminbi and (5) gain on disposal of discontinued operations.
Management believes these non- GAAP financial measures enhance the users
overall understanding of our current financial performance and our
prospects for the future and, additionally, uses these non-GAAP financial
measures for the general purpose of analyzing and managing the Companys
business. Specifically, we believe the non-GAAP financial measures provide
useful information to both management and investors by excluding certain
charges that we believe are not indicative of our core operating results.
The presentation of this additional information is not meant to be
considered superior to, in isolation from or as a substitute for results
prepared in accordance with US GAAP.
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