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China Medical Technologies 6-K 2010

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic
Form 6-K
Table of Contents

 

 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2010

Commission File Number: 000-51440

 

 

CHINA MEDICAL TECHNOLOGIES, INC.

(Translation of registrant’s name into English)

 

 

No. 24 Yong Chang North Road

Beijing Economic-Technological Development Area

Beijing 100176

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):            

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):            

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨                     No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-N/A

 

 

 


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CHINA MEDICAL TECHNOLOGIES, INC.

Form 6-K

TABLE OF CONTENTS

 

     Page

Signature

   3

Exhibit 99.1 – Press Release

   4


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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

CHINA MEDICAL TECHNOLOGIES, INC.
By:  

/S/    TAKYUNG (SAM) TSANG        

Name:   Takyung (Sam) Tsang
Title:   Chief Financial Officer

Date: August 17, 2010


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Exhibit 99.1

LOGO

China Medical Technologies Reports First Fiscal Quarter Financial Results

Beijing, China, August 16, 2010 - China Medical Technologies, Inc. (the “Company”) (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic (“IVD”) company, today announced its unaudited financial results for the first fiscal quarter ended June 30, 2010 (“1Q FY2010”).

1Q FY2010 Highlights

 

 

Revenues decreased by 10.9% year-over-year to RMB186.2 million (US$27.5 million) but increased by 5.9% sequentially.

 

 

Net income was RMB33.7 million (US$5.0 million).

 

 

Non-GAAP net income, as defined below, decreased by 21.4% year-over-year to RMB57.0 million (US$8.4 million) but increased by 10.8% sequentially.

 

 

EBITDA, as defined below, was RMB142.0 million (US$20.9 million).

 

 

Adjusted EBITDA, as defined below, was RMB105.2 million (US$15.5 million).

 

 

Diluted earnings per ADS* was RMB1.29 (US$0.19).

 

 

Non-GAAP diluted earnings per ADS*, as defined below, decreased by 20.4% year-over-year to RMB2.18 (US$0.32) but increased by 10.1% sequentially.

 

 

Net cash generated from operations was RMB69.8 million (US$10.3 million).

 

 

Approximately RMB101.7 million (US$15.0 million) 3.5% convertible notes and RMB113.6 million (US$16.8 million) 4% convertible notes were purchased and cancelled by the Company. Approximately 285,000 ADSs* were returned to the Company under the share lending agreement in connection with the issuance of 4% convertible notes in August 2008.

Outlook for 2Q FY2010

 

 

Target revenues are expected to be not less than RMB200.0 million (US$29.5 million), representing a year-over-year increase of not less than 20.4% and a quarter-over-quarter increase of not less than 7.4%.

 

 

Target non-GAAP net income is expected to be not less than RMB65.0 million (US$9.6 million), representing a year-over-year increase of not less than 267.9% and a quarter-over-quarter increase of not less than 14.0%.

 

 

Target non-GAAP diluted earnings per ADS* is expected to be not less than RMB2.49 (US$0.37), representing a year-over-year increase of not less than 271.6% and a quarter-over-quarter increase of not less than 14.2%.

The above targets are based on the Company’s current views on the operating and market conditions, which are subject to change.

 

* One American Depositary Share (“ADS”) = 10 ordinary shares

See “Non-GAAP Measure Disclosures” below, where the impact of certain items on reported results is discussed.

“We are pleased with the third consecutive sequential growth in our quarterly revenues. Following the recent receipt of SFDA approval for our SPR-based HPV-DNA chip and positive feedback from the trial use of our chip by our hospital customers, we believe that we will achieve accelerated sequential growth in the upcoming quarters,” commented Mr. Xiaodong Wu, Chairman and Chief Executive Officer of the Company.


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1Q FY2010 Unaudited Financial Results

The Company reported revenues of RMB186.2 million (US$27.5 million) for 1Q FY2010, representing a 10.9% decrease from the corresponding period of FY2009 but a 5.9% increase from 4Q FY2009.

The Company’s revenues are currently generated from two segments, molecular diagnostic systems and immunodiagnostic systems. The molecular diagnostic system segment includes FISH products and SPR products while the immunodiagnostic system segment consists of ECLIA products.

Molecular diagnostic system sales for 1Q FY2010 were RMB108.1 million (US$15.9 million), representing a 9.8% increase from the corresponding period of FY2009 and a 7.1% increase from 4Q FY2009. The year-over-year and sequential increase was primarily due to the increase in usage of the Company’s FISH probes by existing and new hospital customers served by the Company’s direct sales personnel.

Immunodiagnostic system sales for 1Q FY2010 were RMB78.1 million (US$11.5 million), representing a 29.3% decrease from the corresponding period of FY2009 and a 4.3% increase from 4Q FY2009. The year-over-year decrease was primarily due to the price reduction for ECLIA reagent kits since September 2009.

Gross margin was 67.0% for 1Q FY2010 which decreased year-over-year from 73.5% for the corresponding period of FY2009 but improved sequentially from 64.9% for 4Q FY2009. The year-over-year decrease in gross margin was primarily due to the impact of the price reduction for ECLIA reagent kits. The sequential increase in gross margin was primarily due to the price reduction for major raw materials used in the production of ECLIA reagent kits and more contribution from the sales of FISH probes which generate higher gross margin.

Research and development expenses were RMB10.6 million (US$1.6 million) for 1Q FY2010, representing a 9.2% year-over-year decrease but a 2.7% sequential increase. The year-over-year decrease was primarily due to lower stock compensation expenses.

Sales and marketing expenses were RMB18.3 million (US$2.7 million) for 1Q FY2010, representing a 68.0% year-over-year increase and a 9.4% sequential increase. The year-over-year and sequential increase was primarily due to the increase in direct sales efforts for molecular diagnostic systems.

General and administrative expenses were RMB25.1 million (US$3.7 million) for 1Q FY2010, representing a 46.4% year-over-year decrease and a 6.0% sequential decrease. The year-over-year decrease was primarily due to no costs of independent internal investigation for 1Q FY2010.

Amortization of SPR intangible assets was RMB27.3 million (US$4.0 million) for 1Q FY2010. Due to the commencement of sales of HPV-DNA chips, the amortization of SPR intangible assets will be classified from operating expenses to cost of revenues starting from 2Q FY2010.

Interest expense on convertible notes was RMB32.5 million (US$4.8 million) for 1Q FY2010. As of June 30, 2010, the Company’s outstanding convertible notes of US$135 million and US$248 million bear interest at 3.5% and 4% per annum, respectively, and will mature in November 2011 and August 2013, respectively.

Interest expense on amortization of convertible notes issuance costs was RMB4.0 million (US$0.6 million) for 1Q FY2010.

Due to the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or the financing effective on April 1, 2010, the Company recorded additional non-cash interest expense on amortization of share lending costs of RMB2.5 million (US$0.4 million) for the 4% convertible notes in 1Q FY2010. The Company also made adjustments related to these convertible notes for the corresponding periods of FY2009 by increasing non-cash interest expense on amortization of share lending costs by RMB2.6 million and RMB2.8 million for 4Q FY2009 and 1Q FY2009 respectively, to adopt this guidance retrospectively. There is no share lending arrangement for 3.5% convertible notes.


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Other income was RMB43.3 million (US$6.4 million) for 1Q FY2010. The significant year-over-year and sequential increase was primarily due to the gain from the purchase of the Company’s convertible notes on the open market.

Income tax expense was RMB18.7 million (US$2.8 million) for 1Q FY2010. The significant income tax expense was primarily because certain expenses of the Company such as stock compensation expense, amortization of acquired intangible assets and interest expense of convertible notes were not deductible for income tax purpose. In addition, the Company is required to accrue for withholding income tax on distributable earnings generated in China during 1Q FY2010.

Net income was RMB33.7 million (US$5.0 million) for 1Q FY2010, representing a significant increase from the corresponding period of FY2009 and 4Q FY2009.

Non-GAAP net income was RMB57.0 million (US$8.4 million) for 1Q FY2010, representing a 21.4% decrease from the corresponding period of FY2009 but a 10.8% increase from 4Q FY2009.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was RMB142.0 million (US$20.9 million) for 1Q FY2010, representing a 26.6% increase from the corresponding period of FY2009 and a 25.7% increase from 4Q FY2009.

Adjusted EBITDA which excludes stock compensation expense and gain on purchase of convertible notes was RMB105.2 million (US15.5 million) for 1Q FY2010, representing a 15.4% decrease from the corresponding period of FY2009 but a 5.6% increase from 4Q FY2009.

Stock compensation expense for 1Q FY2010 was RMB10.6 million (US$1.6 million), of which RMB0.1 million was allocated to cost of revenues, RMB1.4 million to research and development expenses, RMB0.1 million to sales and marketing expenses and RMB9.0 million to general and administrative expenses.

Amortization of acquired intangible assets for 1Q FY2010 was RMB49.7 million (US$7.3 million), of which RMB22.4 million was allocated to cost of revenues and RMB27.3 million to operating expenses. Due to the commencement of sales of HPV-DNA chips, amortization of acquired intangible assets will all be allocated to cost of revenues starting from 2Q FY2010.

As of June 30, 2010, the Company’s cash and cash equivalents was RMB742.3 million (US$109.5 million). Net cash generated from operating activities for 1Q FY2010 was RMB69.8 million (US$10.3 million).

As of June 30, 2010, the Company’s net accounts receivable was RMB311.3 million (US$45.9 million), representing an increase of 2.6% from the balance at March 31, 2010.

For the convenience of readers, certain RMB amounts have been translated into U.S. dollars at the rate of RMB6.7815 to US$1.00, the noon buying rate in New York City for cable transfers of RMB per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board, as of Wednesday, June 30, 2010. No representation is made that the RMB amounts could have been or could be converted into U.S. dollars at that rate or at any other rate on June 30, 2010 or at any other dates.


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Non-GAAP Measure Disclosures

The Company provides gross profit, operating income, net income, earnings per ADS, EBITDA and adjusted EBITDA on a Non-GAAP basis to enable investors to better assess the Company’s operating performance. The Non-GAAP measures described by the Company are reconciled to the corresponding GAAP measures in the exhibit below titled “Reconciliations of GAAP measures to Non-GAAP measures”.

The Company reported for 1Q FY2010 and provided guidance for 2Q FY2010 net income and diluted earnings per ADS on a Non-GAAP basis. Each of the terms used by the Company is defined as follows:

 

 

Non-GAAP gross profit represents gross profit reported in accordance with GAAP, adjusted for the effects of stock compensation expense and amortization of acquired intangible assets.

 

 

Non-GAAP operating income represents operating income reported in accordance with GAAP, adjusted for the effects of stock compensation expense and amortization of acquired intangible assets.

 

 

Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of stock compensation expense, amortization of acquired intangible assets, non-cash interest expense of convertible notes, non-cash interest expense for amortization of share lending costs and gain on purchase of convertible notes.

 

 

Non-GAAP earnings per ADS represents Non-GAAP net income divided by the weighted average number of ADSs used in computing basic and diluted earnings per ADS in accordance with GAAP.

 

 

EBITDA represents net income reported in accordance with GAAP, adjusted for the effects of interest income, interest expenses, income tax expense, depreciation as well as amortization of acquired intangible assets.

 

 

Adjusted EBITDA represents EBITDA adjusted for the effects of stock compensation expense and gain on purchase of convertible notes.

Non-GAAP financial measures are used by the Company in their financial and operating decision-making because management believes they reflect the Company’s ongoing business in a manner that allows meaningful period-to-period comparison. The Company’s management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does, if they so choose.

The presentation of this additional financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the financial information included with this earnings announcement.


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Conference Call

The Company’s senior management team will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 16, 2010 (or 8:00 p.m. Beijing/Hong Kong time on the same date) to discuss the results following this earnings announcement.

The dial-in details for the live conference call are as follows:

 

 

U.S. Toll Free Number 1-866-543-6407

 

 

International Dial-in Number 1-617-213-8898

Passcode: CMEDCALL

A live webcast of the conference call will be available on http://ir.chinameditech.com.

A replay of this webcast will be available for one month on this website.

A telephone replay of the call will be available after the conclusion of the conference call through 10:00 a.m. U.S. Eastern Time on August 17, 2010.

The dial-in details for the replay are as follows:

 

 

U.S. Toll Free Number 1-888-286-8010

 

 

International Dial-in Number 1-617-801-6888

Passcode: 57983372

About China Medical Technologies, Inc.

China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay (ECLIA), to develop, manufacture and distribute diagnostic products used for the detection of various cancers, diseases and disorders as well as companion diagnostic tests for targeted cancer drugs. The Company generates all of its revenues in China through the sale of diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales force and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release, as well as its outlook for 2Q FY2010, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Contacts

Sam Tsang and Winnie Yam

Tel: 852-2511-9808

Email: IR@chinameditech.com


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China Medical Technologies, Inc.

Unaudited Condensed Consolidated Balance Sheets

 

     As of  
     March 31, 2010     June 30, 2010  
     RMB     RMB     US$  
     As adjusted (1)              
     (in thousands)        

Assets

      

Current assets

      

Cash and cash equivalents

   815,453      742,340      109,465   

Trade accounts receivable, net

   303,368      311,282      45,902   

Inventories

   24,889      20,177      2,975   

Prepayments and other receivables

   21,508      12,048      1,777   

Due from a related party

   204,774      203,445      30,000   
                  

Total current assets

   1,369,992      1,289,292      190,119   

Property, plant and equipment, net

   155,825      151,621      22,358   

Land use rights

   7,049      7,001      1,032   

Goodwill

   8,654      8,654      1,276   

Intangible assets, net

   3,285,190      3,216,535      474,311   

Convertible notes issuance costs

   46,681      39,166      5,775   

Share lending costs (1)

   35,678      30,744      4,534   
                  

Total assets

   4,909,069      4,743,013      699,405   
                  

Liabilities

      

Current liabilities

      

Trade accounts payable

   20,126      24,136      3,559   

Accrued liabilities and other payables

   183,498      186,036      27,433   

Income taxes payable

   57,529      56,518      8,334   
                  

Total current liabilities

   261,153      266,690      39,326   

Convertible notes

   2,777,086      2,556,014      376,910   

Deferred income taxes

   67,134      72,518      10,694   
                  

Total liabilities

   3,105,373      2,895,222      426,930   
                  

Shareholders’ equity

      

Ordinary shares US$0.1 par value:

      

500,000,000 authorized; 322,680,001 issued and outstanding as of March 31, 2010 and June 30, 2010

   258,840      258,840      38,169   

Additional paid-in capital (1)

   808,221      820,778      121,032   

Treasury stock

   (45,143   (47,108   (6,947

Accumulated other comprehensive loss (1)

   (70,556   (70,731   (10,430

Retained earnings (1)

   852,334      886,012      130,651   
                  

Total shareholders’ equity

   1,803,696      1,847,791      272,475   
                  

Total liabilities and shareholders’ equity

   4,909,069      4,743,013      699,405   
                  

Note:

 

(1) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated balance sheet as of March 31, 2010 retrospectively in accordance with GAAP.


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China Medical Technologies, Inc.

Unaudited Condensed Consolidated Statements of Income

 

     For the Three Months Ended  
     June 30, 2009     March 31, 2010     June 30, 2010  
     RMB     RMB     RMB     US$  
     As adjusted (4)     As adjusted (4)              
     (in thousands except for per ADS information)  

Revenues, net (1)

   208,957      175,728      186,170      27,453   

Cost of revenues (2)

   (55,413   (61,624   (61,354   (9,047
                        

Gross profit

   153,544      114,104      124,816      18,406   

Operating expenses

        

Research and development (2)

   (11,703   (10,352   (10,632   (1,568

Sales and marketing (2)

   (10,870   (16,695   (18,266   (2,694

General and administrative (2)

   (46,954   (26,743   (25,149   (3,708

Amortization of SPR intangible assets

   (27,352   (27,343   (27,329   (4,030
                        

Total operating expenses

   (96,879   (81,133   (81,376   (12,000
                        

Operating income

   56,665      32,971      43,440      6,406   

Interest income

   2,773      4,155      4,597      678   

Interest expense – convertible notes

   (35,432   (34,831   (32,505   (4,793

Interest expense – amortization of convertible notes issuance costs

   (4,380   (4,263   (4,012   (592

Interest expense – amortization of share lending costs (4)

   (2,756   (2,644   (2,475   (365

Other income, net

   240      24,638      43,295      6,384   
                        

Income before income tax

   17,110      20,026      52,340      7,718   

Income tax expense

   (16,919   (15,206   (18,662   (2,752
                        

Net income

   191      4,820      33,678      4,966   
                        

Earnings per ADS

        

- basic

   0.01      0.19      1.30      0.19   
                        

- diluted (3)

   0.01      0.19      1.29      0.19   
                        

Weighted average number of ADS

        

- basic

   26,324,842      25,993,349      26,005,975      26,005,975   
                        

- diluted (3)

   26,438,076      26,050,599      26,128,403      26,128,403   
                        


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Notes:

 

(1) Revenues, net

   RMB’000    RMB’000    RMB’000    US$’000

- Molecular diagnostic systems

   98,466    100,897    108,092    15,940

- Immunodiagnostic systems

   110,491    74,831    78,078    11,513
                   
   208,957    175,728    186,170    27,453
                   

(2) Stock compensation expense

   RMB’000    RMB’000    RMB’000    US$’000

- Cost of revenues

   —      —      52    8

- Research and development

   2,047    1,440    1,418    209

- Sales and marketing

   —      —      91    13

- General and administrative

   10,110    9,252    9,031    1,332
                   
   12,157    10,692    10,592    1,562
                   

 

(3) Interest expense and amortization in connection with convertible notes were not added back in computing diluted earnings per ADS because they were anti-dilutive.
(4) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated statements of income for the three months ended June 30, 2009 and March 31, 2010 retrospectively in accordance with GAAP.


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China Medical Technologies, Inc.

Reconciliations of GAAP measures to Non-GAAP measures

 

     For the Three Months Ended  
     June 30, 2009     March 31, 2010     June 30, 2010  
     RMB     RMB     RMB     US$  
     As adjusted (2)     As adjusted (2)              
     (in thousands except for per ADS information)  

Gross profit

   153,544      114,104      124,816      18,406   

Adjustments:

        

Stock compensation expense

   —        —        52      8   

Amortization of acquired intangible assets

   22,455      22,423      22,414      3,305   
                        

Non-GAAP gross profit

   175,999      136,527      147,282      21,719   
                        

Gross margin

   73.5   64.9   67.0   67.0
                        

Non-GAAP gross margin

   84.2   77.7   79.1   79.1
                        

Operating income

   56,665      32,971      43,440      6,406   

Adjustments:

        

Stock compensation expense

   12,157      10,692      10,592      1,562   

Amortization of acquired intangible assets

   49,807      49,766      49,743      7,335   
                        

Non-GAAP operating income

   118,629      93,429      103,775      15,303   
                        

Operating margin

   27.1   18.8   23.3   23.3
                        

Non-GAAP operating margin

   56.8   53.2   55.7   55.7
                        

Net income

   191      4,820      33,678      4,966   

Adjustments:

        

Stock compensation expense

   12,157      10,692      10,592      1,562   

Amortization of acquired intangible assets

   49,807      49,766      49,743      7,335   

Non-cash interest expense of convertible notes

   7,620      7,618      7,916      1,167   

Non-cash interest expense – amortization of share lending costs (2)

   2,756      2,644      2,475      365   

Gain on purchase of convertible notes

   —        (24,064   (47,393   (6,989
                        

Non-GAAP net income

   72,531      51,476      57,011      8,406   
                        

GAAP net margin

   0.1   2.7   18.1   18.1
                        

Non-GAAP net margin

   34.7   29.3   30.6   30.6
                        

Net income

   191      4,820      33,678      4,966   

Adjustments:

        

Interest income

   (2,773   (4,155   (4,597   (678

Interest expense – convertible notes

   35,432      34,831      32,505      4,793   

Interest expense – amortization of convertible notes issuance costs

   4,380      4,263      4,012      592   

Interest expense – amortization of share lending costs (2)

   2,756      2,644      2,475      365   

Income tax expense

   16,919      15,206      18,662      2,752   

Depreciation

   5,450      5,588      5,475      807   

Amortization of acquired intangible assets

   49,807      49,766      49,743      7,335   
                        

EBITDA

   112,162      112,963      141,953      20,932   
                        

EBITDA margin

   53.7   64.3   76.2   76.2
                        


Table of Contents

EBITDA

   112,162      112,963      141,953      20,932   

Adjustments:

        

Stock compensation expense

   12,157      10,692      10,592      1,562   

Gain on purchase of convertible notes

   —        (24,064   (47,393   (6,989
                        

Adjusted EBITDA

   124,319      99,591      105,152      15,505   
                        

Adjusted EBITDA margin

   59.5   56.7   56.5   56.5
                        

Earnings per ADS

        

- basic

   0.01      0.19      1.30      0.19   
                        

- diluted

   0.01      0.19      1.29      0.19   
                        

Non-GAAP earnings per ADS

        

- basic

   2.76      1.98      2.19      0.32   
                        

- diluted (1)

   2.74      1.98      2.18      0.32   
                        

Weighted average number of ADS

        

- basic

   26,324,842      25,993,349      26,005,975      26,005,975   
                        

- diluted (1)

   26,438,076      26,050,599      26,128,403      26,128,403   
                        

Notes:

 

(1) Interest expense and amortization in connection with convertible notes were not added back in computing non-GAAP diluted earnings per ADS because they were anti-dilutive.
(2) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated statements of income for the three months ended June 30, 2009 and March 31, 2010 retrospectively in accordance with GAAP.
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