Changyou.com Ltd. (CYOU) reported fourth-quarter net income attributable to Changyou.com of $64.33 million versus $53.44 million last year. The company said prior-year results were restated.
Net income per ADS was $1.21, up from $1 in the same quarter last year. Non-GAAP earnings per ADS were $1.33, up from $1.04 in the prior-year quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share. Analysts' estimates typically exclude special items.
Total revenues were up to $137.65 million from $99.27 million a year ago. Analysts estimated revenues of $124.16 million.
Excluding revenues from the recently acquired game information portal operated through the 17173.com Website, total revenues increased 37% year-over-year.
Aggregate peak concurrent users for the company's games, excluding 7Road's Web-based game, were up 14% year-over-year to 1.17 million.
Alex Ho, Changyou's chief financial officer, said, "...We were able to exceed our expectations for the quarter. We owe this to the continuing strong performance of our MMORPG business, which we expect will give us the cash flows and financial leverage to execute our strategic plans. With a rich cash reserve and a debt-free balance sheet, we are well-positioned to invest in emerging opportunities in other fast-growing segments of the industry and to enhance shareholder value over the long term."
Moving ahead, for the first quarter of 2012, Changyou expects total revenues to be between $130.0 million and $134.0 million, and non-GAAP earnings per ADS attributable to Changyou.com Limited to be between $1.08 and $1.12. Analysts expect the company to earn $1.13 per share, on revenues of $128.39 million.
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