Tuesday, China Finance Online Co. Ltd. (JRJC), a provider of online financial and listed company data, reported a loss for the third quarter compared to a profit last year on increased expenses.
Net loss for the quarter was US$1.03 million or US$0.05 per ADS, compared with net income of US$4.77 million or US$0.21 per ADS in the comparable quarter year-ago.
Non-GAAP net income for the quarter declined to US$600 thousand or US$0.03 per ADS from US$6.38 million or US$0.28 per ADS in the same quarter year-ago.
The company said that as part of the net loss for the third quarter of 2009, it recorded a foreign exchange gain of US$8 thousand compared with net foreign exchange gain of US$184 thousand for the third quarter year-ago.
The Beijing, China-based company's revenues for the quarter decreased to US$14.58 million from US$15.23 million in the prior-year quarter.
The company's cost of revenues for the quarter declined to US$2.31 million from US$2.76 million in the prior year period. Total operating expenses increased to US$14.29 million from US$8.55 million in the year-ago period.
The company believes that the Chinese economy continues on a gradual rebound mode, and the path to a full recovery will be uneven, as such, the volatile domestic equity market will continue to influence the company's operating results in the coming quarters.
According to the company, deferred revenue at the end of the third quarter, which represents prepaid service fees made by customers for subscription services that have not been rendered as of September 30, was US$43.38 million, with current deferred revenue of US$28.25 million and non-current deferred revenue of US$15.13 million.
China Finance Online currently expects to generate net revenues in an amount ranging from US$13.0 million - US$14.0 million for the fourth quarter, compared to US$15.28 million in the corresponding period year-ago.
JRJC closed Tuesday's last trade on the Nasdaq at $9.15, up $0.06 or 0.66%. In the afterhours the stock traded down $0.11 or 1.20%.
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