Thursday, online financial and data information provider China Finance Online Co. Ltd. (JRJC) reported second quarter net income that almost tripled, compared to year-ago period primarily due to a jump in revenues, driven by growth in subscription service fees from individual customers. The company issued its third quarter outlook and reaffirmed fiscal year 2008 view.
The Beijing, China-based company reported second quarter net income of $4.56 million or $0.04 per share, compared to $1.56 million or $0.02 per share in the corresponding quarter last year.
Earning per American Depository Share or ADS were $0.20 for second quarter of 2008, compared to $0.08 in the preceding year period.
Excluding stock-based compensation expenses, adjusted net income for the second quarter was $6.53 million, up from $2.16 million in the prior-year period. Non-GAAP diluted net income per share were $0.06, while non-GAAP net income per ADS were $0.28, compared to $0.11 per ADS in the corresponding period last year.
The company recorded a net foreign exchange gain of $559,000, compared with $101,000 in the second quarter of 2007.
Net revenues for the second quarter were $14.68 million, compared to $5.72 million in the corresponding period last year. The increase was attributed primarily due to the growth in subscription service fees from individual customers.
Looking forward, the company estimates non-GAAP net income, which represents net income excluding share-based compensation expenses, in the range of $6.3 million to $7.1 million for the third quarter of 2008. Accordingly, non-GAAP net income per ADS for the third quarter of 2008 is expected to be in the range of $0.27 to $0.31. The company estimates net revenues in the range of $15.5 million to $16.50 million for the third quarter of 2008.
The company also reaffirmed its previously announced fiscal year 2008 revenue guidance in the range of $56.0 million to $61.0 million, non-GAAP net income guidance in the range of $25.0 million to $29.0 million and earnings per ADS in the range of $1.09 to $1.26.
Three analysts polled by First Call/Thomson Financial estimate revenue of $15.95 million for the third quarter 2008, while analysts estimate revenues of $59.45 million.
China Finance Online closed Thursday's regular trading at $18.09, up $0.20 or 1.12%, on a volume of 527,527 shares on the Nasdaq. In after-hours trade, the stock traded at $19.00, up $0.91 or 5.03%.
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