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Dangdang Announces Fourth Quarter and Fiscal Year 2011 Results
Net Revenue in Q4 2011 Increased by 73% Year-Over-Year
General merchandise revenue in Q4 2011 Increased by 210% Year-Over-Year

BEIJING, Feb. 23, 2012 /PRNewswire-Asia/ -- E-Commerce China Dangdang Inc. ("Dangdang" or the "Company") (NYSE: DANG), a leading business-to-consumer e-commerce company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011.

Fourth Quarter and Fiscal Year 2011 Highlights

  • Total net revenues in the fourth quarter of 2011 were RMB1,231.8 million ($195.7 million), a 73% increase from the corresponding period in 2010.
  • General merchandise revenue for the fourth quarter of 2011 was RMB483.6 million ($76.8 million), an increase of 210% from the corresponding period in 2010, representing 39% of total revenues, compared to 22% in the corresponding period in 2010.
  • Total net revenues in fiscal year 2011 were RMB3,619.0 million ($575.0 million), a 59% increase from 2010.
  • General merchandise revenue in fiscal year 2011 was RMB1,094.1 million ($173.8 million), an increase of 179% from the corresponding period in 2010, representing 30% of total revenues, compared to 17% in 2010.

"I am pleased to report accelerated top line growth in the fourth quarter as compared with the first nine months of 2011. We managed to grow revenues in the fourth quarter and fiscal year by 73% and 59% year-over-year, respectively. In this highly competitive growth environment, we have full confidence that we can keep our accelerated growth momentum based on a well-managed, sustainable and differentiated strategy in 2012. Our new customer acquisition strategy was successful, bringing us 6.6 million new customers in 2011 while we maintained the new customer acquisition cost at a relatively low level," said Ms. Peggy Yu Yu, Dangdang's Executive Chairwoman.

"We greatly widened our geographical presence with fulfilment centers in ten cities at the year-end of 2011, up from six cities at the end of 2010. We increased total warehouse capacity to 340,000 square meters from 180,000 square meters one year ago. Our well-paced and strategic expansion of warehouse locations not only meets the need of fulfilling the rapidly growing number of orders, but also allows us to provide better services to our customers," commented Mr. Guoqing Li, Chief Executive Officer. "Meanwhile, we attracted some well-known vertical business-to-consumer e-commerce companies and off-line brand companies to our marketplace, which will be one of the major focus areas of our growth strategy in 2012."

"During the fourth quarter we increased our marketing spending with an emphasis on our branding campaign. We are glad to see the positive impact on our momentum in new customer acquisition and top line growth. Operating expenses excluding marketing expenses have decreased as a percentage of revenue in the same period, reflecting the operating leverage of scaling the business," commented Conor Yang, Dangdang's Chief Financial Officer.

Fourth Quarter 2011 Results

Dangdang's total net revenues in the fourth quarter of 2011 were RMB1,231.8 million ($195.7 million), a 73% increase from the corresponding period in 2010.

Media product revenue for the fourth quarter of 2011 was RMB719.5 million ($114.3 million), representing a 33% increase from the corresponding period in 2010. General merchandise revenue for the fourth quarter of 2011 was RMB483.6 million ($76.8 million), representing a 210% increase from the corresponding period in 2010. Other revenue including revenue from third-party merchants for the fourth quarter of 2011 was RMB28.7 million ($4.6 million), representing a 111% increase from the corresponding period in 2010.

Dangdang had about 6.0 million active customers in the fourth quarter of 2011, representing a 38% increase from the corresponding period in 2010. Total orders for the fourth quarter 2011 were approximately 12.7 million, a 47% increase from the corresponding period in 2010.

Cost of revenues was RMB1,102.8 million ($175.2 million), representing 89.5% of total revenues, as compared to 77.6% in the corresponding period in 2010. The increased cost of revenues as a percentage of total revenues was primarily due to the increased percentage of the general merchandise products sold at Dangdang's website, which have lower gross margin than that of media products, especially in the case of general merchandise of new subcategories. General merchandise revenue for the fourth quarter of 2011 was RMB483.6 million ($76.8 million), representing 39% of total net revenues, as compared to 22% in the corresponding period in 2010. Dangdang increased the packaging cost to make the packaging more durable and suitable for a wide range of products. Gross margin in the fourth quarter of 2011 was 10.5%, as compared to 13.8% in the third quarter of 2011 and 22.4% in the corresponding period in 2010. The decrease from last year was primarily due to competitive pricing, changes in product mix with a higher percentage of general merchandise, and promotional measures, such as using coupons which were deducted from revenues directly.

Fulfillment expenses which include warehousing and shipping expenses, were RMB155.4 million ($24.7 million), representing 12.6% of total revenues, compared to 12.3% in the corresponding period in 2010. The increase was primarily due to the increase in expanding the procurement team and the rental costs for the new fulfillment centers, as well as investments in improving customers' shopping experience through faster delivery services.

Marketing expenses were RMB68.7 million ($10.9 million), representing 5.6% of total revenues, compared to 3.0% in the corresponding period in 2010. The increase was primarily due to the increased investments in marketing to acquire new customers, cross-sell general merchandise to media product customers and launching a branding campaign in the fourth quarter.

Technology and content expenses were RMB29.2 million ($4.6 million), representing 2.4% of total revenues, compared to 2.9% in thecorresponding period in 2010.

General and administrative expenses were RMB30.6 million ($4.9 million), representing 2.5% of total revenues, compared to 3.0% in the corresponding period in 2010.

Share-based compensation expenses, which were allocated to related expense line items, were RMB4.1 million ($0.7 million) in the fourth quarter of 2011, compared to RMB2.6 million in the corresponding period in 2010,representing a 57% increase.

Dangdang recorded an operating loss of RMB149.0 million ($23.7million) in the fourth quarter of 2011, as compared with an operating income of RMB13.3 million in the corresponding period in 2010, primarily due to the decrease in gross profit and the increase in marketing expenses.

Operating loss excluding share-based compensation expenses (non-GAAP) was RMB144.9 million ($23.0 million), as compared with an operating income excluding share-based compensation expenses (non-GAAP) of RMB15.9 million in the corresponding period in 2010.

Net loss was RMB129.8 million ($20.6 million), as compared with a net income of RMB14.8 million in the corresponding period in 2010, primarily due to the decrease in gross profit, increase in marketing expenses.

Net loss excluding share-based compensation expenses (non-GAAP) was RMB125.7 million ($19.9 million), as compared with a net income excluding share-based compensation expenses (non-GAAP) of RMB17.4 million in the corresponding period in 2010.

As of December 31, 2011, Dangdang had cash and cash equivalents, short-term time deposits and held-to-maturity investments of RMB1,391.8 million ($221.1 million), as compared to RMB1,691.9 million as of December 31, 2010.

Capital expenditures for the fourth quarter of 2011 were RMB46.5 million ($7.4 million).

Adjusted EBITDA loss (non-GAAP) in the fourth quarter of 2011 was RMB139.7 million ($22.2 million), as compared with an adjusted EBITDA income of RMB22.6 million in the corresponding period in 2010,primarily due to the decrease in gross profit and the increase in marketing expenses.

Fiscal Year 2011 Results

Total net revenues in fiscal year 2011 were RMB3,619.0 million ($575.0 million), a 59% increase from the corresponding period in 2010.

Media product revenue in 2011 was RMB2,457.4 million ($390.4 million), representing a 32% increase from 2010. General merchandise revenue in 2011 was RMB1,094.1 million ($173.8 million), representing a 179% increase from the corresponding period in 2010. Other revenue including revenues from third-party merchants in 2011 was RMB67.5 million ($10.7 million), representing a 158% increase from the corresponding period in 2010.

Dangdang had about 12.2 million active customers and 6.6 million new customers in 2011, representing a 42% and 41% increase from 2010, respectively. 66% of the active customers in 2010 have purchased on Dangdang's website in 2011. Total orders in 2011 were approximately 40.7 million, a 38% increase from 2010.

Cost of revenues was RMB3,118.4 million ($495.5 million), representing 86.2% of total revenues, as compared to 77.8% in 2010. General merchandise revenue for the fiscal year of 2011 was RMB1,094.1 million ($173.8 million), representing 30% of total net revenues, as compared to 17% in the corresponding period in 2010. The increased cost of revenues as a percentage of total revenues in 2011 was primarily due to the increased percentage of the general merchandise products sold at Dangdang's website, which have lower gross margin than that of media products, especially in the case of general merchandise of new subcategories. Gross margin in the fiscal year 2011 was 13.8%, as compared to 22.2% in the corresponding period in 2010. The decrease from last year was primarily due to competitive pricing, changes in product mix with a higher percentage of general merchandise, and promotional measures, such as using coupons which were deducted from revenues directly.

Fulfillment expenses which include warehousing and shipping expenses were RMB474.5 million ($75.4 million), representing 13.1% of total revenues, compared to 12.6% in 2010. The increase was primarily due to the increase in expanding the procurement team and the rental costs for the new fulfillment centers, as well as investments in improving customers' shopping experience through faster delivery services.

Marketing expenses were RMB150.3 million ($23.9 million), representing 4.2% of total revenues, compared to 3.4% in the corresponding period in 2010. The increase was primarily due to the increased investment in marketing to acquire new customers, cross-sell general merchandise to media product customers and launching a branding campaignin 2011.

Technology and content expenses were RMB89.6 million ($14.2 million), representing 2.5% of total revenues, compared to 2.8% in the corresponding period in 2010.

General and administrative expenses were RMB84.1 million ($13.4 million), representing 2.3% of total revenues, compared to 3.0% in the corresponding period in 2010.

Share-based compensation expenses, which were allocated to related expense line items, were RMB11.5 million ($1.8 million) in 2011, compared to RMB10.3 million in 2010, representing a 11.2% increase.

Dangdang recorded an operating loss of RMB284.3 million ($45.2 million) in the fiscal year 2011, as compared with an operating income of RMB14.9 million in the corresponding period in 2010, primarily due to the decrease in gross profit and the increase in fulfillment and marketing expenses.

Operating loss excluding share-based compensation expenses (non-GAAP) was RMB272.8 million ($43.4 million) in the fiscal year 2011, as compared with an operating income excluding share-based compensation expenses (non-GAAP) of RMB25.2 million in the corresponding period in 2010.

Net loss was RMB228.5 million ($36.3 million), as compared with a net income of RMB30.8 million in the corresponding period in 2010, primarily due to the decrease in gross profit, increase in fulfillment and marketing expenses.

Net lossexcluding share-based compensation expenses(non-GAAP) was RMB217.0 million ($34.5 million), as compared with a net income excluding share-based compensation expenses(non-GAAP) of RMB41.1 million in the corresponding period in 2010.

Full year capital expenditures were RMB72.5million ($11.5 million).

Adjusted EBITDA loss (non-GAAP) was RMB248.0 million ($39.4 million) in 2011, as compared with an adjusted EBITDA income of RMB45.3 million in the corresponding period in 2010, primarily due to the decrease in gross profit and the increase in fulfillment and marketing expenses.

Outlook for First Quarter 2012

Dangdang expects its total net revenues in the first quarter of 2012 to be around RMB1, 100 million, representing year-over-year growth of around 60%. This forecast reflects Dangdang's current and preliminary view, which is subject to change.

Conference Call Information

Dangdang's management will host an earnings conference call at 8:00 AM on February 23, 2011 U.S. Eastern Time (or 9:00 PM on February 23, 2012 Beijing/Hong Kong time).

Dial-in details for the earnings conference call are as follows:

US:

+1-718-354-1231

 

Hong Kong:

+852-2475-0994

 

International:

+65-6723-9381

 

Please dial-in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "Dangdang earnings call."

A replay of the conference call may be accessed by phone at the following number until February 28, 2012:

International:

+61-2-8235-5000

 

Passcode:

52761290

 

Additionally, a live and archived webcast of this conference call will be available at http://ir.dangdang.com/ until September 30, 2012.

AboutDangdang

E-Commerce China Dangdang Inc. ("Dangdang" or the "Company") (NYSE: DANG) is a leading business-to-consumer e-commerce company in China. On its website dangdang.com, the Company offers more than 710,000 books and other media products as well as selected general merchandise products including beauty and personal care products, home and lifestyle products, baby, children and maternity products, apparel, digital and electronics products. It also operates the dangdang.com marketplace program, which allows third-party merchants to sell their products alongside products sourced by the Company. Dangdang's nationwide fulfillment and delivery capabilities, high-quality customer service support and scalable technology infrastructure enable it to provide a compelling online shopping experience to customers.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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," "confident" and similar statements. Among other things, the outlook for the first quarter 2012 and quotations from management in this announcement, as well as Dangdang's strategic and operational plans, contain forward-looking statements. Dangdang may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Dangdang's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dangdang's growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of our products and services; trends and competition in China's business-to-consumer e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese business-to-consumer e-commerce market; Chinese governmental policies relating to Dangdang's industry and general economic conditions in China. Further information regarding these and other risks is included in Dangdang's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. Dangdang does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Dangdang undertakes no duty to update such information, except as required under applicable law.

In addition, the unaudited financial data for the fourth quarter and the full year of 2011 were prepared by Dangdang's management when the audit for the financial year ended December 31, 2011 had not been completed. Accordingly, financial results in Dangdang's management accounts for the quarter ended December 31, 2011 and for the year ended December 31, 2011 may vary from results included in its audited financial statements.

About Non-GAAP Financial Measures

To supplement Dangdang's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), we use the following measures as the non-GAAP financial measures defined by the SEC: non-GAAP operating income/loss, non-GAAP operating margin, non-GAAP net income/loss and adjusted EBITDA (collectively referred to as the "Non-GAAP Financial Measures" thereafter). We define non-GAAP operating income/loss, non-GAAP operating margin and non-GAAP net income/loss as operating income/loss, operating margin, operating income/loss and net income/loss excluding the impact of share-based compensation expenses respectively; we define adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, other non-operating income, and share-based compensation expenses. We review the Non-GAAP Financial Measures together with net loss or income to obtain a better understanding of our operating performance. We believe that these Non-GAAP Financial Measures provide meaningful supplemental information regarding the Company's performance and liquidity. However, a limitation of using the Non-GAAP Financial Measures as an analytical tool is that they do not include all items that impact our net income/loss for the period. In addition, because they are not calculated in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider the Non-GAAP Financial Measures in isolation from or as an alternative to net income/loss prepared in accordance with U.S. GAAP.

For information on the reconciliation between the Non-GAAP Financial Measures and the GAAP financial measures presented in accordance with U.S. GAAP for the periods presented, please see the table captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP financial measures" at the end of this release.

For investor and media inquiries, please contact:

Maria Xin
Investor Relations Director
E-commerce China Dangdang Inc.
+86-10-5799-2306
xinyi@dangdang.com

Caroline Straathof
IR Inside
+31-6-54624301
info@irinside.com

 

  

E-Commerce China Dangdang Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share related data)

 

 

 

 

 

 

2010

 

2010

 

As of December 31, 2010

 

As of December 31, 2011

 

RMB

 

RMB

US$

 

(Audited)

 

(Unaudited)

(Unaudited)

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and time deposits

1,691,906

 

1,371,801

217,957

Held-to-maturity investments

-

 

20,000

3,178

Inventories

896,273

 

1,583,283

251,558

Accounts receivable, net

17,802

 

67,369

10,704

Prepaid expenses and other current assets (including expenses prepaid to related parties amounting to RMB9,625 and RMB9,625 (US$1,529) as of December 31, 2010 and 2011, respectively)

100,639

 

142,307

22,610

Deferred tax assets

22,095

 

-

-

Amounts due from related parties

3,014

 

188

30

Total current assets

2,731,729

 

3,184,948

506,037

 

 

 

 

 

Fixed assets, net

55,934

 

96,612

15,350

Deferred tax assets

1,903

 

-

-

Prepaid expenses and deposits (including expenses prepaid to related parties amounting to RMB9,625 and RMB nil (US$ nil) as of December 31, 2010 and  2011, respectively) 

11,891

 

4,182

664

Total assets

2,801,457

 

3,285,742

522,051

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term bank loans

-

 

150,000

23,833

Accounts payable

865,953

 

1,485,943

236,093

Deferred revenue

80,077

 

213,230

33,879

Accrued expenses and other current liabilities

170,349

 

266,092

42,278

Amounts due to selling shareholders

255,568

 

-

-

Amounts due to related parties

15,253

 

12,691

2,016

Total current liabilities

1,387,200

 

2,127,956

338,099

Total liabilities

1,387,200

 

2,127,956

338,099

 

 

 

 

 

Shareholders' equity:

 

 

 

 

Class A common shares (par value of US$0.0001 per share, 686,505,790 shares authorized, 104,533,340 and 265,082,760 shares issued and outstanding as at December 31, 2010 and 2011, respectively)

71

 

197

31

Class B common shares (par value of US$0.0001 per share, 313,494,210 shares authorized, 286,520,870 and 131,916,660 shares issued and outstanding as at December 31, 2010 and 2011, respectively)

223

 

103

16

Additional paid-in capital

1,787,665

 

1,829,345

290,654

Accumulated other comprehensive loss

(22,138)

 

(91,808)

(14,588)

Accumulated deficit

(351,564)

 

(580,051)

(92,161)

Total shareholders' equity

1,414,257

 

1,157,786

183,952

Total liabilities and shareholders' equity

2,801,457

 

3,285,742

522,051

 

 

 

 

 

 

E-Commerce China Dangdang Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share related data)

 

Three Months Ended

 

Twelve Months Ended

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

RMB

 

RMB

US$

 

RMB

 

RMB

US$

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

(Audited)

 

(Unaudited)

(Unaudited)

Net revenues

 

 

 

 

 

 

 

 

 

  Product revenue

697,295

 

1,203,075

191,149

 

2,255,521

 

3,551,510

564,278

    Media

541,366

 

719,462

114,311

 

1,863,431

 

2,457,423

390,445

    General merchandise

155,929

 

483,613

76,838

 

392,090

 

1,094,087

173,833

  Other revenue

13,608

 

28,677

4,556

 

26,159

 

67,462

10,719

 

 

 

 

 

 

 

 

 

 

Total net revenues

710,903

 

1,231,752

195,705

 

2,281,680

 

3,618,972

574,997

 

 

 

 

 

 

 

 

 

 

Cost of revenues

(551,917)

 

(1,102,840)

(175,224)

 

(1,775,881)

 

(3,118,365)

(495,458)

 

 

 

 

 

 

 

 

 

 

Gross profit 

158,986

 

128,912

20,481

 

505,799

 

500,607

79,539

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

  Fulfillment 

(87,481)

 

(155,425)

(24,695)

 

(286,443)

 

(474,506)

(75,391)

  Marketing 

(21,184)

 

(68,724)

(10,919)

 

(76,669)

 

(150,313)

(23,882)

  Technology and content 

(20,531)

 

(29,241)

(4,646)

 

(64,682)

 

(89,616)

(14,239)

  General and administrative 

(21,321)

 

(30,613)

(4,864)

 

(67,903)

 

(84,113)

(13,364)

  Government grants

4,805

 

6,128

974

 

4,805

 

13,603

2,161

 

 

 

 

 

 

 

 

 

 

Total operating expenses,net

(145,712)

 

(277,875)

(44,150)

 

(490,892)

 

(784,945)

(124,715)

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

13,274

 

(148,963)

(23,669)

 

14,907

 

(284,338)

(45,176)

 

 

 

 

 

 

 

 

 

 

Interest income

1,367

 

7,179

1,141

 

7,087

 

26,347

4,186

 

 

 

 

 

 

 

 

 

 

Other income (expenses), net

(1,487)

 

13,310

2,115

 

(3,273)

 

53,830

8,553

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

13,154

 

(128,474)

(20,413)

 

18,721

 

(204,161)

(32,437)

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense)

1,648

 

(1,324)

(210)

 

12,061

 

(24,326)

(3,865)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

14,802

 

(129,798)

(20,623)

 

30,782

 

(228,487)

(36,302)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deemed dividend on Series C convertible preferred shares

-

 

-

-

 

(1,779)

 

-

-

Undistributed earnings allocated to convertible preferred shareholders

-

 

-

-

 

-

 

-

-

Net income (loss) attributable to common shareholders

14,802

 

(129,798)

(20,623)

 

29,003

 

(228,487)

(36,302)

 

 

 

 

 

 

 

 

 

 

Net loss per common share 

 

 

 

 

 

 

 

 

 

                                         - Basic

0.02

 

(0.33)

(0.05)

 

0.02

 

(0.58)

(0.09)

                                         - Diluted

0.02

 

(0.33)

(0.05)

 

0.02

 

(0.58)

(0.09)

 

 

 

 

 

 

 

 

 

 

Net loss per ADS

 

 

 

 

 

 

 

 

 

                                         - Basic

0.11

 

(1.65)

(0.26)

 

0.11

 

(2.90)

(0.46)

                                         - Diluted

0.10

 

(1.65)

(0.26)

 

0.11

 

(2.90)

(0.46)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to common shareholders used in net loss per share/ADS calculation

 

 

 

 

 

 

 

 

 

                                         - Basic

7,046

 

(129,798)

(20,623)

 

7,046

 

(228,487)

(36,302)

                                         - Diluted

7,046

 

(129,798)

(20,623)

 

7,046

 

(228,487)

(36,302)

Shares used in net loss per common share computation: 

 

 

 

 

 

 

 

 

 

Common shares:

 

 

 

 

 

 

 

 

 

                                         - Basic

337,616,819

 

-

-

 

315,065,490

 

-

-

                                         - Diluted

366,743,689

 

-

-

 

343,149,790

 

-

-

 

 

 

 

 

 

 

 

 

 

Class A common shares:

 

 

 

 

 

 

 

 

 

                                         - Basic

-

 

264,681,724

264,681,724

 

-

 

188,572,218

188,572,218

                                         - Diluted

-

 

396,598,384

396,598,384

 

-

 

394,059,092

394,059,092

Class B common shares:

 

 

 

 

 

 

 

 

 

                                         - Basic

-

 

131,916,660

131,916,660

 

-

 

205,486,874

205,486,874

                                         - Diluted

-

 

131,916,660

131,916,660

 

-

 

205,486,874

205,486,874

 

 

 

 

 

 

 

 

 

 

ADS used in net loss per ADS caculation 

 

 

 

 

 

 

 

 

 

                                         - Basic

67,523,364

 

79,319,677

79,319,677

 

63,013,098

 

78,811,818

78,811,818

                                         - Diluted

73,348,738

 

79,319,677

79,319,677

 

68,629,958

 

78,811,818

78,811,818

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

(In thousands, except share related data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

RMB

 

RMB

US$

 

RMB

 

RMB

US$

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

(Audited)

 

(Unaudited)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

* share-based compensation expenses included are as follows:

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

  Fulfillment *

312

 

939

149

 

1,096

 

1,491

237

  Marketing*

72

 

155

25

 

233

 

300

48

  Technology and content*

214

 

638

101

 

787

 

1,372

218

  General and administrative*

2,046

 

2,406

382

 

8,184

 

8,294

1,318

Total

2,644

 

4,138

657

 

10,300

 

11,457

1,821

 

 

 

 

 

 

 

 

 

 

(1) This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.2939 to US$1.00, the noon buying rate on December 30, 2011 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

(2) Each ADS represents five common shares of the Company.

 

  

Non-GAAP operating income (loss), operating margin and net income (loss)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

RMB

 

RMB

US$

 

RMB

 

RMB

US$

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

13,274

 

(148,963)

(23,669)

 

14,907

 

(284,338)

(45,176)

Share-based compensation expenses

2,644

 

4,138

657

 

10,300

 

11,457

1,821

Non-GAAP operating income (loss)

15,918

 

(144,825)

(23,012)

 

25,207

 

(272,881)

(43,355)

 

 

 

 

 

 

 

 

 

 

Operating margin 

1.9%

 

-12.1%

-12.1%

 

0.7%

 

-7.9%

-7.9%

Impact due to share-based compensation expenses

0.3%

 

0.3%

0.3%

 

0.4%

 

0.3%

0.3%

Non-GAAP operating margin

2.2%

 

-11.8%

-11.8%

 

1.1%

 

-7.6%

-7.6%

 

 

 

 

 

 

 

 

 

 

Net income (loss)

14,802

 

(129,798)

(20,623)

 

30,782

 

(228,487)

(36,302)

Share-based compensation expenses

2,644

 

4,138

657

 

10,300

 

11,457

1,821

Non-GAAP net income (loss)

17,446

 

(125,660)

(19,966)

 

41,082

 

(217,030)

(34,481)

 

  

Adjusted EBITDA 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

December 31,
2010

 

December 31,
2011

December 31,
2011

 

 

RMB

 

RMB

US$

 

RMB

 

RMB

US$

 

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

(Unaudited)

 

(Unaudited)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

13,274

 

(148,963)

(23,669)

 

14,907

 

(284,338)

(45,176)

 

 

 

 

 

 

 

 

 

 

 

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Depreciation and amortization  

6,712

 

5,095

810

 

20,098

 

24,870

3,951

 

 

 

 

 

 

 

 

 

 

 

 

 Share-based compensation expenses 

2,644

 

4,138

657

 

10,300

 

11,457

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 Adjusted EBITDA 

22,630

 

(139,730)

(22,202)

 

45,305

 

(248,011)

(39,404)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE E-commerce China Dangdang Inc.


 
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