Taomee Q3 2012 Profit Down 59% YoY
Taomee, 11/20/12
Shanghai-based children's virtual world developer and operator Taomee (NYSE: TAOM) has announced its financial results for the three months ended September 30, 2012. Total net revenues were USD 11.8 mln, up 12.4% QoQ from USD 10.5 mln in the second quarter of 2012 and down 7.1% YoY from USD 12.7 mln in the third quarter of 2011.
Net income attributable to shareholders was USD 1.8 mln, a decrease of 43.8% QoQ from USD 3.2 mln in the second quarter of 2012 and down 59.1% YoY from USD 4.4 mln in the third quarter of 2011.
Net online business revenues were USD 8.0 mln, down 7.0% QoQ from USD 8.6 mln in the second quarter of 2012 and down 23.1% YoY from USD 10.4 mln in the third quarter of 2011.
Net offline business revenues were USD 3.8 mln, up 100% QoQ from USD 1.9 mln in the second quarter of 2012 and up 65.2% YoY from USD 2.3 mln in the third quarter of 2011.
On June 28, 2012 and July 5, 2012, Taomee released two films nationwide, Seer II and Legend of The Moles: The Treasure of Scylla. The two films have each been shown on over 2,000 major screens across mainland China and Taiwan. As of the end of September 30, 2012, the two films had generated over RMB 55 mln (USD 8.7 mln) in box office revenue.
In July and August 2012, Taomee commercially launched Mole's World, its flagship online virtual world, in South Korea and Thailand with local game operators.
On August 13, 2012, Taomee commercially launched Wizard 101, its first client server game, licensed from KingsIsle Entertainment, Inc.
On November 20, 2012, partnering with Cartoon Network, Taomee launched the official Chinese online portal, ben10.61.com, for Cartoon Network's Ben 10 franchise.
In the second half of 2012, Taomee launched three new mobile applications: Seer animation, Mole Kart 2 Evolution and Seer on Apple's iOS platform.
In July 2012, Shanghai Taomee sold all its equity interest in Shenzhen Ruigao Information Technology to a senior manager at Ruigao and other three third-party individuals for approximately USD 1.0 mln and recorded profit in equity investments of USD 0.3 mln
In September 2012, Taomee entered into an investment agreement to acquire 8.59% of Gamespedia Holdings shares for a consideration of USD 6,205,000 in cash. Gamespedia operates the mini game portal website www.7k7k.com in China. Taomee paid USD 3.0 mln in September and the remaining consideration in October 2012.
The company expects revenues for the fourth quarter to be between USD 7.0 and 7.5 mln.
To view the complete report please see here.
Keywords: Ruigao Gamespedia online gaming Internet animation revenue virtual world Taomee 7k7k TAOM Q3 2012 film fiscal report Cartoon Network Enterprises
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