China Finance Online Co., Ltd. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Impairment Loss of Intangible Assets and Goodwill for the Second Quarter of 2014
September 29, 2014
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China Finance Online Co., Ltd. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company's net revenues were $20,599,000 compared with $7,591,000 a year ago. Net loss attributable to the company was $6,390,000 or $0.06 per basic and diluted share compared with $4,538,000 or $0.04 per basic and diluted share a year ago. Loss from operations was $14,075,000 against $4,733,000 a year ago. Loss before income tax expenses was $12,481,000 against $4,498,000 a year ago. Basic and diluted net loss per ADS attributable to the company was $0.29 compared with $0.21 a year ago. Non-GAAP net income attributable to the company was $301,000 compared with non-GAAP net loss attributable to the company of $4,385,000 a year ago. The increase in net loss was mainly due to the loss from impairments of intangible assets and goodwill.
For the six months, the company's net revenues were $43,778,000 compared with $13,095,000 a year ago. Net loss attributable to the company was $8,376,000 or $0.08 per basic and diluted share against $8,854,000 or $0.08 per basic and diluted share a year ago. Loss from operations was $14,719,000 against $9,325,000 a year ago. Loss before income tax expenses was $12,471,000 against $8,677,000 a year ago. Basic and diluted Net loss per ADS attributable to the company was $0.38 compared with $0.41 a year ago. Non-GAAP net loss attributable to the company was $1,151,000 compared with $8,524,000 a year ago.
The company recognized an impairment loss of intangible assets and goodwill of $1,802,000 and $8,150,000, respectively, during the second quarter of 2014. The loss was mainly caused by the company's restructuring of financial information and advisory services.
China Finance Online Co. Limited is a Web-based financial services company in China. The Company provides Chinese retail investors with online access to securities and commodities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company operates through three segments: commodities brokerage services, online financial information and advisory service, and other related services in the People's Republic of China (PRC), and Hong Kong brokerage services. The Company offers financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co., Ltd., the Company provides financial database and analytics to institutional customers, including domestic financial, research, academic and regulatory institutions.
China Finance Online Co., Ltd. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Impairment Loss of Intangible Assets and Goodwill for the Second Quarter of 2014