- Rentrak's TV Essentials System to Include Data from the Nation's Fourth Largest Cable Provider To Analyze Relationship Between On Demand and Linear Viewing Trends -
PORTLAND, Ore., March 3 /PRNewswire-FirstCall/ -- Rentrak Corporation (Nasdaq: RENT) today announced it has reached an agreement with Charter Communications to begin a linear TV measurement trial. The trial, utilizing Rentrak's TV Essentials service will focus on the relationship between linear television and on demand viewing patterns.
Rentrak's TV Essentials system is a comprehensive suite of research tools that enables customers to analyze anonymous and aggregate audience viewing of programming and advertising for linear television. Features of TV Essentials include reports on audience flow, audience retention, day part analysis, and series/title comparison summarized at a national or market level.
"With the addition of the Charter data, Rentrak is uniquely qualified to provide unparalleled linear television insights," said Sandra Kilbridge, vice president of operations, Advanced Media and Information (AMI) division at Rentrak. "As the industry continues to demand greater accountability, Rentrak is leading the way to deliver timely, accurate, multi-platform media measurement."
"Consumers ultimately benefit from a better understanding of linear and on-demand television viewing habits through improved programming and easier access to that programming," said Jim Heneghan, Charter's Senior Vice President of Advertising Sales.
Rentrak's TV Essentials system processes data from more than seven million set top boxes to help advertising agencies, networks and local stations make business decisions to drive increased revenue. In addition to the TV Essentials system, Rentrak processes on demand television data representing more than 54 million set top boxes.
About TV Essentials(R)
Rentrak's TV Essentials is a comprehensive suite of research tools that enable customers to analyze anonymous audience viewing of programming and advertising across VOD, DVR, interactive and linear television. Utilizing proprietary technology to process massive amounts of click-stream data, the TV Essentials system is able to aggregate and report second-by-second information from millions of digital set-top boxes. The system can isolate individual market, network, series, or telecast performance, administer national and local estimates, and provide an evaluation of influencing factors such as psychographics and demographics.
About Rentrak Corporation
Rentrak Corporation, based in Portland, Oregon, is an information management company serving clients in the media, entertainment, retail, and advertising industries. The company's Entertainment Essentials(TM) suite of services is redefining media measurement in the digital broadband era. Entertainment Essentials provides customers with near-real-time, actionable insight into performance of content distributed over a wide variety of modern media technologies. Available by license or subscription, each Entertainment Essentials application allows executives to analyze detailed industry-wide and title-specific data to make decisions that enhance the bottom line and provide competitive advantage. For further information, please visit Rentrak's corporate Web site at Rentrak.com.
DELUXE 4 CD SET CELEBRATES ELVIS' GRAMMY AWARD-WINNING COLLECTION OF GOSPEL AND INSPIRATIONAL MUSIC
Elvis Presley's 'Ultimate Gospel' collection was just certified GOLD by the RIAA.
NEW YORK, March 3 /PRNewswire/ -- As with all of his types of music, Elvis Presley made his own version of gospel music, drawing from every element of his vast musical knowledge -- without any musical prejudice or racial barriers. For the first time ever, all of Elvis' gospel and inspirational master recordings will be offered together in one magnificent 4 disc collection -- "I Believe - The Gospel Masters."
"I Believe - The Gospel Masters" offers the most comprehensive overview of Elvis' non-secular performances and provides testament to his musical excellence and contribution to the popularization of religious music.
Discs 1 through 3 feature Elvis' entire non-secular studio master recordings in chronological order from his multi-Platinum selling albums "Peace In The Valley," "His Hand In Mine," "How Great Thou Art," and "He Touched Me." Bonus CD, Disc 4, includes additional gospel and inspirational recordings from Elvis' movies, the 68' Comeback TV special and other live performances. It also includes rare home recordings of 'Hide Thou Me,' 'Show Me Thy Ways, O Lord,' and 'Oh, How I Love Jesus.'
All of the discs have been re-mastered from the original tapes using the latest DSD technology for optimum sound quality.
Of the collection, Gordon Stoker, original member of The Jordinaires (Elvis' band) says, "I think I Believe is the perfect title for a collection of Elvis' religious music because, working with him almost 15 years, I know he believed every word in these songs. It was indeed an honour to know and work with him. We shall always treasure our memories."
Testament to the popularity and continued relevance of his gospel recordings, Elvis Presley's "Ultimate Gospel" collection, which was released in 2004, was just certified GOLD by the RIAA.
TRACK LISTING:
DISC 1
1. I Believe
2. (There'll Be) Peace In The Valley (For Me)
3. Take My Hand, Precious Lord
4. It Is No Secret (What God Can Do)
5. Milky White Way
6. His Hand In Mine
7. I Believe In The Man In The Sky
8. He Knows Just What I Need
9. Mansion Over The Hilltop
10. In My Father's House
11. Joshua Fit The Battle
12. Swing Down, Sweet Chariot
13. I'm Gonna Walk Dem Golden Stairs
14. If We Never Meet Again
15. Known Only To Him
16. Crying In The Chapel
17. Working On The Building
DISC 2
1. Run On
2. How Great Thou Art
3. Stand By Me
4. Where No One Stands Alone
5. So High
6. Farther Along
7. By And By
8. In The Garden
9. Somebody Bigger Than You And I
10. Without Him
11. If The Lord Wasn't Walking By My Side
12. Where Could I Go But To The Lord
13. You'll Never Walk Alone
14. We Call On Him
15. Who Am I?
DISC 3
1. I Was Born About Ten Thousand Years Ago
2. Life
3. Only Believe
4. Amazing Grace
5. Lead Me, Guide Me
6. He Touched Me
7. I've Got Confidence
8. An Evening Prayer
9. Seeing Is Believing
10. A Thing Called Love
11. Put Your Hand In The Hand
12. Reach Out To Jesus
13. He Is My Everything
14. There Is No God But God
15. Bosom Of Abraham
16. I, John
17. I Got A Feelin' In My Body
18. Help Me
19. If That Isn't Love
DISC 4
1. Down By The Riverside/When The Saints Go Marchin' In (from Frankie And
Johnny)
2. Sing You Children (from Easy Come, Easy Go)
3. Swing Down, Sweet Chariot (from The Trouble With Girls (and how to get
in it))
4. Let Us Pray (from Change of Habit)
5. Gospel Medley: Where Could I Go But To The Lord/Up Above My Head/Saved
(from the '68 Comeback Special)
6. If I Can Dream (from the '68 Comeback Special)
7. Why Me Lord (live)
8. How Great Thou Art (live)
9. Help Me (live)
BONUS:
10. I, John (from Elvis On Tour)
11. Bosom Of Abraham (from Elvis On Tour)
12. You Better Run (from Elvis On Tour)
13. Lead Me, Guide Me (from Elvis On Tour)
14. Turn Your Eyes Upon Jesus/Nearer My God To Thee (from Elvis On Tour)
15. Oh, How I Love Jesus (home recording)
16. Show Me Thy Ways, O Lord (home recording)
17. Hide Thou Me (home recording)
Innovative Cuisine Imbued with Tantalizing Flavors and Exotic Ingredients
SAN FRANCISCO, March 3 /PRNewswire/ -- In a city known for its pioneering invention and culinary excellence, a new restaurant has opened that boldly blurs the lines between socially-driven nightlife and modern innovative dining. Infusion Lounge near San Francisco's Union Square has begun dinner service Tuesdays through Saturdays, with a menu designed to engage and delight its guests.
Executive Chef Brian Beach has designed his menu to be perpetually-changing and seasonally-conscious, with a strong emphasis on ingredients that are grown or raised locally. He often utilizes Asian elements or preparation techniques as he layers his flavors and textures, embracing cooking as a craft of passion.
Moreover, Beach is taking the dining concept at Infusion Lounge in a vibrant new direction, describing the experience as an 'interactive dining dialogue' intended to stimulate the palate as well as the table conversation. "We've moved away from the traditional first course, second course, entree structure," said Beach. "The menu has no prescribed starting or ending place. We've conceived it to be flexible to your mood." Menu selections are named after feelings or emotions that reflect the spirit of the dish, thus allowing Infusion's guests to tailor their individual dining experience to best accommodate their personal desires for that particular evening.
Infusion's high-tech illuminated menus reveal Beach's intriguing flavors and thought-inspiring titles. His "Provocative" silky Walu fish is flown in fresh from Hawaii and served sashimi-style with pickled strawberries and finely minced spring onion. "Distinction" is composed of tender pieces of New York strip steak adorned with bright pea leaves, cocoa nibs and topped with a dashi gel. "Seduction" describes Dungeness crab paired with asparagus and scented with truffle oil and a dash of ginger-carrot emulsion. For "Harmony" Beach sits a luscious parmesan flan next to perfectly grilled romaine leaves that are lightly dressed with a miso and date dressing. "Fierce" is his succulent braised pork belly that arrives with a piquant salad of apple, smoked grapes and watercress.
Beginning at the popular Couvron Restaurant in Portland, Oregon, Beach's first professional experience in California was with Michael Mina at Aqua Restaurant in San Francisco. His extensive culinary background also includes the Waterfront, mc2, and the Cosmopolitan restaurants in San Francisco, and the Lark Creek Restaurant Group.
Infusion Lounge is open for dinner Tuesday-Saturday, 5 pm -10 pm. For more information, including a calendar of Infusion Lounge's special events and promotions, or for reservations, please visit www.infusionlounge.com.
About C-Two Group
C-Two Group (www.ctwogroup.com) is a privately held company headquartered in San Francisco that includes C-Two Entertainment and C-Two Hotels, and is the Managing Partner of Infusion Lounge.
For more information, images, or an interview with Brian Beach, please contact Kevin Sanchez of Hollenbeck Associates at 415-227-1150 ext 110 or kevin@hollenbeckassociates.com.
Winning band will perform at the ASCAP "I Create Music" Expo in Los Angeles
LOS ANGELES, March 2 /PRNewswire/ -- PickTheBand.com, the world's first fan-run record label has partnered with ASCAP, the American Society of Composers, Authors and Publishers, to pick the best unsigned artist/band in America.
Beginning March 2nd fans will vote online on picktheband.com to decide the winner. The contest will run through March 31st with a featured performance at the ASCAP "I Create Music" Expo in April in Los Angeles as the top prize. Fans are encouraged to vote everyday and can win a variety of great prizes the more they vote.
The video-based contest has been designed to showcase bands in a variety of ways, to get the fans to know as much as possible about them.
The bands were asked to submit the following:
An original music video
2 original songs
A live performance video
Photos and bio
The submissions were reviewed by our panel of judges that included Producers Don Gilmore (Linkin Park, Avril Lavigne) and Bennett Kaufman (President/CEO of The BK Entertainment Group). The top 15 bands have been selected and represent a cross-section of rock music from across the country.
"Of the new models for finding talent we believe Pick The Band has a great formula and we are excited to have them involved with the ASCAP Expo," said Randy Grimmett, ASCAP Sr. VP, Domestic Membership. "The EXPO is the first and only national conference 100% dedicated to songwriting and composing. With a focus on connecting aspiring music creators, it's the perfect opportunity to showcase Pick The Band's winner."
"This is truly an exciting event and we are very pleased to that our winner will have the chance to perform at the ASCAP 'I Create Music' EXPO," said Roie Avin, President of PickTheBand.com.
"Previous winners of Pick The Band contests have recorded with Don Gilmore and Mudrock (Avenged Sevenfold and Godsmack). The winners and even some of the runners-up have also received interest and offers from national labels as well as airplay and increased publicity."
BEIJING, March 2 /PRNewswire-Asia-FirstCall/ -- Xinhua Finance Media
Limited (Nasdaq: XFML) (the "Company"), a leading media group in China,
announced today that it has changed its name to Xinhua Sports & Entertainment
Limited ("XSEL") following shareholder approval obtained on January 15, 2009.
The Company is unveiling a new corporate identity which highlights its focus
on the rapidly expanding sports and entertainment market in China. Its trading
symbol on the NASDAQ Global Market will be changed from "XFML" to "XSEL"
effective Monday, March 2, 2009.
Link to the new XSEL logo: http://www.xsel.com/logo/
Positioned to offer advertisers an effective platform to reach the young,
upwardly mobile demographic in China, the Company has been growing its media
platforms beyond finance with a particular focus on sports and entertainment.
This is an extension of the continued effort to target the fastest growing and
most affluent audiences in China. The new corporate name and identity more
accurately reflect the Company's mission and its direction for future growth.
Ms. Fredy Bush, XSEL's Chief Executive Officer said, "Sports themed
programming is the fastest growing and most profitable segment of the
broadcast industry in China today. According to research conducted by Morgan
Stanley, there are approximately 500 million soccer fans and 300 million
basketball fans in China. Providing additional popular international sports
content to these individuals as well as the sizeable untapped fans in China is
a compelling business strategy and investment opportunity."
"China's media market is continuing to open opportunities that were not
available just one year ago. Content is fast becoming the most valuable
commodity in China. We are in the fortunate position of being able to
leverage our well-established platform of media and advertising resources to
deliver content across television channels, the Internet, and mobile phones,"
continued Ms. Bush.
XSEL's total media solution reaches approximately 250 million television
viewers, a radio broadcast audience of approximately 125 million, over 480
million potential mobile phone users and an extensive university network of
over 45 million students. XSEL provides Chinese audiences access to premium
sports and entertainment content while also offering advertisers access to
China's young, upwardly mobile demographic.
As a result of the Company's focus on sports and entertainment, it is
rolling out a new corporate identity, which is derived from the concept of
"spotlights", an element universally associated with the excitement of sports
and entertainment. Moreover, its new corporate brand mark via its "X" shape
symbolizes convergence, namely its capacity to bring together content and
access, advertisers and audiences, and the best practices of East and West.
The "X" also represents the Company's continued business expansion and
extension. Furthermore, through the abbreviation of the new Company name
"XSEL", the Company conveys to the market its ability to "excel" in China's
media industry as well as its capability to help its clients "excel" in
reaching their target audience in China.
The new corporate name follows a number of announcements by the Company
regarding expansion into new ventures related to sports broadcasting and film
production in China. Among these various initiatives, the Company acquired
exclusive distribution rights in China to the All Sports Network ("ASN").
ASN's content includes the NFL, NCAA March Madness, all Pac 10, ACC, and Big
10 competitions and exclusive NHL regular and post season games. XSEL has
also purchased the 2009 - 2012 seasons of the UEFA Europa League as well as
rights in China to one of the largest fight sports libraries in the world
featuring World Class boxing, Mixed Martial Arts, Kung fu and other
competitions.
About XSEL
Xinhua Sports & Entertainment Limited ("XSEL"; NASDAQ: XSEL) is a leading
sports and entertainment media company group in China. Catering to a vast
audience of young and upwardly mobile consumers, XSEL is well-positioned in
China with its unique content and access. Through its key international
partnerships, XSEL is able to offer its target audience the content they
demand -- premium sports and quality entertainment. Through its Chinese
partnerships, XSEL is able to deliver this content across a broad range of
platforms, including television, the Internet, mobile phone, cinema,
university campuses and other multimedia assets in China. Along with its
in-house advertising resources, XSEL offers a total solution empowering
clients at every stage of the media process linking advertisers with China's
young and upwardly mobile demographic.
Headquartered in Beijing, the company employs more than 1,350 people and
has offices and affiliates in major cities throughout China including Beijing,
Shanghai, Guangzhou, Shenzhen and Hong Kong. Xinhua Sports & Entertainment
Limited shares are listed on the NASDAQ Global Market (NASDAQ: XSEL). For more
information, please visit http://www.xsel.com .
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. Statements that are not historical facts, including statements
about XSEL's beliefs and expectations are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties that could
cause actual results to differ materially from those contained in any
forward-looking statements. Among other things, quotations from management in
this announcement contain forward-looking statements. Potential risks and
uncertainties include, but are not limited to, risks outlined in XSEL's
filings with the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F.
This press release is based upon information available to the public, as
well as other information from sources which management believes to be
reliable, but it is not guaranteed by XSEL to be accurate, nor does XSEL
purport it to be complete. Opinions expressed herein are those of management
as of the date of publication and are subject to change without notice. XSEL
undertakes no duty to update such information, except as required under
applicable law.
For more information, please contact:
Media Contact
Joy Tsang
XSEL
Tel: +86-21-6113-5999
Email: joy.tsang@xsel.com
Lindsay Koval
AGG International
Tel: +1-212-614-4170
Email: lindsay@aggintl.com
IR Contact
Edward Liu
XSEL
Tel: +86-21-6113-5978
Email: edward.liu@xsel.com
Howard Gostfrand
American Capital Ventures
Tel: +1-305-918-7000
+1-877-918-0774, toll free
Email: info@amcapventures.com
SANTA MONICA, Calif., March 2 /PRNewswire/ -- Experience U2's new album,
No Line on The Horizon (Interscope Records), in a most unusual way -- via a
two-day-only pop up art installation. No Line on The Horizon will debut at
the art installation on Monday, March 2nd (the day before the album's official
release), from 9 p.m. to 1 a.m. at the Space 15 Twenty gallery, 1520 N.
Cahuenga Blvd., Los Angeles. The installation will also be open to the public
Tuesday, March 3rd, from noon to 9 p.m.
Featuring a multimedia celebration of the album and its art, centered on
Anton Corbijn's photography of the band and a screening of "Linear," his film
based on characters Bono created for No Line on The Horizon and including
songs from the album, the gallery space will reflect the cool, clean, modern
aesthetic of the album art.
No Line on The Horizon, which has been advanced by the single "Get on Your
Boots," will be played at the gallery and be available for purchase.
Accompanying the first 500 album purchases will be a free, limited edition
U2/Anton Corbijn lithograph. In addition, other exclusive, collaborative
merchandise, such as silk-screened Edun shirts, will be offered.
No Line on The Horizon, U2's 12th studio album and first since 2004's
monumental How to Dismantle an Atomic Bomb, is presented in five formats:
jewel case CD; double-disc vinyl; digipak CD with an expanded booklet, a
poster, and access to a downloadable "Linear"; magazine CD, with 60-page
magazine and "Linear" access; and box set, with digipak CD, "Linear" DVD, a
64-page hardcover book, and a poster. Rolling Stone has already awarded No
Line on The Horizon five stars, calling the album U2's "best, in its textural
exploration and tenacious melodic grip, since 1991's Achtung Baby."
The pop up art installation, which will include an interactive photo area,
is sponsored by Interscope Records, Amoeba Music, Gallery Space, Space 15
Twenty and Filter Magazine.
BEIJING, March 2 /PRNewswire-Asia/ -- Perfect World Co., Ltd.
(Nasdaq: PWRD) ("Perfect World" or the "Company"), a leading online game
developer and operator in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2008.
Fourth Quarter 2008 Highlights(1)
-- Total revenues were RMB417.8 million (USD61.2 million), an increase of
9.4% from 3Q08 and 61.7% from 4Q07
-- Gross profit was RMB368.5 million (USD54.0 million), an increase of
10.1% from 3Q08 and 67.7% from 4Q07
-- Operating profit was RMB149.5 million (USD21.9 million), a decrease of
25.2% from 3Q08 and an increase of 8.8% from 4Q07. Excluding share-
based compensation charge and a non-recurring charge related to the
InterServ acquisition in October 2008, operating profit (non-GAAP) was
RMB244.7 million (USD35.9 million), an increase of 14.7% from 3Q08 and
an increase of 73.0% from 4Q07
-- Net income was RMB124.8 million (USD18.3 million), a decrease of 37.2%
from 3Q08 and a decrease of 14.7% from 4Q07. Excluding share-based
compensation charge and a non-recurring charge related to the InterServ
acquisition in October 2008, net income (non-GAAP) was RMB220.0 million
(USD32.2 million), an increase of 3.7% from 3Q08 and an increase of
46.4% from 4Q07
-- Basic and diluted earnings per ADS(2) were RMB2.21 (USD0.32) and
RMB2.12 (USD0.31), respectively, as compared to RMB3.53 and RMB3.34,
respectively, in 3Q08, and RMB2.62 and RMB2.48, respectively, in 4Q07.
Excluding share-based compensation charge and a non-recurring charge
related to the InterServ acquisition in October 2008, basic and diluted
earnings per ADS (non-GAAP) were RMB3.90 (USD0.57) and RMB3.74
(USD0.55), respectively, as compared to RMB3.77 and RMB3.56,
respectively, in 3Q08, and RMB2.69 and RMB2.55, respectively, in 4Q07
-- Launched open beta testing for "Pocketpet Journey West" on October 16,
2008
-- Launched small-scale closed beta testing for "Battle of the Immortals"
on December 1, 2008
-- Rolled out expansion packs, including "Horseback Fighters" for "Chi Bi"
on October 23, 2008, "You Are My Destiny" for "Hot Dance Party" on
November 20, 2008, and "Special Year-End Edition" for "Zhu Xian" on
December 9, 2008
-- Conducted "2008 Gratitude to Gamers" marketing campaign in 26 provinces
and 166 cities
-- Entered into agreements with respective overseas operators to license
"Chi Bi" in Japan and Korea, and "Zhu Xian" in Korea
-- Launched "Legend of Martial Arts" in Thailand in October 2008 and in
Vietnam in November 2008, "Zhu Xian" in Japan, Malaysia and Singapore
in November 2008 and in the Philippines in December 2008, and an
English version of "Perfect World II" in Europe in December 2008
through various overseas operators
(1) The U.S. dollar (USD) amounts disclosed in this press release are
presented solely for the convenience of the reader. The conversion
of Renminbi (RMB) into USD in this release is based on the noon
buying rate in The City of New York for cable transfers in RMB per
USD as certified for customs purposes by the Federal Reserve Bank
of New York as of December 31, 2008, which was RMB6.8225 to USD1.00.
The percentages stated are calculated based on RMB.
(2) Each ADS represents five ordinary shares.
Fiscal Year 2008 Financial Highlights
-- Total revenues were RMB1,437.2 million (USD210.7 million), an increase
of 108.6% from fiscal year 2007
-- Gross profit was RMB1,261.9 million (USD185.0 million), an increase of
121.3% from fiscal year 2007
-- Operating profit was RMB677.1 million (USD99.2 million), an increase of
93.3% from fiscal year 2007. Excluding share-based compensation charge
and a non-recurring charge related to the InterServ acquisition in
October 2008, operating profit (non-GAAP) was RMB805.4 million
(USD118.1 million), an increase of 124.6% from fiscal year 2007
-- Net income was RMB646.5 million (USD94.8 million), an increase of 78.6%
from fiscal year 2007. Excluding share-based compensation charge and a
non-recurring charge related to the InterServ acquisition in October
2008, net income (non-GAAP) was RMB774.8 million (USD113.6 million), an
increase of 109.2% from fiscal year 2007
-- Basic and diluted earnings per ADS were RMB11.50 (USD1.69) and RMB10.91
(USD1.60), respectively, as compared to RMB8.63 and RMB6.77,
respectively, in fiscal year 2007. Excluding share-based compensation
charge and a non-recurring charge related to the InterServ acquisition
in October 2008, basic and diluted earnings per ADS (non-GAAP) were
RMB13.78 (USD2.02) and RMB13.07 (USD1.92), respectively, as compared to
RMB8.83 and RMB6.93, respectively, in fiscal year 2007
"Despite the global economic slowdown, 2008 was a great year for us and I
am very proud of our continued growth," commented Mr. Michael Chi, Chairman
and Chief Executive Officer of Perfect World. "In the past year, we
successfully launched three new games including, 'Chi Bi,' 'Pocketpet Journey
West' and our first 3D online casual game, 'Hot Dance Party'. These games
have been well received by online game players, and we will continue to
leverage our strong research and development to enhance our game players'
experience."
"Our strong results during the period continue to be driven by our ability
to successfully execute our strategy. We have a strong track record of
developing and launching new games to the market in a timely manner, while
continuing to maintain game players' interest in our existing portfolio. We
have a strong pipeline for year 2009 and beyond, including seven MMORPGs under
development. One of which, 'Battle of the Immortals,' is currently under
small-scale closed beta testing and we target to launch large-scale closed
beta testing on March 5, 2009. Given this solid pipeline, and our portfolio
of existing games, we have decided to fine-tune our strategy. While we will
continue to quickly develop new games in the short and medium term, we will
focus on enhancing the sustainability of our business by devoting more
resources to longer-term projects."
"During the past year, we also saw a number of great overseas achievements.
We successfully broadened our geographic coverage in Asia and Europe via
overseas licensing. We also established a wholly-owned subsidiary in the
United States that operates our own games in North America. Since the launch
of open beta testing for 'Perfect World II' in North America, where the game
was released under the name 'Perfect World International,' we have seen a
positive response from game players in the region. We also launched closed
beta testing for 'Pocketpet Journey West' in North America under the name
'Ether Saga Online' in February 2009 and are looking forward to the launch of
open beta testing soon."
"Pursuing strategic acquisitions has always been another one of our
focuses. The successful completion of our deals with Global InterServ (B.V.I.)
Inc. ("InterServ") has expanded our game pipeline by adding two games, namely,
XiaoAoJiangHu and Meteor Online, and has also further strengthened our
research and development team. We are working to integrate the newly acquired
Shanghai and Chengdu subsidiaries from InterServ with our existing team and
further expand our business there."
"Moving forward, we expect that our strong management team and extensive
experience in developing and operating online games will continue to enhance
value for our shareholders. By implementing a longer term view on our
pipeline and expanding the resources needed for developing these games, we
will be well positioned to further expand our presence globally and continue
to drive sustainable business growth."
Fourth Quarter 2008 Financial Results
Total Revenues
Total revenues were RMB417.8 million (USD61.2 million) in 4Q08, an
increase of 9.4%, or RMB36.0 million, from RMB381.8 million in 3Q08 and an
increase of 61.7%, or RMB159.4 million, from RMB258.4 million in 4Q07.
Online game operation revenues were RMB362.6 million (USD53.1 million) in
4Q08, an increase of 11.7%, or RMB38.1 million, from RMB324.5 million in 3Q08
and an increase of 57.5%, or RMB132.4 million, from RMB230.2 million in 4Q07.
The sequential increase in online game operation revenues was primarily
attributable to the successful launch of open beta testing for "Pocketpet
Journey West," the successful launch of expansion packs for a number of the
Company's existing games and the positive market response from recent
marketing campaigns.
The aggregate average concurrent users (ACU) for games under operation in
mainland China was approximately 690,000 in 4Q08, as compared to 717,000 in
3Q08 and 624,000 in 4Q07. The active paying customers (APC) for games
operated in mainland China under the item-based revenue model was
approximately 1,546,000 in 4Q08, as compared to 1,610,000 in 3Q08 and
1,565,000 in 4Q07. The average revenue per active paying customer (ARPU) for
games operated in mainland China under the item-based revenue model was RMB225
in 4Q08, an increase of 14.8%, or RMB29, from RMB196 in 3Q08 and an increase
of 59.6%, or RMB84, from RMB141 in 4Q07. The increase in ARPU from 3Q08 was
mainly due to a series of successful promotions and the launch of new
expansion packs. The slight decrease in ACU and APC from 3Q08 was mainly due
to the more aggressive anti-cheating efforts carried out by the Company.
Overseas licensing revenues were RMB55.2 million (USD8.1 million) in 4Q08,
a decrease of 3.7%, or RMB2.1 million, from RMB57.3 million in 3Q08 and an
increase of 95.8%, or RMB27.0 million, from RMB28.2 million in 4Q07. The
slight decrease from 3Q08 was mainly due to a decrease in initial license fees,
partially offset by an increase in usage-based royalty fees.
Cost of Revenues
The cost of revenues was RMB49.3 million (USD7.2 million) in 4Q08, an
increase of 4.4%, or RMB2.0 million, from RMB47.3 million in 3Q08 and an
increase of 27.8%, or RMB10.7 million, from RMB38.6 million in 4Q07. The
increase from 3Q08 was mainly due to an increase in VAT and other related
taxes.
Gross Profit and Gross Margin
Gross profit was RMB368.5 million (USD54.0 million) in 4Q08, an increase
of 10.1%, or RMB34.0 million, from RMB334.5 million in 3Q08, and an increase
of 67.7%, or RMB148.7 million, from RMB219.8 million in 4Q07. Gross margin
was 88.2% in 4Q08, as compared to 87.6% in 3Q08 and 85.1% in 4Q07.
Operating Expenses
Operating expenses were RMB218.9 million (USD32.1 million) in 4Q08, an
increase of 62.7%, or RMB84.4 million, from RMB134.5 million in 3Q08, and an
increase of 165.7%, or RMB136.5 million, from RMB82.4 million in 4Q07. The
increase from 3Q08 in operating expenses was mainly attributed to higher R&D
expenses and general and administrative expenses, partially offset by a
decrease in sales and marketing expenses.
R&D expenses increased by 167.6%, or RMB78.8 million, from RMB47.0 million
in 3Q08 to RMB125.9 million (USD18.4 million) in 4Q08. The increase from 3Q08
was primarily due to the non-recurring charge of approximately RMB78.4 million
(USD11.5 million) resulting from the October 2008 InterServ acquisition which
was related to two online games under development, i.e., Meteor Online and an
online game developed based on the famous book XiaoAoJiangHu authored by Louis
Cha. Based upon certain recognized valuation principles, the two games under
development were valued at approximately RMB78.4 million (USD11.5 million) and
were expensed as in process research and development under U.S. GAAP.
Sales and marketing expenses decreased by 4.5%, or RMB2.7 million, from
RMB61.4 million in 3Q08 to RMB58.6 million (USD8.6 million) in 4Q08. This was
primarily attributable to a reduction in advertising and promotional expenses
associated with a more effective marketing campaign strategy.
General and administrative expenses increased by 31.7%, or RMB8.3 million,
from RMB26.1 million in 3Q08 to RMB34.4 million (USD5.0 million) in 4Q08.
This was primarily attributable to an increase in staff costs and professional
fees.
Operating Profit
Operating profit was RMB149.5 million (USD21.9 million) in 4Q08, a
decrease of 25.2%, or RMB50.5 million, from RMB200.0 million in 3Q08, and an
increase of 8.8%, or RMB12.2 million, from RMB137.4 million in 4Q07.
Excluding share-based compensation charge of RMB16.8 million (USD2.5 million)
and a non-recurring charge of approximately RMB78.4 million (USD11.5 million)
related to the InterServ acquisition in October 2008, operating profit (non-
GAAP) was RMB244.7 million (USD35.9 million) in 4Q08, an increase of 14.7%, or
RMB31.4 million, from RMB213.4 million in 3Q08, and an increase of 73.0%, or
RMB103.3 million, from RMB141.4 million in 4Q07.
Income Tax Expense
Income tax expense was RMB33.6 million (USD4.9 million) in 4Q08, an
increase of 283.3%, or RMB24.8 million, from RMB8.8 million in 3Q08 and an
increase of 688.1%, or RMB29.4 million, from RMB4.3 million in 4Q07. The
Board decided to distribute RMB520.0 million (USD76.2 million) earnings of
Beijing Perfect World Software Co., Ltd. ("PW Software"), the Company's
wholly-owned subsidiary in Beijing to its direct parent, Perfect Online
Holding Ltd. ("PW Hong Kong"), which is the Company's wholly-owned subsidiary
in Hong Kong. As such, a withholding tax of RMB26.0 million (USD3.8 million)
was accrued and recorded as deferred tax liabilities as of December 31, 2008.
Such U.S. dollar distribution will enable the Company to fund the share
repurchase program. Under U.S. GAAP, all undistributed earnings are presumed
to be transferred to the parent company and are subject to withholding tax,
therefore, the Company will accrue 5% withholding tax for the earnings made
from PW Software going forward.
Net Income
Net income was RMB124.8 million (USD18.3 million) in 4Q08, a decrease of
37.2%, or RMB74.0 million, from RMB198.8 million in 3Q08, and a decrease of
14.7%, or RMB21.4 million, from RMB146.2 million in 4Q07. Excluding share-
based compensation charge and a non-recurring charge related to the InterServ
acquisition in October 2008, net income (non-GAAP) was RMB220.0 million
(USD32.2 million) in 4Q08, an increase of 3.7%, or RMB7.8 million, from
RMB212.2 million in 3Q08, and an increase of 46.4%, or RMB69.7 million, from
RMB150.3 million in 4Q07.
Basic and diluted earnings per ADS were RMB2.21(USD0.32) and RMB2.12(USD0.31), respectively, in 4Q08, as compared to RMB3.53 and RMB3.34,
respectively, in 3Q08, and RMB2.62 and RMB2.48, respectively, in 4Q07.
Excluding share-based compensation charge and a non-recurring charge related
to the InterServ acquisition in October 2008, basic and diluted earnings per
ADS (non-GAAP) were RMB3.90(USD0.57) and RMB3.74(USD0.55), respectively, in
4Q08, as compared to RMB3.77 and RMB3.56, respectively, in 3Q08, and RMB2.69
and RMB2.55, respectively, in 4Q07.
Commitment
In December 2008, the Company entered into an agreement with InterServ to
acquire its subsidiaries in China with established game development
capabilities for approximately USD23 million. Approximately USD22 million
related to this InterServ acquisition had been deposited into an escrow
account and recorded as restricted cash as of December 31, 2008. This
InterServ acquisition was completed in February 2009.
In December 2008, the Company entered into an agreement to repurchase a
total of 18,750,000 shares of the Company's Class A ordinary shares for
approximately USD56.6 million from SB Asia Investment Fund II, L.P. ("SAIF")
and an affiliate of SAIF. The share repurchase was completed in January 2009.
Fiscal Year 2008 Financial Results
Total Revenues
Total revenues were RMB1,437.2 million (USD210.7 million) in fiscal year
2008, an increase of 108.6%, or RMB748.1 million, from RMB689.1 million in
fiscal year 2007. The year-over-year increase was primarily due to the
expansion of the Company's game portfolio, the successful launch of a series
of expansion packs and marketing campaigns, and a significant expansion in
overseas licensing business. Online game operation revenues were RMB1,251.0
million (USD183.4 million) in fiscal year 2008, an increase of 103.2%, or
RMB635.2 million, from RMB615.7 million in fiscal year 2007. Overseas
licensing revenues were RMB186.2 million (USD27.3 million) in fiscal year 2008,
an increase of 153.8%, or RMB112.8 million, from RMB73.4 million in fiscal
year 2007.
Gross Profit and Gross Margin
Gross profit was RMB1,261.9 million (USD185.0 million) in fiscal year 2008,
an increase of 121.3%, or RMB691.8 million, from RMB570.1 million in fiscal
year 2007. Gross margin was 87.8% in fiscal year 2008, which increased from
82.7% in fiscal year 2007. The year-over-year increase in gross margin was
primarily due to the greater economy of scale generated from the Company's
significant revenue growth.
Operating Expenses
Operating expenses were RMB584.8 million (USD85.7 million) in fiscal year
2008, an increase of 166.0%, or RMB364.9 million, from RMB219.9 million in
fiscal year 2007. The year-over-year increase in operating expenses was
mainly due to the Company's overall operational expansion in 2008.
Operating Profit
Operating profit was RMB677.1 million (USD99.2 million) in fiscal year
2008, an increase of 93.3%, or RMB326.9 million, from RMB350.2 million in
fiscal year 2007. Excluding share-based compensation charge of RMB49.9
million (USD7.3 million) and a non-recurring charge of approximately RMB78.4
million (USD11.5 million) related to the InterServ acquisition in October 2008,
operating profit (non-GAAP) was RMB805.4 million (USD118.1 million) in fiscal
year 2008, an increase of 124.6%, or RMB446.8 million, from RMB358.6 million
in fiscal year 2007.
Net Income
Net income was RMB646.5 million (USD94.8 million) in fiscal year 2008, an
increase of 78.6%, or RMB284.5 million, from RMB361.9 million in fiscal year
2007. Excluding share-based compensation charge and a non-recurring charge
related to the InterServ acquisition in October 2008, net income (non-GAAP)
was RMB774.8 million (USD113.6 million) in fiscal year 2008, an increase of
109.2%, or RMB404.5 million, from RMB370.3 million in fiscal year 2007.
Basic and diluted earnings per ADS were RMB11.50(USD1.69) and RMB10.91(USD1.60), respectively, in fiscal year 2008, as compared to RMB8.63 and
RMB6.77, respectively, in fiscal year 2007. Excluding share-based
compensation charge and a non-recurring charge related to the InterServ
acquisition in October 2008, basic and diluted earnings per ADS (non-GAAP)
were RMB13.78(USD2.02) and RMB13.07(USD1.92), respectively, in fiscal year
2008, as compared to RMB8.83 and RMB6.93, respectively, in fiscal year 2007.
Recent Developments
Update on InterServ Acquisitions
The Company successfully completed two transactions with InterServ. The
first transaction to acquire rights related to two online games, i.e., Meteor
Online and an online game developed based on the famous book XiaoAoJiangHu
authored by Louis Cha, and a license to use InterServ's cross-platform game
development engine for a total purchase price of approximately USD15 million
in cash was completed in October 2008. The second acquisition of the two
InterServ subsidiaries located in Shanghai and Chengdu at a consideration of
approximately USD23 million in cash was completed in February 2009.
The successful completion of the transactions with InterServ has further
diversified the Company's game pipeline by adding two online games with great
potential, and has further strengthened the Company's solid research and
development capability. The Company is working to integrate the newly
acquired Shanghai and Chengdu subsidiaries from InterServ with the existing
team and further expand business in Shanghai and Chengdu.
New Overseas Licensing Agreement
The Company entered into a new overseas licensing agreement in January
2009 with HI-WIN Co., Ltd. to license "Pocketpet Journey West" in Korea.
New Overseas Launches
The Company launched "Zhu Xian" in Thailand through Cubinet Interactive(s)
Pte. Ltd. in January 2009, and in Vietnam through Cubinet Interactive(s) Pte.
Ltd. in February 2009. The Company also launched closed beta testing for
"Pocketpet Journey West" in North America under the name "Ether Saga Online"
through its U.S. subsidiary in February 2009.
Upgraded to NASDAQ Global Select Market
The Company's ADSs were listed on the NASDAQ Global Select Market starting
from January 2, 2009.
ADS and Share Repurchases
In October 2008, the Company's Board authorized an ADS repurchase program
to repurchase up to USD100 million of the Company's ADSs from October 2008 to
October 2009. As of March 1, 2009, the Company had repurchased an aggregate
of 977,492 ADSs on the open market.
In addition to and separate from the above ADS repurchase program, in
December 2008, the Company entered into an agreement to repurchase a total of
18,750,000 shares of the Company's Class A ordinary shares for approximately
USD56.6 million from SB Asia Investment Fund II, L.P. ("SAIF") and an
affiliate of SAIF. The transaction was completed in January 2009, and will be
recorded on the financial statements for the first quarter of 2009.
Business Outlook
Based on the Company's current operations, total revenues for the first
quarter of 2009 are expected to be between RMB376 million and RMB397 million.
This represents an increase of 24% - 31% on a year-over-year basis and a
decrease of 5% - 10% on a sequential basis, which reflects seasonality factors
and takes into consideration that the Company has been devoting more resources
into upcoming new games.
In terms of pipeline, the Company currently has seven MMORPGs under
development. Large-scale closed beta testing for "Battle of the Immortals" is
expected to be launched on March 5, 2009.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally
accepted accounting principals in the United States, or GAAP, this press
release presents non-GAAP operating profit, non-GAAP net income, non-GAAP net
income attributable to ordinary shareholders and non-GAAP earnings per ADS by
excluding share-based compensation charge and a non-recurring charge related
to the InterServ acquisition in October 2008 from operating profit, net income,
net income attributable to ordinary shareholders and earnings per ADS,
respectively. The Company believes these non-GAAP financial measures are
important to help investors understand the Company's operating and financial
performance, compare business trends among different reporting periods on a
consistent basis and access the Company's core operating results, as they
exclude certain expenses that are (i) not expected to result in cash payments
or (ii) non-recurring in nature. The use of the above non-GAAP financial
measures has certain limitations. Share-based compensation charge has been
and will be incurred and is not reflected in the presentation of the non-GAAP
financial measures. It should be considered in the overall evaluation of our
results. None of the non-GAAP measures is a measure of net income, operating
profit, operating performance or liquidity presented in accordance with GAAP.
We compensate for these limitations by providing the relevant disclosure of
our share-based compensation charge and a non-recurring charge related to the
InterServ acquisition in October 2008 in our reconciliations to the GAAP
financial measures, which should be considered when evaluating our performance.
These non-GAAP financial measures should be considered in addition to
financial measures prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, financial measures prepared in
accordance with GAAP. Reconciliation of each of these non-GAAP financial
measures to the most directly comparable GAAP financial measure are set forth
at the end of this release.
Conference Call
Perfect World will host a conference call and live webcast at 8:00 a.m.
Eastern Standard Time (EST) (9:00 p.m., Beijing time) on Monday, March 2, 2009.
The dial-in details for the live conference call are as follows:
- U.S. Toll Free Number: 1-866-519-4004
- International Dial-in Number: +65-6735-7955
- Mainland China Toll Free Number: 10-800-819-0121
- Hong Kong Toll Free Number: 80-093-3053
- U.K. Toll Free Number: 080-8234-6646
Conference ID: PWRD
A live and archived webcast of the conference call will be available on
the Investor Relations section of Perfect World's website at
http://www.pwrd.com .
A telephone replay of the call will be available after the conclusion of
the conference call through 10:00 a.m. Eastern Standard Time, March 10, 2009.
The dial-in details for the replay are as follows:
- U.S. Toll Free Number: 1-866-214-5335
- International Dial-in Number: +61-2-8235-5000
Conference ID: 7973 (PWRD)
About Perfect World Co., Ltd. (http://www.pwrd.com )
Perfect World Co., Ltd. (Nasdaq: PWRD) is a leading online game developer
and operator in China. Perfect World primarily develops three-dimensional
("3D") online games based on the proprietary Angelica 3D game engine and game
development platform. The Company's strong technology and creative game
design capabilities, combined with extensive local knowledge and experience,
enable it to frequently and rapidly introduce popular games that are designed
to cater to changing customer preferences and market trends in China. The
Company's current portfolio of self-developed online games includes 3D
massively multiplayer online role playing games ("MMORPGs"): "Perfect World,"
"Legend of Martial Arts," "Perfect World II," "Zhu Xian," "Chi Bi" and
"Pocketpet Journey West"; and a 3D online casual game: "Hot Dance Party".
While a substantial portion of the revenues are generated in China, the
Company's games have been licensed to leading game operators in a number of
countries and regions in Asia, Europe and South America. The Company also
generates revenues from game operation in North America. The Company plans to
continue to explore new and innovative business models and remains deeply
committed to maximizing shareholder value over time.
Safe Harbor Statements
This press release contains forward-looking statements. These statements
constitute forward-looking statements under 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" and similar statements. Among
other things, the management's quotations and "Business Outlook" contain
forward-looking statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Potential risks and uncertainties include,
but are not limited to, our limited operating history, our ability to develop
and operate new games that are commercially successful, the growth of the
online game market and the continuing market acceptance of our games and
in-game items in China and elsewhere, our ability to protect our intellectual
property rights, our ability to respond to competitive pressure, our ability
to maintain an effective system of internal control over financial reporting,
changes of the regulatory environment in China, and economic slowdown in China
and/or elsewhere. Further information regarding these and other risks is
included in Perfect World's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. All information
provided in this press release and in the attachments is as of March 2, 2009,
and Perfect World does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or
otherwise, except as required under applicable law.
Perfect World Co., Ltd.
Consolidated Balance Sheets
Audited Unaudited Unaudited
December 31, December 31, December 31,
2007 2008 2008
RMB RMB USD
Assets
Current assets
Cash and cash equivalents 1,496,032,993 1,333,075,731 195,394,024
Restricted cash -- 150,361,200 22,039,018
Short-term investment -- 50,000,000 7,328,692
Accounts receivable 16,796,527 38,822,355 5,690,342
Prepayment and other assets 22,112,949 36,269,524 5,316,163
Deferred tax assets 731,142 1,734,207 254,189
Total current assets 1,535,673,611 1,610,263,017 236,022,428
Non current assets
Equity investments -- 22,559,975 3,306,702
Property, equipment, and
software, net 107,331,206 169,399,817 24,829,581
Construction in progress -- 714,083,386 104,665,942
Intangible assets, net 1,723,048 26,188,873 3,838,604
Prepayments and other assets 20,283,302 18,702,700 2,741,326
Deferred tax assets 730,180 1,090,526 159,843
Total assets 1,665,741,347 2,562,288,294 375,564,426
Liabilities and Shareholders'
Equity
Current liabilities
Accounts payable 23,464,378 13,629,262 1,997,693
Advances from customers 49,672,384 78,388,312 11,489,676
Salary and welfare payable 30,901,115 61,907,164 9,073,971
Taxes payable 13,374,892 20,771,786 3,044,600
Accrued expenses and other
liabilities 14,175,638 24,813,169 3,636,961
Deferred revenues 123,310,935 223,352,994 32,737,705
Deferred tax liabilities -- 26,000,000 3,810,920
Deferred government grants 1,100,000 620,000 90,876
Total current liabilities 255,999,342 449,482,687 65,882,402
Deferred revenues 19,365,787 32,554,670 4,771,663
Other long-term payable -- 28,000,000 4,104,067
Total liabilities 275,365,129 510,037,357 74,758,132
Commitments
Shareholders' Equity
Ordinary shares (US$0.0001 par
value, 10,000,000,000 shares
authorized, 91,309,730
Class A ordinary shares and
187,975,990 Class B
ordinary shares issued and
outstanding as of
December 31, 2007;
10,000,000,000 shares
authorized, 72,385,480 Class A
ordinary shares
issued and outstanding,
210,350,565 Class B
ordinary shares issued and
210,147,840 Class B
ordinary shares outstanding as
of December 31,
2008) 221,081 223,481 32,756
Additional paid-in capital 1,124,169,036 1,177,967,483 172,659,213
Treasury stock -- (4,575,649) (670,670)
Statutory reserves 29,919,175 94,945,533 13,916,531
Accumulated other
comprehensive loss (31,771,062) (65,577,655) (9,611,968)
Retained earnings 267,837,988 849,267,744 124,480,432
Total Shareholders' Equity 1,390,376,218 2,052,250,937 300,806,294
Total Liabilities and
Shareholders' Equity 1,665,741,347 2,562,288,294 375,564,426
Perfect World Co., Ltd.
Consolidated Statements of Operations
Three months ended
December 31, September 30, December 31, December 31,
2007 2008 2008 2008
RMB RMB RMB USD
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues
Online game
operation
revenues 230,194,222 324,484,312 362,597,634 53,147,326
Overseas licensing
revenues 28,200,883 57,317,936 55,205,269 8,091,648
Total Revenues 258,395,105 381,802,248 417,802,903 61,238,974
Cost of revenues (38,618,961) (47,256,941) (49,344,155) (7,232,562)
Gross profit 219,776,144 334,545,307 368,458,748 54,006,412
Operating expenses
Research and
development
expenses (22,725,718) (47,033,562)(125,870,657) (18,449,345)
Sales and marketing
expenses (44,438,673) (61,371,931) (58,622,311) (8,592,497)
General and
administrative
expenses (15,215,509) (26,135,551) (34,416,638) (5,044,579)
Total operating
expenses (82,379,900)(134,541,044)(218,909,606) (32,086,421)
Operating profit 137,396,244 200,004,263 149,549,142 21,919,991
Other income/
(expenses)
Investment loss -- (414,026) (468,736) (68,704)
Interest income 14,156,626 7,724,046 7,915,676 1,160,231
Others, net (1,053,932) 259,476 1,430,694 209,702
Total other income 13,102,694 7,569,496 8,877,634 1,301,229
Profit before tax 150,498,938 207,573,759 158,426,776 23,221,220
Income tax expense (4,265,466) (8,770,012) (33,617,364) (4,927,426)
Net income 146,233,472 198,803,747 124,809,412 18,293,794
Cumulative unearned
dividends of
Series A Preferred
Shares -- -- -- --
Net income
attributable to
ordinary
shareholders 146,233,472 198,803,747 124,809,412 18,293,794
Net earnings per
share, basic 0.52 0.71 0.44 0.06
Net earnings per
share, diluted 0.50 0.67 0.42 0.06
Net earnings per ADS,
basic 2.62 3.53 2.21 0.32
Net earnings per ADS,
diluted 2.48 3.34 2.12 0.31
Shares used in
calculating basic
net earnings per
share 279,285,720 281,733,114 282,038,740 282,038,740
Shares used in
calculating diluted
net earnings per
share 294,945,237 297,574,386 294,335,560 294,335,560
Total share-based
compensation cost
included in:
Cost of revenues (38,209) (854,899) (1,082,339) (158,642)
Research and
development expenses (679,745) (5,885,419) (8,472,731) (1,241,881)
Sales and marketing
expenses (324,124) (1,315,404) (1,496,651) (219,370)
General and
administrative
expenses (2,995,652) (5,304,841) (5,717,413) (838,023)
Perfect World Co., Ltd.
Consolidated Statements of Operations (Cont.)
Year ended
December 31, December 31, December 31,
2007 2008 2008
RMB RMB USD
(Audited) (Unaudited) (Unaudited)
Revenues
Online game operation
revenues 615,740,988 1,250,959,689 183,357,961
Overseas licensing revenues 73,382,626 186,218,677 27,294,786
Total Revenues 689,123,614 1,437,178,366 210,652,747
Cost of revenues (118,982,981) (175,264,350) (25,689,168)
Gross profit 570,140,633 1,261,914,016 184,963,579
Operating expenses
Research and development
expenses (54,167,063) (227,836,657) (33,394,893)
Sales and marketing
Expenses (129,940,811) (254,484,542) (37,300,776)
General and administrative
expenses (35,783,802) (102,492,121) (15,022,663)
Total operating expenses (219,891,676) (584,813,320) (85,718,332)
Operating profit 350,248,957 677,100,696 99,245,247
Other income/(expenses)
Investment loss -- (1,175,025) (172,228)
Interest income 24,968,787 35,369,600 5,184,258
Others, net (1,681,718) (11,535,588) (1,690,815)
Total other income 23,287,069 22,658,987 3,321,215
Profit before tax 373,536,026 699,759,683 102,566,462
Income tax expense (11,587,441) (53,303,570) (7,812,909)
Net income 361,948,585 646,456,113 94,753,553
Cumulative unearned
dividends of
Series A Preferred Shares (1,739,759) -- --
Net income attributable to
ordinary shareholders 360,208,826 646,456,113 94,753,553
Net earnings per share,
basic 1.73 2.30 0.34
Net earnings per share,
diluted 1.35 2.18 0.32
Net earnings per ADS, basic 8.63 11.50 1.69
Net earnings per ADS,
diluted 6.77 10.91 1.60
Shares used in calculating
basic net earnings per
share 208,737,775 281,141,417 281,141,417
Shares used in calculating
diluted net earnings per
share 267,224,171 296,391,840 296,391,840
Total share-based
compensation cost
included in:
Cost of revenues (127,929) (3,000,334) (439,771)
Research and development
expenses (1,702,600) (22,365,703) (3,278,227)
Sales and marketing expenses (875,711) (4,733,152) (693,756)
General and administrative
expenses (5,637,887) (19,800,642) (2,902,256)
Perfect World Co., Ltd.
Consolidated Statements of Cash Flows
Three months ended
December 31, September 30, December 31, December 31,
2007 2008 2008 2008
RMB RMB RMB USD
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash flows from
operating
activities:
Net income 146,233,472 198,803,747 124,809,412 18,293,794
Adjustments for:
Share-based
compensation
cost 4,037,730 13,360,563 16,769,134 2,457,916
Depreciation
and
amortization
expense 2,875,270 5,989,719 6,670,886 977,777
In-process
research and
development
charge
related to
the InterServ
acquisition -- -- 78,417,506 11,493,957
Exchange loss
/ (gain) 5,812,374 212,346 (114,698) (16,812)
Investment
loss -- 414,026 468,736 68,704
Loss from
disposal of
property,
equipment,
and software -- -- 176,354 25,849
Changes in
assets and
liabilities:
Accounts
receivable 2,036,676 (15,080,639) (4,485,757) (657,495)
Current
prepayments
and other
assets (2,592,287) 2,560,308 2,129,563 312,138
Deferred tax
assets (11,235) (107,018) (569,103) (83,416)
Due from/to
related
parties -- -- -- --
Non-current
prepayments
and other
assets 11,439 481,283 (16,217,564) (2,377,071)
Accounts
payable 3,936,603 (9,795,333) 5,912,994 866,690
Advances
from
customers (10,869,452) 19,223,380 2,280,085 334,201
Salary and
welfare
payable 15,480,337 18,471,056 18,314,010 2,684,355
Taxes
payable (688,092) 1,172,897 632,322 92,682
Accrued
expenses
and other
liabilities 4,231,479 3,573,703 (4,410,129) (646,410)
Deferred
revenues 34,112,590 26,051,626 23,553,120 3,452,271
Deferred tax
liabilities -- -- 26,000,000 3,810,920
Deferred
government
grants (1,400,000) 150,000 (980,000) (143,642)
Net cash
provided by
operating
activities 203,206,904 265,481,664 279,356,871 40,946,408
Cash flows from
investing
activities:
Purchase of
property,
equipment,
and software (83,979,972) (62,749,284) (18,767,278) (2,750,792)
Purchase of
intangible
assets -- -- (1,351,351) (198,073)
Cash paid for
the InterServ
acquisition -- -- (102,852,002) (15,075,412)
Increase of
restricted
cash -- -- (150,361,200) (22,039,018)
Purchase of
short-term
investments -- -- -- --
Cash paid for
equity
investments -- (3,000,000) -- --
Net cash used in
investing
activities (83,979,972) (65,749,284) (273,331,831) (40,063,295)
Cash flows from
financing
activities:
Payments made
by shareholders
for Shareholder's
receivable -- -- -- --
Exercise of
share options -- 264,090 1,393,628 204,269
Proceeds from
IPO, net of
issuance
costs (8,105,195) -- -- --
Repurchase of
Company
shares -- -- (4,575,649) (670,670)
Net cash (used
in)/provided by
financing
activities (8,105,195) 264,090 (3,182,021) (466,401)
Effect of
exchange rate
changes on cash
and cash
equivalents (28,657,671) (1,588,665) 424,155 62,170
Net increase /
(decrease) in
cash 82,464,066 198,407,805 3,267,174 478,882
Cash and cash
equivalents,
beginning of
the period 1,413,568,927 1,131,400,752 1,329,808,557 194,915,142
Cash and cash
equivalents,
end of the
period 1,496,032,993 1,329,808,557 1,333,075,731 195,394,024
Supplemental
schedule of
non-cash
financing
activities:
Conversion of
Series A
convertible
preferred
shares into
common shares -- -- -- --
Supplemental
disclosures of
cash flow
information:
Cash paid during
the period for
income taxes (4,290,112) (4,365,085) (7,814,467) (1,145,396)
Perfect World Co., Ltd.
Consolidated Statements of Cash Flows (Cont.)
Year ended
December 31, December 31, December 31,
2007 2008 2008
RMB RMB USD
(Audited) (Unaudited) (Unaudited)
Cash flows from operating
activities:
Net income 361,948,585 646,456,113 94,753,553
Adjustments for:
Share-based compensation
cost 8,344,127 49,899,831 7,314,010
Depreciation and
amortization expense 7,162,045 22,130,218 3,243,711
In-process research and
development charge related
to the InterServ
acquisition -- 78,417,506 11,493,957
Exchange loss / (gain) 6,834,819 12,187,231 1,786,329
Investment loss -- 1,175,025 172,228
Loss from disposal of
property, equipment, and
software -- 176,354 25,849
Changes in assets and
liabilities:
Accounts receivable (11,225,771) (22,103,425) (3,239,784)
Current prepayments and
other assets (15,412,217) (11,922,267) (1,747,492)
Deferred tax assets (1,223,683) (1,365,895) (200,204)
Due from/to related
parties (126,900) -- --
Non-current prepayments
and other assets (1,245,047) (16,858,536) (2,471,020)
Accounts payable 7,133,260 (831,337) (121,852)
Advances from customers 29,222,940 28,715,928 4,209,004
Salary and welfare
payable 20,725,757 30,996,508 4,543,277
Taxes payable 8,044,194 7,396,894 1,084,191
Accrued expenses and
other liabilities 6,951,398 8,517,394 1,248,427
Deferred revenues 109,700,252 113,312,411 16,608,629
Deferred tax liabilities -- 26,000,000 3,810,920
Deferred government
grants 100,000 (480,000) (70,355)
Net cash provided by
operating activities 536,933,759 971,819,953 142,443,378
Cash flows from investing
activities:
Purchase of property,
equipment, and software (112,006,385) (759,612,288) (111,339,287)
Purchase of intangible
assets -- (1,351,351) (198,073)
Cash paid for the InterServ
acquisition -- (102,852,002) (15,075,412)
Increase of restricted cash -- (150,361,200) (22,039,018)
Purchase of short-term
investments -- (50,000,000) (7,328,692)
Cash paid for equity
investments -- (23,735,000) (3,478,930)
Net cash used in investing
activities (112,006,385) (1,087,911,841) (159,459,412)
Cash flows from financing
activities:
Payments made by
shareholders for
Shareholder's receivable 126,808 -- --
Exercise of share options -- 3,836,884 562,387
Proceeds from IPO, net of
issuance costs 1,008,227,800 -- --
Repurchase of Company
shares -- (4,575,649) (670,670)
Net cash (used in)/provided
by financing activities 1,008,354,608 (738,765) (108,283)
Effect of exchange rate
changes on cash and cash
equivalents (38,605,881) (46,126,609) (6,760,954)
Net increase / (decrease) in
cash 1,394,676,101 (162,957,262) (23,885,271)
Cash and cash equivalents,
beginning of the period 101,356,892 1,496,032,993 219,279,295
Cash and cash equivalents,
end of the period 1,496,032,993 1,333,075,731 195,394,024
Supplemental schedule of non-
cash financing activities:
Conversion of Series A
convertible preferred shares
into common shares 61,796,533 -- --
Supplemental disclosures of
cash flow information:
Cash paid during the period
for income taxes (10,439,931) (23,288,291) (3,413,454)
Perfect World Co., Ltd.
Reconciliation of GAAP and Non-GAAP Results
Three months ended
December 31, September 30, December 31, December 31,
2007 2008 2008 2008
RMB RMB RMB USD
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP operating
profit 137,396,244 200,004,263 149,549,142 21,919,991
Share based
compensation
charge 4,037,730 13,360,563 16,769,134 2,457,916
Non-recurring
charge related
to the
InterServ
acquisition in
October 2008 -- -- 78,417,506 11,493,957
Non-GAAP
operating
profit 141,433,974 213,364,826 244,735,782 35,871,864
GAAP net income 146,233,472 198,803,747 124,809,412 18,293,794
Share based
compensation
charge 4,037,730 13,360,563 16,769,134 2,457,916
Non-recurring
charge related
to the
InterServ
acquisition in
October 2008 -- -- 78,417,506 11,493,957
Non-GAAP net
income 150,271,202 212,164,310 219,996,052 32,245,667
GAAP net income
attributable
to ordinary
shareholders 146,233,472 198,803,747 124,809,412 18,293,794
Share based
compensation
charge 4,037,730 13,360,563 16,769,134 2,457,916
Non-recurring
charge related
to the
InterServ
acquisition in
October 2008 -- -- 78,417,506 11,493,957
Non-GAAP net
income
attributable
to ordinary
shareholders 150,271,202 212,164,310 219,996,052 32,245,667
GAAP net
earnings per
ADS
- Basic 2.62 3.53 2.21 0.32
- Diluted 2.48 3.34 2.12 0.31
Non-GAAP net
earnings per
ADS
- Basic 2.69 3.77 3.90 0.57
- Diluted 2.55 3.56 3.74 0.55
ADSs used in
calculating
net earnings
per ADS
- Basic 55,857,144 56,346,623 56,407,748 56,407,748
- Diluted 58,989,047 59,514,877 58,867,112 58,867,112
Perfect World Co., Ltd.
Reconciliation of GAAP and Non-GAAP Results (Cont.)
Year ended
December 31, December 31, December 31,
2007 2008 2008
RMB RMB USD
(Audited) (Unaudited) (Unaudited)
GAAP operating profit 350,248,957 677,100,696 99,245,247
Share based compensation
charge 8,344,127 49,899,831 7,314,010
Non-recurring charge
related to the
InterServ acquisition
in October 2008 -- 78,417,506 11,493,957
Non-GAAP operating
profit 358,593,084 805,418,033 118,053,214
GAAP net income 361,948,585 646,456,113 94,753,553
Share based compensation
charge 8,344,127 49,899,831 7,314,010
Non-recurring charge
related to the
InterServ acquisition
in October 2008 -- 78,417,506 11,493,957
Non-GAAP net income 370,292,712 774,773,450 113,561,520
GAAP net income
attributable to
ordinary shareholders 360,208,826 646,456,113 94,753,553
Share based compensation
charge 8,344,127 49,899,831 7,314,010
Non-recurring charge
related to the
InterServ acquisition
in October 2008 -- 78,417,506 11,493,957
Non-GAAP net
income attributable
to ordinary shareholders 368,552,953 774,773,450 113,561,520
GAAP net earnings per ADS
- Basic 8.63 11.50 1.69
- Diluted 6.77 10.91 1.60
Non-GAAP net earnings
per ADS
- Basic 8.83 13.78 2.02
- Diluted 6.93 13.07 1.92
ADSs used in calculating
net earnings per ADS
- Basic 41,747,555 56,228,283 56,228,283
- Diluted 53,444,834 59,278,368 59,278,368
For further information, please contact
Perfect World Co., Ltd.
Vivien Wang
Investor Relations Officer
Tel: +86-10-5885-1813
Fax: +86-10-5885-6899
Email: ir@pwrd.com
http://www.pwrd.com
Christensen Investor Relations
Kathy Li
Tel: +1-480-614-3036
Fax: +1-480-614-3033
Email: kli@christensenir.com
Roger Hu
Tel: +852-2117-0861
Fax: +852-2117-0869
Email: rhu@christensenir.com
Profile America -- Monday, March 2nd. Thousands of movies have been made since the introduction of talking pictures -- but one remains a source of fascination, "King Kong." The movie was released on this day in 1933 and became an immediate hit. King Kong was a 50-foot tall gorilla, actually an 18-inch model filmed in stop-motion. Kong clutching actress Fay Wray and climbing the Empire State building as biplanes shoot at him became one of the most famous scenes in movie history. When "King Kong" opened 76 years ago, there were well over 10,000 movie theaters in the U.S., generating revenues of $415 million. Now, there are just under half that number of theaters and they make $11 billion annually. You can find these and more facts about America from the U.S. Census Bureau online at www.census.gov .
Sources: Chase's Calendar of Events, p. 155
Historical Statistics, p. 855
NAICS 512131
Profile America is produced by the Public Information Office of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on a monthly CD or on the Internet at www.census.gov (look under the "Newsroom" button).
LOS ANGELES, March 1 /PRNewswire-FirstCall/ -- Rentrak Theatrical, a
business unit of Rentrak Corporation (Nasdaq: RENT), today announced the
weekend theatrical box office estimates for the weekend period of February 27
through March 1, 2009 according to the company's Box Office Essentials(TM)
theatrical box office data collection and analytical service.
The twelve estimated top producing motion pictures for the weekend, per
data collected as of 9:30AM Pacific on Sunday, March 1, 2009 by Rentrak
Theatrical include:
Rank Title Weekend Gross Locations
1 Tyler Perry's Madea Goes To Jail $16,500,000 2052
2 Jonas Brothers: The 3D Concert Experience $12,700,000 1271
3 Slumdog Millionaire $12,150,000 2943
4 Taken $9,950,000 3089
5 He's Just Not That Into You $5,875,000 2858
6 Street Fighter $5,650,000 1136
7 Paul Blart Mall Cop $5,600,000 2698
8 Coraline $5,252,363 2063
9 Confessions of a Shopaholic $4,490,000 2534
10 Fired Up $3,800,000 1811
11 Friday The 13th $3,705,000 2760
12 Gran Torino $2,975,000 1750
Weekend of 02/27/09 to 03/01/09
(C) 2009 by Rentrak Corporation
About Box Office Essentials
Box Office Essentials provides each studio with password-protected, real-
time, web browser-based and 24/7 access to data pertaining specifically to
their movie release titles. A sophisticated toolset allows studio
distribution executives to view and analyze the information at different
levels of detail and across a multitude of attributes (by theatre circuit,
DMA, time zone, etc.), enhancing their ability to make faster, and better
informed decisions. Additional features include online school calendars (K-12
and college), interactive release schedule and 24-hour subscriber support.
About Rentrak Corporation
Rentrak Corporation, based in Portland, Oregon, is an information
management company serving clients in the media, entertainment, retail and
advertising industries. The company's Entertainment Essentials(R) suite of
services is redefining media measurement in the digital broadband era.
Entertainment Essentials provides customers with near-real-time, actionable
insight into performance of content distributed over a wide variety of modern
media technologies. Available by license or subscription, each Entertainment
Essentials application allows executives to analyze detailed industry-wide and
title-specific data to make decisions that enhance the bottom line and provide
competitive advantage. For further information, please visit Rentrak's
corporate website at Rentrak.com.
Fareed Zakaria Writes, "It is crucial that we adopt a more sophisticated strategy toward radical Islam"
Not All Islamic Fundamentalists Support Jihad or are Potential Terrorists
NEW YORK, March 1 /PRNewswire/ -- In the March 9 Newsweek cover, "Radical Islam Is a Fact of Life. How to Live With It" (on newsstands Monday, March 2), Newsweek International Editor Fareed Zakaria argues that radical Islam is a fact of life, which we must learn to deal with. He emphatically does not say that we should accept the medieval values of the Islamists, or that we should not continue trying to destroy Al Qaeda. But to prevail in a generational cultural struggle, the West must learn to distinguish between those who have nihilistic philosophies and expansionist aims and those looking to apply their values at home.
Reports from Nigeria to Bosnia to Indonesia show that Islamic fundamentalists are finding support within their communities for their agenda, which usually involves the introduction of some form of Sharia-Islamic law--reflecting a puritanical interpretation of Islam. No music, no liquor, no smoking, no female emancipation. "The groups that advocate these policies are ugly, reactionary forces that will stunt their countries and bring dishonor to their religion. But not all these Islamists advocate global jihad, host terrorists or launch operations against the outside world--in fact, most do not," Zakaria writes. "Consider, for example, the most difficult example, the Taliban. The Taliban have done all kinds of terrible things in Afghanistan. But so far, no Afghan Taliban has participated at any significant level in a global terrorist attack over the past 10 years--including 9/11." Zakaria also points out that while some elements of the Taliban are closely associated with Al Qaeda, "the Taliban is large, and many factions have little connection to Osama bin Laden. Most Taliban want Islamic rule locally, not violent jihad globally," he writes.
This is why "it is crucial that we adopt a more sophisticated strategy toward radical Islam," Zakaria writes. "This should come naturally to President Obama, who spoke often on the campaign trail of the need for just such a differentiated approach toward Muslim countries." The Washington Institute, a think tank often associated with conservatives, also agrees with this view. Its report due to be released this week recommends that the United States use more "nuanced, noncombative rhetoric" that avoids sweeping declarations like "war on terror," "global insurgency," even "the Muslim world."
"Anything that emphasizes the variety of groups, movements and motives within that world strengthens the case that this is not a battle between Islam and the West," Zakaria writes. "Bin Laden constantly argues that all these different groups are part of the same global movement. We should not play into his hands, and emphasize instead that many of these forces are local, have specific grievances and don't have much in common. That does not mean we should accept the burning of girls' schools, or the stoning of criminals. Recognizing the reality of radical Islam is entirely different from accepting its ideas. We should mount a spirited defense of our views and values. We should pursue aggressively policies that will make these values succeed. Such efforts are often difficult and take time--rebuilding state structures, providing secular education, reducing corruption--but we should help societies making these efforts. The mere fact that we are working in these countries on these issues--and not simply bombing, killing and capturing--might change the atmosphere surrounding the U.S. involvement in this struggle."
DALLAS, Feb. 28 /PRNewswire/ -- The following is a statement from Jim Robinson, President of ABC Radio Networks, on the passing of Paul Harvey:
Paul Harvey was one of the most gifted and beloved broadcasters in our nation's history. As he delivered the news each day with his own unique style and commentary, his voice became a trusted friend in American households. His career in radio spanned more than seven decades, during which time countless millions of listeners were both informed and entertained by his "News & Comment" and "Rest of the Story" features. Even after the passing of his loving wife Angel in May 2008, Paul would not slip quietly into retirement as he continued to take the microphone and reach out to his audience. We will miss our dear friend tremendously and are grateful for the many years we were so fortunate to have known him. Our thoughts and prayers are now with his son Paul Jr. and the rest of the Harvey family.
Jason Mesnick to Propose with Three-Carat Neil Lane Diamond Ring
LOS ANGELES, Feb. 27 /PRNewswire/ -- Celebrity jeweler extraordinaire Neil Lane (www.neillanejewelry.com ) adds sparkle to ABC's "The Bachelor," from Warner Horizon Television, when Jason Mesnick proposes to one lucky bachelorette on Monday, March 2nd. The top-rated reality series will come to a close as Mesnick will get down on one knee and propose with a hand-crafted Neil Lane marquise-cut diamond and platinum ring which is encrusted and set with 170 smaller diamonds for a total weight of 3.18 carats. The center diamond is a 1.94-carat marquise-cut diamond, which is D in color, a top grade, and VS1 clarity with a GIA certificate. The ring, designed by Lane, bears the signature Neil Lane script in the shank.
Mesnick who had been courting women for seven weeks on the ABC series, selected this ring from three Neil Lane designs with different cuts of diamonds, including oval and pear. Neil Lane, with a fabulous eye for elegance and style, is the favorite for Hollywood brides to be. Neil Lane has supplied engagement rings for everyone from Reese Witherspoon and Kate Hudson to Sandra Bullock, Brooke Shields and Jennifer Hudson.
As an avid collector of fine jewelry with an eye for designing pieces exuding both style and elegance, Neil Lane has earned the respect and admiration of an all-star crowd. Whether worn for the Oscars, or other red-carpet events or engagements, his iconic jewelry designs have been adorned by some of the most beautiful and powerful women in Hollywood, including Angelina Jolie, Charlize Theron, Elizabeth Taylor, Gwyneth Paltrow, Jennifer Garner, Jennifer Lopez, Madonna, and many others.
Neil Lane jewelry has graced the covers of Vogue, Harper's Bazaar, W and many other high-end fashion publications. As a leading Hollywood jewelry designer, hailed in the media as The King of Bling, the Ace of Diamonds, Neil Lane has influence and impact both domestically and internationally.
Neil Lane
708 N. La Cienega Boulevard
Los Angeles, CA 90069
For more information on Neil Lane Jewelry, please contact info@neillanejewelry.com
Foundation targets services for at-risk and disadvantaged Colorado youth
ENGLEWOOD, Colo., Feb. 27 /PRNewswire-FirstCall/ -- Liberty Media Corporation today announced its 2009 giving theme for the LibertyGives Foundation. Liberty employees have elected to direct LibertyGives funds to causes aiding underprivileged and at-risk youth in Colorado focused on proactive and preventative services.
LibertyGives is accepting grant proposals for funding from $1,000 to $150,000 from public charitable organizations focused on helping Colorado's at-risk youth overcome impediments that restrict their opportunities to grow, learn and thrive.
"During these economically challenging times, Liberty Media's responsibility to give back to our community becomes even more important," stated Greg Maffei, President and CEO of Liberty Media. "We look forward to another year of helping in 2009. This year our employees have chosen to continue their focus on causes targeting Colorado's underprivileged and at-risk youth."
Organizations seeking funding may obtain a grant request form at http://libertymedia.com/liberty-gives.aspx. Proposals should be forwarded to the Foundation via email at LibertyGives@libertymedia.com or by mail at:
LibertyGives Foundation
12300 Liberty Boulevard
Englewood, CO 80112
Grant proposals for 2009 will have an initial deadline of April 30, 2009 and one additional opportunity to submit requests by September 30, 2009.
About Liberty Media Corporation
Liberty Media Corporation owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the Liberty Interactive group (Nasdaq: LINTA), which includes Liberty's interests in QVC, Provide Commerce, Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty Entertainment group (Nasdaq: LMDIA), which includes Liberty's interests in The DIRECTV Group, Inc., Starz Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports Holdings LLC, and (3) the Liberty Capital group (Nasdaq: LCAPA), which includes all businesses, assets and liabilities not attributed to the Interactive group or the Entertainment group including our subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., and minority equity investments in Time Warner Inc. and Sprint Nextel Corporation. For more information, please see http://www.libertymedia.com.
