BEIJING, Aug. 26, 2015
/PRNewswire/ -- Bona Film Group Limited (NASDAQ: BONA)
("Bona" or the "Company"), a leading film distributor and
vertically integrated film company in China, today announced unaudited financial
results for the second quarter ended June
30, 2015.
"Our continued revenue growth in the second quarter of 2015
reflects the strength of our unique, vertically integrated business
model," said Bona's founder, Chairman and CEO Mr. Yu Dong ("Mr. Yu"). "We distributed five
films in the second quarter and achieved 58.5% year-over-year
revenue growth overall, with 72.9% year-over-year growth in our
film distribution segment, as the film SPL2 had a strong box
office performance. Revenue in our movie theater segment increased
50% year-over-year, benefitting from the opening of four
state-of-the-art theaters in the first quarter of 2015, as well as
from the ongoing rapid expansion of China's movie industry. I am very excited
about our film slate for the second half of the year, which
includes such highly anticipated productions as Bride Wars,
The Treasure, The Dead
End, and The Cinema That Never Dies, formerly titled
The Phantom of Shanghai.
Finally, we are seeing great progress in our cooperation
initiatives with US film producers. I am pleased to report that the
film we are developing in partnership with Tristar and Studio 8,
Billy Lynn's Long Halftime
Walk, successfully completed principal photography in
July, has moved into the post-production phase, and is expected to
be released in November 2016."
Second Quarter 2015 Financial Summary
- Second quarter 2015 net revenues were US$71.1 million, an increase of 58.5% from
US$44.9 million in the second quarter
of 2014.
- Second quarter 2015 gross profit was US$33.9 million, an increase of 44.4% from
US$23.5 million in the second quarter
of 2014.
- Second quarter 2015 gross margin was 47.7%, compared with 52.3%
in the second quarter of 2014.
- Second quarter 2015 net loss attributable to Bona Film Group
Limited was US$0.4 million, or
US$(0.01) per basic and diluted
ADS1, compared with net income attributable to Bona Film
Group Limited of US$0.8 million, or
US$0.01 per basic and diluted ADS, in
the second quarter of 2014.
- Second quarter 2015 non-GAAP net income2 was
US$3.5 million, compared with
non-GAAP net income of US$3.4 million
in the second quarter of 2014.
- Second quarter 2015 adjusted EBITDA, non-GAAP2 was
US$8.7 million, compared with
adjusted EBITDA, non-GAAP of US$5.5
million in the second quarter of 2014.
- Cash and cash equivalents and restricted cash totaled
US$158.9 million as of June 30, 2015.
- Cash provided by operating activities totaled US$51.2 million in the second quarter of 2015,
compared with cash used in operating activities of US$32.8 million in the second quarter of
2014.
1"ADS" is
American depositary share. Each two ADSs represent one ordinary
share.
|
2As used
in this press release, non-GAAP net income and non-GAAP net income
attributable to Bona Film Group Limited per ADS exclude share-based
compensation expenses. Adjusted EBITDA, non-GAAP excludes
share-based compensation expenses, interest, taxes and non-cash
depreciation and amortization charges. See "Non- GAAP Financial
Measures" and "Reconciliation of Non-GAAP Measures" at the end of
this press release.
|
Second Quarter 2015 Business Updates and Recent
Highlights
- Distributed and/or invested in a total of five films in the
second quarter of 2015 -- Insanity and SPL2 were
Bona's top performers in the second quarter, generating total box
office receipts of RMB619 million to
date.
- Distributed Insanity on April 3,
2015. The film has generated RMB45
million in domestic box office receipts.
- Distributed SPL2 on June 18,
2015. The film has generated RMB560
million in domestic box office receipts.
- Major films undergoing production in the second quarter of 2015
include The Cinema that Never Dies, formerly titled The
Phantom of Shanghai, Sword
Master and The
Treasure.
- Movie theater business achieved record quarterly revenue of
RMB29.1 million, a 50.0% increase
compared with the same period last year.
- As of June 30, 2015, Bona owned
and operated 30 theaters with 250 screens, including seven DMAX
screens and two IMAX screens.
Second Quarter 2015 Financial Results
Net Revenues
|
2Q15
|
2Q14
|
Y-o-Y%
|
Net Revenues
(US$mm)
|
71.1
|
44.9
|
58.5%
|
Net revenues for the second quarter of 2015 increased 58.5%
year-over-year to US$71.1 million.
The increase in net revenues was primarily attributable to an
increase in net revenues from the film distribution segment and an
increase in net revenues from the Company's movie theater segment.
These increases are a result of the increase in the number of
theaters and screens from our strategic expansion efforts in the
theater segment and the maturation of theaters over time.
Net Revenues by Segment Operations
|
Film
Distribution
|
Film
Investment
& Production
|
Movie
Theater
|
Talent
Agency
|
Intersegment
Elimination
|
Consolidated
|
Net Revenues
from External
Customers
(US$mm)
|
43.0
|
-
|
28.0
|
0.1
|
-
|
71.1
|
Intersegment
Revenues
(US$mm)
|
1.1
|
20.4
|
1.1
|
-
|
(22.6)
|
-
|
Total Net
Revenues
(US$mm)
|
44.1
|
20.4
|
29.1
|
0.1
|
(22.6)
|
71.1
|
Net revenues from the film distribution segment totaled US44.1
million in the second quarter of 2015, an increase of 72.9% from
US$25.5 million in the second quarter
of 2014. During the second quarter of 2015, Bona distributed and/or
invested in a total of five films, with SPL2 being well
received by movie audiences.
Net revenues from the film investment and production segment
were US$20.4 million in the second
quarter of 2015, an increase of 33.3% from US$15.3 million in the second quarter of 2014.
The increase was mainly derived from Bona's investments in films
released in the second quarter of 2015, in particular the
successful film SPL2.
Net revenues from the movie theater segment were US$29.1 million in the second quarter of 2015, a
50.0% increase from US$19.4 million
in the second quarter of 2014. The increase was mainly due to the
increase in the number of theaters and screens from the Company's
strategic expansion efforts, and the maturation of new theaters
over time.
Gross Profit and Gross Margin
|
2Q15
|
2Q14
|
Y-o-Y%
|
Gross Profit
(US$mm)
|
33.9
|
23.5
|
44.4%
|
Gross
Margin
|
47.7%
|
52.3%
|
-
|
For the second quarter of 2015, gross profit increased 44.4% to
US$33.9 million from US$23.5 million in the second quarter of 2014.
The year-over-year increase in gross profit was primarily
attributable to strong performance from the Company's film
distribution segment.
Segment Profit3 and Segment
Margin
|
Film
Distribution
|
Film
Investment
& Production
|
Movie
Theater
|
Talent
Agency
|
Consolidated
|
Segment Profit
(US$mm)
|
13.8
|
(0.5)
|
16.8
|
0.1
|
29.1
|
As % of Total
Segment
Profit
|
47.4%
|
(1.7)%
|
57.7%
|
0.3%
|
100.0%
|
Segment
Margin
|
31.3%
|
(2.5)%
|
57.7%
|
100.0%
|
40.9%
|
Margin for the Company's film distribution segment was 31.3% in
the second quarter of 2015, compared with 32.9% in the second
quarter of 2014.
Margin for the Company's film investment and production segment
was negative 2.5% in the second quarter of 2015, compared with a
segment margin of 5.0% in the second quarter of 2014. The decrease
in this segment's margin was mainly due to poor performance of
certain films invested and released in the second quarter of
2015.
Margin for the Company's movie theater segment was 57.7% in the
second quarter of 2015, compared
with 59.2% in the second quarter of 2014.
3Segment
profit = segment gross profit - film participation expenses +
equity in earnings of equity method investments.
|
Operating Income and Operating Margin
|
2Q15
|
2Q14
|
Y-o-Y%
|
Operating Expenses
(US$mm)
|
34.9
|
23.7
|
47.7%
|
Operating Income
(US$mm)
|
2.8
|
1.0
|
175.5%
|
Operating
Margin
|
4.0%
|
2.3%
|
-
|
Total operating expenses, including participation expenses,
general and administrative expenses, and selling and marketing
expenses, for the second quarter of 2015 increased 47.7% to
US$34.9 million from US$23.7 million in the second quarter of 2014.
The year-over-year increase in operating expenses was primarily due
to an increase in film participation expenses and selling and
marketing expenses for the promotion and advertising of the
Company's distributed films in the second quarter of 2015, as well
as an increase in general and administrative expenses due to the
expansion of the movie theater segment and the increase in the
share-based compensation expenses.
Operating income for the second quarter of 2015 increased 175.5%
to US$2.8 million from US$1.0 million in the second quarter of 2014.
Operating margin in the second quarter of 2015 was 4.0% compared
with 2.3% in the second quarter of 2014. The year-over-year
increase in operating margin was primarily due to the growth in the
Company's film distribution and movie theater businesses.
Net Income and Net Income Attributable to Bona Film Group
Limited per ADS
|
2Q15
|
2Q14
|
Net (Loss) Income
Attributable to Bona Film Group Limited (US$mm)
|
(0.4)
|
0.8
|
Net (Loss) Income
Attributable to Bona Film Group Limited per Basic and
Diluted ADS (US$)
|
(0.01)
|
0.01
|
|
2Q15
|
2Q14
|
Non-GAAP Net Income
(US$mm)
|
3.5
|
3.4
|
Non-GAAP Net Income
Attributable to Bona Film Group Limited per
Basic ADS (US$)
|
0.06
|
0.06
|
Non-GAAP Net Income
Attributable to Bona Film Group Limited per
Diluted ADS (US$)
|
0.05
|
0.05
|
Excluding share-based compensation expenses of US$3.9 million and US$2.7
million for the second quarters of 2015 and 2014,
respectively, non-GAAP net income for the second quarter of 2015
was US$3.5 million, compared with
non-GAAP net income of US$3.4 million
in the second quarter of 2014.
|
2Q15
|
2Q14
|
Adjusted EBITDA,
non-GAAP (US$mm)
|
8.7
|
5.5
|
Adjusted EBITDA, non-GAAP in the second quarter of 2015 was
US$8.7 million, compared with
adjusted EBITDA, non-GAAP of US$5.5
million in the second quarter of 2014.
Cash and Cash Flow
As of June 30, 2015, Bona had cash
and cash equivalents and restricted cash totaling US$158.9 million, compared with US$153.6 million as of December 31, 2014. Net cash provided by operating
activities for the second quarter of 2015 was US$51.2 million, compared with net cash used in
operating activities of US$32.8
million for the second quarter of 2014. The change in cash
flow from operations was mainly attributable to the accelerated
collection of the accounts receivables from film distribution.
Business Outlook
Based on current market and operating conditions, the Company
expects non-GAAP net income for the third quarter of 2015 to be in
the range of US$4.5 million to US$5
million. These estimates do not include any potential costs
that may be incurred by the Company in connection with the
preliminary proposal by Mr. Yu, Sequoia Capital China I LP and
Fosun International Limited (collectively, the "Buyer Group") to
acquire all of the Company's outstanding shares, which is further
described below.
"While the Chinese film industry is expected to maintain strong
growth throughout 2015, I believe Bona can outpace the industry by
executing on our integrated business model. Our upcoming film
slate, new top quality theaters, industry leading marketing
technology, and exciting international initiatives provide a
foundation for sustained success. We will continue to invest
for growth, as we build Bona into a leading international
entertainment company," concluded
Mr. Yu.
Preliminary Proposal to Acquire All Outstanding Shares of the
Company
The Company received a preliminary non-binding proposal letter,
dated June 12, 2015, from the Buyer
Group, to acquire all of the Company's outstanding shares at
$13.70 per ADS, or approximately
$27.40 per ordinary share. The
board of directors of the Company has formed a committee of
independent directors to review and evaluate this proposal.
The Company cautions its shareholders and others considering
trading its securities that neither the board of directors nor the
independent committee has made any decision with respect to the
Company's response to the proposal by the Buyer Group. There can be
no assurance that any definitive offer will be made, that any
agreement will be executed or that this or any other transaction
will be approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this proposal or
any other transaction, except as required under applicable law.
Second quarter 2015 Conference Call Details
Bona management will hold the earnings conference call at
8:00 p.m. Eastern Time on
Wednesday, August 26, 2015
(8:00 a.m. Beijing/Hong Kong Time on Thursday, August 27, 2015). Management will
discuss results and highlights of the quarter and answer questions
from investors.
The dial-in numbers for the earnings conference call are as
follows:
U.S. Toll Free:
+1-855-500-8701
|
Hong Kong Toll Free:
800-906-606
|
China, Domestic:
400-120-0654
|
International:
+65-6713-5440
|
|
The conference ID #
is 17058125.
|
A live and archived webcast of the earnings conference call will
be available on the IR Calendar page of the Bona investor relations
website at http://ir.bonafilm.cn/events.cfm.
About Bona Film Group Limited
Bona Film Group Limited (NASDAQ:BONA) is a leading film
distributor in China, with an
integrated business model encompassing film distribution, film
production, film exhibition and talent representation. Bona
distributes films to Greater
China, Korea, Southeast
Asia, the United States and
Europe, invests and produces
movies in a variety of genres, owns and operates thirty movie
theaters and manages a range of talented and popular Chinese
artists.
For more information about Bona, please visit
http://www.bonafilm.cn.
To be added to Bona's email list to receive Company news, please
send your request to bona@tpg-ir.com.
The Bona Film Group Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=15750
Forward Looking Statements
This news release may contain certain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in 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. All statements other than
statements of historical fact in this press release are
forward-looking statements and involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These forward-looking
statements are based on management's current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates, but involve a number of
unknown risks and uncertainties, Further information regarding
these and other risks is included in the Company's filings with the
U.S. Securities and Exchange Commission. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
Non-GAAP Financial Measures
To supplement Bona's consolidated financial results presented in
accordance with GAAP, Bona uses the following measures defined as
non-GAAP financial measures by the SEC: non-GAAP net income,
non-GAAP net income attributable to Bona Film Group Limited per
ADS, which exclude share-based compensation expenses, and adjusted
EBITDA, non-GAAP, which excludes share-based compensation expenses,
interest, taxes, and non-cash depreciation and amortization
charges. The presentation of these non-GAAP financial measures is
not intended to be considered in isolation, as a substitute for, or
to be superior to the financial information prepared and presented
in accordance with GAAP. In addition, Bona's definition of non-GAAP
net income may be different from the definitions used by other
companies, and therefore comparability may be limited.
Bona believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance by
excluding certain expenses and expenditures that may not be
indicative of its operating performance and a supplemental
liquidity measure which is useful for understanding and evaluating
the Company's capacity for servicing its debt, and otherwise
meeting its cash needs. Adjusted EBITDA, non-GAAP excludes
depreciation and amortization, so it does not reflect any cash
requirements for the replacement of the assets, which will often
have to be replaced in the future. The Company believes that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing the Company's performance and
liquidity, and when planning and forecasting future periods. The
table appears at the end of this press release has more details on
the reconciliations between GAAP financial measures that are
comparable to non-GAAP financial measures.
Contact
Us
|
In
China:
|
In the
U.S.:
|
Peng Li
|
The Piacente Group,
Inc.
|
Bona Film Group
Limited
|
Investor
Relations
|
Tel:
+86-10-5631-0700-398
|
Don
Markley
|
Email:
ir@bonafilm.cn
|
Tel: (212)
481-2050
|
|
Email:
bona@tpg-ir.com
|
-tables to follow-
BONA FILM GROUP
LIMITED
|
Unaudited
Condensed Consolidated Statement of Operations
|
(in thousands of
U.S. dollars, except share data)
|
|
Three-months ended
June 30
|
|
Six-months ended
June 30
|
|
2015
|
2014
|
|
2015
|
2014
|
|
|
|
|
|
|
Net
revenues
|
71,081
|
44,857
|
|
188,636
|
101,460
|
Cost of
revenues
|
37,190
|
21,392
|
|
109,731
|
54,900
|
Gross
profit
|
33,891
|
23,465
|
|
78,905
|
46,560
|
|
|
|
|
|
|
Film participation
expenses
|
7,039
|
3,341
|
|
15,074
|
7,871
|
Selling and marketing
expenses
|
7,878
|
4,416
|
|
24,251
|
8,676
|
General and
administrative expenses
|
20,026
|
15,902
|
|
39,129
|
28,558
|
Total operating
expenses
|
34,943
|
23,659
|
|
78,454
|
45,105
|
|
|
|
|
|
|
Government
subsidies
|
1,612
|
499
|
|
2,281
|
937
|
Equity in earnings of
equity method
investments, net of tax
|
2,264
|
720
|
|
4,321
|
2,219
|
|
|
|
|
|
|
Operating
income
|
2,824
|
1,025
|
|
7,053
|
4,611
|
|
|
|
|
|
|
Interest
income
|
423
|
345
|
|
950
|
588
|
Interest
expenses
|
(1,225)
|
(390)
|
|
(2,473)
|
(717)
|
Exchange gain
(loss)
|
68
|
293
|
|
125
|
(1,529)
|
Other
income
|
71
|
71
|
|
142
|
142
|
Interest income from
loan to producer of TV series
|
30
|
-
|
|
60
|
-
|
Investment
income
|
-
|
64
|
|
-
|
64
|
Gain on deconsolidation of a subsidiary
|
-
|
-
|
|
28
|
-
|
Income before income
tax
|
2,191
|
1,408
|
|
5,885
|
3,159
|
|
|
|
|
|
|
Provision for income
taxes
|
2,618
|
714
|
|
4,650
|
1,327
|
Net (loss)
income
|
(427)
|
694
|
|
1,235
|
1,832
|
|
|
|
|
|
|
Less: Net (loss)
attributable
to the noncontrolling interests
|
(52)
|
(60)
|
|
(253)
|
(282)
|
|
|
|
|
|
|
Net (loss) income
attributable
to Bona Film Group Limited
|
(375)
|
754
|
|
1,488
|
2,114
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Bona Film Group
Limited per ADS
|
|
|
|
|
|
Basic
|
(0.01)
|
0.01
|
|
0.02
|
0.03
|
Diluted
|
(0.01)
|
0.01
|
|
0.02
|
0.03
|
|
|
|
|
|
|
Weighted average
shares used in calculating net
(loss) income per ordinary share
|
|
|
|
|
|
Basic
|
30,844,267
|
30,372,664
|
|
30,684,411
|
30,296,542
|
Diluted
|
30,844,267
|
31,638,734
|
|
33,112,559
|
31,119,024
|
BONA FILM GROUP
LIMITED
|
Unaudited
Condensed Statement of Consolidated Comprehensive (Loss)
Income
|
(In thousands of
U.S. dollars)
|
|
Three-months ended
June 30
|
|
Six-months ended
June 30
|
|
2015
|
2014
|
|
2015
|
2014
|
Net (loss)
income
|
(427)
|
694
|
|
1,235
|
1,832
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(24)
|
304
|
|
136
|
(2,782)
|
|
|
|
|
|
|
Comprehensive (loss)
income
|
(451)
|
998
|
|
1,371
|
(950)
|
Less:
comprehensive (loss) attribute to the noncontrolling
interests
|
(52)
|
(59)
|
|
(254)
|
(287)
|
Comprehensive (loss)
income attributable to Bona Film Group Ltd.
|
(399)
|
1,057
|
|
1,625
|
(663)
|
BONA FILM GROUP
LIMITED
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands of
U.S. dollars, except share data)
|
|
June
30,
|
|
December
31,
|
|
2015
|
|
2014
|
|
|
|
|
Cash and cash
equivalents
|
81,010
|
|
97,171
|
Restricted
cash
|
77,843
|
|
56,473
|
Accounts receivable,
net of allowance for doubtful accounts
|
70,902
|
|
72,680
|
Prepaid expenses and
other current assets
|
21,372
|
|
23,691
|
Amount due from
related parties
|
1,232
|
|
269
|
Current deferred tax
assets
|
1,554
|
|
1,564
|
Inventories
|
438
|
|
377
|
Total current
assets
|
254,351
|
|
252,225
|
|
|
|
|
Distribution
rights
|
5,301
|
|
6,546
|
Production
costs
|
150,775
|
|
168,475
|
Prepaid film
costs
|
4,949
|
|
4,407
|
Property and
equipment, net
|
89,793
|
|
75,716
|
Acquired intangible
assets, net
|
2,347
|
|
2,346
|
Non-current deferred
tax assets
|
927
|
|
918
|
Cost method
investments
|
1,477
|
|
1,477
|
Equity method
investments
|
53,018
|
|
34,622
|
Goodwill
|
49,348
|
|
49,312
|
Long-term prepaid
expenses
|
24
|
|
34
|
Total
assets
|
612,310
|
|
596,078
|
|
|
|
|
Accounts payable
(including accounts payable of the consolidated variable
interest entities without recourse to Bona Film Group
Limited of $48,634 and
$29,882 as of June 30,2015 and December 31, 2014,
respectively)
|
49,560
|
|
31,592
|
Accrued expenses and
other current liabilities (including accrued expenses and
other current liabilities of the consolidated variable
interest entities without
recourse to Bona Film Group Limited of $57,382 and
$46,699 as of June
30,2015 and December 31, 2014,
respectively)
|
58,135
|
|
50,686
|
Amounts due to
related parties (including amounts due to related parties of
the
consolidated variable interest entities without
recourse to Bona Film Group
Limited of $8,067 and $6,995 as of June 30,2015 and
December 31, 2014,
respectively)
|
12,084
|
|
8,373
|
Income tax payable
(including income tax payable of the consolidated
variable
interest entities without recourse to Bona Film Group
Limited of $12,885 and
$11,734 as of June 30,2015 and December 31, 2014,
respectively)
|
7,930
|
|
11,702
|
Bank borrowings
(including bank borrowings of the consolidated variables
interest entities without recourse to Bona Film Group
Limited of $37,308 and
$54,277 as of June 30, 2015 and December 31, 2014,
respectively)
|
129,859
|
|
127,293
|
Other borrowings
(including other borrowings of the consolidated variable
interest
entities without recourse to Bona Film Group Limited
of $7,459 and $7,304 as of
June 30, 2015 and December 31, 2014,
respectively)
|
7,459
|
|
7,304
|
Current film
participation financing liabilities with unrelated parties
(including
current film participation financing liabilities with
unrelated parties of the
consolidated variable interest entities without
recourse to Bona Film Group
Limited of $14,365 and $13,063 as of June 30, 2015 and
December 31, 2014,
respectively)
|
14,583
|
|
13,251
|
Current film
participation financing liabilities with a related party
(including
current film participation financing liabilities with
a related party of the
consolidated variable interest entities without
recourse to Bona Film Group
Limited of $77,907 and $84,033 as of June 30, 2015 and
December 31, 2014,
respectively)
|
77,907
|
|
84,033
|
Total current
liabilities
|
357,517
|
|
334,234
|
|
|
|
|
Bank borrowings
(including bank borrowings of the consolidated variable
interest
entities without recourse to Bona Film Group Limited
of $12,955 and 24,227 as
of June 30,2015 and December 31, 2014,
respectively)
|
12,955
|
|
24,227
|
Deferred income
(including deferred income of the consolidated variable
interest
entities without recourse to Bona Film Group Limited of
$1,136 and $1,049 as of
June 30,2015 and December 31, 2014, respectively)
|
1,516
|
|
1,249
|
Non-current film
participation financing liabilities with an unrelated party
(including current film participation financing liabilities
with an unrelated party
of the consolidated variable interest entities without
recourse to Bona Film
Group Limited of nil and $1,990 as of June 30,2015 and
December 31, 2014,
respectively)
|
-
|
|
1,990
|
Non-current film
participation financing liabilities with a related party
(including
non-current film participation financing liabilities with a
related party of the
consolidated variable interest entities without recourse to
Bona Film Group
Limited of $6,677 and $14,667 as of June 30,2015 and
December 31, 2014,
respectively)
|
6,677
|
|
14,667
|
Total
liabilities
|
378,665
|
|
376,367
|
|
|
|
|
Bona Film Group
Limited's ordinary shares(par value of US$0.0005 per share,
85,000,000 shares authorized, 32,402,346 and 31,243,972
shares issued and
outstanding as of June 30, 2015 and 31,402,346 and
30,496,848 shares issued
and outstanding as of December 31, 2014)
|
16
|
|
15
|
Additional paid-in
capital
|
208,545
|
|
195,976
|
Statutory
reserves
|
3,704
|
|
3,704
|
Accumulated
profit
|
12,933
|
|
11,445
|
Accumulated other
comprehensive income
|
6,669
|
|
6,532
|
Total Bona Film Group
Limited's equity
|
231,867
|
|
217,672
|
|
|
|
|
Noncontrolling
interests
|
1,778
|
|
2,039
|
Total
equity
|
233,645
|
|
219,711
|
|
|
|
|
Total liabilities and
equity
|
612,310
|
|
596,078
|
BONA FILM GROUP
LIMITED
|
Unaudited
Reconciliation of Non-GAAP Measures
|
(in thousands of
U.S. dollars)
|
|
Three-months ended
June 30
|
|
Six-months ended
June 30
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
(loss) income
|
(427)
|
|
694
|
|
1,235
|
|
1,832
|
|
|
|
|
|
|
|
|
Adjustment for
share-based
compensation
|
3,935
|
|
2,721
|
|
7,127
|
|
3,607
|
|
|
|
|
|
|
|
|
Adjusted net
income (non-
GAAP)
|
3,508
|
|
3,415
|
|
8,362
|
|
5,439
|
|
|
|
|
|
|
|
|
Adjustment for
interest
|
772
|
|
45
|
|
1,463
|
|
129
|
Adjustment for
taxes
|
2,618
|
|
714
|
|
4,650
|
|
1,327
|
Adjustment for
depreciation
& amortization
|
1,799
|
|
1,327
|
|
3,375
|
|
2,761
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(non-
GAAP)
|
8,697
|
|
5,501
|
|
17,850
|
|
9,656
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bona-reports-second-quarter-2015-financial-results-300133600.html
SOURCE Bona Film Group Limited