SOFTWARE & SERVICES 24 NOVEMBER 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY email@example.com
Damian Wojcichowsky, CFA (Associate), 416.860.7652
LAUNCHED COVERAGE OF POYNT DEVELOPER, MULTIPLIED MEDIA
GR O WT H I S T H E P O YNT
Initiated coverage with a BUY recommendation: W e initiated coverage of Multiplied Media Corporation on
November 19, 2009 with a BUY recommendation and $0.40 FTM (forward 12 months) target price. For our detailed
analysis of Multiplied Media, please refer to our full length report titled, Growth is the Poynt.
With exponential user grow th, MMC has reached a revenue inflection point: The Poynt user base has grown at a
compound monthly rate of 50% since launch, with average monthly user additions at 144,000 since launch on
BlackBerry App W orld in April 2009. W e expect Q4/F09 to represent a revenue inflection point with 100% sequential
growth to $200,000, and 1,135% year-over-year revenue growth in F2010 to $5.2 million.
User-base monetization should result in EBITDA positive status in 2H/10: As the rapidly-growing Poynt user
base is monetized via query fees, transaction fees, and the sale of on-screen advertising space, we expect MMC’s
EBITDA margin to climb above zero in the second half of F2010. W e believe that the company should approach
steady-state EBITDA margin of 40%-60% after its revenue base surpasses the key $100 million plateau.
Catalysts abound: Near-term growth catalysts include expansion to new platforms (launch on the Apple platform in
December 2009/January 2010), functionality (addition of new functions, such as local weather and gasoline station
search/pricing), and geographies (continued ramp-up in Germany and the UK). Over the next 24 months, we expect a
further boost from a potential Google Android launch, addition of the UnoMobi business, launch of on-screen
advertising within Poynt, and additional European expansion.
UnoMobi – additional revenue streams and IP protection: Although the acquisition of UnoMobi’s email-to-SMS
business adds an attractive revenue stream, the key rationale for the acquisition is the securing of UnoMobi’s U.S.
patents which govern the provision of advertising to GPS-based mobile devices.
Valuation: MMC currently trades at EV/R and EV/EBITDA multiples of 1.2 times and 2.0 times our FTM+2 estimates
(ending June 2012), respectively. Our target price of $0.40 is based on our discounted cash-flow analysis and
implies 3.8 times and 6.3 times our FTM+2 revenue and EBITDA estimates of $25.4 million and $5.3 million,
3,000 Poynt Monthly User Base
November 2008 - April 2010E
LTM compound monthly growth = 50%
Estimated iPhone/iPod Touch
Unique Users (thousands)
Poynt launches in UK expansion
Poynt launches in Germany
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
THE WEB 2.0 UNIVERSE
Eighty-nine public Web 2.0 companies: Our W eb 2.0 universe contains 89 companies, with a combined market cap of
approximately $71 billion (Figure 1). The median market cap for the group is $40 million, with average trailing revenue of
$166 million (median $52 million). The companies are also generally profitable with a median EBITDA margin of 12.1%.
On a valuation basis, the overall average is 5.0x trailing revenue (median 1.5x) and 11.7x trailing EBITDA (median 7.8x).
Twenty of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Ticker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 9/30/2009 AC LZ OT C B B US D United S ta tes 0. 55 15. 8 4. 1 (1.5) -36. 5% 5. 0x - 11
Actoz S oft C o. , Ltd. 6/30/2009 A052790 K OS E KR W S outh K orea 16,700 121. 3 108.7 25. 9 23. 8% 0. 8x 3. 4x NA
AQ Interactive, Inc. 9/30/2009 3838 TS E JPY J a pan 40,000 24. 3 74. 0 3.8 5.1% 0. 0x 0. 4x NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0. 76 32. 9 0. 1 (2.3) NM - - 3
B igs tring C orp. 6/30/2009 BS GC OT C B B US D United S ta tes 0. 03 2.0 0. 1 (1.5) NM 48.4x - 4
B eta wave C orporation 6/30/2009 B W AV OT C B B US D United S ta tes 0. 03 0.9 9. 4 (12. 6) NM - - 51
B eyond C ommerce, Inc. 6/30/2009 B Y OC OT C B B US D United S ta tes 0. 05 3.0 11. 7 (12. 8) NM 0. 8x - 101
B right T hings plc 3/31/2009 AIM: B G T AIM GBP United K ingdom 0. 01 5.1 0. 0 (2.7) NM - - NA
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0. 09 7.6 0. 0 (4.6) NM - - 46
C DC C orp. 6/30/2009 C HIN. A Na s daqG S US D Hong K ong 2. 56 271. 3 361.6 25. 1 6.9% 0. 7x 10. 6x 2, 227
C hangyou. com L imited 9/30/2009 C Y OU Na s daqG S US D C hina 33. 98 1,868. 9 255.3 157.4 61. 7% 6. 1x 9. 9x 628
C hina G a teway C orporation 9/30/2008 CGWY OT C P K US D United S ta tes 0. 00 0.0 6. 7 (6.6) -98. 9% 0. 0x - 37
C hines e G amer Interna tiona l 9/30/2009 G T S M: 3083 GTS M TWD T aiwa n 457 1,185. 2 68. 3 39. 6 58. 0% 16.2x 27. 9x NA
C LIC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0.4 2. 5 (1.2) -45. 8% 0. 2x - 22
C ornerW orld C orpora tion 7/31/2009 CWR L OT C B B US D United S ta tes 0. 04 3.8 6. 8 NM NM 2. 1x - 16
C yberplex Inc. 9/30/2009 T S X :C X TS X C AD C anada 1 76. 7 105.6 11. 7 11. 1% 0. 5x 4. 9x NA
DADA S pA 6/30/2009 C M: DA CM E UR Italy 6. 85 162. 5 241.9 31. 8 13. 1% 0. 9x 6. 7x NA
DXN Holdings B hd 8/31/2009 DX N K LS E MY R Ma la ys ia 0. 62 40. 1 77. 3 (84. 0) NM 0. 7x - NA
Dibz International, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0.0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 6/30/2009 DG LP OT C B B US D United S ta tes 0. 05 4.4 1. 0 (1.4) NM 6. 4x - 7
DigitalT own, Inc. 8/31/2009 DG T W OT C B B US D United S ta tes 1. 40 38. 3 0. 0 (1.8) NM - - 3
Dolphin Digital Media , Inc. 6/30/2009 DP DM OT C B B US D United S ta tes 0. 30 16. 1 0. 6 (3.4) NM 29.3x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KR W S outh K orea 575 34. 9 15. 4 (3.6) -23. 6% 2. 4x - NA
E xtens ions , Inc. 6/30/2009 E XT I OT C P K US D United S ta tes 0. 30 13. 3 NM NM NM - - 2
F luid Mus ic C a nada , Inc. 6/30/2009 T S X :F MN TS X C AD United S ta tes 1. 95 94. 1 5. 3 (5.1) -95. 2% 16.9x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FRG XT R A E UR G ermany 16. 57 62. 2 9. 6 (4.5) -47. 0% 6. 3x - NA
G ama nia Digita l E ntertainment C o., Ltd. 9/30/2009 6180 GTS M TWD T aiwa n 46. 50 217. 8 151.2 24. 9 16. 5% 1. 3x 7. 8x NA
G ameOn C o Ltd. 9/30/2009 3812 TS E JPY J a pan 65,100 70. 4 79. 3 18. 6 23. 5% - - NA
G eoS entric O yj 6/30/2009 G E O 1V HL S E E UR F inland 0. 04 52. 6 5. 4 (17. 4) NM 9. 7x - 115
G iant Interactive G roup, Inc. 6/30/2009 GA NY S E US D C hina 7 1,551. 1 198.5 124.1 62. 5% - - 1, 570
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwa n 4. 05 220. 8 183.6 NM NM 0. 8x - 751
G ravity C o., Ltd 9/30/2009 GR VY Na s daqG M US D S outh K orea 1. 44 40. 0 49. 9 17. 7 35. 4% - - 469
G ree, Inc. 9/30/2009 T S E : 3632 TS E JPY J a pan 4,360 2,182. 9 210.3 122.2 58. 1% 9. 9x 17. 0x NA
G ungHo O nline E ntertainment, Inc. 6/30/2009 3765 OS E JPY J a pan 157,500 201. 8 119.5 26. 6 22. 2% 1. 4x 6. 3x NA
HanbitS oft, Inc. 6/30/2009 A047080 K OS E KR W S outh K orea 3,510 64. 4 60. 7 1.4 2.3% 0. 8x 36. 0x NA
IAC /InterActiveC orp. 9/30/2009 IAC I Na s daqG S US D United S ta tes 19. 97 2,635. 4 1, 359. 6 82. 4 6.1% 0. 7x 12. 0x 3, 200
IAS E nergy, Inc. 4/30/2009 IAS A. E OT C B B US D C anada 0. 11 7.8 0. 0 (0.6) NM - - NA
is eemedia Inc. 6/30/2009 IE E T S XV C AD C anada 0. 20 9.7 1. 7 (4.5) NM 5. 5x - NA
J umbuck E nterta inment Limited 6/30/2009 AS X :J MB AS X AUD Aus tralia 0. 34 14. 2 16. 7 7.2 42. 8% 0. 5x 1. 1x 79
K AB Dis tribution Inc. 6/30/2009 T S X :K AB TS X C AD C anada 0 0.6 67. 9 4.0 5.8% - - NA
K ings oft C o. Ltd. 6/30/2009 3888 S E HK HK D C hina 7 1,001. 5 139.1 61. 4 44. 2% 7. 1x 16. 1x 2, 463
Lingo Media C orporation 6/30/2009 T S X V :LM T S XV C AD C anada 0. 99 11. 3 1. 2 (1.9) NM 8. 7x - NA
LiveW orld Inc. 9/30/2009 LVW D OT C P K US D United S ta tes 0. 03 1.0 10. 4 0.4 4.1% - - NA
LookS mart, Ltd. 9/30/2009 L OO K Na s daqG M US D United S ta tes 1. 13 19. 4 54. 0 (4.5) -8.4% - - 90
Magnitude Information S ys tems Inc. 6/30/2009 MAG Y OT C B B US D United S ta tes 0. 02 10. 6 0. 1 (2.5) NM - - 14
Mixi, Inc. 9/30/2009 2121 TS E JPY J a pan 699000. 00 1,204. 6 139.6 46. 1 33. 0% 7. 7x 23. 2x NA
Modern T imes G roup Mtg AB 9/30/2009 MT G B OM SEK S weden 327. 50 3,099. 3 2, 002. 6 282.9 14. 1% 1. 8x 12. 9x 2, 969
MO K O .mobi Limited 6/30/2009 MK B AS X AUD Aus tralia 0. 13 11. 5 0. 7 (2.4) NM 15.3x - NA
Myriad G roup AG 6/30/2009 MY R N SWX C HF S witzerland 4. 83 207. 1 63. 0 3.4 5.4% 3. 2x - 405
NE O W IZ G ames C orpora tion 12/31/2008 A095660 K OS E KR W S outh K orea 41350. 00 730. 5 207.3 55. 7 26. 8% 3. 5x 12. 9x NA
NetDragon W ebS oft, Inc. 6/30/2009 777 S E HK HK D C hina 5 338. 3 89. 3 25. 7 28. 7% 2. 1x 7. 5x 3, 109
Neteas e. com Inc. 9/30/2009 NT E S Na s daqG S US D C hina 37. 85 4,898. 8 482.9 291.8 60. 4% - - 3, 109
NeuLion Incorporated 9/30/2009 T S X :NLN TS X C AD C anada 0. 84 89. 9 24. 9 (16. 1) -64. 5% 3. 2x - 237
NeXplore C orporation 6/30/2009 NX P C OT C P K US D United S ta tes 1 41. 3 1. 7 (13. 3) NM 26.6x - NA
Ngi G roup Inc. 6/30/2009 2497 TS E JPY J a pan 24480. 00 33. 9 93. 0 6.9 7.4% - - NA
Northgate T echnologies L imited 9/30/2009 590057 BSE INR India 27. 05 19. 7 46. 4 (49. 8) NM 0. 4x - NA
O pen T ext C orp. 9/30/2009 OT E X Na s daqG S US D C anada 36. 68 2,068. 1 814.5 211.1 25. 9% 2. 6x 10. 1x 3, 900
O penwave S ys tems Inc. 9/30/2009 OP W V Na s daqG S US D United S ta tes 2. 50 208. 8 190.5 6.2 3.3% 0. 5x 16. 7x 590
P erfect W orld C o. , Ltd. 9/30/2009 PWRD Na s daqG S US D C hina 43. 67 2,172. 9 286.1 157.4 55. 0% 0. 5x 0. 9x 2, 096
P NI Digital Media Inc. 6/30/2009 T S X V :P N T S XV C AD C anada 1. 70 53. 5 21. 0 2.3 11. 0% 2. 5x 22. 3x NA
Q uepa s a C orp. 9/30/2009 QP S A OT C B B US D United S ta tes 1 15. 8 0. 2 (9.8) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 60 222. 0 157.4 20. 6 13. 1% 0. 0x 0. 4x NA
S handa Interactive E nterta inment Ltd. 6/30/2009 S NDA Na s daqG S US D C hina 49. 42 3,323. 7 629.0 296.7 47. 2% - - 3, 124
S hutterfly, Inc. 9/30/2009 S FLY Na s daqG S US D United S ta tes 14. 87 381. 8 223.1 27. 0 12. 1% 1. 2x 10. 0x 514
S K C ommunications C o., Ltd. 12/31/2008 A066270 K OS E KR W S outh K orea 8000. 00 280. 7 192.7 12. 5 6.5% 1. 5x 22. 4x NA
S NAP Interactive, Inc. 6/30/2009 S TVI OT C B B US D United S ta tes 0 2.2 3. 5 0.9 27. 0% 0. 2x 0. 6x 11
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0. 00 0.0 2. 0 (0.7) -34. 8% 1. 1x - 33
S ocial Media V entures Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 0 0.0 0. 1 (0.1) -60. 6% 4. 5x - NA
S ocialwis e, Inc. 6/30/2009 S C LW OT C B B US D United S ta tes 0. 41 19. 2 0. 0 (5.6) NM - - NA
S ohu. com Inc. 9/30/2009 S O HU Na s daqG S US D C hina 53. 86 2,071. 3 501.0 218.4 43. 6% 3. 1x 7. 0x 3, 197
S park Networks , Inc. 9/30/2009 L OV AME X US D United S ta tes 2 51. 2 47. 5 10. 0 21. 0% 1. 0x 4. 7x 183
S pectrumDNA, Inc. 6/30/2009 S P XA OT C B B US D United S ta tes 0 6.8 0. 1 (2.5) NM - - 7
T encent Holdings Ltd. 9/30/2009 700 S E HK HK D C hina 148 34, 711.8 1, 588. 4 811.3 51. 1% 24.0x 46. 9x 6, 194
T he P arent C ompany 8/2/2008 K IDS . Q OT C P K US D United S ta tes 0. 01 0.2 112.0 (13. 5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Na s daqG S US D C hina 7. 55 189. 4 250.6 85. 5 34. 1% - - 1, 626
T heS treet. com, Inc. 3/31/2009 TS CM Na s daqG M US D United S ta tes 2. 37 72. 5 67. 0 1.9 2.9% 0. 1x 4. 1x 310
T ree.C om, Inc. 9/30/2009 TR E E Na s daqG M US D United S ta tes 7. 01 76. 4 217.1 9.7 4.5% 0. 2x 5. 2x 700
Unis erve C ommunica tions C orp. 8/31/2009 T S X V :US S T S XV C AD C anada 0. 05 1.1 16. 1 0.1 0.9% 0. 4x 38. 7x NA
United O nline Inc. 9/30/2009 UNT D Na s daqG S US D United S ta tes 7. 09 599. 7 996.8 212.9 21. 4% 0. 9x 4. 0x 1, 469
UOMO Media, Inc 7/31/2009 UO MO OT C B B US D C anada 0 5.7 0. 8 (0.4) -54. 2% 7. 8x - NA
V alueC lick Inc. 9/30/2009 V C LK Na s daqG S US D United S ta tes 10 871. 2 545.7 130.8 24. 0% 1. 3x 5. 4x 1, 189
V OIS , Inc. 6/30/2009 V O IS OT C B B US D United S ta tes 0 9.9 0. 0 (1.0) NM - - 4
W ebzen Inc. 6/30/2009 W ZE N Na s daqG M US D S outh K orea 2. 84 33. 7 23. 2 2.3 9.9% - - 328
W izzard S oftwa re C orporation 6/30/2009 W ZE AME X US D United S ta tes 0. 46 24. 6 5. 3 (4.5) -84. 9% 4. 8x - 110
W orlds . com Inc. 6/30/2009 W DDD OT C B B US D United S ta tes 0. 10 5.4 0. 1 (0.7) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D United S ta tes 0. 10 1.8 NA NM NM - - NA
XING AG 9/30/2009 O 1B C XT R A E UR G ermany 32. 55 251. 3 62. 5 16. 9 27. 0% 3. 1x 11. 6x 174
Y D O nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 6150. 00 77. 3 57. 4 12. 4 21. 6% 1. 5x 7. 0x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KR W S outh K orea 4035. 00 18. 0 11. 9 1.3 10. 5% - - NA
High 34, 711.8 2,002. 6 811. 3 62. 5% 48.4x 46. 9x 6, 194
Low 0.0 0. 0 -84.0 -98. 9% - - 1
Average 796.6 165.7 41.0 8.0% 5.0x 11.7x 940
Median 40. 1 51.9 2. 1 12. 1% 1. 5x 7. 8x 237
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
November – making some big deals: Total transaction value in the W eb 2.0 universe for November is $201.9 million.
November has shown improvement with the number of financings up to 17 averaging $11.9 million each (vs. an average of
$9.4 million over 14 deals as of last week). In comparison, total capital raised in October was $171.3 million, averaging
$6.3 million (27 deals); September was $232.8 million, averaging $9.0 million (26 deals); and August was $221.6 million,
averaging $7.6 million (29 deals).
Financing Activity Last Twelve Months
200.0 7.6 8.0
150.0 5.6 6.0
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
*May-09 includes $200m FB investment Total Average
Figure 2. Financings, Last Twelve Months
Source. Company reports
Deal round-up for November: The large deal highlights for the month include:
• Playfish – the UK-based social gaming company – was acquired by Electronic Arts in a deal potentially valued up
to $400 million.
• RockYou – widget maker – raised $50 million in a Series D financing.
• Playdom – social network-based games developer– raised $43 million in its first venture financing.
• Sezmi – maker of set top box tech – raised $25 million in a third round of VC funding.
• Phoenix New Media – the subsidiary of Phoenix Television, a popular Chinese news portal and media site – raised
$25 million from Intel Capital and Bertelsmann Asia Investment Fund.
• Motley Fool – the financial information site – raised $25 million in an unattributed financing.
• Millennial Media – a mobile media network – raised $16 million in Series C funds.
• Qunar.com – a Beijing-based travel price aggregation site – received $15 million in funding.
• Zynga – developer of popular Facebook game, Farmville, among others – raised $15 million in its third financing.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures 23
and 24 (at end of note).
Financing & M/A Summary - Last Three Months
Phoenix New Media
Alliance Health Networks
Figure 3. Capital Market Activity, Last Three Months
Source. Company reports
Social Networks the most active sector: Social Networks experienced the most financing activity among our W eb 2.0
sector categories in the past three months by number of transactions (nine). Advertising continues to be among the
highest activity sectors in the past quarter (eight deals). Gaming and Collaboration-related companies have been hot
recently, garnering the third highest number of deals (seven each). (Figure 4). The $2.0 billion acquisition of Skype skews
the dollars transacted to the SMS/Voice segment, while the $400 million acquisition of Playfish brings the Virtual W orlds
segment to the second highest total. Finally, the $170 million acquisition of Mint brings the Vertical Communities segment
into third place.
Capital Market Activity by Sector - Last Three Months
2,025.0 417.1 178.3 102.0 100.9 93.3 57.0 51.4 50.0 49.9 45.5 37.5 30.0 25.6 18.6 17.2 16.2 15.0 13.0 10.0 9.9 7.0 6.4 4.0 3.6 2.2
1 4 2 7 2 6 3 9 1 8 7 3 4 2 3 2 5 1 4 1 2 2 2 3 2 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index continues to outpace NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored
the performance of the NASDAQ composite index from mid-2008 until Q1/09. Since then, the index has diverged in a much
stronger recovery relative to the NASDAQ index (Figure 5).
Web 2.0 Index Price Performance
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 5. Web 2.0 Price Performance
Source. Capital IQ
Market pull-back continues: Twelve companies in our universe had positive stock price performances over the past week
(for stocks with prices greater than $1) (Figure 6), while 30 companies showed negative 1-week returns.
1 Week P rice P erformance
S K Communica tions Co., Ltd. 9.7%
Fluid Mus ic Canada, Inc. 8.3%
My riad G roup A G 3.2%
The9 Limited 1.9%
HanbitS oft, Inc. 1.9%
A ctoz S oft Co., Ltd. 1.5%
L ookS ma rt, Ltd. 0.9%
Eolith Co. Ltd. 0.9%
CDC Corp. 0.8%
S handa Interactive Entertainment Ltd. 0.6%
Openw ave S y s tems Inc. 0.4%
IA C/InterA ctiveCorp. 0.2%
G amania Digital Entertainment Co., Ltd. 0.0%
Tencent Holdings Ltd. -0.1%
Chines e G amer International -0.1%
X ING A G -0.5%
NEOWIZ G ames Corporation -0.5%
V alueClick Inc. -1.3%
G ravity Co., Ltd -1.4%
Changy ou.com Limited -1.5%
NetDragon WebS oft, Inc. -1.8%
Modern Times G roup Mtg A B -2.2%
G iant Interactive G roup, Inc. -2.3%
PNI Digital Media Inc. -2.3%
K ings oft Co. Ltd. -3.1%
DA DA S pA -3.4%
Perf ect World Co., Ltd. -3.7%
Tree.Com, Inc. -4.0%
Webz en Inc. -4.1%
Open Tex t Corp. -4.1%
S park Netw orks , Inc. -4.2%
TheS treet.c om, Inc. -4.4%
Quepas a Corp. -4.6%
S ohu.com Inc. -5.4%
S hutterf ly , Inc. -5.6%
Y D Online Corp. -5.7%
Cy berplex Inc. -5.9%
G igaMedia Ltd. -7.1%
Northgate Technologies Limited -7.2%
Y nk K orea Inc. -7.9%
Frogs ter Interactive Pictures A G -8.2%
Neteas e.com Inc. -8.8%
United Online Inc.-13.7%
-0.15 -0.1 -0.05 0 0.05 0.1 0.15
Figure 6. 1-Week Price Performance
Source. Capital IQ
P U B L I C C O M P A N Y I N D U S T R Y N E W S (P A R T N E R S H I P S , F I N A N C I A L R E S U L T S , N E W P R O D U C T S )
K ey Developments
C ompany Headline Notes
E xtens ions , Inc . (OTC P K : E XTI) E xtens ions , Inc. a nnounced dela yed 10-Q O n 11/16/2009, E xtens ions , Inc. a nnounced tha t they will be unable to file their next 10-Q by the deadline required by the
filing S EC.
is eemedia Inc . (TS XV: IE E ) is eemedia Inc. a nnounced it expects to receive is eemedia Inc. (T S XV : IE E ) announced a private pla cement of 15, 625, 000 units a t a price of C AD 0. 16 per unit for gros s
C AD 2. 5 million in funding. proceeds of C AD 2. 5 million on November 16, 2009. E a ch unit will cons is t of one common s ha re and one-half of one
common s hare purcha s e warra nt. E ach wa rrant entitles the holder to purchas e one common s ha re of the compa ny a t C AD
0. 32 for a period of 24 months .
Northern S ecurities Inc. a cted as a placement a gent to the tra ns action. T he agent will ha ve the option to purcha s e up to a n
a dditional 3, 125, 000 units at C AD 0. 16 per unit, for a dditional gros s proceeds of up to $500, 000 prior to clos ing of the
trans a ction. T he s ecurities is s ued a re s ubject to a hold period of four months . T he tra ns action is expected to clos e by
December 11, 2009. Northern S ecurities Inc. will receive a ca s h commis s ion of 8% of the gros s proceeds . In a ddition the
a gent will als o receive a work fee of C AD 25, 000.
P erfec t W orld C o., L td. P erfect W orld C o. L td. R eports C ons olida ted P erfect W orld C o. L td. reported cons olidated una udited ea rnings res ults for the third qua rter ended S eptember 30, 2009. F or
(Nas daqG S : P WR D) Unaudited E arnings R es ults for the T hird the quarter, tota l revenues were R MB 589, 994, 239 agains t R MB 381, 802, 248 a yea r ago. O pera ting profit wa s R MB
Q uarter E nded S eptember 30, 2009 ; P rovides 297, 665, 297 a ga ins t R MB 200, 004, 263 a yea r a go. P rofit before ta x was R MB 300, 066, 077 agains t R MB 207, 573, 759 a
E arnings G uidance for the F ourth Q uarter of yea r ago. Net income was R MB 289, 013, 119 a gains t R MB 198, 803, 747 a yea r ago. Net income attributable to the
2009 compa ny's s ha reholders was R MB 288, 321, 111 or R MB 1. 10 per bas ic a nd diluted s hare a gains t R MB 198, 803, 747 or R MB
0. 67 per bas ic a nd diluted s hare a yea r ago. Net ea rnings per ADS diluted were R MB 5. 50 agains t R MB 3. 34 a year ago.
Net ca s h provided by opera ting a ctivities wa s R MB 326, 332, 320 a ga ins t R MB 265, 481, 664 a yea r a go. C a pital expenditure
on purcha s e of property, equipment, a nd s oftware wa s R MB 59, 754, 724 agains t R MB 62, 749, 284 a yea r a go. Non-G AAP
opera ting profit wa s R MB 317, 891, 325 aga ins t R MB 213, 364, 826 a year a go. Non-G AAP net income a ttributa ble to the
compa ny's s ha reholders was R MB 308, 547, 139 a gains t R MB 212, 164, 310 a yea r a go. Non-G AAP net ea rnings per ADS Diluted wa s
F or the fourth qua rter of 2009, the compa ny's tota l revenues a re expected to be between R MB 578 million a nd R MB
602 million, repres enting a decline of 2% to an increa s e of 2% on a s equentia l ba s is and an increa s e of 38% to 44% on
a yea r-over-yea r ba s is . T his reflects the expected growth from the company's exis ting ga mes a nd the a nticipated
contribution from the newly la unched F a ntas y Zhu Xian.
B etawave C orporation (OTC B B : B WAV) B etawa ve C orporation R eports C ons olida ted B eta wa ve C orporation reported cons olidated earnings res ults for the third qua rter and nine months ended S eptember 30,
E arnings R es ults for the T hird Q uarter a nd 2009. T he compa ny's tota l revenues decrea s ed to $1, 725, 499 from $2, 786, 139 for the three months of 2009. T his is
Nine Months E nded S eptember 30, 2009 ; primarily becaus e reta il a dvertis ing, which compris ed the ma jority of the compa ny's third qua rter 2008 revenue, wa s one of
P rovides R evenue G uida nce for the F ourth the advertis ing s ectors hardes t hit by the recent economic cris is . F or the quarter, net los s wa s $4, 331, 469 or $0. 15 per ba s ic
Q uarter of 2009 and F irs t Qua rter of 2010 a nd diluted s ha re a ga ins t $3, 249, 036 or $0. 13 per ba s ic a nd diluted s ha re la s t year.
S NAP Interac tive, Inc. (OTC B B : S TVI) S NAP Intera ctive Inc. R eports E arnings S NAP Interactive Inc. reported ea rnings res ults for the third quarter a nd nine months ended S eptember 30, 2009. F or the
R es ults for the T hird Q uarter a nd Nine Months qua rter, the company reported revenue decreas ed from $871, 324 to $801, 120 for the three months ended S eptember 30,
E nded S eptember 30, 2009 2009, a decrea s e of $70, 204. T hes e revenues are prima rily genera ted from a dvertis ements a nd premium features pla ced on
various applica tions . Net Income decreas ed to $22, 736 from $410, 283 for the three months ended S eptember 30, 2008,
repres enting a decrea s e of $387, 547. T he decreas e in net income wa s prima rily due to the provis ion for income taxes which
were not incurred during mos t of the s ame period las t yea r due to a net opera ting los s carry-forwa rd from previous quarters ,
increa s ed expens es due to the hiring of additiona l s ta ff a nd the overall expa ns ion of operations , a s well as decreas ed
a dvertis ing payouts a nd the revenue recognition impa ct of s hift to a s ubs cription model in which revenue is recognized on a
deferred ba s is when s ubs criptions occur over more
than a s ingle month. T he decrea s e in revenue for the three months ended S eptember 30, 2009 a s compa red to the
s a me period in 2008 is primarily due to decrea s ed advertis ing payouts as well a s the revenue recognition impact of
s hift to a s ubs cription model in which revenue is recognized on a deferred ba s is when s ubs criptions occur over more
NeXplore C orporation (OTC P K : NXP C ) NeXplore C orporation Announces NeXplore C orporation a nnounced the a ddition of two former Micros oft executives to the company's s trategic development
Ma nagement Appointments team a nd boa rd of a dvis ors . Ama r Nehru, former general ma nager, emerging ma rkets group for Micros oft C orporation, a nd
Ha ni Ima m, former genera l ma na ger, finance opera tions for Micros oft C orpora tion, will provide s tra tegic guida nce to
NeXplore's s enior executive team in s upport of the compa ny's a ggres s ive bus ines s and revenue growth goals . During his 12-
yea r tenure with Micros oft C orporation, Ama r Nehru held numerous s enior mana gement pos itions while contributing to
Micros oft's market expa ns ion a nd revenue growth. Mos t recently, Nehru s erved as general ma na ger, emerging markets
group for Micros oft C orpora tion, where he led bus ines s development a nd market s trategy for Micros oft's mobile a nd low-cos t
computing bus ines s es . Ha ni Imam's career with Micros oft s pans a cros s 10 yea rs and touches on virtua lly a ll a s pects of
corpora te financia l a nd a ccounting operations , including reporting, pla nning, forecas ting and inves ting. As general ma nager,
Imam led a corporate initia tive to improve worldwide fina nce proces s es , s ys tems a nd orga niza tions in the a rea s of cus tomer propos a
contra cts , credit, revenue a s s ura nce and collections .
Figure 7a. Key Developments
Source. Capital IQ
K ey Developments
C ompany Headline Notes
W izzard S oftware C orporation W izza rd S oftwa re C orporation R eports W izzard S oftwa re C orpora tion reported earnings res ults for the third quarter of 2009. T he company recorded revenues of
(AME X: W ZE ) E arnings R es ults for the T hird Q uarter of 2009 $1, 384, 218, a 10% decrea s e from revenues of $1, 533, 339 in the third quarter of 2008. T he decreas e for the third quarter of
2009 reflects a decrea s e in revenue in hea lthca re bus ines s s egment due to the economic reces s ion, primarily due to a
decreas e in s ta ffing revenues within B illings , Monta na hea lthca re s ubs idiary. T he compa ny's net los s a vailable to common
s ha reholders wa s $1, 508, 249, or $0. 03 per s hare, in the third quarter of 2009, vers us a net los s of $1 460, 219, or $0. 03 per
s ha re, in the third qua rter of 2008. Included in the net los s wa s non-cas h charges of $909, 154 for interes t expens e on the
dis count of notes pa ya ble a nd the re-pricing of warra nts .
E olith C o. L td. (K OS E : A041060) E olith C o. Ltd. ha s filed a F ollow-on E quity E olith C o. L td. has filed a F ollow-on E quity Offering in the a mount of K R W 999. 90 million.
G eoS entric Oyj (HL S E : G E O1V) O ffering in theyj, S pecial/EK R W 999. 90 million. G eoS entric O yj, S pecial/E xtraordinary S hareholders Meeting, Nov 17, 2009, at 07: 30 G MT T ime. L ocation: Hotel K Ã¤mp,
G eoS entric O amount of xtraordinary
S ha reholders Meeting, Nov 17, 2009 P ohjois es pla na di 29, 00100 Hels inki, F inland. Agenda : T o cons ider a uthorizing the B oa rd to decide upon ra is ing new
fina ncing through G eoS olutions Holdings N. V . T he C ompany ha s negotia ted with certa in ins titutional and qua lified inves tors
a bout new fina ncing a mounting up to E UR 25, 000, 000 a t maximum a nd the conditions thereof. T he purpos e of the financing
is to s ecure the working ca pital needs of the group a nd s upport the execution of the bus ines s pla n. T he current pla n is to
rais e the fina ncing in one or s evera l tranches by Ma rch 2010. T he fina ncing would be in a form of a convertible note is s ued
by company's 100% owned s ubs idia ry G eoS olutions Holdings N. V . T he B oa rd propos es to the E xtra ordina ry G enera l
Meeting tha t it will a uthorize the B oard decide upon the terms a nd condition of the financing. T he main terms of the fina ncing
would be as follows : T he fina ncing s hall be implemented by offering of convertible notes entitling to s ubs cription of
G eoS olutions Holdings N. V 's s ha res to a limited number of s elected inves tors .
Openwave S ys tems Inc. O penwa ve S ys tems Inc. Introduces New O penwave S ys tems Inc. announced O penwave(R ) Integra 3. 0, a L inux-ba s ed, proactive s ervice mediation a nd policy
(Nas daqG S : OP WV) P roactive S ervice Mediation a nd P olicy management s olution tha t s upports a ll of O penwave's s ervice mana gement products and affords opera tors the flexibility to
Ma nagement S olution s elect the deployment architecture and features tha t meet their s pecific needs , while ena bling overa ll T C O . O penwave will
demons tra te Integra 3. 0, at s ta nd B 01 a t Mobile As ia C ongres s loca ted in Hong K ong, on November 18-19, 2009. Integra
3. 0 is des igned to allow operators to effectively ma na ge, monitor a nd monetize mobile traffic from a n increas ingly divers e
s et of devices a nd internet content all from a s ingle point of control in-network. W ith Integra 3. 0, the operator is fully capa ble
of continuing to ma nage and provide s ervices for tra ffic from lega cy devices a nd networks while at the s ame time catering to
the often s eparate needs of data hungry devices tha t a re emerging in the market. Integra can rapidly and ma s s ively s cale a s
traffic grows and ca n deploy new mobile data s ervices a cros s converging a cces s networks and devices .
IB 3 Networks , Inc . (OTC B B : IB NW ) IB 3 Networks Inc. Announces Ma na gement O n November 13, 2009, immediately prior to the Annua l Meeting of S tockholders of IB 3 Networks Inc. , Mr. E ric S chmidt
C hanges ; to Amend B ylaws of the C ompany indica ted tha t he would be s ubmitting his T hirty Da y letter of res ignation a s C E O and C ha irman of the B oa rd of Directors of
the C ompa ny a t the conclus ion of the S tockholders meeting. Immedia tely following the Annual Meeting of the S tockholders
of the company the newly elected B oa rd of Directors , cons is ting of Mr. Micha el J a cobs on a nd Mr. Arthur K apla n met a nd
a ppointed Ms . C a rolyne S . J ohns on to fill a newly created va ca ncy on the B oard. T he new B oa rd then met to dis cus s Mr.
S chmidt's letter of res ignation. O n November 13, 2009, Mr. Micha el J a cobs on, 47, was a ppointed as C ha irma n of the B oa rd
a nd P res ident of the C ompany to s erve until the next Annual Meeting of S tockholders of the C ompa ny. F rom December,
2008 and continuing, Mr. J acobs on is P res ident of NY C Ma gs Inc. and Madis on Avenuematch. com. P rior to that time, Mr.
J a cobs on wa s P ublis her/E ditor of T rump Maga zine. O n November 13, 2009, Ms . C a rolyne S . J ohns on, a ge 62, wa s
a ppointed a s a Director of the C ompany to fill a newly crea ted pos ition on the B oa rd to s erve until the next Annual Meeting of
B urda Digital G mbH; C inco C apital B urda Digita l G mbH a greed to acquire 25. 1% B urda Digita l G mbH a greed to acquire 25. 1% s take in XING AG (X T R A: O 1B C ) from C inco C apita l G mbH for €48. 3 million
G mbH; XING AG (XTR A: O1B C ) s take in XING AG (XT R A: O 1B C ) from C inco on November 18, 2009. Under the terms , B urda Digita l will acquire 1. 3 million s hares in C inco C a pita l a t a price of €36. 5 per
C a pital G mbH for €48. 3 million. s ha re. T he dea l is s ubject to G erma n F ederal C a rtel Office. T he dea l was approved by XING 's boa rd.
Ac er Inc. (TS E C : 2353); Advanc ed Micro P erfect W orld F orms P a rtners hips with P erfect W orld C o. L td. a nnounced s tra tegic marketing pa rtners hips with Adva nced Micro Devices Inc. a nd Acer Inc. T he
Devices Inc . (NYS E : AMD); P erfec t Adva nced Micro Devices Inc. a nd Acer Inc three pa rties jointly promoted gaming la ptops .
W orld C o., L td. (Nas daqG S : P W R D)
G iant Interac tive Group, Inc. G ia nt Interactive G roup Inc. E s ta blis hes F ive G ia nt Interactive G roup Inc. a nnounced to forma lly s tart its reform of property rights by es ta blis hing five s ubs idia ries . T he
(NYS E : G A) S ubs idia ries to R eform P roperty R ights compa ny holds 51% s ha res in each s ubs idia ry a nd the members of the projects ' core tea m hold the res t 49% . According to
the company's articles of a s s ocia tion, thes e five s ubs idia ries ha ve full decis ion-ma king autonomy, including the res ea rch
a nd development (R & D) of projects and domina tion of the manpower, ma teria l a nd fina ncial res ources . T he core team
numbers a nd the pa rent s hare profits ga ined from ea ch project in proportion to their res pective contributions .
Figure 7b. Key Developments – continued
Source. Capital IQ
K ey Developments
C ompany Headline Notes
DigitalP os t Interactive, Inc . Digita lP os t Intera ctive Inc. R eports E arnings Digita lP os t Interactive Inc. reported earnings res ults for the third quarter a nd nine months ended S eptember 30, 2009. F or
(OTC B B : DG L P ) R es ults for the T hird Q uarter a nd Nine Months the quarter, the compa ny's tota l revenue grew 160% to $371, 600, from $142, 700 in third-qua rter 2008. T he compa ny's cas h
E nded S eptember 30, 2009 us ed in operations improved to $75, 600 from $279, 200 in third-quarter 2008. T he decline in cas h us age is the res ult of the
C ompany's revenue growth and reduced opera ting expens es . T he compa ny's net los s na rrowed to $600, 900 from net los s es
of $883, 800 in third-qua rter 2008. Net los s for third-qua rter 2009 includes non-ca s h items of $171, 500 in s tock-bas ed
compens ation, $155, 000 of a mortiza tion of debt dis counts , $187, 100 of beneficial convers ion lia bility a nd $42, 800 of
depreciation and amortiza tion. On a s equential qua rterly bas is the decreas e of tota l revenue was $4, 800 from $376, 400 for
the s econd-qua rter 2009 to $371, 600 for the third-quarter 2009. T he decrea s e wa s due to the compa ny's growth in
profes s ional s ervice revenues of $11, 900 which was pa rtially offs et by a decreas e in s ubs cription revenues of $16, 700.
Open Text C orp. (Nas daqG S : OTE X) O pen T ext Deepens Integration with S AP O pen T ext C orp. a nnounced upgrades a cros s its s olutions portfolio in s upport of S AP (R ) applica tions . T he upgra des
S olutions a cros s E C M S uite with C ontent- increa s e cus tomer value and boos t us er productivity by enriching bus ines s proces s es through deeper integra tion with all
E nriched B us ines s P roces s es types of content. T he integration of bus ines s proces s es with content increa s es productivity by reducing the need for us ers to
s top in the middle of a trans a ction to look for documents a nd other s upporting informa tion. T his new level of integra tion
ens ures that informa tion is a va ila ble when and where it is needed, helping the Open T ext E C M S uite contribute to overall
bus ines s performa nce, increa s e opera tions excellence, enha nce complia nce a nd lower tota l cos t of owners hip (T C O ). Open
T ext E xtended E C M delivers na tive integra tion of content into S AP bus ines s proces s es . P rocurement, a s s et ma na gement,
profes s ional s ervices , quality ma na gement, pla nt ma intena nce and ma ny others proces s es tha t rely heavily on documents
or s ca nned ima ges benefit s ignifica ntly from E xtended E C M. O pen T ext's E C M s olutions for us e with S AP a pplications
leverage two deca des of pa rtners hip and co-development, a nd expertis e gained from delivering s olutions to more tha n 3, 000 S AP
cus tomer s ites around the world. O pen T ext is a n S AP s oftwa re s olution pa rtner with multiple products tha t have
a chieved S AP certified integration s ta tus . Open T ext is als o currently the only E C M vendor with a number of E C M
s olutions res old by S AP .
Neteas e.c om Inc. (Nas daqG S : NTE S ) Netea s e. com Inc. R eports Unaudited Netea s e. com Inc. reported unaudited cons olidated earnings res ults for the third qua rter ended S eptember 30, 2009. F or the
C ons olida ted E a rnings R es ults for the T hird qua rter, the company's total revenues were C NY 879. 4 million (US D 128. 8 million), compa red to C NY 872. 1 million (US D
Q uarter E nded S eptember 30, 2009 127. 8 million) a nd C NY 806. 6 million (US D 118. 2 million) for the preceding quarter a nd the third quarter of 2008,
res pectively. Net profit wa s C NY 393. 8 million (US D 57. 7 million), compa red to C NY 468. 1 million (US D 68. 6 million) and
C NY 313. 3 million (US D 45. 9 million) for the preceding qua rter a nd the third qua rter of 2008, res pectively. T he compa ny
reported ba s ic and diluted ea rnings per American depos ita ry s hare, or ADS of US D 0. 45 and US D 0. 44, res pectively for the
third qua rter of 2009. T he company reported bas ic a nd diluted ea rnings per ADS of US D 0. 53 each for the preceding
qua rter, and US D 0. 36 a nd US D 0. 35, res pectively for the third qua rter of 2008. E arnings per s ha re, diluted wa s C NY 0. 12
compa red to C NY 0. 10 a yea r a go. C a s h flows generated from operating a ctivities were C NY 270. 0 million (US D 39. 5
million), compa red to C NY 544. 4 million (US D 79. 7 million) and C NY 495. 5 million
(US D 72. 6 million) for the preceding qua rter and the third quarter of 2008, res pectively. O perating profit was C NY
408, 137, 590 compa red to C NY 466, 634, 900 a yea r a go. Net income before tax wa s C NY 459, 340, 021 compa red to
C NY 438, 998, 031 a yea r ago. Net income after ta x was C NY 393, 795, 365 compa red to C NY 313, 310, 365 a yea r a go.
P urchas e of property, equipment and s oftwa re was C NY 91, 139, 494 compared to C NY 49, 664, 942 a yea r a go.
S NAP Interac tive, Inc. (OTC B B : S TVI) S NAP Intera ctive Inc. Unveils Live C ha t for S NAP Interactive Inc. a nnounced the la unch of its new G P S -bas ed chat feature on its popula r Are Y ou Interes ted? iP hone
S ingles mobile dating a pplication. T he cha t functiona lity enables s ingles to communica te with other s ingles through their iP hone in
rea l time in their choice of chat rooms , which are broken down by a ge range a nd other ca tegories including s exua l
orientation. Additionally, s ingles have the a bility to identify us ers that a re nearby a nd initia te private cha t convers ations with
a s pecific us er. As a res ult of its new live chat feature, meeting s ingles jus t beca me a lot eas ier a nd more fun than it was
even a few da ys a go. S ingles can us e their iP hone applica tion a nd its G P S technology to identify other s ingles that a re
nea rby and proceed to initia te priva te cha ts with thos e us ers .
G ravity C o., L td (Nas daqG M: G R VY) G ra vity C o. Ltd. R eports Unaudited G ra vity C o. L td. reported unaudited cons olidated earnings res ults for the third qua rter and nine months ended S eptember
C ons olida ted E a rnings R es ults for the T hird 30, 2009. F or the qua rter, the compa ny reported operating income of K R W 1, 209 million, income before income ta x
Q uarter a nd Nine Months E nded S eptember expens e, minority interes t and equity in los s of rela ted joint venture of K R W 1, 323 million and net income of K R W 16 million
30, 2009 or K R W 2 per ba s ic a nd diluted s ha re on tota l net revenues of K R W 13, 798 million compa red to the operating income of
K R W 241 million, income before income ta x expens e, minority interes t and equity in los s of rela ted joint venture of K R W
1, 879 million and net income of K R W 869 million or K R W 125 per ba s ic and diluted s ha re on tota l net revenues of K R W
12, 782 million for the s a me quarter yea r a go.
VOIS , Inc. (OTC B B : VOIS ) R obert C ohen R es igns from the B oard of V OIS Inc. a nnounced tha t Mr. R obert C ohen, a member of the B oard of Directors of the compa ny res igned his boa rd s ea t.
V O IS , Inc
NeXplore C orporation (OTC P K : NXP C ) NeXplore C orporation Announces NeXplore NeXplore C orporation a nnounced tha t the compa ny's fla gs hip product NeXplore S ea rch (www. NeXplore. com) ha s emerged
S ea rch S heds B eta , R ebra nds as NeXplore from beta a nd is now bra nded NeXplore S ea rch 2. NeX plore S ea rch 2 is a n intera ctive a nd vis ua lly engaging W eb 2. 0
S ea rch 2 s ea rch engine optimized for a s uperior end-us er experience, multi-media dis pla y and s ocia l s ha ring integra tion. F irs t
introduced in public beta in J a nua ry 2008, NeXplore S ea rch 2 currently a vera ges more tha n 5 million unique monthly vis itors
a ccording to W eb-a nalytics company C ompete. com.
G eoS entric Oyj (HL S E : G E O1V) G eoS entric O yj to R eport Nine Months , 2009 G eoS entric O yj a nnounced tha t they will report nine months , 2009 res ults on November 23, 2009.
C DC C orp. (Nas daqG S : C HIN.A) R es ultsorp. November 23, 2009 C ons olida ted
C DC C on R eports Una udited C DC C orp. reported una udited cons olida ted earnings res ults for the third quarter a nd nine months ended S eptember 30,
E arnings R es ults for the T hird Q uarter a nd 2009. F or the third quarter of 2009, the compa ny reported revenue of $76. 6 million a nd net income a ttributa ble to controlling
Nine Months E nded S eptember 30, 2009 interes t of $5. 6 million, or $0. 05 per s ha re. T his compa res to revenue of $104. 1 million and a net los s attributable to
controlling interes t of $10. 0 million, or a los s per s ha re of $0. 09 for the third qua rter of 2008. T hird qua rter operating cas h
flow wa s $12. 1 million, compa red to $11. 2 million in the s econd qua rter of 2009, a nd a 52% increas e from $8. 0 million in the
third qua rter of 2008. T hird qua rter adjus ted E B IT DA from continuing opera tions or a djus ted E B IT DA was $9. 0 million
compa red to adjus ted E B IT DA of $13. 7 million in the third qua rter of 2008. Opera ting los s wa s $2 million a gains t opera ting
income of $0. 2 million reported a yea r a go. Income before income ta xes wa s $8. 5 million a ga ins t los s before income ta xes
of $4. 8 million reported a yea r a go. Income from continuing operations wa s $6. 6 million a gains t los s from continuing
opera tions of $7. 1 million a yea r a go. Net ca s h provided
by operating a ctivities was $12. 1 million a gains t $8 million a yea r a go. P urcha s e of property, plant & equipment wa s $2
million aga ins t $1. 5 million a yea r a go.
The9 L imited (Nas daqG S : NC TY) T he9 Limited to R eport Q 3, 2009 R es ults on T he9 Limited announced tha t they will report Q 3, 2009 res ults a fter the market clos es on November 23, 2009.
November 23, 2009
Figure 7c. Key Developments – continued
Source. Capital IQ