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51job, Inc. Reports Third Quarter 2007 Financial Results

发布时间:2018/11/04  编辑:918

SHANGHAI, China, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- 51job, Inc. (Nasdaq: JOBS), a leading provider of integrated human resource services in China, announced today unaudited financial results for the third quarter of 大发官方娱乐2007 ended September 30, 2007.

(Logo: /uploads/allimg/180930/20180930145636sku4xeog2fu41008.jpg )

Third Quarter 2007 Financial Highlights:

-- Total revenues increased 21.8% over Q3 2006 to RMB220.2 million

(US$29.4 million), exceeding the Company's guidance range of RMB205

to RMB215 million

-- Gross margin of 56.5% compared with 56.2% in Q3 2006

-- Operating income grew 14.8% over Q3 2006 to RMB35.4 million

(US$4.7 million)

-- Fully diluted earnings per common share were RMB0.47 (US$0.13 per ADS)

-- Excluding share-based compensation expense and foreign currency

translation loss, non-GAAP adjusted fully diluted earnings per common

share were RMB0.68 (US$0.18 per ADS), exceeding the Company's guidance

range of RMB0.55 to RMB0.65

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, Inc., said, "We are pleased that third quarter revenues came in above expectations, driven by higher growth in our print business and continued strength in our online business. Advertising volume in the third quarter was robust both offline and online as we successfully expanded our customer base and attracted new employers to our media platforms."

"Executing our plan for the year, we stepped up our sales and marketing activities during the third quarter and will continue these efforts into the fourth quarter. While these higher expenditures have impacted our earnings in the near term, we believe these initiatives will strengthen our brand and competitive position to allow us to achieve higher growth and profitability in the longer term," said Mr. Yan.

Third Quarter 2007 Unaudited Financial Results

Total revenues for the third quarter ended September 30, 2007 were RMB220.2 million (US$29.4 million), an increase of 21.8% from RMB180.8 million for the same quarter in 2006.

Print advertising revenues for the third quarter of 2007 increased 15.9% to RMB114.1 million (US$15.2 million) compared with RMB98.4 million for the same quarter in 2006. The increase was primarily the result of a greater volume of advertisements in 51job Weekly which was partially offset by lower average revenue per page. The estimated number of print advertising pages generated in the third quarter of 2007 grew 37.4% to 4,419 compared with 3,217 pages in the same quarter in 2006. Average revenue per page in the third quarter of 2007 decreased 15.6% over the same quarter in 2006 due to growing revenue contribution from lower priced cities.

Online recruitment services revenues for the third quarter of 2007 were RMB73.0 million (US$9.7 million), representing a 26.8% growth from RMB57.6 million for the same quarter last year. The increase was mainly attributable to growth in the number of employers using the Company's online services. Unique employers using the Company's online recruitment services increased 31.6% to 59,177 in the third quarter of 2007 compared with 44,969 in the same quarter last year.

Executive search revenues for the third quarter of 2007 decreased 26.5% to RMB3.6 million (US$0.5 million) from RMB4.9 million for the same quarter last year due to fewer candidate placements. For the third quarter of 2007, other human resource related revenues grew 48.1% to RMB29.6 million (US$3.9 million) from RMB20.0 million in the third quarter last year principally due to greater customer demand for corporate training and business process outsourcing services.

Gross profit for the third quarter of 2007 was RMB117.8 million (US$15.7 million), representing an increase of 22.7% from RMB96.0 million for the same quarter last year. Gross margin, which is equal to gross profit divided by net revenues, was 56.5% in the third quarter of 2007 compared with 56.2% in the same quarter in 2006.

Operating expenses for the third quarter of 2007 increased 26.4% to RMB82.4 million (US$11.0 million) from RMB65.2 million for the same quarter last year due primarily to higher sales and marketing expenses. Operating expenses as a percentage of net revenues was 39.5% for the third quarter of 2007 compared with 38.2% for the third quarter of 2006. Excluding share-based compensation expense, operating expenses as a percentage of net revenues was 36.3% in the third quarter of 2007 compared with 34.5% in the third quarter of 2006.

Sales and marketing expenses for the third quarter of 2007 increased 42.2% to RMB50.5 million (US$6.7 million) from RMB35.5 million for the same quarter in 2006 primarily due to the hiring of additional salespersons, increased advertising expenses, and greater spending on marketing and promotional activities.

General and administrative expenses for the third quarter of 2007 increased to RMB31.9 million (US$4.3 million) from RMB29.6 million in the third quarter last year primarily due to higher employee and office expenses, which were partially offset by lower professional services fees and rental expenses.

Income from operations for the third quarter of 2007 increased 14.8% to RMB35.4 million (US$4.7 million) from RMB30.8 million for the same quarter last year. The Company's effective tax rate increased to 31.2% in the third quarter of 2007 compared with 20.4% in the third quarter of 2006 due to the expiration of certain tax exemptions earlier in the year.

Net income for the third quarter of 2007 was RMB26.7 million (US$3.6 million) compared with RMB27.1 million for the same quarter in 2006. Fully diluted earnings per common share for the third quarter of 2007 were RMB0.47 (US$0.06) compared with RMB0.48 for the same quarter in 2006. Fully diluted earnings per ADS for the third quarter of 2007 were RMB0.94 (US$0.13) compared with RMB0.96 in the third quarter of 2006.

In the third quarter of 2007, the Company recognized total share-based compensation expense of RMB8.1 million (US$1.1 million) compared with RMB7.5 million in the third quarter of 2006. The Company also recognized a foreign currency translation loss of RMB3.7 million (US$0.5 million) in the third quarter of 2007 compared with a translation loss of RMB3.1 million in the third quarter of 2006 resulting from the appreciation of the Renminbi against the U.S. dollar.

Excluding share-based compensation expense and foreign currency translation loss which had no impact on the Company's cash earnings, non-GAAP adjusted income for the third quarter of 2007 was RMB38.5 million (US$5.1 million) compared with RMB37.6 million for the third quarter of 2006.

Non-GAAP adjusted fully diluted earnings per common share were RMB0.68 (US$0.09) in the third quarter of 2007 compared with RMB0.67 in the third quarter of 2006. Non-GAAP adjusted fully diluted earnings per ADS in the third quarter of 2007 were RMB1.36 (US$0.18) compared with RMB1.33 in the third quarter of 2006.

Nine Months 2007 Unaudited Financial Results

Total revenues for the nine months ended September 30, 2007 were RMB630.7 million (US$84.2 million), an increase of 19.7% from RMB526.7 million in the comparable period in 2006. Income from operations for the nine months ended September 30, 2007 increased 27.6% to RMB120.3 million (US$16.1 million) from RMB94.2 million for the same period last year.

Net income for the first nine months of 2007 increased 13.0% to RMB89.9 million (US$12.0 million) compared with RMB79.5 million for the same period in 2006. Fully diluted earnings per common share for the first nine months of 2007 increased to RMB1.59 (US$0.21) from RMB1.41 in the comparable period in 2006. Fully diluted earnings per ADS for the first nine months of 2007 were RMB3.18 (US$0.42) compared with RMB2.82 in the same period in 2006.

Excluding share-based compensation and foreign currency translation loss, non-GAAP adjusted net income for the nine months ended September 30, 2007 increased 15.0% to RMB122.9 million (US$16.4 million) from RMB106.8 million for the nine months ended September 30, 2006. Non-GAAP adjusted fully diluted earnings per common share were RMB2.17 (US$0.29) in the first nine months of 2007 compared with RMB1.89 in the same period in 2006. Non-GAAP adjusted fully diluted earnings per ADS in the first nine months of 2007 were RMB4.34 (US$0.58) compared with RMB3.79 in the same period in 2006.

As of September 30, 2007, the Company's cash balance was RMB987.2 million (US$131.8 million) compared with RMB868.7 million at December 31, 2006 and RMB959.2 million at June 30, 2007.

Business Outlook

For the fourth quarter of 2007, based on current operating conditions and factoring in historical seasonality patterns of soft sales at year end, the Company's revenue target is in the estimated range of RMB205 to RMB215 million (US$27.4 to US$28.7 million). Excluding share-based compensation expense and any foreign currency translation losses or gains that may arise from further Renminbi revaluations, the Company's non-GAAP fully diluted earnings target for the fourth quarter of 2007 is in the estimated range of RMB0.47 to RMB0.57 per common share (US$0.13 to US$0.15 per ADS). The Company expects aggregate share-based compensation expense in the fourth quarter of 2007 to be approximately RMB8 million.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB7.4928 to US$1.00, the noon buying rate in the City of New York for cable transfers of Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York, as of September 28, 2007.

Conference Call Information

Management of 51job will host a conference call at 8:00 p.m. Eastern Time on November 12, 2007 (9:00 a.m. Shanghai / Hong Kong time zone on November 13, 2007) to discuss third quarter 2007 results. The call will be available live and on replay through 51job's investor relations website, http://ir.51job.com . Please go to the website at least fifteen minutes early to register and download and install any necessary audio software. Participants may also dial into the teleconference at +1-877-852-6581 (+1-719-325-4746 for international callers) and provide the passcode 3114760. An audio replay of the conference call will be available three hours after completion through November 19, 2007, by dialing +1-888-203-1112 (+1-719-457-0820 for international callers) and entering the passcode 3114760.

About 51job

51job, Inc. (Nasdaq: JOBS) is a leading provider of integrated human resource services in China with a strong focus on recruitment related services. Offering a broad array of products and services, 51job connects millions of job seekers with employment opportunities and streamlines the recruitment process and human resource administration for tens of thousands of companies in China. Through print advertisements in 51job Weekly and online recruitment services at http://www.51job.com , both domestic Chinese employers and multinational companies alike are able to attract, identify and recruit new employees. 51job also provides executive search services and a number of other value-added human resource services, including training, business process outsourcing and salary surveys. 51job's nationwide office network in China spans 26 cities operating 23 local editions of 51job Weekly.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (GAAP), 51job uses non-GAAP measures of adjusted income, adjusted earnings per common share and adjusted earnings per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense and foreign currency translation gain or loss. The Company believes excluding stock-based compensation expense from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company believes excluding foreign currency translation gain or loss from its non-GAAP financial measures is useful for its management and investors as such translation gain or loss is unrelated to the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings. 51job also believes these non-GAAP measures excluding share-based compensation expense and foreign currency translation gain or loss are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

Safe Harbor Statement

Statements in this release regarding targets for the fourth quarter of 2007, future business and operating results constitute "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 Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations, and actual results could differ materially. Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the fourth quarter of 2007; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic and political changes in China as well as stock market volatilities; introduction by its competitors of new or enhanced products or services; price competition in the market for the various human resource services that the Company provides in China; acceptance of new products and services developed or introduced by the Company outside of the human resources industry and fluctuations in general economic conditions. For additional information on these and other factors that may affect the Company's financial results, please refer to the Company's filings with the Securities and Exchange Commission. 51job undertakes no obligation to update these targets prior to announcing final results for the fourth quarter of 2007 or as a result of new information, future events or otherwise.

51job, Inc.

Consolidated Statements of Operations

For the Three Months Ended

September September September

30, 30, 30,

2006 2007 2007

(In thousands, except share data) (unaudited)(unaudited) (unaudited)

RMB RMB USD (Note 1)

Revenues:

Print advertising 98,399 114,065 15,223

Online recruitment services 57,592 73,018 9,745

Executive search 4,887 3,592 479

Other human resource related

revenues 19,959 29,558 3,945

Total revenues 180,837 220,233 29,392

Less: Business and related tax (9,988) (11,777) (1,572)

Net revenues 170,849 208,456 27,820

Cost of services (Note 2) (74,847) (90,657) (12,099)

Gross profit 96,002 117,799 15,721

Operating expenses:

Sales and marketing (Note 3) (35,540) (50,548) (6,746)

General and administrative (Note 4) (29,640) (31,866) (4,253)

Total operating expenses (65,180) (82,414) (10,999)

Income from operations 30,822 35,385 4,722

Loss from foreign currency translation (3,109) (3,700) (494)

Interest and investment income 5,492 6,479 865

Other income 821 592 79

Income before provision for income tax 34,026 38,756 5,172

Income tax expense (6,945) (12,078) (1,612)

Net income 27,081 26,678 3,560

Earnings per share:

Basic 0.49 0.47 0.06

Diluted 0.48 0.47 0.06

Earnings per ADS (Note 5):

Basic 0.98 0.95 0.13

Diluted 0.96 0.94 0.13

Weighted average number of common

shares outstanding:

Basic 55,545,311 56,305,902 56,305,902

Diluted 56,424,919 56,649,983 56,649,983

Notes:

1. The conversion of RMB amounts into USD amounts is based on the noon

buying rate of USD1.00=RMB7.4928 on September 28, 2007 in The City

of New York for cable transfers of RMB as certified for customs

purposes by the Federal Reserve Bank of New York.

2. Includes share-based compensation expense of RMB1,194 and RMB1,300

(US$174) for the three months ended September 30, 2006 and 2007,

respectively.

3. Includes share-based compensation expense of RMB1,026 and RMB1,119

(US$149) for the three months ended September 30, 2006 and 2007,

respectively.

4. Includes share-based compensation expense of RMB5,231 and RMB5,698

(US$760) for the three months ended September 30, 2006 and 2007,

respectively.

5. Each ADS represents two common shares.

51job, Inc.

Consolidated Statements of Operations

For the Nine Months Ended

September 30, September 30, September 30,

2006 2007 2007

(unaudited) (unaudited) (unaudited)

(In thousands, except share data) RMB RMB USD (Note 1)

Revenues:

Print advertising 302,116 335,191 44,735

Online recruitment services 161,178 205,806 27,467

Executive search 14,487 12,120 1,618

Other human resource

related revenues 48,961 77,546 10,349

Total revenues 526,742 630,663 84,169

Less: Business and related tax (29,088) (33,655) (4,492)

Net revenues 497,654 597,008 79,677

Cost of services (Note 2) (219,759) (259,583) (34,644)

Gross profit 277,895 337,425 45,033

Operating expenses:

Sales and marketing

(Note 3) (95,550) (126,556) (16,890)

General and administrative

(Note 4) (88,103) (90,585) (12,090)

Total operating expenses (183,653) (217,141) (28,980)

Income from operations 94,242 120,284 16,053

Loss from foreign currency

translation (5,980) (10,737) (1,433)

Interest and investment income 15,041 17,875 2,386

Other income 855 962 128

Income before provision for

income tax 104,158 128,384 17,134

Income tax expense (24,611) (38,520) (5,141)

Net income 79,547 89,864 11,993

Earnings per share:

Basic 1.44 1.60 0.21

Diluted 1.41 1.59 0.21

Earnings per ADS (Note 5):

Basic 2.88 3.20 0.43

Diluted 2.82 3.18 0.42

Weighted average number of

common shares outstanding:

Basic 55,204,867 56,219,231 56,219,231

Diluted 56,395,157 56,605,906 56,605,906

Notes:

1. The conversion of RMB amounts into USD amounts is based on the noon

buying rate of USD1.00=RMB7.4928 on September 28, 2007 in The City

of New York for cable transfers of RMB as certified for customs

purposes by the Federal Reserve Bank of New York.

2. Includes share-based compensation expense of RMB3,420 and RMB3,652

(US$488) for the nine months ended September 30, 2006 and 2007,

respectively.

3. Includes share-based compensation expense of RMB2,940 and RMB3,141

(US$419) for the nine months ended September 30, 2006 and 2007,

respectively.

4. Includes share-based compensation expense of RMB14,987 and RMB15,533

(US$2,073) for the nine months ended September 30, 2006 and 2007,

respectively.

5. Each ADS represents two common shares.

51job, Inc.

Reconciliation of GAAP and Non-GAAP Results

For the Three Months Ended

September 30, September 30, September 30,

2006 2007 2007

(unaudited) (unaudited) (unaudited)

(In thousands, except share data)

RMB RMB USD (Note 1)

GAAP income before provision for

income tax 34,026 38,756 5,172

Add back: Share-based

compensation expense 7,451 8,117 1,083

Add back: Loss from foreign

currency translation 3,109 3,700 494

Non-GAAP income before provision

for income tax 44,586 50,573 6,749

Non-GAAP income tax expense (6,971) (12,080) (1,612)

Non-GAAP adjusted income 37,615 38,493 5,137

Non-GAAP adjusted earnings per

share:

Basic 0.68 0.68 0.09

Diluted 0.67 0.68 0.09

Non-GAAP adjusted earnings per

ADS (Note 2):

Basic 1.35 1.37 0.18

Diluted 1.33 1.36 0.18

Weighted average number of common

shares outstanding:

Basic 55,545,311 56,305,902 56,305,902

Diluted 56,424,919 56,649,983 56,649,983

For the Nine Months Ended

September 30, September 30, September 30,

2006 2007 2007

(unaudited) (unaudited) (unaudited)

(In thousands, except share data)

RMB RMB USD (Note 1)

GAAP income before provision for

income tax 104,158 128,384 17,134

Add back: Share-based

compensation expense 21,347 22,326 2,980

Add back: Loss from foreign

currency translation 5,980 10,737 1,433

Non-GAAP income before provision

for income tax 131,485 161,447 21,547

Non-GAAP income tax expense (24,637) (38,529) (5,142)

Non-GAAP adjusted net income 106,848 122,918 16,405

Non-GAAP adjusted earnings per

share:

Basic 1.94 2.19 0.29

Diluted 1.89 2.17 0.29

Non-GAAP adjusted earnings per

ADS (Note 2):

Basic 3.87 4.37 0.58

Diluted 3.79 4.34 0.58

Weighted average number of common

shares outstanding:

Basic 55,204,867 56,219,231 56,219,231

Diluted 56,395,157 56,605,906 56,605,906

Notes:

1. The conversion of RMB amounts into USD amounts is based on the noon

buying rate of USD1.00=RMB7.4928 on September 28, 2007 in The City

of New York for cable transfers of RMB as certified for customs

purposes by the Federal Reserve Bank of New York.

2. Each ADS represents two common shares.

51job, Inc.

Consolidated Balance Sheets

December 31, September 30, September 30,

2006 2007 2007

(In thousands, except share (audited) (unaudited) (unaudited)

data) RMB RMB USD (Note 1)

ASSETS

Current assets:

Cash 868,698 987,225 131,756

Accounts receivable (net of

allowance of RMB2,612

and RMB4,350 as of

December 31, 2006 and

September 30, 2007,

respectively) 28,431 37,844 5,051

Prepayments and other

current assets 18,064 23,073 3,079

Deferred tax assets,

current 4,383 3,782 505

Total current assets 919,576 1,051,924 140,391

Long-term investments -- 8,742 1,167

Property and equipment 194,315 193,549 25,831

Intangible assets 9,363 7,455 995

Other long-term assets 3,857 9,014 1,203

Deferred tax assets,

non-current 504 1,011 135

Total assets 1,127,615 1,271,695 169,722

LIABILITIES

Current liabilities:

Accounts payable 9,692 18,179 2,426

Due to related parties 464 108 14

Salary and employee related

accrual 26,677 23,262 3,105

Taxes payable 23,751 29,954 3,998

Advance from customers 57,930 78,272 10,446

Other payables and accruals 20,561 17,762 2,371

Total current liabilities 139,075 167,537 22,360

Deferred tax liabilities,

non-current 122 305 40

Total liabilities 139,197 167,842 22,400

Commitments and contingencies -- -- --

Shareholders' equity:

Common shares (US$0.0001

par value; 500,000,000

shares authorized,

56,119,761 and 56,359,640

shares issued and outstanding

as of December 31, 2006

and September 30, 2007,

respectively) 46 47 6

Additional paid-in capital 859,899 885,258 118,148

Statutory reserves 4,849 4,849 647

Other comprehensive gain 261 472 63

Retained earnings 123,363 213,227 28,458

Total shareholders' equity 988,418 1,103,853 147,322

Total liabilities and

shareholders' equity 1,127,615 1,271,695 169,722

Note 1: The conversion of RMB amounts into USD amounts is based on the

noon buying rate of USD1.00=RMB7.4928 on September 28, 2007 in The

City of New York for cable transfers of RMB as certified for

customs purposes by the Federal Reserve Bank of New York.

For more information, please contact:

Linda Chien

Investor Relations

51job, Inc.

Tel: +86-21-6879-6250

Email: investor.relations@51job.com

本文源自: 环亚娱乐



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