TOKYO, July 29, 2010 - (JCN Newswire) - CyberAgent, Inc. (TSE: 4751), a Tokyo-based leader in Internet media markets, has announced results for the third quarter ended June 30, 2010.
Net sales for the Group in the third quarter cumulative consolidated period were JPY 70,269 million (up 0.2% from JPY 70,142 million in the same period of the previous year). This constitutes an increase of 16.8% excluding the effects of excluding netprice from the consolidated subsidiaries, due to the steady expansion of business related to Ameba, etc. Increased profits accompanying the transition of Ameba business to profitability and the improved productivity of the Internet advertising agency business allowed operating income to reach JPY 7,038 million (up 146.3% from JPY 2,857 million in the same period of the previous year). Ordinary income reached JPY 7,031 million (up 151.1% from JPY 2,800 million in the same period of the previous year). Quarterly net income reached JPY 4,871 million (up 329.6% from JPY 1,134 million in the same period of the previous year) as a result of recording of tax expenses, etc.
A portion of shares of stock in netprice.com, Ltd. were surrendered in the first quarter consolidated cumulative period from the standpoint of "selection and concentration," and our business portfolio was reviewed and reworked, including the conversion to an associated company accounted for by the equity method
1) Consolidated Financial Results for the Third Quarter Ended June 30, 2010
(millions of yen)
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First Half Results 3Q Sep'10 % 3Q Sep'09 %
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Net Sales 70,269 (0.2) 70,142 -
Operating Income 7,038 (146.3) 2,857 -
Ordinary Income 7,031 (151.1) 2,800 -
Net Income 4,871 (329.6) 1,134 -
Earnings per Share (y) 7,514.29 1,749.13
Earnings per Share after Adjustment
for Residual Securities (y) - -
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Consolidated Financial Position 3Q Sep'10 Sep'09
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Total Assets 77,618 67,291
Net Assets 32,900 31,579
Shlders' Eqty Ratio (%) 38.2 38.2
Net Assets per Share (y) 45,759.66 39,687.65
Equity Capital 29,667 25,731
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2) Results by Business Segment
i. Ameba business
Ameba business includes Ameba, Ameba Pigg, poupeegirl, MicroAd, etc. The number of views for Ameba in June 2010 was 14.62B PV, a significant 5.55B PV increase over the 9.07B PV recorded in the same month of the previous year. Expansion of fees for Ameba Pigg, etc., and increased advertising income resulted in net sales of JPY 7,154 million yen (up 88.5% from JPY 3,795 million in the same period of the previous year), and an operating profit of JPY 990 million (a loss of JPY 634 million was recorded in the same period of the previous year).
ii. Media business
Media business includes CA Mobile, LTD. Group and other mobile business, price comparison sites provided operated by EC Navi Company, online gaming business operated by GCREST, Inc., social game business operated by each group company and foreign exchange margin transaction business operated by Cyber Agent FX, Inc., etc.
The exclusion of netprice from consolidated subsidiaries resulted in net sales of JPY 30,316 million (down 20.8% from JPY 38,258 million in the same period of the previous year), while the contribution of highly profitable businesses allowed operating profit to reach JPY 4,745 million (up 37.1% from JPY 3,461 million in the same period of the previous year).
iii. Internet advertising agency business
Internet advertising agency business includes advertising agency conducted by the Advertising Business Headquarters and SEM (search engine marketing) business, etc.
In internet advertising agency business, while continuing to strive to improve productivity as the Internet advertising market shows signs of recovery, we have provided proposals to suit customers' needs, and steadily made efforts to boost demand for advertising. As a result of this, we saw net sales came of JPY 36,760 million (up 18.8% from JPY 30,937 million in the same period of the previous year) and operating income of JPY 1,599 million (up 529.8% from JPY 253 million in the same period of the previous year).
iv. Investment development business
Investment development business includes fund operation, etc., at the company's corporate venture capital business CyberAgent Investment, Inc., and consists of discovering, developing, and creating value, etc., with promising venture companies in Japan, as well as China and other Asian countries, for the purpose of achieving capital gains.
Because there was no sale of held stock, net sales were JPY 263 million (up 63.5% from JPY 161 million in the same period of the previous year), and operating loss was JPY 296 million (a loss of JPY 226 million was recorded in the same period of the previous year).
3) Consolidated Financial Position
Total assets at the end of this third consolidated fiscal quarter came to JPY 77,618 million (up JPY 10,326 million from the previous consolidated fiscal year). This was mainly due to the fact that foreign exchange transactions and customer deposits increased in line with steady increases in deposit asset balances in foreign exchange margin transactions.
Liabilities at the end of this third consolidated fiscal quarter came to JPY 44,717 million (up JPY 9,005 million from the previous consolidated fiscal year). This was mainly due to an increase in customer deposit margins in foreign exchange transactions.
Net assets at the end of this third consolidated fiscal quarter came to JPY 32,900 million (up JPY 1,321 million from the previous consolidated fiscal year). This was mainly because retained earnings increased thanks to diligent sales activities and minority interests decreased as netprice was removed from our consolidated subsidiaries.
Cash Flow
Cash and cash equivalents ("funds") at the end of this third consolidated accounting period were JPY 20,524 million (up JPY 2,541 million from the previous consolidated fiscal year). The status of each cash flow for this third consolidated accounting period and the factors for each are given below.
Net cash provided by operating activities:
Funds acquired as a result of sales activities during this third consolidated accounting period reached JPY 10,341 million. The main reason for this was the recording of profits.
Net cash used in investing activities:
Funds acquired as a result of investment activities during this third consolidated accounting period reached JPY 6,685 million. This was mainly due to a decrease in funds held by netprice as a result of exclusion from consolidated subsidiaries (JPY 3,216 million in funds at the end of the previous consolidated fiscal year) and the acquisition of stock in subsidiaries and associated companies.
Net cash used in financing activities:
Funds used as a result of financial activities in this third consolidated fiscal quarter came to JPY 1,067 million. This was mainly due to payments of dividends.
4) Forecast
As for our consolidated performance forecast for the full-year, given that all of our businesses have performed steadily, with excellent performance in terms of advertising and billing revenue, in line with increases in subscribers and PV (page views), at our leading business, Ameba, while within our Internet advertising agency business, we have been steadily making efforts towards boosting demand in the Internet advertising market, which is now showing signs of recovery, our forecasts are as outlined in the table below. No changes have been made from the assessment figures announced on April 23, 2010.
(millions of yen)
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FY ending Sept 30, 2010 Sept 30, 2009
excl. netprice
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Net Sales 94,000 80,756
Operating Income 8,000 4,206
Ordinary Income 7,800 4,072
Net Income 5,000 1,180
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5) Segment Information
Current 3Q consolidated acct. period (Oct 1, 2009 to June 30, 2010)
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A B C D E F G
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Sales
1)Sales to external customers
5,287 28,746 35,977 263 70,274 (5) 70,269
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2)Inter-segment sales
1,866 1,570 783 - 4,220 (4,220) -
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Total
7,154 30,316 36,760 263 74,495 (4,226) 70,269
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Operating Income/Loss
990 4,745 1,599 (296) 7,039 (1) 7,038
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A. Ameba
B. Media
C. Internet Advertising Agency
D. Investment Development
E. Total
F. Eliminations or Company Wide
G. Consolidated
Notes:
1. Business segments are in accordance with those used in internal administration.
2. Content of each business segment
(1) Ameba business: Ameba, Ameba Pigg, poupeegirl, MicroAd, verbal communication business, etc.
(2) Media business: Operation of PC and mobile media, online game business, social game business, foreign exchange margin transaction business, EC business, etc.
(3) Internet advertising agency business: Advertising agency business, SEM (search engine marketing) business, ad network business, SEO, etc.
(4) Investment development business: Fund operation, investment through corporate venture capital, etc.
For complete second quarter results, please see
http://ir.cyberagent.co.jp/ir_e/result/2010/pdf/3q_con.pdf
http://ir.cyberagent.co.jp/ir_e/result/2010/pdf/3q_presentation_eng.pdf .
Contact:
CyberAgent
PR/IR Division
Email: ir@cyberagent.co.jp
Topic: Earnings
Source: CyberAgent, Inc.
Sectors: Daily Finance, Broadcast, Film & Sat
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