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BEIJING, Nov. 15, 2012 (GLOBE NEWSWIRE) -- Bona Film Group Limited ("Bona" or the "Company") (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced its unaudited financial results for the third quarter ended September 30, 2012.
Third Quarter 2012 Financial Highlights
Third quarter 2012 net revenues were US$24.6 million, compared with US$37.5 million in the third quarter of 2011.
Third quarter 2012 gross profit was US$13.6 million, compared with US$21.6 million in the third quarter of 2011.
Third quarter 2012 gross margin was 55.4%, compared with 57.5% in the third quarter of 2011.
Third quarter 2012 net income attributable to Bona Film Group Limited was US$1.3 million, or US$0.02 per diluted ADS1, compared with net income attributable to Bona Film Group Limited of US$7.5 million, or US$0.13 per diluted ADS, in the third quarter of 2011.
Third quarter 2012 non-GAAP net income2 was US$2.4 million, or US$0.04 per diluted ADS, compared to non-GAAP net income of US$8.1 million, or US$0.14 per diluted ADS in the third quarter of 2011.
Cash and cash equivalents, term deposits and restricted cash totaled US$30.7 million as of September 30, 2012.
Cash outflow from operations totaled US$12.2 million, compared with a cash inflow of US$4.7 million in the third quarter of 2011.
Business Updates and Recent Highlights
Announced a multi-picture agreement with Fox International Productions to co-produce and distribute Chinese language films throughout China.
At the American Film Market in October 2012, secured distribution rights in China to Summit Entertainment's action film Red 2, starring Matt McColm and directed by Dean Parisot, and Emmet/Furla Films' thriller Broken City, starring Mark Wahlberg, Russell Crowe and Catherine Zeta-Jones, directed by Allen Hughes.
Opened the Company's first IMAX theater, Nongken Bona International Cineplex in Tianjin, China on October 02, 2012. This marked Bona's 15th theater, increasing the number of Company-owned and operated screens to 123 nationwide.
Announced plans of the Company's founder, chairman and CEO, Mr. YU Dong, to purchase up to US$1.0 million in Bona's American depositary shares (ADSs) on the open market.
Distributed two new films in the third quarter and recognized revenue from Seefood, which was released at the end of the second quarter.
"During the third quarter and in early fourth quarter, we reached several important strategic milestones that we believe will drive our growth in 2013 and over the longer-term. Our recently announced multi-film co-production agreement with Fox International Productions is expected to provide substantial benefit, and speaks to the depth of Bona's relationship with our strategic shareholder News Corporation and its subsidiary companies, which we hope to leverage through additional collaboration opportunities going forward," said Bona Founder, Chairman and CEO, YU Dong. "We continued growing our movie theater business through the opening of our first IMAX theater in our new Tianjin cineplex and are progressing toward our goal of 20 owned and operated theaters by year-end. Our North American distribution of Flying Swords of Dragon Gate was an important step in our international expansion efforts, while our recent acquisition of rights to distribute Red 2 in China will give us our first strong import for 2013.