(RTTNews) - Thursday, China Finance Online Co. Ltd.
(JRJC), an online financial services provider, announced a surge in first quarter net income on higher revenue. Further, the company provided outlook for the second quarter and revised forecast for the fiscal year 2008.
The Beijing, China based company recorded a net income of US$3.509 million or US$0.15 per ADS compared to US$775 thousand or US$0.04 per ADS last year. On an adjusted basis, the company recorded net income of US$5.875 million or USUS$0.26 per ADS compared to US$1.168 million or US$0.06 per ADS in the previous year. The adjusted figures, excludes stock-based compensation expenses and the investment gain/impairment.
Quarterly net revenue surged to US$11.055 million from US$3.996 million in the prior year.
Looking ahead to the second quarter, the company expects non-GAAP net income in a range of US$5.5 million to US$6 million representing 155% to 178% increase from the previous year quarter. On a per share basis, the company sees non-GAAP earnings to be in the range of US$0.24 to US$0.26 per ADS.
Further, the company expects 127% - 136% increase in net revenue in the range of US$13 to US$13.50 million.
For the fiscal 2008, on an adjusted basis, the company expects earnings in the range of US$24 million to US$29 million or US$1.09 to US$1.26 per ADS. Earlier, the company was expecting earnings in the range of US$24 million to US$29 million or US$1.04 to US$1.26 per ADS.
The company revised its revenue guidance to the range of US$56 million to US$61 million from its earlier earnings outlook range of US$54 million to US$61 million.
JRJC is currently trading at US$26.60, up US$1.53 or 5.77% on a volume if 4.420 million shares.
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