Chinese film distributor Bona Film Group (Nasdaq: BONA) today announced its unaudited financial results for the second quarter ended June 30, 2011. Net revenue was USD 16.7 mln, an increase of 150.1% year-over-year from USD 6.7 mln in the corresponding period of 2010.
Net loss was USD 0.9 mln, compared to a net loss of USD 8.2 mln in the corresponding period of 2010. Non-GAAP net income was USD 1.6 mln, an increase of USD 2.0 mln year-over-year compared to a non-GAAP net loss of USD 0.4 mln in the corresponding period of 2010, and exceeding previous quarterly guidance.
On June 9, 2011, Bona announced that Yu Dong, Bona's founder, chairman and CEO, has established a share repurchase plan whereby he intends to use his personal funds to purchase up to USD 2.0 mln worth of the company's ADSs in open market transactions during the three month period commenced June 9, 2011. Yu intends to give the purchased ADSs to high-performing Bona employees and other creative talents.
On July 5, 2011, Bona announced that it has acquired 100% of the equity interest in Beijing Bona Starlight Cineplex Management Co., Ltd., an affiliated company of Bona Film Group that focuses primarily on the operation of movie cinemas in China.
Based on current market and operating conditions, Bona Film estimates non-GAAP net income for the third quarter 2011 to be in the range of USD 5.7 mln to USD 6.2 mln, and non-GAAP net income for the full year 2011 to be approximately USD 18.0 mln after consolidating the results of operation of Bona Starlight since July 2011.
To view Bona Film's full earnings report, please click here.