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500.com Limited Files 6-K to Report Income Statement for Six Months Ended June 30, 2017

2017-08-01 22:04
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SHENZHEN, China, Aug. 1, 2017 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that it filed a 6-K to report its income statement for the six months ended June 30, 2017.

500.com Limited
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
 except for number of shares, per share (or ADS) data)


 Six Months Ended 


June 30,
2016


June 30,
2017

June 30,
2017


RMB


RMB

US$


 Unaudited 


 Unaudited 

 Unaudited 

Net Revenues

3,459


37,751

5,569






Operating costs and expenses:





        Cost of services

(7,206)


(11,541)

(1,702)

        Sales and marketing 

(24,457)


(25,951)

(3,828)

        General and administrative 

(124,820)


(104,454)

(15,408)

        Service development expenses

(39,818)


(30,472)

(4,495)

Total operating expenses

(196,301)


(172,418)

(25,433)

Other operating income 

919


84

12

Government grant

6,697


4,827

712

Other operating expense

(1,494)


(3,610)

(533)

Operating loss

(186,720)


(133,366)

(19,673)

Others,net

-


(4,449)

(656)

Interest income

7,370


11,823

1,744

Loss from equity method investments

(251)


(721)

(106)

Gain from disposal of subsidiaries

64,778


-

-

Changes in fair value of contingent considerations

-


(1,089)

(161)

Loss before income tax

(114,823)


(127,802)

(18,852)

Income tax (expense) benefit

(9,731)


18,036

2,660

Net loss

(124,554)


(109,766)

(16,192)

    Less: Net (loss) income attributable to the non-controlling interests

(5,913)


5,177

764

Net loss attributable to 500.com Limited

(118,641)


(114,943)

(16,956)

Other comprehensive income (loss)





    Foreign currency translation gain (loss)

25,960


(28,556)

(4,212)

    Change in fair value of available for sale securities

55


(754)

(111)

Other comprehensive income (loss), net of tax

26,015


(29,310)

(4,323)

Comprehensive income (loss)

(98,539)


(139,076)

(20,515)

   Less: Comprehensive (loss) income attributable to noncontrolling interests

(5,913)


5,177

764

Comprehensive income (loss) attributable to 500.com Limited

(92,626)


(144,253)

(21,279)






Losses per share attributable to 500.com Limited





 Basic 

(0.29)


(0.28)

(0.04)

 Diluted 

(0.29)


(0.28)

(0.04)

Losses per ADS*  attributable to 500.com Limited





 Basic 

(2.90)


(2.81)

(0.41)

 Diluted 

(2.90)


(2.81)

(0.41)

Weighted average number of  Class A and Class B ordinary shares
outstanding:





 Basic 

416,199,358


408,699,104

408,699,104

 Diluted 

416,199,358


408,699,104

408,699,104











* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

 

 

500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares, per share (or ADS) data)







 Six Months Ended 


June 30,
 2016


June 30,
2017

June 30,
2017


RMB


RMB

US$


 Unaudited 


 Unaudited 

 Unaudited 

Operating loss

(186,720)


(133,366)

(19,673)

  Adjustment for share-based compensation expenses 

96,723


54,571

8,050

Adjusted operating loss (non-GAAP)

(89,997)


(78,795)

(11,623)






Net loss attributable to 500.com Limited

(118,641)


(114,943)

(16,956)

  Adjustment for share-based compensation expenses 

96,723


54,571

8,050

Adjusted net  (loss) income attributable to 500.com
Limited (non-GAAP) 

(21,918)


(60,372)

(8,906)






Earnings (Losses) per share attributable to
500.com Limited (non-GAAP)





 Basic 

(0.05)


(0.15)

(0.02)

 Diluted 

(0.05)


(0.15)

(0.02)

Earnings (Losses) per ADS* attributable to
500.com Limited (non-GAAP)





 Basic 

(0.53)


(1.48)

(0.22)

 Diluted 

(0.53)


(1.48)

(0.22)

Weighted average number of  Class A and Class B
ordinary shares outstanding:





 Basic 

416,199,358


408,699,104

408,699,104

 Diluted 

416,199,358


408,699,104

408,699,104






* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

About 500.com Limited

500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information, please contact:

500.com Limited
ir@500wan.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Source: 500.com Limited

Related stocks: NYSE:WBAI

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