eLong - chinesischer online-Reiseanbieter - 500 Beiträge pro Seite
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03.03.2010 23:30
eLong Reports Fourth Quarter and Full Year 2009 Unaudited Financial Results
BEIJING, March 3 /PRNewswire-Asia/ -- eLong, Inc. , a leading online travel service provider in China, today reported unaudited financial results for the fourth quarter and full year ended December 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights -- Fourth Quarter 2009 -- Total revenues for the fourth quarter increased 18% year-on-year to RMB106.9 million and net revenues increased 18% year-on-year to RMB100.9 million. Total revenues by product were as follows (figures in RMB million): Q4 % Q4 % Y/Y 2009 Total 2008 Total Growth Hotel commissions 72.7 68% 67.9 75% 7% Air ticketing commissions 27.7 26% 19.3 21% 44% Other 6.5 6% 3.8 4% 71% Total revenues 106.9 100% 91.0 100% 18% -- Operating income in the fourth quarter was RMB2.4 million compared to operating loss of RMB10.3 million in the prior year period, driven primarily by increased net revenues and a decrease in sales and marketing expenses. -- Net income in the fourth quarter was RMB1.0 million compared to net loss of RMB8.2 million in the prior year period, driven primarily by an increase of RMB12.6 million in operating income and a decrease of RMB3.3 million in income tax expense, partially offset by an increase of RMB1.8 million in foreign currency exchange losses and a decrease of RMB5.0 million in interest income. -- Cash and cash equivalents and short-term investments as of December 31, 2009 were RMB952.9 million (USD139.6 million). Highlights -- Full Year 2009 -- Total revenues in 2009 increased 9% year-on-year to RMB379.5 million and net revenues increased 9% year-on-year to RMB357.9 million. Total revenues by product were as follows (figures in RMB million): % % Y/Y 2009 Total 2008 Total Growth Hotel commissions 256.8 68% 253.4 73% 1% Air ticketing commissions 96.0 25% 77.2 22% 24% Other 26.7 7% 17.8 5% 50% Total revenues 379.5 100% 348.4 100% 9% -- Operating income in 2009 was RMB11.2 million compared to operating loss of RMB41.7 million in the prior year, driven primarily by increased net revenues and a decrease in sales and marketing expenses. -- Net income in 2009 was RMB19.9 million compared to net loss of RMB76.6 million in the prior year, driven primarily by an increase of RMB52.9 million in operating income and a decrease of RMB60.4 million in foreign currency exchange losses, partially offset by a decrease of RMB16.1 million in interest income and an increase of RMB0.8 million in income tax expense.
"The China State Council has made the travel industry a priority sector of the Chinese economy, which we believe improves the opportunities for eLong. Starting in 2010, we have quickened the pace of our product and service expansion and upgrades," said Guangfu Cui, Chief Executive Officer of eLong. "We launched dynamic packages, so that consumers can book hotel rooms and air tickets together as a package in order to save time and money. We have now contracted more than 10,000 domestic hotels and also offer over 100,000 hotels worldwide by connecting to Expedia, making eLong the largest online distributor in China in terms of hotels offered. And we upgraded our online international air booking technology in order to make booking international tickets on eLong as easy as booking domestic tickets."
"In the fourth quarter, we were able to achieve revenue growth of 18% year-on-year. This allowed us to deliver a profitable quarter and eLong's first profitable full year since 2006," said Mike Doyle, Chief Financial Officer of eLong.
Business Results Hotel
Hotel commissions increased 7% for the fourth quarter of 2009 compared to the prior year quarter, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 9% year-on-year primarily due to lower average daily rates, including an increase in the proportion of volume from budget hotels, partially offset by an increase in hotel commission rates. Room nights booked through eLong in the fourth quarter increased 18% year-on-year to 1.2 million.
Hotel commissions for full year 2009 increased 1% compared to 2008, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 7% year-on-year primarily due to lower average daily rates, including an increase in the proportion of volume from budget hotels, partially offset by an increase in hotel commission rates. Room nights booked through eLong in 2009 increased 9% year-on-year to 4.3 million.
Air
Air ticketing commissions increased 44% for the fourth quarter of 2009 compared to the prior year quarter, driven by a 26% increase in air segments to 0.6 million and an increase in commission per segment. Commission per segment increased 14%, due to a 4% increase in average ticket price and an increase in air commission rates as compared to the same quarter of the prior year.
Air ticketing commissions for full year 2009 increased 24% compared to 2008, driven by a 23% increase in air segments to 2.2 million and an increase in commission per segment. Commission per segment increased 1%, due to a 2% increase in average ticket price, partially offset by a decrease in air commission rates compared to the prior year.
Profitability
Gross margin in the fourth quarter of 2009 and full year 2009 was 70% which was the same as the fourth quarter and full year 2008.
Operating expenses for the fourth quarter of 2009 and same period in 2008 were as follows (figures in RMB million):
Q4 % Net Q4 % Net Y/Y 2009 Revenues 2008 Revenues Growth Service development 16.7 17% 12.4 14% 34% Sales and marketing 38.0 38% 45.1 53% (16%) General and administrative 13.3 13% 12.0 14% 11% Amortization of intangible assets 0.2 -- 0.2 -- -- Charges related to property and equipment and intangible assets 0.1 -- 0.8 1% (90%) Total operating expenses 68.3 68% 70.5 82% (3%)
Operating expenses for full year 2009 and 2008 were as follows (figures in RMB million):
% Net % Net Y/Y 2009 Revenues 2008 Revenues Growth Service development 58.1 16% 52.6 16% 11% Sales and marketing 133.2 37% 163.5 50% (19%) General and administrative 47.7 14% 53.7 16% (11%) Amortization of intangible assets 0.6 -- 0.8 -- (23%) Charges related to property and equipment and intangible assets 0.1 -- 1.4 1% (95%) Total operating expenses 239.7 67% 272.0 83% (12%)
Total operating expenses decreased 3% for the fourth quarter of 2009 compared to the fourth quarter of 2008. Total operating expenses were 68% of net revenues, a decrease of 14 percentage points compared to the prior year quarter.
Total operating expenses decreased 12% for full year 2009 compared to 2008. Total operating expenses were 67% of net revenues, a decrease of 16 percentage points compared to 2008.
Service development expense consists of expenses related to technology and our product offering, including our websites, platforms, other system development and our supplier relations function. Service development expense increased 34% compared to the prior year quarter mainly driven by an increase in headcount. As a percentage of net revenues, service development increased from 14% a year ago to 17% in the fourth quarter of 2009.
Full year 2009 service development expense increased 11% over full year 2008 service development expense mainly driven by an increase in headcount, partially offset by a decrease in professional fees. Service development as a percentage of net revenues in 2009 was unchanged compared to 2008.
Sales and marketing expenses for the fourth quarter of 2009 decreased 16% over the prior year quarter, mainly driven by decreased marketing promotion expenses, labor costs and sales commissions. Sales and marketing expenses decreased to 38% of net revenues in the fourth quarter of 2009 from 53% in the same quarter of the prior year.
Sales and marketing expenses for full year 2009 decreased 19% over full year 2008, and decreased by 13 percentage points to 37% of net revenues when compared to 2008. The decrease was primarily driven by decreased marketing promotion expenses, labor costs and sales commissions.
General and administrative expenses for the fourth quarter of 2009 increased 11% compared to the prior year quarter, mainly driven by an increase in labor costs. General and administrative expenses decreased to 13% of net revenues in the fourth quarter of 2009 from 14% in the same quarter of the prior year.
General and administrative expenses for full year 2009 decreased 11% over full year 2008, primarily due to a decrease in professional fees and lower bad debt provisions, partially offset by an increase in labor costs. General and administrative expenses as a percentage of net revenues decreased by 2 percentage points to 14% in the full year 2009.
Other income (expenses), which represents interest income, foreign exchange gains/(losses) and other income/expense, was RMB1.2 million in the fourth quarter of 2009 compared to RMB8.0 million in the fourth quarter of 2008.
Other income (expenses) was RMB12.4 million in full year 2009 compared to other expenses of RMB31.9 million in 2008.
Net income for the fourth quarter of 2009 was RMB1.0 million, compared to net loss of RMB8.2 million during the prior year quarter.
Net income for full year 2009 was RMB19.9 million, compared to net loss of RMB76.6 million in 2008.
Net income per ADS and diluted net income per ADS for the fourth quarter of 2009 were RMB0.04, compared to net loss per ADS and diluted net loss per ADS of RMB0.34 in the prior year quarter.
Net income per ADS and diluted net income per ADS for full year 2009 were RMB0.84 and RMB0.80, compared to net loss per ADS and diluted net loss per ADS of RMB3.08 in 2008.
Business Outlook
eLong currently expects net revenues for the first quarter of 2010 to be within the range of RMB 86 million to RMB93 million, equal to an increase of 10% to 20% compared to the first quarter of 2009.
eLong Reports Fourth Quarter and Full Year 2009 Unaudited Financial Results
BEIJING, March 3 /PRNewswire-Asia/ -- eLong, Inc. , a leading online travel service provider in China, today reported unaudited financial results for the fourth quarter and full year ended December 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights -- Fourth Quarter 2009 -- Total revenues for the fourth quarter increased 18% year-on-year to RMB106.9 million and net revenues increased 18% year-on-year to RMB100.9 million. Total revenues by product were as follows (figures in RMB million): Q4 % Q4 % Y/Y 2009 Total 2008 Total Growth Hotel commissions 72.7 68% 67.9 75% 7% Air ticketing commissions 27.7 26% 19.3 21% 44% Other 6.5 6% 3.8 4% 71% Total revenues 106.9 100% 91.0 100% 18% -- Operating income in the fourth quarter was RMB2.4 million compared to operating loss of RMB10.3 million in the prior year period, driven primarily by increased net revenues and a decrease in sales and marketing expenses. -- Net income in the fourth quarter was RMB1.0 million compared to net loss of RMB8.2 million in the prior year period, driven primarily by an increase of RMB12.6 million in operating income and a decrease of RMB3.3 million in income tax expense, partially offset by an increase of RMB1.8 million in foreign currency exchange losses and a decrease of RMB5.0 million in interest income. -- Cash and cash equivalents and short-term investments as of December 31, 2009 were RMB952.9 million (USD139.6 million). Highlights -- Full Year 2009 -- Total revenues in 2009 increased 9% year-on-year to RMB379.5 million and net revenues increased 9% year-on-year to RMB357.9 million. Total revenues by product were as follows (figures in RMB million): % % Y/Y 2009 Total 2008 Total Growth Hotel commissions 256.8 68% 253.4 73% 1% Air ticketing commissions 96.0 25% 77.2 22% 24% Other 26.7 7% 17.8 5% 50% Total revenues 379.5 100% 348.4 100% 9% -- Operating income in 2009 was RMB11.2 million compared to operating loss of RMB41.7 million in the prior year, driven primarily by increased net revenues and a decrease in sales and marketing expenses. -- Net income in 2009 was RMB19.9 million compared to net loss of RMB76.6 million in the prior year, driven primarily by an increase of RMB52.9 million in operating income and a decrease of RMB60.4 million in foreign currency exchange losses, partially offset by a decrease of RMB16.1 million in interest income and an increase of RMB0.8 million in income tax expense.
"The China State Council has made the travel industry a priority sector of the Chinese economy, which we believe improves the opportunities for eLong. Starting in 2010, we have quickened the pace of our product and service expansion and upgrades," said Guangfu Cui, Chief Executive Officer of eLong. "We launched dynamic packages, so that consumers can book hotel rooms and air tickets together as a package in order to save time and money. We have now contracted more than 10,000 domestic hotels and also offer over 100,000 hotels worldwide by connecting to Expedia, making eLong the largest online distributor in China in terms of hotels offered. And we upgraded our online international air booking technology in order to make booking international tickets on eLong as easy as booking domestic tickets."
"In the fourth quarter, we were able to achieve revenue growth of 18% year-on-year. This allowed us to deliver a profitable quarter and eLong's first profitable full year since 2006," said Mike Doyle, Chief Financial Officer of eLong.
Business Results Hotel
Hotel commissions increased 7% for the fourth quarter of 2009 compared to the prior year quarter, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 9% year-on-year primarily due to lower average daily rates, including an increase in the proportion of volume from budget hotels, partially offset by an increase in hotel commission rates. Room nights booked through eLong in the fourth quarter increased 18% year-on-year to 1.2 million.
Hotel commissions for full year 2009 increased 1% compared to 2008, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 7% year-on-year primarily due to lower average daily rates, including an increase in the proportion of volume from budget hotels, partially offset by an increase in hotel commission rates. Room nights booked through eLong in 2009 increased 9% year-on-year to 4.3 million.
Air
Air ticketing commissions increased 44% for the fourth quarter of 2009 compared to the prior year quarter, driven by a 26% increase in air segments to 0.6 million and an increase in commission per segment. Commission per segment increased 14%, due to a 4% increase in average ticket price and an increase in air commission rates as compared to the same quarter of the prior year.
Air ticketing commissions for full year 2009 increased 24% compared to 2008, driven by a 23% increase in air segments to 2.2 million and an increase in commission per segment. Commission per segment increased 1%, due to a 2% increase in average ticket price, partially offset by a decrease in air commission rates compared to the prior year.
Profitability
Gross margin in the fourth quarter of 2009 and full year 2009 was 70% which was the same as the fourth quarter and full year 2008.
Operating expenses for the fourth quarter of 2009 and same period in 2008 were as follows (figures in RMB million):
Q4 % Net Q4 % Net Y/Y 2009 Revenues 2008 Revenues Growth Service development 16.7 17% 12.4 14% 34% Sales and marketing 38.0 38% 45.1 53% (16%) General and administrative 13.3 13% 12.0 14% 11% Amortization of intangible assets 0.2 -- 0.2 -- -- Charges related to property and equipment and intangible assets 0.1 -- 0.8 1% (90%) Total operating expenses 68.3 68% 70.5 82% (3%)
Operating expenses for full year 2009 and 2008 were as follows (figures in RMB million):
% Net % Net Y/Y 2009 Revenues 2008 Revenues Growth Service development 58.1 16% 52.6 16% 11% Sales and marketing 133.2 37% 163.5 50% (19%) General and administrative 47.7 14% 53.7 16% (11%) Amortization of intangible assets 0.6 -- 0.8 -- (23%) Charges related to property and equipment and intangible assets 0.1 -- 1.4 1% (95%) Total operating expenses 239.7 67% 272.0 83% (12%)
Total operating expenses decreased 3% for the fourth quarter of 2009 compared to the fourth quarter of 2008. Total operating expenses were 68% of net revenues, a decrease of 14 percentage points compared to the prior year quarter.
Total operating expenses decreased 12% for full year 2009 compared to 2008. Total operating expenses were 67% of net revenues, a decrease of 16 percentage points compared to 2008.
Service development expense consists of expenses related to technology and our product offering, including our websites, platforms, other system development and our supplier relations function. Service development expense increased 34% compared to the prior year quarter mainly driven by an increase in headcount. As a percentage of net revenues, service development increased from 14% a year ago to 17% in the fourth quarter of 2009.
Full year 2009 service development expense increased 11% over full year 2008 service development expense mainly driven by an increase in headcount, partially offset by a decrease in professional fees. Service development as a percentage of net revenues in 2009 was unchanged compared to 2008.
Sales and marketing expenses for the fourth quarter of 2009 decreased 16% over the prior year quarter, mainly driven by decreased marketing promotion expenses, labor costs and sales commissions. Sales and marketing expenses decreased to 38% of net revenues in the fourth quarter of 2009 from 53% in the same quarter of the prior year.
Sales and marketing expenses for full year 2009 decreased 19% over full year 2008, and decreased by 13 percentage points to 37% of net revenues when compared to 2008. The decrease was primarily driven by decreased marketing promotion expenses, labor costs and sales commissions.
General and administrative expenses for the fourth quarter of 2009 increased 11% compared to the prior year quarter, mainly driven by an increase in labor costs. General and administrative expenses decreased to 13% of net revenues in the fourth quarter of 2009 from 14% in the same quarter of the prior year.
General and administrative expenses for full year 2009 decreased 11% over full year 2008, primarily due to a decrease in professional fees and lower bad debt provisions, partially offset by an increase in labor costs. General and administrative expenses as a percentage of net revenues decreased by 2 percentage points to 14% in the full year 2009.
Other income (expenses), which represents interest income, foreign exchange gains/(losses) and other income/expense, was RMB1.2 million in the fourth quarter of 2009 compared to RMB8.0 million in the fourth quarter of 2008.
Other income (expenses) was RMB12.4 million in full year 2009 compared to other expenses of RMB31.9 million in 2008.
Net income for the fourth quarter of 2009 was RMB1.0 million, compared to net loss of RMB8.2 million during the prior year quarter.
Net income for full year 2009 was RMB19.9 million, compared to net loss of RMB76.6 million in 2008.
Net income per ADS and diluted net income per ADS for the fourth quarter of 2009 were RMB0.04, compared to net loss per ADS and diluted net loss per ADS of RMB0.34 in the prior year quarter.
Net income per ADS and diluted net income per ADS for full year 2009 were RMB0.84 and RMB0.80, compared to net loss per ADS and diluted net loss per ADS of RMB3.08 in 2008.
Business Outlook
eLong currently expects net revenues for the first quarter of 2010 to be within the range of RMB 86 million to RMB93 million, equal to an increase of 10% to 20% compared to the first quarter of 2009.
21.05.2010 00:30
eLong Reports First Quarter 2010 Unaudited Financial Results
BEIJING, May 20 /PRNewswire-Asia/ -- eLong, Inc. , a leading online travel service provider in China, today reported unaudited financial results for the first quarter ended March 31, 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights - First Quarter 2010 -- Total revenues for the first quarter increased 30% year-on-year to RMB107.5 million and net revenues increased 30% year-on-year to RMB101.1 million. Total revenues by product were as follows (figures in RMB million): % % Y/Y Q1 2010 Total Q1 2009 Total Growth Hotel reservations 69.2 64% 56.2 68% 23% Air ticketing 29.4 28% 21.3 26% 38% Other 8.9 8% 5.0 6% 78% Total revenues 107.5 100% 82.5 100% 30% -- Income from operations in the first quarter was RMB6.3 million compared to loss from operations of RMB3.4 million in the prior year period, driven primarily by increased net revenues, partially offset by increased cost of services and operating expenses. -- Net income in the first quarter was RMB5.9 million compared to net income of RMB2.0 million in the prior year period, driven primarily by an increase of RMB9.6 million in income/(loss) from operations and an increase of RMB0.9 million in other income, partially offset by a decrease of RMB4.3 million in interest income, an increase of RMB1.8 million in income tax expense, and an increase of RMB0.5 million in foreign currency exchange losses. -- Cash and cash equivalents and short-term investments as of March 31, 2010 were RMB951.9 million (USD139.5 million). -- As of April 30, we acquired two online hotel booking agencies in China.
"We have made a solid start to 2010 by expanding our domestic hotel coverage to over 11,200 domestic hotels and 100,000 international hotels, improving our package products to over 50 departure and 28 destination cities in China and formally launching our mobile phone booking service today," said Guangfu Cui, Chief Executive Officer of eLong. "eLong is now the largest online travel marketplace in China in terms of hotels available for booking, and we continue to extend eLong's 'real savings and worry-free' travel booking services to even more customers and partners across China."
"In the first quarter, we achieved significant progress on our topline by improving our year-on-year revenue growth to 30%. Our continued focus on driving efficiencies in all areas of our business also resulted in achieving positive income from operations," said Mike Doyle, Chief Financial Officer of eLong.
Business Results Hotel
Hotel reservation commissions increased 23% for the first quarter of 2010 compared to the prior year quarter, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 7% year-on-year primarily due to mix shift to lower ADR budget hotels as well as the impact of our coupon program. Room nights booked through eLong in the first quarter increased 32% year-on-year to 1.2 million.
Air
Air ticketing commissions increased 38% for the first quarter of 2010 compared to the prior year quarter, driven by a 29% increase in air segments to 653,000 and an increase in commission per segment. Commission per segment increased 7%, due to an 8% increase in average ticket price, partially offset by a decrease in air commission rates compared to the same quarter of the prior year.
Other
Other revenue increased 78% year-on-year for the first quarter of 2010. Other revenue is primarily online advertising on our websites and related offline activities. Other revenue grew to 8% of total revenues from 6% in the prior year quarter.
Profitability
Gross margin in the first quarter of 2010 was 69% which was relatively consistent with the first quarter of 2009.
Operating expenses for the first quarter of 2010 and same period in 2009 were as follows (figures in RMB million):
% Net % Net Y/Y Q1 2010 Revenues Q1 2009 Revenues Growth Service development 18.2 18% 13.0 17% 40% Sales and marketing 33.5 33% 31.6 41% 6% General and administrative 11.1 11% 12.4 16% (10%) Amortization of intangible assets 0.2 -- 0.2 -- -- Total operating expenses 63.0 62% 57.2 74% 10%
Total operating expenses increased 10% for the first quarter of 2010 compared to the first quarter of 2009. Total operating expenses were 62% of net revenues, a decrease of 12 percentage points compared to the prior year quarter.
Service development expense consists of expenses related to technology and our product offering, including our websites, platforms, other system development and our supplier relations function. Service development expense increased 40% compared to the prior year quarter, mainly driven by an increase in headcount and higher employee compensation. As a percentage of net revenues, service development increased from 17% a year ago to 18% in the first quarter of 2010.
Sales and marketing expenses for the first quarter of 2010 increased 6% over the prior year quarter, mainly driven by increased marketing promotion expenses, partially offset by decreased headcount. Sales and marketing expenses decreased to 33% of net revenues in the first quarter of 2010 from 41% in the same quarter of the prior year.
General and administrative expenses for the first quarter of 2010 decreased 10% compared to the prior year quarter, mainly driven by a decrease in professional fees. General and administrative expenses decreased to 11% of net revenues in the first quarter of 2010 from 16% in the same quarter of the prior year.
Other income/(expense) which represents interest income, foreign exchange gains/(losses) and other income/expense, was RMB1.8 million in the first quarter of 2010 compared to RMB5.7 million in the first quarter of 2009, driven primarily by a decrease in interest income.
Net income for the first quarter of 2010 was RMB5.9 million, compared to net income of RMB2.0 million during the prior year quarter.
Net income per ADS and diluted net income per ADS for the first quarter of 2010 were RMB0.26 and RMB0.24, respectively, compared to net income per ADS and diluted net income per ADS of RMB0.08 in the prior year quarter.
Acquisitions
We consider acquisitions or affiliations with businesses in areas that may provide incremental revenue and support our further development. As part of this strategy, we have recently completed the acquisitions of certain online hotel reservation businesses in China, including SunnyChina.com and Sinohotel.com
-- SunnyChina.com is a predominantly online provider of hotel booking services. The company is based in Xi'an. -- Sinohotel.com is an online hotel booking company targeting international inbound travelers to China. The company is based in Beijing. Business Outlook
eLong currently expects net revenues for the second quarter of 2010 to be within the range of RMB102 million to RMB111 million, equal to an increase of 25% to 35% compared to the second quarter of 2009.
eLong Reports First Quarter 2010 Unaudited Financial Results
BEIJING, May 20 /PRNewswire-Asia/ -- eLong, Inc. , a leading online travel service provider in China, today reported unaudited financial results for the first quarter ended March 31, 2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights - First Quarter 2010 -- Total revenues for the first quarter increased 30% year-on-year to RMB107.5 million and net revenues increased 30% year-on-year to RMB101.1 million. Total revenues by product were as follows (figures in RMB million): % % Y/Y Q1 2010 Total Q1 2009 Total Growth Hotel reservations 69.2 64% 56.2 68% 23% Air ticketing 29.4 28% 21.3 26% 38% Other 8.9 8% 5.0 6% 78% Total revenues 107.5 100% 82.5 100% 30% -- Income from operations in the first quarter was RMB6.3 million compared to loss from operations of RMB3.4 million in the prior year period, driven primarily by increased net revenues, partially offset by increased cost of services and operating expenses. -- Net income in the first quarter was RMB5.9 million compared to net income of RMB2.0 million in the prior year period, driven primarily by an increase of RMB9.6 million in income/(loss) from operations and an increase of RMB0.9 million in other income, partially offset by a decrease of RMB4.3 million in interest income, an increase of RMB1.8 million in income tax expense, and an increase of RMB0.5 million in foreign currency exchange losses. -- Cash and cash equivalents and short-term investments as of March 31, 2010 were RMB951.9 million (USD139.5 million). -- As of April 30, we acquired two online hotel booking agencies in China.
"We have made a solid start to 2010 by expanding our domestic hotel coverage to over 11,200 domestic hotels and 100,000 international hotels, improving our package products to over 50 departure and 28 destination cities in China and formally launching our mobile phone booking service today," said Guangfu Cui, Chief Executive Officer of eLong. "eLong is now the largest online travel marketplace in China in terms of hotels available for booking, and we continue to extend eLong's 'real savings and worry-free' travel booking services to even more customers and partners across China."
"In the first quarter, we achieved significant progress on our topline by improving our year-on-year revenue growth to 30%. Our continued focus on driving efficiencies in all areas of our business also resulted in achieving positive income from operations," said Mike Doyle, Chief Financial Officer of eLong.
Business Results Hotel
Hotel reservation commissions increased 23% for the first quarter of 2010 compared to the prior year quarter, primarily due to higher volume, which was partially offset by lower commission per room night. Commission per room night decreased 7% year-on-year primarily due to mix shift to lower ADR budget hotels as well as the impact of our coupon program. Room nights booked through eLong in the first quarter increased 32% year-on-year to 1.2 million.
Air
Air ticketing commissions increased 38% for the first quarter of 2010 compared to the prior year quarter, driven by a 29% increase in air segments to 653,000 and an increase in commission per segment. Commission per segment increased 7%, due to an 8% increase in average ticket price, partially offset by a decrease in air commission rates compared to the same quarter of the prior year.
Other
Other revenue increased 78% year-on-year for the first quarter of 2010. Other revenue is primarily online advertising on our websites and related offline activities. Other revenue grew to 8% of total revenues from 6% in the prior year quarter.
Profitability
Gross margin in the first quarter of 2010 was 69% which was relatively consistent with the first quarter of 2009.
Operating expenses for the first quarter of 2010 and same period in 2009 were as follows (figures in RMB million):
% Net % Net Y/Y Q1 2010 Revenues Q1 2009 Revenues Growth Service development 18.2 18% 13.0 17% 40% Sales and marketing 33.5 33% 31.6 41% 6% General and administrative 11.1 11% 12.4 16% (10%) Amortization of intangible assets 0.2 -- 0.2 -- -- Total operating expenses 63.0 62% 57.2 74% 10%
Total operating expenses increased 10% for the first quarter of 2010 compared to the first quarter of 2009. Total operating expenses were 62% of net revenues, a decrease of 12 percentage points compared to the prior year quarter.
Service development expense consists of expenses related to technology and our product offering, including our websites, platforms, other system development and our supplier relations function. Service development expense increased 40% compared to the prior year quarter, mainly driven by an increase in headcount and higher employee compensation. As a percentage of net revenues, service development increased from 17% a year ago to 18% in the first quarter of 2010.
Sales and marketing expenses for the first quarter of 2010 increased 6% over the prior year quarter, mainly driven by increased marketing promotion expenses, partially offset by decreased headcount. Sales and marketing expenses decreased to 33% of net revenues in the first quarter of 2010 from 41% in the same quarter of the prior year.
General and administrative expenses for the first quarter of 2010 decreased 10% compared to the prior year quarter, mainly driven by a decrease in professional fees. General and administrative expenses decreased to 11% of net revenues in the first quarter of 2010 from 16% in the same quarter of the prior year.
Other income/(expense) which represents interest income, foreign exchange gains/(losses) and other income/expense, was RMB1.8 million in the first quarter of 2010 compared to RMB5.7 million in the first quarter of 2009, driven primarily by a decrease in interest income.
Net income for the first quarter of 2010 was RMB5.9 million, compared to net income of RMB2.0 million during the prior year quarter.
Net income per ADS and diluted net income per ADS for the first quarter of 2010 were RMB0.26 and RMB0.24, respectively, compared to net income per ADS and diluted net income per ADS of RMB0.08 in the prior year quarter.
Acquisitions
We consider acquisitions or affiliations with businesses in areas that may provide incremental revenue and support our further development. As part of this strategy, we have recently completed the acquisitions of certain online hotel reservation businesses in China, including SunnyChina.com and Sinohotel.com
-- SunnyChina.com is a predominantly online provider of hotel booking services. The company is based in Xi'an. -- Sinohotel.com is an online hotel booking company targeting international inbound travelers to China. The company is based in Beijing. Business Outlook
eLong currently expects net revenues for the second quarter of 2010 to be within the range of RMB102 million to RMB111 million, equal to an increase of 25% to 35% compared to the second quarter of 2009.
BEIJING, Aug. 16 /PRNewswire-Asia/ -- eLong, Inc. , a leading online travel service provider in China, today reported unaudited financial results for the second quarter ended June 30, 2010.
(Logo: http://photos.prnewswire.com/prnh/20041118/ELONGLOGO ) (Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights -- Second Quarter 2010 -- Net revenues increased 45% to RMB118.9 million, compared to RMB81.9 million in the second quarter of 2009. -- Income from operations increased 152% to RMB16.1 million, compared to RMB6.4 million in the second quarter of 2009. Operating margin was 13.6% compared to 7.8% in the second quarter of 2009. -- Operating Income Before Amortization ("OIBA")(Non-GAAP)(*) increased 136% to RMB20.8 million, compared to RMB8.8 million in the second quarter of 2009. -- Domestic hotel coverage network expanded by 40% to 12,200 domestic hotels compared to 8,700 a year ago. More than 10,000 of these hotels participate in our eCoupon program. In addition, we offer more than 120,000 international hotels. -- In August 2010, received the "2010 Best Call Center in China" award from the China Federation of IT Promotion.
"eLong is the largest online travel marketplace in China in terms of hotels available for direct booking. With our rich selection of hotels and highly competitive eCoupon program, eLong.com is becoming a preferred hotel booking choice for more and more consumers in China," said Guangfu Cui, Chief Executive Officer of eLong.
"In the second quarter, strong online hotel growth, increasing average selling prices and improving operating efficiencies allowed us to deliver record net revenues and record income from operations," said Mike Doyle, Chief Financial Officer of eLong.
(Logo: http://photos.prnewswire.com/prnh/20041118/ELONGLOGO ) (Logo: http://www.newscom.com/cgi-bin/prnh/20041118/ELONGLOGO ) Highlights -- Second Quarter 2010 -- Net revenues increased 45% to RMB118.9 million, compared to RMB81.9 million in the second quarter of 2009. -- Income from operations increased 152% to RMB16.1 million, compared to RMB6.4 million in the second quarter of 2009. Operating margin was 13.6% compared to 7.8% in the second quarter of 2009. -- Operating Income Before Amortization ("OIBA")(Non-GAAP)(*) increased 136% to RMB20.8 million, compared to RMB8.8 million in the second quarter of 2009. -- Domestic hotel coverage network expanded by 40% to 12,200 domestic hotels compared to 8,700 a year ago. More than 10,000 of these hotels participate in our eCoupon program. In addition, we offer more than 120,000 international hotels. -- In August 2010, received the "2010 Best Call Center in China" award from the China Federation of IT Promotion.
"eLong is the largest online travel marketplace in China in terms of hotels available for direct booking. With our rich selection of hotels and highly competitive eCoupon program, eLong.com is becoming a preferred hotel booking choice for more and more consumers in China," said Guangfu Cui, Chief Executive Officer of eLong.
"In the second quarter, strong online hotel growth, increasing average selling prices and improving operating efficiencies allowed us to deliver record net revenues and record income from operations," said Mike Doyle, Chief Financial Officer of eLong.
Expedia, Inc. Acquires Stake in eLong, Inc. from Renren Inc.
BEIJING, Nov. 21, 2011 /PRNewswire via COMTEX/ --
Expedia, Inc. (NASDAQ: EXPE) ("Expedia"), the world's largest online travel company, and Renren Inc. (NYSE: RENN) ("Renren"), China's leading real-name social networking internet platform, jointly announced today that Renren has sold its investment in eLong, Inc. (NASDAQ: LONG) ("eLong") to Expedia for approximately $72.4 million, or $23 per ADS.
"We're pleased to have an opportunity to increase our investment in eLong as we see China as a key market in our efforts to expand internationally," said Dara Khosrowshahi, President and Chief Executive Officer of Expedia. "We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success."
"Our early investment in eLong helped us build mutually beneficial commercial ties as well as generate strong returns for our shareholders. Renren and eLong will continue to work on a number of joint initiatives, including Nuomi hotel group-buy, one of the largest hotel group-buy sites in China. We will continue this strong relationship with eLong and deliver more popular products together moving forward," commented Joseph Chen, Chairman and Chief Executive Officer of Renren.
"Renren will continue to be a valued business partner to us, and we look forward to future cooperation with Renren," said Guangfu Cui, eLong's Chief Executive Officer.
BEIJING, Nov. 21, 2011 /PRNewswire via COMTEX/ --
Expedia, Inc. (NASDAQ: EXPE) ("Expedia"), the world's largest online travel company, and Renren Inc. (NYSE: RENN) ("Renren"), China's leading real-name social networking internet platform, jointly announced today that Renren has sold its investment in eLong, Inc. (NASDAQ: LONG) ("eLong") to Expedia for approximately $72.4 million, or $23 per ADS.
"We're pleased to have an opportunity to increase our investment in eLong as we see China as a key market in our efforts to expand internationally," said Dara Khosrowshahi, President and Chief Executive Officer of Expedia. "We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success."
"Our early investment in eLong helped us build mutually beneficial commercial ties as well as generate strong returns for our shareholders. Renren and eLong will continue to work on a number of joint initiatives, including Nuomi hotel group-buy, one of the largest hotel group-buy sites in China. We will continue this strong relationship with eLong and deliver more popular products together moving forward," commented Joseph Chen, Chairman and Chief Executive Officer of Renren.
"Renren will continue to be a valued business partner to us, and we look forward to future cooperation with Renren," said Guangfu Cui, eLong's Chief Executive Officer.
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eLong Announces Completion Of Going Private Transaction
May 31, 2016
BEIJING, May 31, 2016 /PRNewswire/ -- eLong, Inc. ("eLong" or the "Company") (NASDAQ: LONG), a leading mobile and online travel service provider in China, today announced the completion of its merger (the "merger") with China E-dragon Mergersub Limited ("Merger Sub"), a wholly-owned subsidiary of China E-dragon Holdings Limited ("Parent"), pursuant to the agreement and plan of merger (the "merger agreement") dated February 4, 2016 and amended on April 1, 2016 by and among Parent, Merger Sub and the Company. As a result of the merger, the Company ceased to be a publicly-traded company and became a wholly-owned subsidiary of Parent.
Under the terms of the merger agreement, (a) each of the Company's ordinary shares (including ordinary shares designated as "ordinary shares" and ordinary shares designated as "high-vote ordinary shares"), par value US$0.01 per share (each a "Share") issued and outstanding immediately prior to the effective time of the merger, has been canceled in exchange for the right to receive US$9.00 in cash per Share without interest, and (b) each of the Company's American depositary shares (each an "ADS"), each representing two ordinary shares (which are designated as "ordinary shares"), together with the Shares underlying such ADS issued and outstanding immediately prior to the effective time of the merger, has been canceled in exchange for the right to receive US$18.00 in cash per ADS without interest (less US$0.05 per ADS cancellation fees), in each case, net of any applicable withholding taxes, other than (i) Shares (including Shares represented by ADSs) beneficially owned by certain rollover shareholders, (ii) Shares (including Shares represented by ADSs) owned by Parent, the Company, or their respective direct or indirect subsidiaries, (iii) Shares (including Shares represented by ADSs) reserved for the issuance, settlement and allocation upon exercise or vesting of the options and restricted share units of the Company granted under its equity incentive plans (Shares described under (i) through (iii) above are collectively referred to herein as the "Excluded Shares"), and (iv) Shares owned by shareholders who have validly exercised and have not effectively withdrawn or lost their dissenters' rights under the Cayman Islands Companies Law.
Shareholders of record as of the effective time of the merger who are entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration (net of any applicable withholding taxes). Shareholders should wait to receive the letter of transmittal before surrendering their share certificates. As soon as practicable after this announcement, JPMorgan Chase Bank, N.A. (the "ADS Depositary") will call for the surrender of all ADSs (other than any ADS that represents Excluded Shares) for delivery of the merger consideration. Upon the surrender of ADSs, the ADS Depositary will pay to the surrendering holders US$18.00 per ADS surrendered in cash without interest (less US$0.05 per ADS cancellation fees) and net of any applicable withholding taxes.
The Company also announced today that it has requested that trading of its ADSs on the NASDAQ Global Select Market ("NASDAQ") be suspended, and that NASDAQ file with the Securities and Exchange Commission (the "SEC") a notification on Form 25 to delist the Company's ADSs and remove the Company's ordinary shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The deregistration is expected to become effective within 90 days of the filing of Form 25 or such shorter period as may be determined by the SEC. The Company intends to file with the SEC, ten days after NASDAQ files the Form 25, a Form 15 suspending the Company's reporting obligations under the Exchange Act and withdrawing the registration of the Company's ordinary shares under the Exchange Act. The Company's obligations to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Company's ordinary shares becomes effective.
May 31, 2016
BEIJING, May 31, 2016 /PRNewswire/ -- eLong, Inc. ("eLong" or the "Company") (NASDAQ: LONG), a leading mobile and online travel service provider in China, today announced the completion of its merger (the "merger") with China E-dragon Mergersub Limited ("Merger Sub"), a wholly-owned subsidiary of China E-dragon Holdings Limited ("Parent"), pursuant to the agreement and plan of merger (the "merger agreement") dated February 4, 2016 and amended on April 1, 2016 by and among Parent, Merger Sub and the Company. As a result of the merger, the Company ceased to be a publicly-traded company and became a wholly-owned subsidiary of Parent.
Under the terms of the merger agreement, (a) each of the Company's ordinary shares (including ordinary shares designated as "ordinary shares" and ordinary shares designated as "high-vote ordinary shares"), par value US$0.01 per share (each a "Share") issued and outstanding immediately prior to the effective time of the merger, has been canceled in exchange for the right to receive US$9.00 in cash per Share without interest, and (b) each of the Company's American depositary shares (each an "ADS"), each representing two ordinary shares (which are designated as "ordinary shares"), together with the Shares underlying such ADS issued and outstanding immediately prior to the effective time of the merger, has been canceled in exchange for the right to receive US$18.00 in cash per ADS without interest (less US$0.05 per ADS cancellation fees), in each case, net of any applicable withholding taxes, other than (i) Shares (including Shares represented by ADSs) beneficially owned by certain rollover shareholders, (ii) Shares (including Shares represented by ADSs) owned by Parent, the Company, or their respective direct or indirect subsidiaries, (iii) Shares (including Shares represented by ADSs) reserved for the issuance, settlement and allocation upon exercise or vesting of the options and restricted share units of the Company granted under its equity incentive plans (Shares described under (i) through (iii) above are collectively referred to herein as the "Excluded Shares"), and (iv) Shares owned by shareholders who have validly exercised and have not effectively withdrawn or lost their dissenters' rights under the Cayman Islands Companies Law.
Shareholders of record as of the effective time of the merger who are entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration (net of any applicable withholding taxes). Shareholders should wait to receive the letter of transmittal before surrendering their share certificates. As soon as practicable after this announcement, JPMorgan Chase Bank, N.A. (the "ADS Depositary") will call for the surrender of all ADSs (other than any ADS that represents Excluded Shares) for delivery of the merger consideration. Upon the surrender of ADSs, the ADS Depositary will pay to the surrendering holders US$18.00 per ADS surrendered in cash without interest (less US$0.05 per ADS cancellation fees) and net of any applicable withholding taxes.
The Company also announced today that it has requested that trading of its ADSs on the NASDAQ Global Select Market ("NASDAQ") be suspended, and that NASDAQ file with the Securities and Exchange Commission (the "SEC") a notification on Form 25 to delist the Company's ADSs and remove the Company's ordinary shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The deregistration is expected to become effective within 90 days of the filing of Form 25 or such shorter period as may be determined by the SEC. The Company intends to file with the SEC, ten days after NASDAQ files the Form 25, a Form 15 suspending the Company's reporting obligations under the Exchange Act and withdrawing the registration of the Company's ordinary shares under the Exchange Act. The Company's obligations to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Company's ordinary shares becomes effective.
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