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SUNNYVALE, Calif. - July 20, 2000 - SINA.com (Nasdaq: SINA), a leading Internet media and services company for Chinese communities worldwide, today announced earnings results for the fourth quarter and fiscal year 2000 ended June 30, 2000.SINA.com reported consolidated net revenues of $5.8 million for the fourth fiscal quarter ended June 30, 2000, an increase of 474 percent compared to net revenues of $1.0 million for the fourth quarter of fiscal 1999, and a sequential increase of 58 percent over net revenues of $3.6 million for the third fiscal quarter ended March 31, 2000. Pro forma net loss for the quarter was $6.9 million or $0.18 per share, excluding non-cash charges for amortization of intangibles and stock-based deferred compensation. This compares to a pro forma net loss of $2.9 million or $0.12 per share for the fourth quarter of fiscal 1999 and a pro forma net loss of $6.7 million or $0.20 per share last quarter. Including these non-cash charges, net loss for the fourth quarter of fiscal 2000 was $12.1 million or $0.35 per share. This compares to the net loss of $7.1 million or $1.01 per share for the fourth quarter of fiscal 1999.
Advertising revenues for the fourth quarter ended June 30, 2000 amounted to $4.9 million an increase of 1140 percent compared to $0.4 million for the fourth quarter of fiscal 1999, and a sequential increase of 60 percent over advertising revenues of $3.1 million for the third quarter ended March 31, 2000.
For fiscal year 2000, net revenues were $14.2 million, 287 percent higher than the pro forma net revenues of $3.7 million for fiscal year 1999. Pro forma net loss for fiscal year 2000 was $25.1 million or $0.78 per share, excluding non-cash charges for amortization of intangibles and stock-based deferred compensation and stock accretion. This compared to a pro forma net loss of $7.5 million or $0.41 per share for fiscal year 1999. Pro forma results combined the historical results of SINA.com and Sinanet.com, a California based Internet company acquired in March 1999 and assumed conversion of all outstanding preferred shares into ordinary shares. Including the non-cash charges, net loss for fiscal year 2000 was $51.1 million or $3.44 per share, compared to an actual net loss of $9.4 million or $1.72 per share for fiscal year 1999."SINA.com's outstanding financial results from the past quarter and fiscal year reflect our sound business model and exceptional execution," said Zhidong Wang, President and Chief Executive Officer of SINA.com. "We are especially pleased that our online advertising revenues continued to surge while the industry in general has been reporting a slowdown. SINA.com's unique international reach combined with localized services in our primary markets of China, Taiwan, Hong Kong and North America have contributed to our tremendous growth and further strengthened our leadership position in the Chinese Internet market."
At the end of June 2000, SINA.com global registered users exceeded 7 million and its monthly averaged daily pageviews increased to 34 million. Earlier this month, the Chinese Olympics Committee, citing SINA.com's vast global reach and deep local penetration, selected the Internet company as China's official online sponsor for the 2000 Summer Olympics.
"Over the past year, SINA.com's content and services have attracted users and business partners alike. Our success has been achieved with our SINA Everywhere strategy, which focuses on bringing the convenience and excitement of SINA to our users at work, at home and via wireless handsets on the road," said Daniel Mao, Chief Operating Officer of SINA.com. "We are pleased with our expanded service platform and look forward to continuing to deliver the best branded products and services for users, advertisers and business partners worldwide."
During fiscal year 2000, SINA.com greatly expanded its service platform to provide added value to audiences worldwide. While continuing to deliver comprehensive content, the company launched e-commerce platforms such as online shopping and auctioning, communications application services such as free web-based email and the first free wireless application protocol (WAP) portal in China, along with community-building features such as various theme clubs.
ABOUT SINA.com
SINA.com is a leading Internet media and services company for Chinese communities worldwide, offering on-line news, entertainment, community and e-commerce. SINA.com offers a Chinese-language network of four localized Web sites that are produced and updated daily by local teams in China, Hong Kong, Taiwan and North America.
Voted number one by China Internet users in both the July 1999 and January 2000 semi-annual surveys conducted by the China Internet Network Information Centre, or CNNIC, SINA.com is a popular website for the world's largest population group. As of May 2000, SINA.com had over 27 million average daily page views and 6 million registered users.
To learn more about SINA.com, visit the company's corporate site at http://www.sina.com/corp , or regional sites at http://www.sina.com.cn, http://sina.com.hk and http://www.sina.com.twSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, SINA.com's historical and future losses, limited operating history, uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results and our reliance on advertising sales for revenue. Further information regarding these and other risks is included in SINA.com's prospectus dated April 12, 2000 and in its other filings with the Securities and Exchange Commission.
For more information
At SINA.com.hk
Cindy Lee
Tel: (852)2155-8858
Fax: (852)2295-3630
Email: cindy@staff.sina.com
Website: http://www.sina.com.hk