EmailGiant Interactive (GA $7.93 +0.36) reported second quarter earnings of
$0.18 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.15.
Revenues rose 8.2% year/year to $67.5 million versus the $64.4 million
consensus.
The company also announced that its Board approved a Special Cash Dividend of
US$3.00 per share.
"Recently there has been speculation and criticism about our commitment to
invest in a privately held insurance company. Although I believe this investment
would have been extremely profitable and low-risk for the Company, I will
respect the capital market's perspective. The Board of Directors has approved
that Giant releases this investment commitment and that I take it over
personally. As our online game revenue continues to grow, generating strong free
cash flow from operations, we are happy to announce a significant special cash
dividend of US$3.00 per share, to return value to shareholders. After payment of
the special dividend, we will continue to maintain a strong debt-free balance
sheet with approximately US$238.0 million, or approximately US$1.00 per share in
cash and cash equivalents remaining on hand. In light of the current capital
markets climate, with investors increasingly focusing on transparency and uses
of cash, we hope this dividend payment will reassure investors of the
fundamental strength of our business."
The Company expects other revenue to decrease in the third quarter 2011.
However, given the continued growth of ZT Online 2, the Company expects
continued online game revenue and net revenue growth in the third quarter 2011.
than one year.
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