Company Website:
http://in.rediff.com/index.html
MUMBAI, India -- (Business Wire)
In compliance with the NASDAQ Rule 5250(c)(2), which requires that each
foreign private issuer with securities listed on the NASDAQ distribute
interim financial information within six months following the end of
such foreign private issuer's second fiscal quarter, Rediff.com India
Limited hereby publishes its unaudited consolidated balance sheet as of
September 30, 2013 and its unaudited consolidated statement of
comprehensive loss for the six months ended September 30, 2013. It
should be noted that the financial statements set forth in this press
release are subject to audit and while no significant changes are
anticipated, an audit could result in adjustments which would result in
the audited numbers varying from the financial statements set forth
below.
REDIFF.COM INDIA LIMITED |
CONSOLIDATED BALANCE SHEETS |
As of March 31, 2013 and September 30, 2013 |
(All figures in US$ million) |
|
|
|
|
|
| As of March 31, 2013 |
|
|
|
| As of September 30, 2013 |
| | | | | | | | | |
|
| | | | | (Audited) | | | | | (Unaudited) |
Assets | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | |
Cash and cash equivalents
| | | | |
20.02
| | | | | |
15.99
| |
Trade accounts receivables, net
| | | | |
3.77
| | | | | |
3.19
| |
Prepaid expenses and other current assets
| | | | |
0.93
| | | | | |
5.14
| |
Total current assets | | | | | 24.72 | | | | | | 24.32 | |
Property, plant and equipment, net
| | | | |
5.78
| | | | | |
4.44
| |
Intangible assets, net
| | | | |
1.92
| | | | | |
1.49
| |
Investment, at cost
| | | | |
1.40
| | | | | |
-
| |
Recoverable Taxes
| | | | |
2.99
| | | | | |
1.47
| |
Other non-current assets
| | | | |
1.04
| | | | | |
1.07
| |
Total non-current asset | | | | | 13.13 | | | | | | 8.47 | |
Total assets | | | | | 37.85 | | | | | | 32.79 | |
| | | | | | | | | |
|
Liabilities and shareholders’ equity | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | |
Accounts payable and accrued liabilities
| | | | |
5.45
| | | | | |
4.63
| |
Customer advances and unearned revenues
| | | | |
1.51
| | | | | |
1.51
| |
Total current liabilities | | | | | 6.96 | | | | | | 6.14 | |
Deferred tax liability
| | | | |
0.19
| | | | | |
0.16
| |
Other non-current liabilities
| | | | |
0.89
| | | | | |
1.04
| |
Total non-current liabilities | | | | | 1.08 | | | | | | 1.20 | |
Total Liabilities | | | | | 8.04 | | | | | | 7.34 | |
Shareholders’ equity | | | | | | | | | | | | |
Equity share capital: Issued and outstanding
| | | | |
1.76
| | | | | |
1.76
| |
Additional paid in capital
| | | | |
131.71
| | | | | |
131.93
| |
Accumulated other comprehensive loss
| | | | |
(11.53
|
)
| | | | |
(15.30
|
)
|
Accumulated deficit
| | | | |
(87.70
|
)
| | | | |
(88.51
|
)
|
Treasury shares, at cost (See note below)
| | | | |
(4.43
|
)
| | | | |
(4.43
|
)
|
Total shareholders’ equity | | | | | 29.81 | | | | | | 25.45 | |
Total liabilities and shareholders' equity | | | | | 37.85 | | | | | | 32.79 | |
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
REDIFF.COM INDIA LIMITED |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
For each of the half years ended September 30, 2012 and 2013 |
(All figures in US$ million) |
|
|
|
|
|
| Half year ended September 30, |
| | | | | 2012 |
|
|
|
| 2013 |
| | | | | (Unaudited) | | | | | (Unaudited) |
Revenues | | | | | | | | | | | | |
India Online
| | | | |
5.79
| | | | | |
6.55
| |
US Publishing
| | | | |
1.72
|
| | | | |
1.52
|
|
Total revenues
| | | | | 7.51 |
| | | | | 8.07 |
|
Cost of Revenues (excluding depreciation and amortization
separately disclosed below) | | | | | | | | | | | | |
India Online
| | | | |
3.74
| | | | | |
3.87
| |
US Publishing
| | | | |
1.26
|
| | | | |
1.04
|
|
Total cost of revenues
| | | | | 5.00 |
| | | | | 4.91 |
|
Gross margin | | | | | 2.51 |
| | | | | 3.16 |
|
Operating Expenses | | | | | | | | | | | | |
Sales and marketing
| | | | |
1.58
| | | | | |
1.75
| |
Product development
| | | | |
1.32
| | | | | |
1.10
| |
Depreciation and amortization
| | | | |
1.81
| | | | | |
1.63
| |
General and administrative
| | | | |
3.75
| | | | | |
3.40
| |
Foreign exchange (gain) loss, net
| | | | |
0.02
|
| | | | |
(0.08
|
)
|
Total operating expenses | | | | | 8.48 |
| | | | | 7.80 |
|
Operating loss | | | | | (5.97 | ) | | | | | (4.64 | ) |
Other income (expense), net | | | | | | | | | | |
Interest income
| | | | |
0.97
| | | | | |
0.67
| |
Gain on sale of investment
| | | | |
-
| | | | | |
2.74
| |
Miscellaneous income
| | | | |
0.04
|
| | | | |
0.42
|
|
Total other income, net | | | | | 1.01 |
| | | | | 3.83 |
|
Loss before income taxes | | | | | (4.96 | ) | | | | | (0.81 | ) |
Income tax expense
| | | | |
-
|
| | | | |
-
|
|
Net loss | | | | | (4.96 | ) | | | | | (0.81 | ) |
| | | | | | | | | | | |
|
Note:
The company established an ESOP trust for the benefit of the employees
and purchased 1,015,000 shares (equivalent to 2,030,000 ADS). These
shares are treated as treasury stock.
About Rediff.com
Rediff.com (NASDAQ: REDF) is one of the premier worldwide online
providers of news, information, communication, entertainment and
shopping services to Indians worldwide. Founded in 1996, Rediff.com is
headquartered in Mumbai, India with offices in New Delhi, India and New
York, USA.
Safe Harbor:
Except for historical information and discussions contained herein,
statements included in this release may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and reflect our current expectations. Forward-looking
statements are identified by certain words or phrases such as "may,"
"will," "aim,, "will likely result," "believe," "expect," "will
continue," "anticipate," "estimate," "intend," "plan," "contemplate,"
"seek to," "future," "objective," "goal," "project," "should," "will
pursue" and similar expressions or variations of such expressions. These
statements involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially from those that may
be projected by these forward looking statements. These risks and
uncertainties include but are not limited to the slowdown in the
economies worldwide and in the sectors in which our clients are based,
the slowdown in the Internet and IT sectors world-wide, competition,
success of our past and future acquisitions, attracting, recruiting and
retaining highly skilled employees, technology, acceptance of new
products and services, the development of broadband Internet and 3G
networks in India, legal and regulatory policies, managing risks
associated with customer products, the wide spread acceptance of the
Internet as well as other risks detailed in the Form 20-F and other
reports filed by Rediff.com India Limited with the U.S. Securities and
Exchange Commission. Rediff.com India Limited and its subsidiaries may,
from time to time, make additional written and oral forward looking
statements, including statements contained in the Company's filings with
the Securities and Exchange Commission and our reports to shareholders.
Rediff.com India Limited does not undertake to update any
forward-looking statement that may be made from time to time by or on
behalf of the Company.
Contacts:
Rediff.com India Ltd.
Mandar Narvekar
Investor
Relations and Corporate Affairs Contact
+91-22-6182 0000
investor@rediff.co.in
or
GW
Communications (U.S.A.)
Glenn Wiener and Jay Morakis
212-786-6011
/ 212-786-6037
gwiener@GWCco.com
/ jmorakis@GWCco.com
Source: Rediff.com India Limited
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