China Interdye 2015 and China Textile Printing 2015 to Take Palce in Shanghai this April

SHANGHAI, March 19, 2015 /PRNewswire/ — China Interdye 2015 and China Textile Printing 2015, organized by China Dyestuff Industry Association, China Dyeing and Printing Association, and China Council for the Promotion of International Trade, Shanghai Sub-Council and hosted by Shanghai International Exhibition Service Co., Ltd., will be held at the Shanghai World Expo Exhibition & Convention Center (SWEECC) from April 15th to 17th, 2015. The 40,000-square meter exhibition area will house over 600 exhibitors from more than 14 countries and regions. Exhibits will include a variety of advanced environmentally-friendly dyestuffs, organic pigments, catalysts, intermediates and environmentally-sound equipment as well as textile printing products and equipment, printing and dyeing automation technologies and materials.

The world’s largest dyestuff exhibition continues to lead development trends across the sector

With the rapid changes taking place in the world economy, many kinds of new fibers and blended fabric products are constantly being developed to meet the specific requirements of consumers, which, in turn, boosts domestic demand for high-end dye with better dyeing properties and unique dyeing characteristics. Environmentally friendly new dyestuff products and new application technologies will be presented by well-known domestic and foreign producers including Dystar, Tanatex Chemicals, Huntsman, Yorkshire Chemicals, Pulcra Chemicals, Asahi Glass, Daikin, Lamberti s.p.a, Bozzetto, Rudolf Group, Duo Wen, Zhejiang Longsheng Group  (Lonsen), Run Tu Chemical, JiHua Chemical Industry, Yabang Chemical Group, Wuhan Huali Environmental Technology, Transfar, Dymatic, Anoky, Argus, Merida, JECO (Group) Ltd, Wuxi Haijiang Printing and Dyeing and Jingjin Environmental Protection.

During the exhibition many professional seminars will be held concurrently by various industry associations including the China Dyeing and Printing Association, the China Cotton Textile Association, the China Knitting Industry Association and the Color Masterbatch Speciality, Catalyst and Organic Pigment Committees under the China Dyestuff Industry Association. Leading players including Dymatic, Anoky, Intertek, Testex and Xrite will hold technology sharing seminars where advanced technologies and concepts will be recommended and where a venue will be created for networking opportunities that could lead to meaningful exchanges and collaborations among industry insiders.

Build a platform for “green printing” and promote the transformation of the industry

In recent years, China has been encouraging the printing industry to develop in non-polluting methodologies that consume little energy. It behooves industry leaders to implement “green printing” in terms of equipment, technology and materials. The industry is at a turning point in terms of its transformation as manpower costs are soaring. Digital printing will become mainstream, and the future development of the industry is depending on it. China Textile Printing 2015 will create a “green printing” communication platform based on the exhibition. Leading domestic and foreign printing equipment makers, including Italian Reggiani, MS, Durst, Zimmer, Ichinose, Atexco and Human Digital will bring their latest digital printing technologies to the venue. Face-to-face communication will help the printing equipment makers decide the future direction of development, understand the market trend and push the companies to upgrade.

Digital and intelligent technologies take the leading role in innovation-driven companies

At the 2014 State Science and Technology Prize conference, the digital automatic bobbin dyeing technology and equipment developed by Shandong Companion Group was awarded the first prize of the National Science and Technology Progress Award for 2014. Digital automatic bobbin dyeing technology is a major breakthrough for China’s textile printing and dyeing industry as it moves into digital and intelligent applications. The technology is key if China is to produce high-grade fabrics that improve the product’s functionality and increases its value. Shandong Companion Group will share an exhibit for the first time and plans to display advanced automation products and technologies side by side with other leading printing and dyeing automation companies like: Open Source, Phantom Technology, GreenEnsign New Energy, Shanghai Chain-Lih Automation and Golden Color Digital.

Interdye Asia continues to provide a stage for the industry to explore the international market

In the future, transnational production, regionalization of production and marketing as well as trade liberalization will be on the rise. As a result, the tendency towards globalization will become increasingly apparent. It is inevitable that China’s pigment manufacturers will reduce the size or shut down production facilities at home and transfer their production capacity to emerging markets as they expand into world markets. Interdye Asia has had 4 successful sessions since 2011, with events in India, Turkey, Indonesia and Vietnam. Industry insiders pay special attention to Interdye Asia and are active and engaged attendees. This year Interdye Asia will return to India and be held at Ahmedabad from December 10th to12th, paving the way for China-based dyestuff companies to expand into international markets, create globally recognized Chinese brands, improve the quality of service, facilitate B2B meetings, and create conditions for realizing mutually beneficial cooperation.

For more information, please visit:
Official Website of China Interdye: www.chinainterdye.com
Official Website of China Textile Printing: www.chinatextileprinting.com
Official QQ for the Exhibition: 800077290
Wechat account: chinainterdye

Media Contact:
Ma Yang
+86-21-6279-2828 ext.287
mayang@siec-ccpit.com

Read More

Jumei Reports Unaudited Fourth Quarter and Full Year 2014 Financial Results

BEIJING, March 17, 2015 /PRNewswire/ — Jumei International Holding Limited (NYSE: JMEI) (“Jumei” or the “Company”), China’s leading online retailer of beauty products, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2014. The Company will host a conference call to discuss the results at 8:30 AM U.S. Eastern Daylight Time on March 17, 2015 (8:30 PM China time on the same day).

Fourth Quarter 2014 Highlights

  • Total net GMV[1] decreased by 3.0% year-over-year to US$235.2 million, primarily due to a decrease in total orders[2], partially offset by an increase in the number of active customers[3].
  • Net revenues increased by 18.5% year-over-year to US$166.0 million.
  • The number of active customers increased by 2.1% year-over-year to 4.8 million.
  • The number of total orders decreased by 5.9% from the same period last year to 9.6 million.
  • Gross profit as a percentage of net revenues decreased to 30.4% from 42.6% in the same period of 2013. Gross profit as a percentage of total net GMV decreased to 21.4% from 24.6% in the same period of 2013. The decreases were primarily due to the Company’s shift in strategy from beauty product marketplace sales to merchandise sales that started in September 2014.
  • Net income attributable to Jumei’s ordinary shareholders increased to US$10.7 million from a net loss attributable to Jumei’s ordinary shareholder of US$15.5 million in the same period of 2013. Net margin attributable to Jumei’s ordinary shareholders was 6.4%, compared with negative 11.0% in the same period of 2013.
  • Non-GAAP net income attributable to Jumei’s ordinary shareholders[4] was US$11.7 million, a decrease of 25.5% from the same period of 2013. Non-GAAP net margin attributable to Jumei’s ordinary shareholders[5] was 7.0%, compared with 11.2% in the same period of 2013.

Full Year 2014 Highlights

  • Total net GMV increased by 30.9% year-over-year to US$1.07 billion, primarily due to the increases in the number of active customers and total orders.
  • Net revenues increased by 31.0% year-over-year to US$632.9 million.
  • The number of active customers increased by 26.7% year-over-year to 13.3 million.
  • Total orders increased by 18.3% year-over-year to 42.6 million.
  • Gross profit as a percentage of net revenues decreased to 39.5% from 41.3% in 2013. Gross profit as a percentage of total net GMV decreased to 23.4% from 24.5% in 2013. The decreases were primarily due to the Company’s shift in strategy from beauty product marketplace sales to merchandise sales that started in September 2014.
  • Net income attributable to Jumei’s ordinary shareholders was US$56.0 million, compared with US$15.8 million in 2013. Net margin attributable to Jumei’s ordinary shareholders was 8.8%, compared with 3.3% in 2013.
  • Non-GAAP net income[6] was US$72.3 million, compared with US$57.8 million in 2013. Non-GAAP net income attributable to Jumei’s ordinary shareholders was US$62.4 million, compared with US$48.6 million in 2013. Non-GAAP net margin attributable to Jumei’s ordinary shareholders was 9.9%, compared with 10.1% in 2013.

[1]

“Net GMV” means the sum of (i) net revenues generated from merchandise sales, and (ii) net revenues generated from marketplace services plus corresponding payables to third-party merchants;

[2]

“Total orders” means the total number of orders placed during a period, excluding rejected or returned orders;

[3]

“Active customer” means a customer that made at least one purchase during a specified period;

[4]

“Non-GAAP net income attributable to Jumei’s ordinary shareholders” is a non-GAAP financial measure defined as net income attributable to Jumei’s ordinary shareholders excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results”.

[5]

“Non-GAAP net margin attributable to Jumei’s ordinary shareholders” is a non-GAAP financial measure defined as Non-GAAP net income attributable to Jumei’s ordinary shareholders divided by net revenues. See “Use of Non-GAAP Financial Measures.”

[6]

“Non-GAAP net income” is a non-GAAP financial measure defined as net income excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measures.”

Mr. Leo Chen, founder and CEO of Jumei, stated, “We are pleased to report a solid recovery of our business as we record our eleventh consecutive quarter of profitability on a non-GAAP basis. While fourth quarter 2014 was a full transitional quarter during which we no longer had beauty product marketplace business, we are very encouraged by the strong first quarter 2015 outlook that we are able to share with you today. The particularly strong sequential and year-on-year net revenue guidance indicates a strong recovery driven by Jumei Global which witnessed rapid growth from late December 2014. Not only were we able to fully replace former beauty product marketplace SKUs with Jumei Global, we were also able to achieve what we believe is best-in-class quality control and customer satisfaction. Jumei passed every test with a 100% authenticity rating during multiple e-commerce product sampling tests performed by State Administration for Industry and Commerce in 2014. In a report published on March 13, 2015 by the China e-Business Research Center, a well-known independent e-commerce research firm, Jumei was among the two e-commerce companies out of 20 that achieved five star status and the highest levels of customer satisfaction in 2014. The report was based on a large sample size of approximately 100,000 customer feedback.

By offering direct purchase from brand, competitive pricing and fast delivery speed, Jumei Global is currently the largest cross border ecommerce platform in China and a crucial part of Jumei’s growth strategy in 2015. “

Unaudited Fourth Quarter 2014 Financial Results

Total net revenues were US$166.0 million, an increase of 18.5% from US$140.1 million in the fourth quarter of 2013. The increase was primarily attributable to the increase in the number of active customers and the shift from beauty product marketplace sales to merchandise sales.

Gross profit was US$50.4 million, a decrease of 15.4% from US$59.6 million in the fourth quarter of 2013. Gross profit as a percentage of net revenues decreased to 30.4% from 42.6% in the same period of 2013. Gross profit from merchandise sales as a percentage of net GMV of merchandise sales decreased to 25.3% from 31.9% in the same period of 2013, and gross profit as a percentage of net GMV decreased to 21.4% from 24.6% in the same period of 2013. The decrease was primarily due to the shift from beauty product marketplace sales to merchandise sales.

Total operating expenses were US$46.4 million, a decrease of 34.6% from US$70.9 million in the fourth quarter of 2013. Operating expenses as a percentage of total net GMV decreased to 19.7% from 29.3% in the same period of 2013. The decrease was mainly due to a one-time share-based compensation expense of US$30.2 million incurred in the fourth quarter of 2013, but none in the fourth quarter of 2014.

  • Fulfillment expenses were US$14.8 million, a decrease of 15.9% from US$17.6 million in the same period of 2013. Fulfillment expenses as a percentage of total net GMV decreased to 6.3% from 7.3% in the same period of 2013. The decline was primarily due to a percentage decrease of fulfilled orders over total orders.
  • Marketing expenses were US$19.9 million, an increase of 20.8% from US$16.5 million in the same period of 2013. Marketing expenses as a percentage of total net GMV increased to 8.5% from 6.8% in the same period of 2013. The increase was primarily a result of the higher number of marketing campaigns and brand promotion activities that Jumei launched during the quarter, and reflects the Company’s efforts to grow its customer base and further promotion.
  • Technology and content expenses were US$7.1 million, an increase of 115.3% from US$3.3 million in the same period of 2013. Technology and content expenses as a percentage of total net GMV increased to 3.0% from 1.4% in the same period of 2013. The significant increase reflects Jumei’s continuous investments in its information technology platform and the Company’s commitment to attract top research and development talent in order to provide better technology-enabled services to both consumers and merchants.
  • General and administrative expenses were US$4.6 million, a decrease of 86.3% from US$33.5 million in the same period of 2013. General and administrative expenses as a percentage of total net GMV decreased to 1.9% from 13.8% in the same period of 2013. The significant decrease was mainly due to a decrease in related share-based compensation expenses, which declined to US$0.6 million in the fourth quarter 2014 from US$30.5 million in the same period in 2013. The fourth quarter of 2013 included a one-time share-based compensation expense of US$30.2 million.

Income from operations was US$4.0 million, a significant increase from a loss from operations of US$11.3 million in the same period of 2013.

Non-GAAP income from operations, which excludes US$1.0 million in share-based compensation expenses, was US$5.0 million, a decrease of 74.8% from US$19.8 million in the same period of 2013.

Net income attributable to Jumei’s ordinary shareholders was US$10.7 million, which compares with a net loss attributable to Jumei’s ordinary shareholders of US$15.5 million in the same period of 2013, primarily due to the one-time share-based compensation expense of US$30.2 million in 2013, and the conversion of the Company’s preferred shares into ordinary shares at the completion of our initial public offering in May 2014. Net margin attributable to Jumei’s ordinary shareholders increased to 6.4% from negative 11.0% in the same period of 2013. Net income per basic and diluted ADS attributable to Jumei’s ordinary shareholders were both US$0.07, compared with net loss per basic and diluted ADS attributable to Jumei’s ordinary shareholders of both US$0.24 for the same period of 2013.

Non-GAAP net income attributable to Jumei’s ordinary shareholders, which excludes share-based compensation expenses, was US$11.7 million, a decrease of 25.5% from US$15.7 million in the same period of 2013. Non-GAAP net margin attributable to Jumei’s ordinary shareholders decreased to 7.0% from 11.2% in the same period of 2013. Non-GAAP net income per basic and diluted ADS attributable to Jumei’s ordinary shareholders were both US$0.08, compared with both US$0.25 in the same period of 2013.

Full Year 2014 Financial Results

Net GMV increased by 30.9% year-over-year to US$1.07 billion, primarily due to a 26.7% increase in the number of active customers and an 18.3% increase in total orders.

Net revenues increased by 31.0% year-over-year to US$632.9 million, primarily driven by the increases in active customers and total orders.

The number of active customers was 13.3 million, an increase of 26.7% from 10.5 million in 2013.

The number of total orders was 42.6 million, an increase of 18.3% from 36.0 million in 2013.

Gross profit increased by 25.3% to US$250.2 million from US$199.7 million in 2013. Gross margin decreased slightly to 39.5% from 41.3% in the prior year.

Income from operations increased to US$59.4 million from US$38.3 million in the prior year. Operating margin was 9.4% compared with 7.9% in the prior year.

Non-GAAP income from operations was US$65.7 million, compared with US$71.1 million in the prior year. Non-GAAP operating margin was 10.4%, compared with 14.7% in the prior year.

Net income attributable to Jumei’s ordinary shareholders was US$56.0 million, compared with US$15.8 million in the prior year. Net margin attributable to Jumei’s ordinary shareholders was 8.8%, compared with 3.3% in the prior year.

Net income per basic and diluted ADS attributable to Jumei’s ordinary shareholders were US$0.49 and US$0.45, compared with US$0.27 and US$0.19 in the prior year.

Non-GAAP net income was US$72.3 million, compared with US$57.8 million in the prior year. Non-GAAP net income attributable to Jumei’s ordinary shareholders was US$62.4 million, compared with US$48.6 million in the prior year. Non-GAAP net margin attributable to Jumei’s ordinary shareholders was 9.9%, compared with 10.1% in the prior year.

Non-GAAP net income per basic and diluted ADS attributable to Jumei’s ordinary shareholders were US$0.54 and US$0.50, compared with US$0.82 and US$0.58 in the prior year.

Balance Sheet

As of December 31, 2014, the Company had cash and cash equivalents of US$165.4 million, and short-term investments of US$412.6 million.

Business Outlook

For the first quarter of 2015, the Company expects total net revenues to be between US$224.5 million and US$232.3 million, representing a year-over-year growth rate of approximately 45% to 50%.

These forecasts reflect the Company’s current and preliminary view, which is subject to change.

Conference Call

Jumei’s management will host a conference call on Tuesday, March 17, 2015 at 8:30 a.m. U.S. Eastern Daylight Time (8:30 p.m. Beijing/Hong Kong Time on the same day) to discuss the financial results.

The dial-in details for the earnings conference call are as follows:

Hong Kong:

800-908-575 (Toll Free)

3056-2688 (Toll/Mobile)

China:

800-803-6152 (Toll Free)

400-603-9021 (Toll/Mobile)

USA:

1-877-679-2987 (Toll Free)

646-502-5131 (Toll/Mobile)

UK:

0800-376-2927 (Toll Free)

020-7660-2114 (Toll/Mobile)

Participant PIN Code:

887327#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available after the conclusion of the conference call through 12:00 a.m. U.S. Eastern Standard Time, April 14, 2015. The dial-in details for the replay are as follows:

Hong Kong and International:

852-3060-0238

USA:

1-866-345-5132

Passcode:

214732#

A live and archived webcast of the conference call will be available on the Investor Relations section of Jumei’s website at http://jumei.investorroom.com/.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), Jumei uses non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to Jumei’s ordinary shareholders, non-GAAP operating margin, non-GAAP net margin attributable to Jumei’s ordinary shareholders, and non-GAAP net income per ADS attributable to Jumei’s ordinary shareholders, by excluding share-based compensation expenses from operating profit, net income and net income attributable to the Company’s shareholders, respectively. The Company believes these non-GAAP financial measures are important to help investors understand Jumei’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess Jumei’s core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of Jumei’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating Jumei’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

About Jumei International Holding Limited

Jumei (NYSE: JMEI) is China’s No. 1 online retailer of beauty products as measured by gross merchandise volume, with a market share of 22.1% in 2013, according to a commissioned research report by Frost & Sullivan. Jumei’s internet platform is a trusted destination for consumers to discover and purchase branded beauty products, fashionable apparel and other lifestyle products through the Company’s jumei.com website and mobile application. Leveraging its deep understanding of customer needs and preferences, as well as its strong merchandizing capabilities, Jumei has adopted multiple effective sales formats to encourage product purchases on its platform, including curated sales, online shopping mall and flash sales.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of 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” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Jumei’s strategic and operational plans, contain forward-looking statements. Jumei may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Jumei’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, results of operations and financial condition; the expected growth of the Company’s curated sales, online shopping mall and flash sales in China; the expected growth of Jumei Global, the Company’s ability to attract and retain new customers and to increase revenues generated from repeat customers; its ability to obtain the authorization of more exclusive products; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s online retailers of beauty products; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Jumei’s filings with the SEC, including its registration statement on Form F-1, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Jumei does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Jumei International Holding Limited
Mr. Sterling Song
Investor Relations Director
Phone: +86-10-5676-6983
kans@jumei.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


JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share data and per share data)

December 31, 2013

December 31, 2014

US$

US$

ASSETS

Current assets:

Cash and cash equivalents

111,402

165,407

Short-term investments

4,100

412,555

Loan receivables

2,533

Accounts receivable, net

2,807

4,403

Inventories

32,653

101,613

Advances to suppliers

22,343

8,759

Prepayments and other current assets

9,289

32,852

Deferred tax assets

292

424

Total current assets

182,886

728,546

Noncurrent assets:

Property, equipment and software, net

5,394

8,289

Intangible assets, net

36

18

Goodwill

2,320

2,320

Deferred tax assets

2,706

1,497

Other non-current assets

1,969

2,645

Total non-current assets

12,425

14,769

Total assets

195,311

743,315

Current liabilities

Accounts payable

88,766

145,442

Amount due to related parties

280

Advances from customers

4,506

11,070

Short-term loan

1,611

Tax payable

16,264

13,661

Accrued expenses and other current liabilities

9,835

20,169

Total current liabilities

119,651

191,953

Non-current liabilities

Other non-current liabilities

843

Total non-current liabilities

843

Total liabilities

119,651

192,796

Mezzanine Equity

Series A-1 Redeemable Preferred Shares

647

Series A-2 Redeemable Preferred Shares

8,854

Series B Redeemable Preferred Shares

7,683

Total mezzanine equity

17,184

Shareholders’ equity:

Ordinary shares

20

36

Additional paid-in capital

32,652

459,108

Statutory reserves

449

451

Retained earnings

24,238

89,404

Accumulated other comprehensive income

1,117

1,260

Jumei’s shareholders equity

58,476

550,259

Noncontrolling interests

260

Total shareholders equity

58,476

550,519

Total liabilities, mezzanine equity and shareholders equity

195,311

743,315

JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/ (LOSS)

(U.S. dollars in thousands, except share data and per share data)

For the three months ended

For the twelve months ended

December 31, 2013

September 30, 2014

December 31, 2014

December 31, 2013

December 31, 2014

US$

US$

US$

US$

US$

Net revenues:

Merchandise sales

118,220

138,559

154,676

413,050

546,384

Marketplace services

21,848

19,187

11,279

69,946

86,535

Total net revenues

140,068

157,746

165,955

482,996

632,919

Cost of revenues

(80,463)

(97,824)

(115,535)

(283,317)

(382,719)

Gross profit

59,605

59,922

50,420

199,679

250,200

Operating expenses:

Fulfillment expenses

(17,615)

(16,556)

(14,809)

(59,228)

(70,775)

Marketing expenses

(16,493)

(15,990)

(19,922)

(52,151)

(81,277)

Technology and content expenses

(3,302)

(6,043)

(7,110)

(10,023)

(22,090)

General and administrative expenses

(33,525)

(4,149)

(4,578)

(40,013)

(16,690)

Total operating expenses

(70,935)

(42,738)

(46,419)

(161,415)

(190,832)

Income/(loss) from operations

(11,330)

17,184

4,001

38,264

59,368

Other income/(expenses):

Interest income

254

5,320

4,971

916

13,381

Others, net

(17)

1,866

3,137

127

9,184

Income/(loss) before tax

(11,093)

24,370

12,109

39,307

81,933

Income tax expenses

(3,909)

(4,874)

(1,374)

(14,303)

(15,973)

Net income/(loss)

(15,002)

19,496

10,735

25,004

65,960

Net income attributable to noncontrolling interests

(36)

(36)

Net income/(loss) attributable to Jumei International
Holding Limited

(15,002)

19,496

10,699

25,004

65,924

Accretion to preferred share redemption value

(448)

(1,795)

(755)

Income allocation to participating Redeemable Preferred
Shares

(7,403)

(9,127)

Net income/(loss) attributable to Jumei’s ordinary
shareholders

(15,450)

19,496

10,699

15,806

56,042

Net income/(loss)

(15,002)

19,496

10,735

25,004

65,960

Foreign currency translation adjustment, net of nil tax

292

122

750

1,101

143

Total comprehensive income/(loss)

(14,710)

19,618

11,485

26,105

66,103

Comprehensive income attributable to noncontrolling
interests

(35)

(35)

Comprehensive income/(loss) attributable to Jumei
International Holding Limited

(14,710)

19,618

11,450

26,105

66,068

Net income per share attributable to Jumei’s ordinary
shareholders

– Basic

(0.24)

0.13

0.07

0.27

0.49

– Diluted

(0.24)

0.13

0.07

0.19

0.45

Net income per ADS attributable to Jumei’s ordinary

shareholders (1 ordinary share equals to 1 ADS)

Basic

(0.24)

0.13

0.07

0.27

0.49

– Diluted

(0.24)

0.13

0.07

0.19

0.45

Weighted average shares outstanding used in computing
net income per share attributable to Jumei’s ordinary

shareholders

Basic

63,987,598 63,987,598

144,712,235 150,594,342

144,781,590 150,120,447

59,475,739 83,196,788

115,090,686 125,217,054

– Diluted

For the three months ended

For the twelve months ended

December 31, 2013

September 30, 2014

December 31, 2014

December 31, 2013

December 31, 2014

US$

US$

US$

US$

US$

Share-based compensation expenses included are

follows:

Fulfillment expenses

231

243

243

382

955

Marketing expenses

184

278

(172)

481

1,629

Technology and content expenses

269

369

329

785

1,358

General and administrative expenses

30,474

618

599

31,144

2,423

Total

31,158

1,508

999

32,792

6,365

JUMEI INTERNATIONAL HOLDING LIMITED

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(U.S. dollars in thousands, except share data and per share data)

For the three months ended

For the twelve months ended

December 31, 2013

September 30, 2014

December 31, 2014

December 31, 2013

December 31, 2014

US$

US$

US$

US$

US$

Income/(loss) from operations

(11,330)

17,184

4,001

38,264

59,368

Share-based compensation expenses

31,158

1,508

999

32,792

6,365

Non-GAAP income from operations

19,828

18,692

5,000

71,056

65,733

Net income/(loss) attributable to Jumei’s
ordinary shareholders

(15,450)

19,496

10,699

15,806

56,042

Share-based compensation expenses

31,158

1,508

999

32,792

6,365

Non-GAAP net income attributable to Jumei’s
ordinary shareholders

15,708

21,004

11,698

48,598

62,407

Non-GAAP net income per share attributable
to Jumei’s ordinary shareholders

– Basic

0.25

0.15

0.08

0.82

0.54

– Diluted

0.25

0.14

0.08

0.58

0.50

Non-GAAP net income per ADS attributable
to Jumei’s ordinary shareholders (1
ordinary share equals to 1 ADS)

– Basic

0.25

0.15

0.08

0.82

0.54

– Diluted

0.25

0.14

0.08

0.58

0.50

Non-GAAP weighted average shares
outstanding used in computing net income
per share attributable to Jumei’s ordinary
shareholders:

– Basic

63,987,598

144,712,235

144,781,590

59,475,739

115,090,686

– Diluted

63,987,598

150,594,342

150,120,447

83,196,788

125,217,054

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jumei-reports-unaudited-fourth-quarter-and-full-year-2014-financial-results-300051113.html

Read More

Biometrics Key to Future Growth in Healthcare, Retail and Financial Markets

–Learn how industry-specific applications will develop in Frost & Sullivan’s upcoming live webinar

MOUNTAIN VIEW, Calif., March 12, 2015 /PRNewswire/ —

WHEN:

Tuesday, March 17, 2015 at 11:00 a.m. EDT

LOCATION:

Online, with Complimentary Registration here: http://bit.ly/1G7Os0L.

SPEAKERS:

Frost & Sullivan Measurement & Instrumentation Program Manager Aravind Seshagiri

 

Learn how industry-specific applications will develop in Frost & Sullivan's upcoming live webinar

Learn how industry-specific applications will develop in Frost & Sullivan’s upcoming live webinar

Photo – http://photos.prnewswire.com/prnh/20150311/181111

Biometric companies must plan for the future in order to compete in several different markets and industries. This is especially true as the market is currently witnessing an uptrend.

Join Frost & Sullivan’s upcoming complimentary webinar, “The Future of Biometrics,” to understand the potential of the market and its impact on current businesses. Industry leaders should attend this webinar to learn how biometrics will boost convergence and growth in other markets.

Questions this webinar will answer:

  • How will the market affect industries such as retail, finance and healthcare?
  • How will biometric technologies evolve?
  • What are future trends in the biometrics market?

Supporting Quote:
“Due to the numerous benefits they offer, biometric technologies will witness elevated growth and spur growth in several end-user segments,” said Frost & Sullivan Measurement & Instrumentation Program Manager Aravind Seshagiri. “Markets will move towards using biometrics in multiple combinations to ensure security remains intact.”

Registration:
For more information email mireya.espinoza@frost.com your full name, job title, company name, telephone number, company email address and website, city, state and country or click here: http://bit.ly/1G7Os0L.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion

Join Us: Join our community

Subscribe: Newsletter on “the next big thing”

Register: Gain access to visionary innovation

Contact:
Mireya Espinoza
Corporate Communications – North America
P: +1.210.247.3870
F: +1.210.348.1003
E: mireya.espinoza@frost.com

Photo – http://photos.prnasia.com/prnh/20150312/8521501567

Read More

LightInTheBox Reports Fourth Quarter and Full Year 2014 Financial Results

Conference Call to be Held at 8:00AM ET on March 9, 2015

BEIJING, March 9, 2015 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), a global online retail company that delivers products directly to consumers around the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2014.

Fourth Quarter 2014 Highlights

  • Net revenues were $112.1 million, an increase of 42.4% year-over-year. Considering an $8.0 million year-over-year unfavorable impact from changes in foreign exchange rates, non-GAAP net revenues would have been $120.1 million
  • Total number of orders grew 53.9% year-over-year to 3.1 million, while the total number of customers who made purchases increased by 45.7% year-over-year to 2.3 million
  • Selling and marketing expenses as percentage of total net revenues improved to 25.7% from 31.4% during the same quarter of 2013
  • Mobile revenue increased to 29.7% of total net revenues, compared with 20.0% in the same quarter of 2013, and 26.5% in the third quarter of 2014
  • Revenues from repeat customers accounted for 44.2% of total net revenues, compared with 37.3% in the same quarter of 2013, and 41.1% in the third quarter of 2014
  • The Company repurchased $5.3 million of its ADSs in the fourth quarter as a part of its current share repurchase program
  • Non-GAAP net loss was $0.5 million, compared with non-GAAP net loss of $5.8 million in the same quarter of 2013
  • Non-GAAP net loss per ADS was $0.01, compared with non-GAAP net loss per ADS of $0.12 in the same quarter of 2013

Full Year 2014 Highlights

  • Net revenues were $382.4 million, an increase of 30.8% year-over-year
  • Total number of orders increased by 51.5% to 9.7 million, while total number of customers who made purchases increased by 42.5% to 6.1 million
  • Selling and marketing expenses as percentage of total net revenues improved to 27.5% from 28.8% last year
  • Mobile revenue increased to 26.8% of total net revenues, compared with 17.8% last year
  • Revenues from repeat customers accounted for 41.8% of total net revenues, compared with 33.6% last year
  • The Company repurchased $11.0 million of its ADSs as a part of its current share repurchase program

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “We delivered a solid fourth quarter with revenues coming in ahead of our expectations, topping $100 million for the first time in our history despite unprecedented unfavorable global currency fluctuations. We made significant year-over-year progress in each of our major operating metrics as we continued to benefit from the implementation of our strategic plan over the past few quarters,”

“Around 75% of our revenues come from non-US dollar markets, primarily Europe and South America while the majority of our expenses are tied to the US dollar. These currencies experienced a significant sequential depreciation against the US dollar on a weighted average basis during the fourth quarter of 2014. As the strengthening of the US dollar continues this year, we are facing macro challenges unprecedented in our corporate history. We believe such circumstances require us to act very quickly to significantly improve our operational efficiency in order to adjust to the evolving currency reality and counter balance its negative impact. We will do so without sacrificing our long-term business prospects by continuing to invest in our core initiatives, including mobile and our open platform. We are convinced that by quickly implementing appropriate measures today, we will emerge with an even stronger market position tomorrow when non-US dollar currencies stabilize.”

Mr. Robin Lu, Chief Financial Officer of LightInTheBox, added, “We are pleased with our overall performance this quarter despite continued global economic weakness and a significantly stronger US dollar. Our strong financial and operating metrics during the quarter demonstrate the great progress we have made in achieving our long-term goals. We expect continued growth in our revenues and are focused on quickly improving our operating efficiency while maintaining market share and strengthening customer service. With no debt and strong cash position, we are confident in our ability to weather the storm.”

Fourth Quarter and Full Year 2014 Financial Results

Net revenues increased 42.4% year-over-year to $112.1 million during the fourth quarter of 2014, and increased 30.8% to $382.4 million for the full year 2014. Considering an $8.0 million unfavorable impact from year-over-year changes in foreign exchange rates, non-GAAP net revenues would have been $120.1 million during the fourth quarter of 2014. The year-over-year increases in revenues were primarily driven by a strong performance in the apparel category, increasing contribution of both our repeat and new customer orders, and growth in the Company’s mobile commerce business. Total orders increased 53.9% year-over-year to 3.1 million during the fourth quarter of 2014, while the total number of customers who made purchases increased 45.7% year-over-year to 2.3 million. Revenues from repeat customers increased to 44.2% of total net revenues, compared with 37.3% in the same quarter of 2013, while mobile revenue increased to 29.7% of total net revenues, compared with 20.0% for the corresponding period of 2013. For the full year 2014, revenues from repeat customers increased to 41.8% of total net revenues, compared with 33.6%for the full year 2013, while mobile revenue increased to 26.8% of total net revenues, compared with 17.8% for the full year 2013.

Revenues in the apparel category increased 97.7% year-over-year to $41.7 million for the fourth quarter of 2014, largely attributable to a strong performance from our ready-to-wear apparel business. As a percentage of total net revenues, apparel revenues were 37.2%, compared with 26.8% in the same quarter of 2013. Revenues from other general merchandise increased by 22.2% year-over-year to $70.4 million during the fourth quarter of 2014.

Geographically, revenues from Europe increased by 37.2% to $70.5 million, representing 62.9% of total net revenues during the fourth quarter of 2014. Revenues from North America increased by 90.1% to $24.9 million, representing 22.2% of total net revenues during the quarter, while revenues from other countries increased by 17.2% to $16.7 million, representing 14.9% of total net revenues this quarter.

Gross profit for the fourth quarter of 2014 was $39.5 million, representing an increase of 28.4% from $30.8 million in the same period of 2013. For the full year 2014, gross profit was $145.3 million, representing an increase of 14.3% from $127.2 million in the prior year. Gross margin was 35.2% in the fourth quarter of 2014, compared with 39.1% in the same quarter of 2013. Considering the unfavorable impact from year-over-year changes in foreign exchange rates, non-GAAP gross margin during the fourth quarter of 2014 would have been 39.5%. Gross margin for the full year 2014 was 38.0%, compared with 43.5% in 2013. The full year decrease in gross margin was primarily attributable to the stronger US dollar over the past as well as shifts in product mix and pricing/sourcing strategy as the Company continues to expand its market share and grow its customer base.

Total operating expenses in the fourth quarter of 2014 were $48.1million, compared with $36.9 million in the same quarter of 2013.

  • Fulfillment expenses in the fourth quarter of 2014 were $7.6 million, compared with $4.7 million in the same quarter of 2013, primarily reflecting the increase in sales volume and the establishment and development of the Company’s overseas fulfillment centers in Warsaw, Poland and Nevada, United States. Fulfillment expenses per order were $2.47, slightly higher compared to $2.36 in the same quarter of 2013 and $2.38 from the third quarter of 2014.
  • Selling and marketing expenses in the fourth quarter of 2014 were $28.8 million, compared with $24.7 million in the same quarter of 2013, as a result of the Company’s efforts to grow its customer base and market share. As a percentage of total net revenues, selling and marketing expenses were 25.7%, an improvement from 25.9% in the previous quarter, and a significant decline from 31.4% in the same quarter of 2013. The improvement reflects the Company’s commitment to optimize online marketing efforts and diversify traffic acquisition channels. Selling and marketing expenses per order improved to $9.4 from $12.4 in the same quarter 2013 and $10.2 in the third quarter of 2014.
  • General and administrative (G&A) expenses in the fourth quarter of 2014 were $11.7million, compared with $7.5 million in the same quarter of 2013. The increase reflects growth in the Company’s business operations and the Company’s commitment to future growth. As a percentage of total net revenues, G&A expenses were 10.4%, compared with 9.6% in the same quarter of 2013. G&A expenses in the fourth quarter of 2014 included $4.2 million in technology investments which are important for future growth.

Loss from operations was $8.6 million in the fourth quarter of 2014, compared with loss from operations of $6.2 million in the same quarter of 2013. For the full year of 2014, loss from operations increased to $30.7million, compared with an operating loss of $5.0 million in the prior year.

Net loss attributable to ordinary shareholders was $8.8 million in the fourth quarter of 2014, compared with a net loss of $5.6 million in the same quarter of 2013. For the full year 2014, net loss attributable to ordinary shares was $30.0 million, compared with a net loss of $6.4 million in the prior year.

Net loss per ADS was $0.18 in the fourth quarter in 2014, compared with net loss per ADS of $0.11 in the same quarter of 2013. On a full year basis, net loss per ADS was $0.61 in2014, compared with a net loss per ADS of $0.18 last year. Each ADS represents two ordinary shares.

Non-GAAP loss from operations was $0.2 million in the fourth quarter of 2014, compared with non-GAAP loss from operations of $6.4 million in the fourth quarter of 2013. For the full year 2014, non-GAAP loss from operations in 2014 was $20.2 million, compared with a non-GAAP loss from operations of $1.2 million in 2013.

Non-GAAP net loss attributable to ordinary shareholders was $0.5 million in the fourth quarter of 2014, compared with non-GAAP net loss of $5.8 million in the fourth quarter of 2013. For the full year 2014, non-GAAP net loss attributable to ordinary shareholders in 2014 was $19.5million, compared with non-GAAP net loss attributable to ordinary shareholders of $2.7 million in 2013.

Non-GAAP net loss per ADS was $0.01 in the fourth quarter of 2014, compared with non-GAAP net loss per ADS of $0.12 in the fourth quarter of 2013. For the full year 2014, non-GAAP net loss per ADS was $0.39 in2014, compared with $0.08last year.

For the quarter ended December 31, 2014, the Company’s weighted average number of ADSs used in computing the loss per ADS was 48,824,850.

As of December 31, 2014, the Company had cash and cash equivalents, term deposits and restricted cash of $83.4 million, which is equivalent to approximately $1.71 per ADS. This compares with $88.8 million as of September 30, 2014.

Share Repurchase Program

On December 16, 2013, the Company announced a $20 million share repurchase program. On December 16, 2014, the Company extended its existing share repurchase program for an additional 12-month period through December 15, 2015. As of December 31, 2014, the Company had repurchased a total of $11.0 million of its ADSs.

Business Outlook

For the first quarter of 2015, based on estimated changes in foreign exchange rates, the Company estimates its net revenues to be between $89 million and $91 million, representing a year-over-year growth of approximately 9% to 12%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which are subject to change.

Conference Call

The Company will hold a conference call at 8:00 a.m. Eastern Time on Monday March 9, 2015 to discuss its financial results and operating performance for the fourth quarter of 2014. To participate in the call, please dial the following numbers:

US Toll Free:

1-866-519-4004

Hong Kong Toll Free:

800-906-601

China:

400-620-8038

International:

65-6723-9381

Passcode:

88791453

A telephone replay will be available two hours after the conclusion of the conference call through 8:59 a.m., Eastern Time on March 17, 2015. The dial-in details are:

US:

1-646-254-3697

Hong Kong:

852-3051-2780

International:

61-2-8199-0299

Passcode:

88791453

A live and archived webcast of the conference call will be available on the Investor Relations section of LightInTheBox’s website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 27 major languages and cover more than 80% of global Internet users.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

LightInTheBox Holding Co., Ltd.
Ms. Iris Wang, Investor Relations
Tel: +86(10)5692 0099
Email: ir@lightinthebox.com

OR

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

Use of Non-GAAP Financial Measures

LightInTheBox uses non-GAAP net revenues, non-GAAP gross profit, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per basic and diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP net revenues are net revenues excluding the foreign exchange impact on net revenues. Non-GAAP gross profit is gross profit excluding the foreign exchange impact on net revenues. Non-GAAP loss from operations is loss from operations excluding foreign exchange impact on net revenues, share-based compensation and one-time expenses. Non-GAAP net loss is net loss excluding the foreign exchange impact on net revenues, share-based compensation and one-time expenses. Non-GAAP net loss per basic and diluted ADS is non-GAAP net loss divided by weighted average number of basic and diluted ADS, respectively. The Company continuously monitors the impact of currency exchange rates on revenues given that it is a global company and has exposure to a variety of currencies. Starting in the fourth quarter of 2014, there was a significant impact on net revenues from changes in foreign currency exchange rates against the U.S. dollar. Due to the nature of the business, the Company believes that excluding the impact of such fluctuations more appropriately reflects the Company’s results of operations, and provides investors with a better understanding of the Company’s business performance. The Company believes that separate analysis and exclusion of foreign exchange impact on net revenues, the non-cash impact of share-based compensation and one-time expenses adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of foreign exchange impact on net revenues, non-cash share-based compensation expenses and one-time expenses. However, the use of non-GAAP financial measures has material limitations as an analytical tool.

One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net loss for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of 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,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox’s strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox’s goals and strategies; LightInTheBox’s future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox’s ability to attract customers and further enhance customer experience and product offerings; LightInTheBox’s ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox’s expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(U.S. dollar in thousands)

As of December 31,

As of December 31,

2013

2014

ASSETS

Current Assets

Cash and cash equivalents

23,745

75,358

Term deposit

79,958

5,802

Restricted cash

1,360

2,267

Accounts receivable

259

695

Inventories, net

7,081

9,845

Prepaid expenses and other current assets

8,890

5,189

Total current assets

121,293

99,156

Property and equipment, net

3,002

3,664

Acquired intangible assets, net

266

249

Goodwill

690

690

Long-term deposit

640

708

TOTAL ASSETS

125,891

104,467

LIABILTIES

Current Liabilities

Accounts payable

18,677

25,236

Advance from customers

10,263

10,979

Accrued expenses and other current liabilities

15,560

25,069

Total current liabilities

44,500

61,284

TOTAL LIABILITIES

44,500

61,284

EQUITY

Ordinary shares

7

7

Treasury shares, at cost

(10,957)

Additional paid-in capital

153,124

155,872

Accumulated deficit

(71,621)

(101,608)

Accumulated other comprehensive loss

(119)

(131)

TOTAL EQUITY

81,391

43,183

TOTAL LIABILITIES AND EQUITY

125,891

104,467

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. dollar in thousands, except share data and per share data)

Three-month Period Ended

Twelve-month Period Ended

December 31,

December 31,

December 31,

December
31,

2013

2014

2013

2014

Net revenues

78,759

112,134

292,417

382,407

Cost of goods sold

(47,999)

(72,635)

(165,267)

(237,095)

Gross profit

30,760

39,499

127,150

145,312

Operating expenses

Fulfillment

(4,693)

(7,551)

(15,963)

(23,926)

Selling and marketing

(24,702)

(28,829)

(84,245)

(105,186)

General and administrative

(7,541)

(11,692)

(31,929)

(46,916)

Total operating expenses

(36,936)

(48,072)

(132,137)

(176,028)

Loss from operations

(6,176)

(8,573)

(4,987)

(30,716)

Exchange loss on offshore bank accounts

(645)

(1,556)

Interest income

552

402

237

2,355

Loss before income taxes

(5,624)

(8,816)

(4,750)

(29,917)

Income taxes expenses

(20)

(14)

(69)

(70)

Net loss

(5,644)

(8,830)

(4,819)

(29,987)

Accretion for Series C convertible redeemable preferred shares

(1,621)

Net loss attributable to ordinary shareholders

(5,644)

(8,830)

(6,440)

(29,987)

Weighted average numbers of shares used in calculating loss per ordinary share

————Basic

99,056,898

97,649,700

71,555,449

99,001,560

————Diluted

99,056,898

97,649,700

71,555,449

99,001,560

Net loss per ordinary share

————Basic

(0.06)

(0.09)

(0.09)

(0.30)

————Diluted

(0.06)

(0.09)

(0.09)

(0.30)

Net loss per ADS (2 ordinary shares equal to 1 ADS)

————Basic

(0.11)

(0.18)

(0.18)

(0.61)

————Diluted

(0.11)

(0.18)

(0.18)

(0.61)

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(U.S. dollar in thousands, except share data and per share data)

Three-month Period Ended

Twelve-month Period Ended

December 31,

December 31,

December 31,

December 31,

2013

2014

2013

2014

Net revenues

78,759

112,134

292,417

382,407

Foreign exchange impact on net revenues*

(717)

8,006

(580)

6,481

Non-GAAP net revenues

78,042

120,140

291,837

388,888

Gross profit

30,760

39,499

127,150

145,312

Foreign exchange impact on net revenues*

(717)

8,006

(580)

6,481

Non-GAAP gross profit

30,043

47,505

126,570

151,793

Loss from operations

(6,176)

(8,573)

(4,987)

(30,716)

Foreign exchange impact on net revenues*

(717)

8,006

(580)

6,481

Share-based compensation expenses

533

350

4,318

2,518

Charge for the settlement of a class action lawsuit

1,500

Non-GAAP loss from operations

(6,360)

(217)

(1,249)

(20,217)

Net loss attributable to ordinary shareholders

(5,644)

(8,830)

(6,440)

(29,987)

Foreign exchange impact on net revenues*

(717)

8,006

(580)

6,481

Share-based compensation expenses

533

350

4,318

2,518

Charge for the settlement of a class action lawsuit

1,500

Non-GAAP net loss attributable to ordinary shareholders

(5,828)

(474)

(2,702)

(19,488)

Non-GAAP weighted average numbers of shares used in calculating net loss per ordinary share

————Basic

99,056,898

97,649,700

71,555,449

99,001,560

————Diluted

99,056,898

97,649,700

71,555,449

99,001,560

Non-GAAP net loss per ordinary share

————Basic

(0.06)

(0.00)

(0.04)

(0.20)

————Diluted

(0.06)

(0.00)

(0.04)

(0.20)

Non-GAAP net loss per ADS (2 ordinary shares equal to 1 ADS)

————Basic

(0.12)

(0.01)

(0.08)

(0.39)

————Diluted

(0.12)

(0.01)

(0.08)

(0.39)

* The foreign exchange impact on net revenue includes all net revenues received in currencies other than USD in the calculation and the exchange rate in the calculation of the foreign exchange impact on the net revenue is using the comparable period exchange rate. For example, the foreign exchange impact on the net revenue of December 2014 will be calculated by the average of the daily exchange rates in December 2013 times the respective original foreign currency net revenues in December 2014.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

(U.S. dollar in thousands)

Three-month Period Ended

Twelve-month Period Ended

December 31,

December 31,

December 31,

December
31,

2013

2014

2013

2014

Net loss

(5,644)

(8,830)

(4,819)

(29,987)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

376

478

1,361

1,855

Share-based compensation

533

350

4,318

2,518

Exchange gain on offshore bank accounts

645

1,555

Amortization of debt discount

956

Interest on convertible notes

413

Changes in operating assets and liabilities

Accounts receivable

18

(170)

12

(447)

Inventories, net

(2,592)

(2,415)

(1,284)

(2,794)

Prepaid expenses and other current assets

165

3,212

(1,148)

3,639

Accounts payable

5,246

7,837

9,508

6,567

Advance from customers

2,932

(2,323)

3,130

1,418

Accrued expense and other current liabilities

2,874

2,083

3,042

8,866

Long-term deposit

(140)

8

(337)

(79)

Net cash provided by (used in) operating activities

3,768

875

15,152

(6,889)

Cash flows from investing activities

Purchase of property and equipment

(328)

(530)

(2,451)

(2,576)

(Purchase) maturity of term deposit

(49,870)

34,349

(79,958)

72,664

Deposit (withdrawal) of restricted cash

(235)

240

(143)

(907)

Payment for business acquisition

(1,000)

(1,000)

Net cash (used in) provided by investing activities

(51,433)

34,059

(83,552)

69,181

Cash flows from financing activities

Proceeds from initial public offering

75,030

Proceeds from exercise of share options

74

9

193

251

Repurchase of ordinary shares

(5,016)

(10,671)

Payment of professional fees related to initial public offering

(513)

(3,127)

Net cash (used in) provided by financing activities

(439)

(5,007)

72,096

(10,420)

Effect of exchange rate changes on cash and cash equivalents

50

(249)

77

(259)

Cash and cash equivalents at beginning of period

71,799

45,680

19,972

23,745

Cash and cash equivalents at end of period

23,745

75,358

23,745

75,358

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lightinthebox-reports-fourth-quarter-and-full-year-2014-financial-results-300047226.html

Read More

Innovative Electronics that Enhance Functionality Drive Smart Fabric Use in Various Sectors

– In Europe, research has focused on smart fabrics for continuous patient monitoring

LONDON, March 7, 2015 /PRNewswire/ — The need for products with enhanced functionality and performance in end-user industries is driving the adoption of smart fabrics globally. Concurrent developments in the field of electronics, especially in terms of fabrication and integration technologies, are fuelling this trend. Smart fabric manufacturers will still require fool-proof encapsulation technologies to protect against moisture and chemicals.

New analysis from Frost & Sullivan, Impact of Smart Fabrics in Key Applications (http://www.frost.com/d64c), finds that the United States and Western Europe are leading markets with a large number of technology developments, patents, and stakeholder initiatives in smart fabrics for the healthcare, sports and fitness sectors.

For complimentary access to more information on this research, please visit: http://ow.ly/JRwEw

“Smart fabrics are widely adopted in the sports arena since athletes look to constantly improve upon their performance and simultaneously store data for profound analysis,” noted Technical Insights Industry Analyst Vivek Ninkileri. “Similarly, passive smart fabrics will be used extensively in personal protective equipment and apparels to reduce the extent of risks users are exposed to and provide them with a desirable environment based on external stimuli.”

Smart fabrics will also gain popularity in the healthcare sector to support requirements such as the continuous monitoring of patients with chronic health disorders at a low cost. Research priorities in Europe particularly, lie in developing smart fabrics technologies and products for the healthcare sector. In addition to manufacturing garments and textiles for physiological monitoring, areas such as the development of specialised coatings for fabrics, conductive fabrics, and electronic textiles, have found a place in R&D plans in the region.

“Rolling out robust smart fabrics technologies is the best way to cater to the R&D portfolios of companies that have been focusing on creating protective coatings for medical devices,” noted Ninkileri. “Market participants must recognise these opportunities and work towards overcoming market challenges to ensure sustainable business.”

A key challenge for the market is the lack of exhaustive standards and regulations, making it difficult for smart fabric manufacturers to scale up and commercialise new and incremental technologies. However, research activities and immense interest from stakeholders will eventually address this issue.

Impact of Smart Fabrics in Key Applications, a part of the Technical Insights (http://www.technicalinsights.frost.com) subscription, provides an overview of the various smart fabrics technologies, drivers and challenges that impact the commercial adoption of smart fabrics in the healthcare, sports and personal protective equipment sectors, among other areas. Further, this research service includes detailed technology analysis and industry trends evaluated following extensive interviews with market participants.

Technical Insights is an international technology analysis business that produces a variety of technical news alerts, newsletters, and research services.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:     Start the discussion

Join Us:           Join our community

Subscribe:       Newsletter on “the next big thing”

Register:         Gain access to visionary innovation

Impact of Smart Fabrics in Key Applications
D64C-TI

Contact:
Julia Nikishkina
Corporate Communications – Europe
P: +7 (499) 213 0156
E: julia.nikishkina@frost.com

http://www.frost.com
http://www.technicalinsights.frost.com

Read More

Global E-Commerce Marketplace Farfetch Announces a US$86 Million Series E Round of Investment Led by DST Global

LONDON and NEW YORK, March 5, 2015 /PRNewswire/ — Farfetch announced today a US$86 million Series E round of investment led by DST Global. Farfetch’s existing investors Conde Nast International and Vitruvian Partners also participated in the round.

(Photo: http://photos.prnewswire.com/prnh/20150305/732387-a )
(Photo: http://photos.prnewswire.com/prnh/20150305/732387-b )
(Photo: http://photos.prnewswire.com/prnh/20150305/732387-c )

Yuri Milner, founder of DST Global, said: “Farfetch has a strong team, impressive growth and great potential to capitalize on the fast growing luxury fashion e-commerce market.”

This new investment, which values the company at US$1billion, puts Farfetch in a strong position to continue its rapid growth, focusing on international expansion and omni-channel propositions.

The funding will be used specifically to focus on international expansion with new local language sites, including German, Korean and Spanish; opening new offices in key global markets; and opening up new markets Japan and Australia to the supply side of the marketplace. It will also fuel the company’s omni-channel growth and customer propositions including launching same-day delivery in multiple global markets, and the continued development of VIP and loyalty programs for Farfetch customers in 180 countries.

Jose Neves, Founder and Chief Executive Officer of Farfetch, remarked: “We have had an amazing journey so far, and it’s great to add DST to our already fantastic group of backers for the next stage of growth of Farfetch. The challenge now is to keep innovating and focus on establishing a long-lasting global brand.”

“Farfetch’s development has been remarkably dynamic over the last few years. We are happy to support the talented management team who drive the company forward on its successful course. “, said Moritz von Laffert, Vice President and Director of Acquisitions and Investments at Conde Nast International.

Farfetch’s current investors also include: – Advent Ventures Partners, Index Ventures, Novel TMT and e.Ventures. This latest investment puts the total amount raised by the company at over US$195 million.

For press enquiries please contact:

Sameera Hassan, Global Director of PR and Communications
sameera.hassan@farfetch.com
www.farfetch.com @farfetch

NOTES TO EDITORS

About Farfetch

Farfetch is a revolutionary way to buy fashion. The pioneering website brings together more than 300 of the world’s best independent designer boutiques, from Paris, New York and Milan to Bucharest, Kuwait and Tokyo. The Farfetch partner boutiques occupy a total of 1,000,000 square feet of retail space across 30 countries, allowing Farfetch customers, across 180 countries to shop an unparalleled range of brands and unique pieces.

Our partner stores have been carefully selected for their unique approach, forward-thinking attitude and diversity, and include such renowned boutiques as Browns in London, L’Eclaireur in Paris, H. Lorenzo in LA, Fivestory in New York and Smets in Luxembourg.

Founded in 2008 by the Portuguese entrepreneur Jose Neves, Farfetch offers these bricks-and-mortar boutiques the opportunity to compete with the major players in online retail. And, for lovers of beautiful fashion, it offers the chance to indulge a passion and shop the world.

About DST Global

Founded in 2009 by Yuri Milner, DST Global is one of the leading investment groups globally to focus exclusively on internet related companies. DST Global’s portfolio includes some of the world’s leading and most valuable internet assets.

About Vitruvian Partners

Vitruvian is an independent private equity firm which specializes in middlemarket buyouts, growth buyouts and growth capital investments in Europe. Vitruvian focuses on investing in ‘dynamic situations’ in industries characterized by rapid growth and change, such as information technology, media, telecoms, financial services, business services, healthcare and leisure. Vitruvian is currently investing VIP II, its recently raised second fund of £1 billion. Its previous investments in the technology and internet sectors include Just Eat, Flexpay, Snow Software, Callcredit Information Group, Inspired Gaming, Openbet, IMD and ASP4All Bitbrains. Vitruvian has offices in London, Munich and Stockholm.

About Conde Nast International (CNI)

Conde Nast is a global media company producing the highest quality magazines, websites and digital content. Reaching more than 263 million consumers in 29 markets, the company’s portfolio includes many of the world’s most respected and influential media properties including Vogue, Vanity Fair, Glamour, Brides, Self, GQ, Conde Nast Traveller/Traveler, Allure, Architectural Digest, Wired, W and Style amongst others.

In addition to publishing 140 magazines and over 100 websites, the company operates a restaurant division and several ventures in education. Conde Nast Entertainment develops film, television and premium video programming.

Please visit condenast.com and condenastinternational.com

Read More

A Series of Firsts: Value Retail Leads the Way With Two Pioneering Initiatives at the World’s Largest Tourism Trade Fair – ITB Berlin 2015

BERLIN, March 5, 2015 /PRNewswire/ — Value Retail will showcase two innovative tourism partnerships at ITB Berlin, the world’s largest tourism fair, to be held from 4 to 8 March 2015.

The first retailer to offerOnline Travel Training

Value Retail is set to become the first ever retailer to offer travel and tourism partners Online Travel Training. This will help travel partners discover everything the Collection of Villages has to offer their clients in a dynamic, streamlined and efficient way.

Online Travel Training is the number-one eLearning platform for the tourism industry, which provides the largest number of courses designed by experts in the industry. Training will be available on ChicOutletShopping.com in 10 languages, and will educate travel partners on:

  • The experience awaiting guests in the Villages
  • The full range of services and amenities available to their clients at each Village
  • How to book and sell Shopping Packages to the Villages
  • The new Village in China, Suzhou Village
  • Business Tourism (MICE) opportunities

The first module of the training programme will be launched at ITB on 4 March, where visitors to the Value Retail stand can discover and trial the innovative new tool for themselves.

Julia Feuell, Managing Director of Online Travel Training, says, “Online Travel Training promises to enhance the luxurious Value Retail Village experience using cutting edge digital marketing technology for both the travel and tourism agents it works with, and its guests from around the world.”

The first outlet group to partner with Ctrip 

In another pioneering partnership, Value Retail has become the first operator of outlet shopping destinations in the world to sign an agreement with Ctrip, the top online travel agency in China. Ctrip – which accounts for 50% of the total online travel service market in China – offers hotel reservations, airline tickets and package tours to business and leisure travellers in China, and provides travel services to more than 90 million travellers via both online and traditional channels.

This new partnership will make the experience at the Collection of Villages accessible to an even wider Chinese audience in a way that supports and facilitates their individual travel needs, so they can easily incorporate a visit to one of the Villages into their travel itinerary.

Ian Stazicker, Group Tourism Director  Value Retail, says, “Value Retail and Ctrip are natural partners, as we are both committed to creating exceptional experiences for Chinese tourists to Europe. The Collection of Villages in Europe are very popular destinations for Chinese tourists, and this new alliance with Ctrip will make the luxury Village experience more accessible for our Chinese guests than ever before.”

ITB Berlin will be the inaugural event for Elise Guingand, who was recently appointed Tourism Manager  International Markets. Most recently, Elise – who is French, and speaks English, Spanish and Russian – worked as Marketing Sales Manager and Key Account Manager for Global Blue, and previously worked for BNP Paribas.  

Value Retail can be found at ITB Berlin from 4 to 8 March 2015 in Kingdom Hall 18, booth 125a.  

About Value Retail 

Value Retail is the only company to specialise exclusively in the development and operation of luxury outlet shopping destinations, the Collection of Villages. The Villages are widely recognised as amongst the best performing shopping centres in terms of sales densities in the world. Since its beginning with Bicester Village in 1995, the Collection has delivered double digit gross sales growth each year and in 2014 attracted more than 32.5 million visits. Each Village is located within an hour of at least one major European city and has established itself as an international shopping tourism destination, defined by high fashion, superior service and hospitality, and a calendar of celebrated events. Value Retail China, an affiliate of Value Retail, opened the first Village in China, Suzhou Village, in Suzhou, 50 miles west of Shanghai in May 2014. A second, Shanghai Village, will open in 2015 next to the Shanghai Disney Resort, located at the heart of a Chinese government $5.5 billion master plan, the Shanghai International Tourism and Resorts Zone.

To learn more about Value Retail and Value Retail China, please visit http://ValueRetail.com 

Read More