SINA Reports Fourth Quarter and Fiscal Year 2011 Financial Results

SHANGHAI, Feb. 27, 2012 /PRNewswire-Asia-FirstCall/ -- SINA Corporation (NASDAQ GS: SINA), a leading online media company and mobile value-added service ("MVAS") provider serving China and the global Chinese communities, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011.

Fourth Quarter 2011 Highlights

  • Net revenues grew 21% year over year to $133.4 million.  Non-GAAP net revenues grew 23% year over year to $128.7 million, within the Company's guidance of between $128.0 million and $131.0 million.
  • Advertising revenues grew 26% year over year to a historical high of $103.7 million, within the Company's guidance of between $103 million and $105 million.
  • Non-advertising revenues grew 8% year over year to $29.7 million.  Non-GAAP non-advertising revenues grew 11% year over year to $25.0 million, within the Company's guidance of between $25.0 million and $26.0 million.
  • Net income attributable to SINA was $9.3 million, or $0.14 diluted net income per share attributable to SINA.  Non-GAAP net income attributable to SINA was $14.0 million, or $0.21 non-GAAP diluted net income per share attributable to SINA.  

Fiscal 2011 Highlights

  • Net revenues grew 20% year over year to $482.8 million.  Non-GAAP net revenues grew 21% year over year to $464.1 million.
  • Advertising revenues grew 27% year over year to $368.8 million.
  • Non-advertising revenues increased 2% year over year to $114.0 million.  Non-GAAP non-advertising revenues increased 3% year over year to $95.3 million.
  • Net loss attributable to SINA was $302.1 million, or $4.64 net loss per share attributable to SINA.  Net loss included non-cash impairment charges totaling $350.4 million, $68.9 million of which related to an impairment of MVAS goodwill and the remaining $281.5 million mainly related to other-than-temporary impairment write-downs on investments in China Real Estate Information Corporation ("CRIC") and Mecox Lane Limited ("MCOX").  Non-GAAP net income attributable to SINA was $61.6 million, or $0.92 non-GAAP diluted net income per share attributable to SINA.

"SINA's online brand advertising grew 27% to a historical high in 2011.  The strong results of SINA's brand advertising business have enabled SINA to make significant investments in Weibo.com.  During the fourth quarter, the popularity of Weibo.com continued to grow, especially in the mobile and tablet space, where usage now exceeds those via personal computers," said Charles Chao, CEO of SINA. "For 2012, we plan to further increase our investments in Weibo.com and leverage social media, user connections and portal leadership to improve the digital media experience in China." Mr. Chao added.

Fourth Quarter 2011 Financial Results

For the fourth quarter of 2011, SINA reported net revenues of $133.4 million, compared to $110.0 million for the same period last year.  Non-GAAP net revenues for the fourth quarter of 2011 totaled $128.7 million, compared to $105.0 million for the same period last year.  

Brand advertising revenues for the fourth quarter of 2011 were $103.7 million, compared to $82.5 million for the same period last year.  Non-advertising revenues for the fourth quarter of 2011 totaled $29.7 million, compared to $27.5 million for the same period last year.  MVAS revenues for the fourth quarter of 2011 amounted to $21.3 million, compared to $21.0 million for the same period last year.    

Gross margin for the fourth quarter of 2011 was 54%, down from 58% for the same period last year.  Advertising gross margin for the fourth quarter of 2011 was 56%, compared to 60% for the same period last year.  Non-GAAP advertising gross margin for the fourth quarter of 2011 was 57%, compared to 61% for the same period last year. The decrease in non-GAAP advertising gross margin was mainly due to increased spending on bandwidth and content, as well as increased production-related personnel costs.  MVAS gross margin for the fourth quarter of 2011 declined to 35% from 39% for the same period last year.  The decline in MVAS gross margin was primarily due to product mix change and increased revenue share with MVAS partners.  

Operating expenses for the fourth quarter of 2011 totaled $66.7 million, compared to $36.5 million for the same period last year.  Non-GAAP operating expenses for the fourth quarter of 2011 were $62.3 million, compared to $33.7 million for the same period last year. The increase in non-GAAP operating expenses was mostly due to increased personnel-related expenses, marketing expenditures and infrastructure-related costs in connection with Weibo.com.

Income from operations for the fourth quarter of 2011 was $6.0 million, compared to income from operations of $27.0 million for the same period last year.  Non-GAAP income from operations for the fourth quarter of 2011 was $6.7 million, compared to $25.5 million for the same period last year.  

Non-operating income for the fourth quarter of 2011 was $3.8 million, compared to a non-operating loss of $125.2 million for the same period last year.  During the fourth quarter of 2010, the Company incurred a non-cash impairment write down of $128.6 million for its investment in CRIC.  Non-GAAP equity income from CRIC for the fourth quarter of 2011 was $4.9 million, compared to $5.1 million for the same period last year.  Provision for income taxes for the fourth quarter of 2011 was $0.7 million, compared to $1.9 million for the same period last year.

Net income attributable to SINA for the fourth quarter of 2011 was $9.3 million, compared to a net loss attributable to SINA of $100.0 million for the same period last year.  Diluted net income per share attributable to SINA for the fourth quarter of 2011 was $0.14, compared to net loss per share attributable to SINA of $1.62 for the same period last year.  Non-GAAP net income attributable to SINA for the fourth quarter of 2011 was $14.0 million, compared to $30.6 million for the same period last year.  Non-GAAP diluted net income per share attributable to SINA for the fourth quarter of 2011 was $0.21, compared to $0.46 for the same period last year.

As of December 31, 2011, SINA's cash, cash equivalents and short-term investments totaled $673.5 million, compared to $882.8 million as of December 31, 2010.  The decrease in the cash balance was mainly due to acquiring a 19% interest in MCOX for $66.0 million in the first quarter of 2011, a 9% interest in Tudou Holdings Limited for $66.4 million in the third quarter of 2011 and a $50 million investment in Yunfeng Funds for the purpose of investing in Alibaba Group in the fourth quarter of 2011.  Cash flow from operating activities for the fourth quarter of 2011 was $19.0 million and for fiscal 2011 was $66.5 million.  Cash paid for capital expenditures for the fourth quarter of 2011 was $13.2 million and for fiscal 2011 was $54.9 million.

Business Outlook

SINA estimates that its non-GAAP net revenues for the first quarter of 2012 will be between $101 million and $104 million, with advertising revenues to be between $78 million and $80 million and non-GAAP non-advertising revenues to be between $23 million and $24 million.  Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of $4.7 million in deferred license revenue related to SINA's equity investment in CRIC.

Non-GAAP Measures

This release contains financial measures that are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP").  These non-GAAP financial measures, which are used as measures of SINA's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with GAAP.  The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies.  Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."  These non-GAAP measures include non-GAAP non-advertising revenues, non-GAAP net revenues, non-GAAP gross profit, non-GAAP advertising gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP equity income from CRIC, non-GAAP net income attributable to SINA and non-GAAP diluted net income per share attributable to SINA.

The Company's management uses non-GAAP financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects.  The Company's non-GAAP financial measures exclude certain items, including stock-based compensation, amortization of intangible assets, recognition of deferred revenues and gain/loss resulting from the disposal, purchase or impairment of a business, investment or non-controlling interest in a subsidiary, from its internal financial statements for purposes of its internal budgets. Non-GAAP financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows more meaningful period-to-period comparisons.  The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in the following ways:  1) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and 2) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose.  The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of its core operating results and business outlook.

The Company's management believes excluding stock-based compensation from its non-GAAP financial measures is useful for itself and investors, as such expense will not result in future cash payments and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding the amortization expense of intangible assets from its non-GAAP financial measures is useful for itself and investors, because it enables a more meaningful comparison of the Company's cash performance between reporting periods.  In addition, such charges will not result in cash settlement in the future and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding the recognition of deferred revenues, mostly relating to the license agreements resulting from SINA injecting its online real estate advertising business into its majority-owned subsidiary China Online Housing Technology Corporation ("COHT") and exchanging its interest in COHT for approximately a 33% interest in CRIC upon the successful listing of CRIC on the NASDAQ Global Select Market in October 2009, from its non-GAAP financial measures is useful for itself and investors, because it enables a more meaningful comparison of the Company's revenue performance between reporting periods.  In addition, such revenues will not result in cash settlement in the future and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's non-GAAP equity income from its interest in net income attributable to CRIC excludes stock-based compensation, amortization expense of intangible assets and gains from the purchase of a business, which are consistent with the Company's adjusted items to calculate non-GAAP measures.

The Company's management believes excluding gain/loss resulting from the disposal, purchase or impairment of a business, investment or non-controlling interest in a subsidiary from its non-GAAP financial measures is useful for itself and investors, because such gains/losses are not indicative of the Company's core operating results.

The non-GAAP financial measures have limitations.  They do not include all items of income and expense that affect the Company's operations.  Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company.  Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

SINA will host a conference call at 8 p.m. Eastern Standard Time on February 27, 2012 to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://corp.sina.com. The conference call can be accessed as follows:

US:

+1 617 614 4076

UK:

+44 207 365 8426

Hong Kong:

+852 3002 1672

Passcode for all regions:

19587139



A replay of the conference call will be available through midnight Eastern Standard Time, March 5, 2012. The dial-in number is + 1 617 801 6888. The pass code for the replay is 52008893.

About SINA

SINA Corporation (Nasdaq GS: SINA) is an online media company and mobile value added service (MVAS) provider serving China and the global Chinese communities. With a branded network of localized websites targeting Greater China and overseas Chinese, the Company provides services mainly through SINA.com (online news and content), Weibo.com (microblog) and SINA Mobile (MVAS). Through these businesses and properties and other business lines, SINA offers an array of services including region-focused online portals, microblog, blog, video and music streaming, photo sharing, online games, email, search, classified listings, MVAS, fee-based services, e-commerce and enterprise e-solutions. The Company generates the majority of its revenues from online advertising and MVAS offerings and, to a lesser extent, from fee-based services.

Safe Harbor Statement

This press release contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described, without limitation, in the "Business Outlook" section and in quotations from management in this press release).  SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in its proxy statements, in its offering circulars and prospectuses, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  SINA assumes no obligation to update the forward-looking statements in this press release and elsewhere.  Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.  Forward-looking statements involve inherent risks and uncertainties.  A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.  Potential risks and uncertainties include, but are not limited to, SINA's limited operating history, the current global financial and credit market crisis and its impact on the Chinese economy, the uncertain regulatory landscape in the People's Republic of China, fluctuations in the Company's quarterly operating results, the Company's reliance on online advertising sales and MVAS for a majority of its revenues, any failure to successfully develop, introduce, drive adoption of or monetize new features and products, including Weibo.com and MVAS products, the Company's reliance on mobile operators in China to provide MVAS, changes by mobile operators in China to their policies for MVAS, any failure to successfully integrate acquired businesses, risks associated with CRIC, impairment of its investments and any failure to compete successfully against new entrants and established industry competitors.  Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2010 and its other filings with the Securities and Exchange Commission.

Contact:

Cathy Peng
IR Manager
SINA Corporation
Phone: 8610-82628888 x 3112
Email: ir@staff.sina.com.cn

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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














Three months ended


Twelve months ended



December 31,


September 30,


December 31, 2011



2011


2010


2011


2011


2010

Net revenues:










   Advertising

$     103,655


$        82,451


$        101,018


$         368,805


$        290,814

   Non-advertising

29,714


27,503


29,268


114,024


111,803



133,369


109,954


130,286


482,829


402,617

Cost of revenues:










   Advertising  (a)

45,635


32,971


41,070


157,458


116,295

   Non-advertising

15,098


13,478


16,072


57,890


52,115



60,733


46,449


57,142


215,348


168,410

Gross profit

72,636


63,505


73,144


267,481


234,207












Operating expenses:










   Sales and marketing (a)

36,013


20,230


36,256


135,867


77,996

   Product development (a)

21,464


9,696


19,429


65,533


34,048

   General and administrative (a)

9,088


6,296


8,264


30,121


22,585

   Goodwill impairment

-


-


68,891


68,891


-

   Amortization of intangibles

107


249


107


731


3,335



66,672


36,471


132,947


301,143


137,964

Income (loss) from operations

5,964


27,034


(59,803)


(33,662)


96,243












Non-operating income (loss):










  Interest and other income, net

3,539


2,255


5,826


16,327


8,804

  Earnings from equity investments, net

225


1,127


176


1,466


12,604

  Impairment on equity investments

-


(128,554)


(281,162)


(281,548)


(128,554)



3,764


(125,172)


(275,160)


(263,755)


(107,146)












Income (loss) before income taxes

9,728


(98,138)


(334,963)


(297,417)


(10,903)

Provision for income taxes

(713)


(1,921)


(1,366)


(5,001)


(8,436)












Net income (loss)

9,015


(100,059)


(336,329)


(302,418)


(19,339)

  Less: Net income (loss) attributable to noncontrolling interest

(264)


(73)


9


(326)


(245)












Net income (loss) attributable to SINA

$        9,279


$      (99,986)


$      (336,338)


$       (302,092)


$         (19,094)























Basic net income (loss) per share attributable to SINA

$          0.14


$          (1.62)


$            (5.10)


$             (4.64)


$             (0.31)

Diluted net income (loss) per share attributable to SINA

$          0.14


$          (1.62)


$            (5.10)


$             (4.64)


$             (0.31)












Shares used in computing basic










  net income (loss) per share attributable to SINA

66,021


61,626


65,908


65,121


61,216

Shares used in computing diluted










  net income (loss) per share attributable to SINA

66,767


61,626


65,908


65,121


61,216























(a) Stock-based compensation in each category:











Cost of revenues - advertising

$        1,065


$             590


$              895


$             3,346


$            2,989


Sales and marketing

1,068


522


909


3,155


2,369


Product development

1,132


383


982


3,082


1,812


General and administrative

2,030


1,592


1,629


7,024


6,232



SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)












December  31,


December  31,





2011


2010



Assets



Current assets:














Cash and cash equivalents


$               513,980


$               643,619



Short-term investments


159,495


239,216



Accounts receivable, net


112,469


89,843



Other current assets


41,966


35,981



     Total current assets


827,910


1,008,659









Property and equipment, net


74,511


33,289


Goodwill and intangible assets, net


15,974


85,574


Investments


463,938


508,113


Other assets


9,114


455


Total assets


$            1,391,447


$            1,636,090










Liabilities and Shareholders' Equity



Current liabilities:







Accounts payable


$                   8,854


$                   3,963



Accrued liabilities


174,972


128,050



Income taxes payable


14,717


17,011



Convertible debt


2,200


99,000



    Total current liabilities


200,743


248,024









Long-term deferred revenue


126,529


145,274


Other long-term liabilities


1,826


2,266



    Total liabilities


329,098


395,564









Shareholders' equity







SINA shareholders' equity


1,055,670


1,239,308



Noncontrolling interest


6,679


1,218



    Total shareholders' equity


1,062,349


1,240,526









Total liabilities and shareholders' equity


$            1,391,447


$            1,636,090



SINA CORPORATION

UNAUDITED SEGMENT INFORMATION

(U.S. Dollars in thousands)














Three months ended


Twelve months ended



December 31,


September 30,


December 31,



2011


2010


2011


2011


2010












Net revenues











Advertising

$            103,655


$             82,451


$              101,018


$            368,805


$            290,814


Mobile related

21,281


21,007


21,374


83,457


86,183


Others

8,433


6,496


7,894


30,567


25,620



$            133,369


$           109,954


$              130,286


$            482,829


$            402,617












Cost of revenues











Advertising

$              45,635


$             32,971


$                41,070


$            157,458


$            116,295


Mobile related

13,783


12,787


14,584


53,235


49,612


Others

1,315


691


1,488


4,655


2,503



$              60,733


$             46,449


$                57,142


$            215,348


$            168,410



SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

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









































Three months ended



December 31, 2011


December 31, 2010


September 30, 2011







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$      103,655




$     103,655


$     82,451




$        82,451


$      101,018




$      101,018

Non-advertising revenues

29,714


(4,686)

(c)

25,028


27,503


(4,916)

(c)

22,587


29,268


(4,687)

(c)

24,581

Net revenues

$      133,369


$      (4,686)


$     128,683


$   109,954


$        (4,916)


$      105,038


$      130,286


$    (4,687)


$      125,599
























1,065

(a)





590

(a)





895

(a)






(4,686)

(c)





(4,916)

(c)





(4,687)

(c)


Gross profit

$        72,636


$      (3,621)


$       69,015


$     63,505


$        (4,326)


$        59,179


$        73,144


$     (3,792)


$        69,352




































(3,520)

(a)






(4,230)

(a)





(2,497)

(a)





(107)

(b)






(107)

(b)





(249)

(b)





(68,891)

(e)


Operating expenses

$        66,672


$      (4,337)


$       62,335


$    36,471


$        (2,746)


$        33,725


$      132,947


$   (72,518)


$        60,429




































4,415

(a)






5,295

(a)





3,087

(a)





107

(b)






107

(b)





249

(b)





(4,687)

(c)






(4,686)

(c)





(4,916)

(c)





68,891

(e)


Income (loss) from operations

$          5,964


$           716


$         6,680


$     27,034


$        (1,580)


$        25,454


$      (59,803)


$    68,726


$          8,923




































4,415

(a)












3,087

(a)





107

(b)






5,295

(a)





249

(b)





(4,687)

(c)






107

(b)





(4,916)

(c)





3,909

(d)






(4,686)

(c)





3,614

(d)





68,891

(e)






3,958

(d)





128,554

(f)





281,162

(f)


Net income (loss) attributable to SINA

$          9,279


$        4,674


$       13,953


$   (99,986)


$      130,588


$        30,602


$    (336,338)


$   353,797


$        17,459







































Diluted net income (loss) per share attributable to SINA

$            0.14




$           0.21


$       (1.62)




$            0.46


$          (5.10)




$            0.26

Shares used in computing diluted


















   net income (loss) per share attributable to SINA

66,767


-

(g)

66,767


61,626


4,763

(g)

66,389


65,908


1,005

(g)

66,913







































Gross margin - advertising

56%


1%


57%


60%


1%


61%


59%


1%


60%
























Twelve months ended



December 31, 2011


December 31, 2010







Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results














Advertising revenues

$      368,805




$      368,805


$    290,814




$      290,814

Non-advertising revenues

114,024


(18,745)

(c)

95,279


111,803


(18,975)

(c)

92,828

Net revenues

$      482,829


$    (18,745)


$      464,084


$    402,617


$        (18,975)


$      383,642


















3,346

(a)





2,989

(a)






(18,745)

(c)





(18,975)

(c)


Gross profit

$      267,481


$    (15,399)


$      252,082


$    234,207


$        (15,986)


$      218,221


















(13,261)

(a)












(731)

(b)





(10,413)

(a)






(68,891)

(e)





(3,335)

(b)


Operating expenses

$      301,143


$    (82,883)


$      218,260


$    137,964


$        (13,748)


$      124,216


















16,607

(a)












731

(b)





13,402

(a)






(18,745)

(c)





3,335

(b)






68,891

(e)





(18,975)

(c)


Income (loss) from operations

$      (33,662)


$      67,484


$        33,822


$      96,243


$          (2,238)


$        94,005


















16,607

(a)












731

(b)





13,402

(a)






(18,745)

(c)





3,335

(b)






14,703

(d)





(18,975)

(c)






68,891

(e)





6,647

(d)






281,548

(f)





128,554

(f)


Net income (loss) attributable to SINA

$    (302,092)


363,735


$        61,643


$    (19,094)


$        132,963


$      113,869



























Diluted net income (loss) per share attributable to SINA

$          (4.64)




$            0.92


$        (0.31)




$            1.73

Shares used in computing diluted












   net income (loss) per share attributable to SINA

65,121


1,943

(g)

67,064


61,216


4,692

(g)

65,908



























Gross margin - advertising

57%


1%


58%


60%


1%


61%



























(a)  To adjust stock-based compensation related to employee incentives.

(b)  To adjust  amortization of intangible assets.

(c)  To adjust the recognition of deferred revenue mostly related to the license agreements resulting from the CRIC Transaction.

(d)  To adjust share of CRIC's GAAP to Non-GAAP reconciling items, net of share of amortization of CRIC's intangibles not on CRIC's books.

(e)  To adjust for impairment of MVAS goodwill

(f)  To adjust impairment of equity investments

(g) To adjust the number of shares used in computing diluted net loss per share to diluted net income per share.



UNAUDITED RECONCILIATION OF SINA'S SHARE OF CRIC'S NON-GAAP TO GAAP RESULTS*




































Three months ended



December 31, 2011


December 31, 2010


September 30, 2011



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To adjust stock-based compensation



$                 1,617






$                 1,327






$                 1,605




To adjust amortization expenses of intangible 



















  assets resulting from business acquisitions



1,605






1,503






1,568




Equity income (loss) from CRIC

$         1,642


$                 3,222


$        4,864


$         2,222


$                 2,830


$          5,052


$         1,074


$                 3,173


$         4,247


Share of amortization of CRIC's intangibles not



















  on CRIC's books

$           (736)


$                    736


$                -


$           (784)


$                    784


$                -


$           (736)


$                    736


$                -



$            906


$                 3,958


$        4,864


$         1,438


$                 3,614


$          5,052


$            338


$                 3,909


$         4,247
























Twelve months ended



December 31, 2011


December 31, 2010



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results















To adjust stock-based compensation



$                 5,531






$                 5,239




To adjust amortization expenses of intangible 













  assets resulting from business acquisitions



6,216






6,161




To adjust gains from the purchase of a business:













  Income from investment in affiliates**



-






(7,155)




  Gain from settlement of pre-existing 













  relationship with COHT



-






(701)




Equity income from CRIC

$          5,597


$               11,747


$        17,344


$        16,169


$                 3,544


$       19,713


Share of amortization of CRIC's intangibles not













  on CRIC's books

$        (2,956)


$                 2,956


$                -


$        (3,103)


$                 3,103


$                -



$          2,641


$               14,703


$        17,344


$        13,066


$                 6,647


$       19,713















* Income (loss) from CRIC is recorded one quarter in arrears.


** Represents the excess of fair value over the carrying amount recognized as a result of acquisition of COHT.



SOURCE SINA Corporation



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