Rediff.com Publishes Its Unaudited Balance Sheet as of September 30, 2012 and Its Statements of Earn
Rediff.com Publishes Its Unaudited Balance Sheet as of September 30, 2012 and Its Statements of Earnings for the Six Months Ended September 30, 2012
MUMBAI, India--(BUSINESS WIRE)-- In compliance with the NASDAQ Rule 5250(c)(2), which requires that each foreign private issuer with securities listed on the NASDAQ distribute interim financial information within six months following the end of such foreign private issuer's second fiscal quarter, Rediff.com India Limited hereby publishes its unaudited consolidated balance sheet as of September 30, 2012 and its unaudited consolidated statement of income for the six months ended September 30, 2012. It should be noted that the financial statements set forth in this press release are subject to audit and while no significant changes are anticipated, an audit could result in adjustments which would result in the audited numbers varying from the financial statements set forth below.
REDIFF.COM INDIA LIMITED
CONSOLIDATED BALANCE SHEETS
As of March 31, 2012 and September 30, 2012
(All figures in US$ million)
Cash and cash equivalents
|Trade accounts receivables, net||6.15||4.96|
|Prepaid expenses and other current assets||1.38||1.40|
|Total current assets||32.07||27.99|
|Property, plant and equipment, net||7.40||6.60|
|Intangible assets, net||2.49||2.20|
|Investment, at cost||1.30||1.30|
|Investments in equity method investees||0.08||0.08|
|Other non-current assets||2.17||1.95|
|Total non-current asset||18.40||17.04|
Liabilities and shareholders' equity
|Customer advances and unearned revenues||2.15||2.58|
|Total current liabilities||6.53||7.00|
|Deferred tax liability||0.24||0.12|
|Other non-current liabilities||0.96||0.95|
Equity share capital: Issued and outstanding
|Additional paid in capital||130.96||131.29|
|Accumulated other comprehensive Profit /(loss)|
|Treasury shares, at cost (See note below)||(4.43||)||(4.43||)|
|Total shareholders' equity||42.74||36.96|
|Total liabilities and shareholders' equity||50.47||45.03|
REDIFF.COM INDIA LIMITED
CONSOLIDATED STATEMENTS OF EARNINGS
For each of the half years ended September 30, 2011 and 2012
(All figures in US$ million)
|Half year ended September 30,|
Cost of Revenues (excluding depreciation and
Total cost of revenues
|Depreciation and amortization||1.87||1.81|
|General and administrative||3.90||3.75|
Foreign exchange loss, net
|Total operating expenses||10.88||8.48|
|Other income (expense), net|
|Total other income, net||1.54||1.01|
Loss before income taxes and equity in net earnings of
|Income tax expense||-||-|
|Equity in net earnings of equity method investees||(0.20||)||-|
The company established an ESOP trust for the benefit of the employees and purchased 1,015,000 shares (equivalent to 2,030,000 ADS). These shares are treated as treasury stock.
Rediff.com (NAS: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi, India and New York, USA.
Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and reflect our current expectations. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the economies worldwide and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide, competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, acceptance of new products and services, the development of broadband Internet and 3G networks in India, legal and regulatory policies, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the Form 20-F and other reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
Rediff.com India Ltd.
Investor Relations and Corporate Affairs Contact
GW Communications (U.S.A.)
Glenn Wiener and Jay Morakis
212-786-6011 / 212-786-6037
gwiener@GWCco.com / jmorakis@GWCco.com
KEYWORDS: Asia Pacific India
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