Chinese online gaming firm Changyou.com Limited has announced its unaudited financial results for the second quarter ended June 30, 2009.

Total revenues reached a record USD66.6 million, an increase of 8% quarter-over-quarter and 39% year-over-year, exceeding high end of company guidance by USD1.6 million. GAAP net income reached USD34.5 million, or USD0.66 per fully diluted ADS. GAAP net income increased by 3% quarter-over-quarter and 9% year-over-year.

Aggregate registered accounts for the company's two MMORPGs as of June 30, 2009, increased 9% quarter-over-quarter and 53% year-over-year to 69.1 million.

For the second quarter of 2009, total operating expenses increased 14% quarter-over-quarter and 40% year-over-year to USD23.2 million.

Changyou had a strong cash position of USD275.9 million as of June 30, 2009, up from USD195.0 million as of March 31, 2009. Operating cash flow for the quarter was a net inflow of USD33.7 million.

As described in the company's IPO prospectus, Changyou declared on April 1, 2009, prior to the company's IPO, a USD96.8 million cash dividend payable to Sohu.com (Game) Limited, an indirect, wholly-owned subsidiary of Chinese Web portal Sohu.com. Changyou expects to pay this dividend after receiving required Chinese approvals, which it expects will occur in the third quarter of 2009.

Related Links:

• http://www.miit.gov.cn

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