Chinadotcom (CHINA) has announced the resignation of its CEO Peter Yip and Q4 2004 financials in a conference call with investors.
The company reported revenues of US$54.2 million for Q4 2004, an increase of 13% from US$48.0 million in Q3 2004. Fourth quarter 2004 gross profit was US$32.3 million, up 22% from US$26.4 million in Q3 2004.
Fourth quarter 2004 operating income was US$0.6 million compared to an operating loss of US$6.9 million in Q3 2004. Fourth quarter 2004 income before taxes was US$1.8 million compared to a loss before taxes of US$5.7 million in Q3 2004. Fourth quarter 2004 net loss was US$8.0 million compared to a net loss of US$6.2 million in Q3 2004. Fourth quarter 2004 basic loss per share was 7.2 US cents compared to a basic loss per share of 5.8 US cents for Q3 2004.
The Chinadotcom's board of directors has also accepted the resignation of CEO Peter Yip who has been on an extended leave of absence. Mr. Yip will remain on the board as Vice Chairman and Executive Chairman Raymond Ch'ien has been appointed CEO by the board of directors. Yip's departure comes as little surprise to many in the sector as he has been on leave for many quarters already.
Dr. Ch'ien comments, "On behalf of my board colleagues, I would like to express our appreciation for Peter's indelible contributions as founding CEO. Under his visionary and untiring leadership, the company developed from a concept to a burgeoning enterprise with over 1,800 employees spread over four continents with the potential of gaining preeminence in the fields of new media in China and specialist enterprise software internationally."