Revenue news for Chinese wireless value-added services and music production company Hurray! Holding Company Ltd. is not good as the company announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2008.
For the quarter, total revenues hit USD14.4 million, representing an increase of 6.7% quarter-over-quarter and a decrease of 9.2% year-over-year. Of that total, WVAS revenues were USD11.5 million, representing an increase of 3.8% quarter-over-quarter and an increase of 4.2% year-over-year. Recorded music revenues were USD3.0 million, representing an increase of 19.2% quarter-over-quarter and a decline of 39.3% year-over-year. Net loss was USD9.2 million.
For the entire 2008 fiscal year, the news was not any better. Total revenues for the year were USD54.0 million, a decline of 10.9% as compared to USD60.5 million for 2007. WVAS revenues totaled USD42.7 million, a decline of 14.7 % as compared to USD50 million for 2007. However net loss for the entire year only hit USD12.0 million, compared to net loss of USD42.0 million for 2007.
QD Wang, chairman and CEO of Hurray!, attempted to shift blame as he stated: "Although we met our guideline in the fourth quarter of 2008, our overall performance was negatively impacted by the slow confirmation process due to the China Unicom restructuring. Revenue for the previous quarters of USD3.9 million had been recorded but only USD2.8 million was confirmed in the fourth quarter, which had a negative impact on our gross profit of USD0.9 million in the fourth quarter."