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Changyou Reports Increased Q2 Internet Gaming Revenue

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.

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