Changyou Q4 Non-GAAP Net Profit Falls; Jasmine Zhou Named CFO - Quick Facts

(RTTNews) - Chinese online games developer Changyou.com Ltd. (CYOU) recorded a net loss of $4.3 million for the fourth quarter 2014, compared with an income $43.0 million last year. Quarterly net income attributable to the company plunged year-over-year to $10.9 million, or $0.21 per share from $43.0 million, or $0.81 per share.

On a non-GAAP basis, net income attributable to Changyou.com was $13.7 million, or $0.25 per share for the recent quarter. On average, 6 analysts polled by Thomson-Reuters estimated $0.29 per share of profit for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the three-month period were $215.9 million, up 11% year-over-year, and exceeded guidance by $17.9 million. Analysts projected revenues to be $210.93 million. Online game revenues totaled $184.4 million, an increase of 7% year-over-year, and exceeded guidance by $19.4 million.

For the first quarter of 2015, Changyou sees total revenues of $195.0 million and $200.0 million, including online game revenues of $175.0 million - $180.0 million and online advertising revenues of $9 million - $10 million; non-GAAP net income attributable to the company to be between $32 million and $35 million. First-quarter non-GAAP income attributable to Changyou.com per ADS are projected to lie between $0.64 and $0.68. Six analysts expect first-quarter revenues of $200.98 million.

In addition, the company announced the appointment of Carol Yu as a member of the board to fill the vacancy created by the resignation of Tao Wang, the company's former CEO. Further, the firm has appointed Jasmine Zhou as Chief Financial Officer.