Hurray! News

Hurray! Reports Third Quarter 2006 Unaudited Financial Results

BEIJING, November 16, 2006 /Xinhua-PRNewswire/ -- Hurray! Holding Co., Ltd. (Nasdaq: HRAY - News), a leader in wireless music distribution and other wireless value-added services, artist development and music production, and wireless value-added services management software in China, today announced its unaudited financial results for the third quarter ended September 30, 2006.

FINANCIAL HIGHLIGHTS:

 Total revenues: $18.0 million, decline of 1.7% quarter-over-quarter and growth of 9.2% year-over-year, exceeding previous guidance of $16.0 million to $17.0 million
 Wireless value-added services revenues: $16.4 million, decline of 1.1% quarter-over-quarter and growth of 8.0% year-over-year
 Software and system integration services revenues: $0.1 million, decline of 76.1% quarter-over-quarter and 93.3% year-over-year
 Recorded music revenues, which are from the new record label businesses we entered this year: $1.5 million, growth of 10.9% quarter-over-quarter
 Net income: $1.6 million, decline of 5.6 % quarter-over-quarter and decline of 68.0% year-over-year
 Adjusted EBITDA (a non-GAAP measure which is defined as earnings before interest, tax, depreciation, amortization and stock-based compensation): $2.1 million, decline of 5.4% quarter-over-quarter and decline of 55.8% year-over-year
 Diluted earnings per ADS: $0.07

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