Hurray! News

Hurray! Reports First Quarter 2007 Unaudited Financial Results

BEIJING, May 24, 2007 /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 in China, today announced its unaudited financial results for the first quarter ended March 31, 2007.

FINANCIAL HIGHLIGHTS:

Highlights for First Quarter 2007
 Total revenues: $16.6 million, a decline of 2.2% quarter-over-quarter and 0.9% year-over-year, exceeding previous guidance of $15.0-16.0 million
 Wireless value-added services revenues: $14.9 million, a decline of 1.1% quarter-over-quarter and growth of 3.3% year-over-year
 Recorded music revenues, which are from our record label businesses: $1.5 million, a decline of 15.9% quarter-over-quarter and growth of 0.7% year-over-year
 Software and system integration services revenues: $0.2 million, growth of 79.4% quarter-over-quarter and a decline of 78.2% year-over-year
 Net income: $1.0 million, a decline of 38.9% quarter-over-quarter and growth of 3.8% year-over-year
 Adjusted EBITDA (a non-GAAP measure which is defined as earnings before interest, tax, depreciation, amortization and stock-based compensation): $1.63 million, growth of 13.1% quarter-over-quarter and growth of 1.4% year-over-year
 Diluted earnings per ADS: $0.04

Commenting on the first quarter results, QD Wang, Chairman and CEO of Hurray! stated: "We are pleased to report a solid quarter which exceeded our previous estimate despite a challenging operating environment. Going forward, we will further our strategy of developing proprietary contents and diversifying distribution channels, while continuing our transformation into a leading entertainment content production and distribution house in China."

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