Hurray! News

Hurray! Reports Second Quarter 2007 Unaudited Financial Results

BEIJING, August 16, 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 second quarter ended June 30, 2007.

FINANCIAL HIGHLIGHTS:

Highlights for Second Quarter 2007
 Total revenues: $14.6 million, a decline of 12.3% quarter-over-quarter and 20.4% year-over-year, and below our previous guidance of $15.0-16.0 million
 Wireless value-added services revenues: $12.7 million, a decline of 14.7% quarter-over-quarter and 23.1% year-over-year
 Recorded music revenues, which are from our record label businesses: $1.8 million, a growth of 20.6% quarter-over-quarter and 33.5% year-over-year
 Software and system integration services revenues: $0.02 million, a decline of 89.8% quarter-over-quarter and 95.3% year-over-year
 Net income: $0.2 million, a decline of 79.8% quarter-over-quarter and 88.7% year-over-year
 Adjusted EBITDA (a non-GAAP measure which is defined as earnings before interest, tax, depreciation, amortization and stock-based compensation): $0.9 million, a decline of 45.5% quarter-over-quarter and a decline of 60.3% year-over-year
 Diluted earnings per ADS: $0.01

Commenting on the second quarter results, QD Wang, Chairman and CEO of Hurray! stated: "Despite the current volatile market conditions and constantly changing regulatory environment, we got through the quarter in reasonable shape which is very encouraging. Going forward, we will strive to maintain stability in our WVAS operations while in the meantime continuing our efforts to carry out our strategy of developing proprietary content and diversifying distribution channels, our goal is to transform Hurray! into a leading entertainment content production and distribution house in China.”

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