Earnings: WiderThan Q2 Results, Steady Increase In Revenue

Korean company WiderThan has released its Q2 results…”Second quarter 2006 revenues were $33.1 million, an increase of 49% over the $22.2 million in the second quarter of 2005. Net income, calculated in accordance with generally accepted accounting principles in the United States (US GAAP), for the second quarter of 2006 was $4.6 million, or $0.23 per diluted American Depositary Share (ADS), compared to $1.6 million or $0.08 per diluted ADS in the prior year period. Included in net income for the second quarter of 2006 was a non-cash, stock-based compensation charge of $0.7 million, compared to a charge of $0.6 million in the prior year period. Adjusted net income, which excludes non-cash stock compensation expense, was $5.2 million, or $0.26 per diluted ADS, in the second quarter of 2006, compared to an adjusted net income of $2.2 million, or $0.21 per diluted ADS, in the prior year period.” Revenue for the first quarter of this year was $31.2 million…
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