Worry's total revenue for the first quarter was RMB 437.2 million

Worry (Nasdaq:jobs) today released unaudited earnings for the first quarter of fiscal year 2014 as at March 31. The report showed that worry's total revenue in the first quarter was 437.2 million yuan (about 70.3 million U.S. dollars), an increase of 14.9% per cent, which was in line with the company's previous expected range; Net profit was 118.5 million yuan (about 19.1 million US dollars) and 108.8 million yuan in the same period last year.

According to the data compiled by Accor, 3 of Wall Street analysts on average expect the U.S. depository receipts to be $0.59 trillion per share of the worry in the first quarter, according to U.S. General Accounting Standards (GAAP). Earnings showed that the worry in the first quarter of the U.S. depository receipts was diluted at $0.63 trillion, exceeding analysts ' expectations.

Also, on average, 2 Wall Street analysts expect worry's first-quarter revenue to reach $70.05 million trillion. The earnings of worry's first quarter were $70.3 million trillion, more than analysts had expected.

Main achievements:

Worry the first quarter of the total revenue of 437.2 million yuan (about 70.3 million U.S. dollars), an increase of 14.9% per cent, in line with the company's previous expected interval;

Worry's first-quarter network recruitment service revenue was 301.5 million yuan (about 48.5 million U.S. dollars), up 21.6% from a year earlier;

Worry first quarter gross margin was 74.5%, higher than the same period last year 72.8%;

Worry's first-quarter operating profit was 119.8 million yuan (about 19.3 million U.S. dollars), up 3.7% from a year earlier;

Worry's net profit for the first quarter was 118.5 million yuan (about 19.1 million U.S. dollars), a 8.9% increase from the 108.8 million yuan in the same period last year;

Worry the first quarter of the total share of the common stock of RMB 1.95 yuan (US depository receipts per share of the income of 0.63 U.S. dollars);

Excluding the impact of equity incentive expenditures and exchange losses and their related taxes, worry the first quarter after the adjustment of the total share of common stock (not in accordance with the United States General accounting standards) for RMB 2.26 (U.S. depository receipts per share of the income of 0.73 U.S. dollars), exceeding the company's previous expected interval;

As of March 31, 2012, worry's cash holdings and short-term investments in the first quarter increased to 3.2931 billion yuan (about 529.7 million U.S. dollars).

Financial Analysis:

Worry's total revenue for the first quarter was 437.2 million yuan (about 70.3 million U.S. dollars), a 14.9% increase from the 380.4 million yuan in the same period last year.

Worry first-quarter network recruitment service revenue of 301.5 million yuan (about 48.5 million U.S. dollars), compared with the same period last year, 248 million yuan growth of 21.6%. The growth in worry network recruitment services has been largely offset by an increase in the number of independent employers using worry online recruitment services, but partly by the decline in average earnings per independent employer. In the first quarter, a total of 259,336 independent employers used worry's online recruiting service, up 25.7% from 206,329 in the same period last year, mainly because of the company's increased efforts to acquire new customers and the growth in the use of worry network recruitment services. Worry online recruitment service The average earnings per independent employer fell 3.3% in the first quarter from a year earlier, mainly due to an increase in the number of new customers, while new customers typically buy entry-level low-priced services.

Worry's first-quarter publication ad revenue was 8.4 million yuan (about 1.4 million U.S. dollars), down 66% from the 24.8 million yuan in the same period last year. The decline in advertising revenue for worry is mainly due to market demand shifting from print advertising services to Web services. Worry's first-quarter publication was about 219 pages, down 63.2% from 595 pages in the same period last year. In addition, the number of cities published in the future recruitment post has been reduced from 6 to 1 as at March 31, 2013, as a result of the company's strategic decision to stop the publication of specific editions of newspapers.

Worry's other HR-related revenue for the first quarter was 127.2 million yuan (about 20.5 million U.S. dollars), up 18.3% from 107.5 million yuan in the same period last year. Worry the growth of other HR-related revenue, mainly due to the increasing demand for business process outsourcing and training services.

Worry's first-quarter gross profit was 312.7 million yuan (about 50.3 million U.S. dollars), which grew 17.8% from 265.4 million yuan in the same period last year, with a gross profit margin of 74.5% per cent in the first quarter, up from 72.8% in the same period last year, mainly due to the effects of economies of scale and increased operational efficiency.

Worry's first-quarter operating expenses were 192.9 million yuan (about 31 million U.S. dollars), up 28.8% per cent from the 149.9 million yuan in the same period last year.

Worry's first-quarter sales and marketing spending was 132 million yuan (about 21.2 million U.S. dollars), up 30.1% per cent from the 101.4 million yuan in the same period last year. Worry sales and marketing spending grew mainly because of the increase in sales staff, the increase in employee pay and advertising and spending growth.

Worry the first quarter of the General Affairs and administrative expenditure of 61 million yuan (about 9.8 million U.S. dollars), compared with the same period last year, 48.4 million yuan growth of 26%. Worry the increase in general and administrative expenditures was mainly attributable to increased costs of staff remuneration and professional services, as well as increased expenditure on office expenditure, rental and depreciation.

Worry first-quarter operating profit of 119.8 million yuan (about 19.3 million U.S. dollars), compared with the same period last year, 115.5 million yuan growth of 3.7%. Worry's first-quarter operating margin was 28.5%, down from 31.7% in the same period last year. Excluding equity incentive spending, worry's first-quarter operating margin was 33.2%, down from 35.4% in the same period last year.

Worry's net profit for the first quarter was 118.5 million yuan (about 19.1 million U.S. dollars), which grew 8.9% from the 108.8 million yuan in the same period last year. Worry the first quarter of the total share of common stock is 1.95 yuan (about 0.31 U.S. dollars), the same period last year, 1.82 yuan. Worry the first quarter of the United States depository receipts were completely diluted earnings of 3.90 yuan (about 0.63 U.S. dollars), the same period last year, 3.64 Yuan.

Worry first-quarter equity incentive spending was 19.7 million yuan (about 3.2 million U.S. dollars), higher than the same period last year's 13.5 million yuan. Worry first-quarter results in the renminbi 500,000 yuan (about 100,000 U.S. dollars) of exchange earnings, the same period last year worry exchange losses of 1.4 million yuan.

Excluding equity incentive expenditures and exchange losses and their associated tax implications, worry's net profit for the first quarter (not in accordance with US general accounting standards) was 137.6 million yuan (about 22.1 million U.S. dollars), up 11.3% from the 123.7 million yuan in the same period last year. Worry the first quarter of the total share of common stock is fully diluted earnings (not in accordance with the United States General Accounting standards) for the renminbi 2.26 yuan (about 0.36 U.S. dollars), the same period last year, 2.07 Yuan. Worry the first quarter (not in accordance with the United States General accounting Standards) adjusted per share of the United States depository receipts were fully diluted income of 4.53 yuan (about 0.73 U.S. dollars), the same period last year for 4.14 Yuan.

As of March 31, 2012, worry held cash and short-term investment in the first quarter of RMB 3.2931 billion yuan (about 529.7 million U.S. dollars), higher than the 3.1475 billion yuan as at December 31, 2013. Worry's short-term investments include the original maturity period of three months to one year of deposit certificates.

Company news:

In March 2014, worry stopped publishing the local edition of the future recruitment edition in Shenyang, but continued to maintain sales offices and all other business in the city.

In April 2014, worry completed a deal to issue $172.5 million worth of convertible premium bonds to international investors. Of the net income obtained through the transaction, USD 50 million was used to pay the total premium for the NULL option transaction associated with the transaction. The remaining net income will be used for general business purposes, including meeting the capital requirements and possible complementary business and asset acquisition transactions.

From June 1, 2014 onwards, under the regulatory requirements announced by the Ministry of Finance of the People's Republic of China, worry's Chinese subsidiary will stop paying tax on China's value-added telecommunications services at 3% of the business tax rate, instead using a 6% VAT rate to pay taxes. As a result of this policy change, the total revenue of worry will be reduced because the value added tax will be reflected in net revenue levels, thus affecting the direct comparability of future and previously published revenue data.

Business outlook:

Based on current market conditions and taking into account changes in the VAT policy that will take effect on June 1, worry expects revenue for the second quarter of fiscal year 2014 to be RMB 440 million to 455 million yuan (about 70.8 million to 73.2 million U.S. dollars).

Excluding equity incentive expenses, exchange losses/gains, and the cost of making municipal gains or losses, the expenses incurred in issuing these bills, and the tax implications associated with a convertible premium Bond, worry is expected to be fully diluted for each common stock after the second quarter of fiscal year 2014 ( Not in accordance with the United States General accounting standards) for RMB 2.15 to the people 2.35 yuan (US depository shares per share of the total diluted income of 0.69 to 0.76 U.S. dollars).

Worry also estimates that total equity incentive spending in the second quarter of fiscal year 2014 will be about RMB 20 million to RMB 21 million yuan (about $3.2 million to 3.4 million USD).

On average, Wall Street analysts expect worry's second-quarter revenue to be $73.85 million and earnings per share of $0.67, according to the data compiled by Accor.

Note: The exchange rate of RMB and US dollar in this earnings is: 1.00 USD = 6.2164 RMB.

Conference：

After the earnings release, worry will be in the U.S. Eastern Time May 7 21:00 (Beijing time May 8 9:00) conference call. At that time, worry management will attend a conference call to interpret earnings points, operating conditions and performance expectations, and to answer questions from investors and analysts. To listen to the worry conference call, U.S. investors can call +1-877-941-0843, Hong Kong investors can call +852-3009-5027, international investors can call +1-480-629-9722, the password is "4680889".

In addition, investors can also visit the worry website ir.51job.com Investor Relations Channel, listening to the teleconference webcast and recording.

Stock price change:

On the same day, worry's share price fell 3.59 U.S. dollars in the Nasdaq conventional trading, at $64.42, or 5.27%. Worry's shares rose 0.44 U.S. dollars to 64.85 U.S. dollars, or 0.68%, in a subsequent trading transaction up to 16:45 (4:45 Beijing Time, 8th). In the past 52 weeks, worry's highest price was 86.00 U.S. dollars, the lowest price is 55.15 U.S. dollars.